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From its beautiful beaches to eclectic dining, there are many reasons to call New Jersey home. This small state on the Eastern Seaboard boasts approximately 130 miles of coastline, dotted with seaside resorts. It’s home to one of the most ethnically diverse cities in America, Jersey City.

These multicultural cities and towns make New Jersey a hub for diverse dining, art, culture and history. Living in New Jersey also keeps you close to all the action of New York City and Philly. But nature lovers can swim, hike, cycle and even ski in state parks and outdoor recreation areas.

Offering a unique blend of things to do, deciding on the best place to live in New Jersey comes down to personal preference and budget. For the most part, the cost of living in New Jersey is above the national average. But there are a few areas where the cost of living is lower, so don’t let the high cost of living dissuade you. There are still affordable places to live around the state. Here’s a look at how the cost of living in New Jersey breaks down across the state for expenditures like housing and healthcare.

New Jersey housing prices

With one exception, the cost of living for housing in New Jersey sits above the national average. Those located within the Tri-State area top the charts, with the highest housing averages around the state. The Tri-State area, also known as the New York metropolitan area, encompasses New York City, New Jersey’s six biggest cities and parts of Connecticut and New York state. It’s the largest and most populous metro area in America.

With New York City being one of the most expensive places to live in the United States, naturally, cities within its metro area will also have high housing costs. But, before you resign yourself to sky-high rents, other parts of the state have more affordable housing.

This is what housing costs look like in cities around New Jersey. One example shows lower-than-national average housing costs in one area. The others show how average rents and housing costs vary across the New York metro area.

Morristown

Even though it’s located toward the western outskirts of the New York metro area, housing costs in Morristown are still up there at 37.8 percent above the national average. With its rich history and access to parks and wilderness areas, it’s considered one of the best places to live in New Jersey. But that clearly doesn’t mean affordable housing. Many people live in Morristown but commute to Newark or New York. As a popular bedroom community, that drives up housing prices.

Renting a one-bedroom apartment here costs an average of $2,315 per month, up 15 percent from last year. Two-bedroom apartments are up 6 percent to $2,927.

Buying a house in Morristown comes with some nasty sticker shock. Up 19.7 percent from last year, houses in Morristown have a median sales price of $718,325. That’s a big jump over the national average. So, whether you’re looking to rent or own in Morristown, you’ll be finding higher prices.

Newark

Newark, New Jersey’s most populous city, is right at the heart of the New York metro area in northeastern New Jersey. Being that close to New York City, it’s no surprise that the cost of housing here is higher than in other areas. At 51.3 percent above the national average, it has the highest housing average of our highlighted New Jersey cities.

Locals shell out an average of $2,705 for a one-bedroom apartment around Newark. That number is up 35 percent from last year. But the cost of a two-bedroom has declined 27 percent. You can find two-bedroom apartments for an average of $2,450. With these prices, it makes more sense to go for the cheaper two-bedroom option and have more space for less.

Housing costs in Newark have risen 17.7 percent from last year. Newark’s median sales price for a house is currently around $365,000, which is still below the national average.

Vineland

Located in southwestern New Jersey, Vineland is a cute, family-friendly town surrounded by farms and nature preserves. Its location near the southern end of the state, far from New York, means that rent prices are lower here. Housing costs here are 17.5 percent lower than the national average. With more affordable rents and great outdoor access, Vineland is a great option for budget-friendly living. It’s also just an hour away from Philadelphia.

Rent prices have stayed consistent here over the past year. A one-bedroom apartment costs an average of $937, the same as last year. Two-bedroom apartments have also seen no growth or decrease, holding steady at an average of $1,082 per month.

The home-buying market in Vineland has been on the rise over the past year, though, growing 15.9 percent. The median sales price for a home in Vineland is $231,750. That price is a fair bit lower than the national average of $430,695.

New Jersey food prices

From hoagies to pork rolls, New Jersey residents have no end to delicious things to dine on. Luckily, for the most part, the cost of living in New Jersey for food is only slightly above the national average. For overall average food prices, the cost of groceries in New Jersey is 8.7 percent above the national average. Locals spend between $3,201 to $3,600 on food per person annually. That comes out to $266 and $300 per month. But food costs do vary around the state. Here’s how grocery prices in some New Jersey cities stack up to the national average:

  • Vineland is 1.7 percent above the national average
  • Newark is 6.6 percent above the national average
  • Morristown is 12.5 percent above the national average

Vineland is the least expensive city for food on our list, with Morristown being the most expensive. Newark is a good middle point. But averages don’t tell the full picture. It’s possible the price of individual food items are the same in the most expensive and least expensive cities. Getting a dozen eggs in Vineland or Morristown costs the exact same at $1.83. If you’re picking up a half-gallon of milk, you’ll pay $2.77 in both Morristown and Newark. In Vineland, it’s only $2.55.

As such a multicultural state with so many different kinds of cuisines, dining out is huge here. So, the cost of going out to dinner will also vary depending on where you are. Going out for a nice three-course meal of Portuguese or Spanish food for two in Newark will set you back $72.50. In Morristown, you’ll pay 20.83 percent less at $60 for the same kind of special night out.

New Jersey utility prices

Overall, the cost of living for utilities in New Jersey is higher than the national average. Utilities include services and items like energy, water and internet that are essential for your home. Compared to the national average, this is how expensive it is to pay for utilities in these New Jersey cities.

  • Vineland is 11.5 percent above the national average
  • Newark is 11.3 percent above the national average
  • Morristown is 0.9 percent above the national average

New Jersey residents get their electricity from a mix of natural gas and nuclear energy, as well as some renewable solar energy. The state sources its water mainly from surface-water resources like lakes, rivers and reservoirs.

You’ll be paying less for energy in Morristown. The average monthly bill for all your energy costs comes out to around $181.01. The most expensive city for energy is Vineland at $22.15.

Internet is another essential utility that most modern households require. You’ll be paying more for internet access in Newark, where 60 megabits per second cost $85.57 per month. But in Morristown, it’s only $59. That’s a big price difference of 45.04 percent.

New Jersey transportation prices

From bus to train to light rail, there are plenty of ways to get around New Jersey. Providers like NJ Transit offer public transportation throughout the state, while some individual cities and towns also operate their own mass transit. Some cities within the New York metro area also have access to larger public transportation systems like the Metropolitan Transit Authority.

Using public transportation is a great way to save money on things like gas and car insurance. Since many New Jersey residents commute to New York for work, mass transit can save time and money. But it does depend on how long your commute is. Since New Jersey’s mass transportation costs are above the national average, you’ll need to determine for yourself if it’s a money-saver or not. Here’s how far above the national average each New Jersey stands in terms of mass transit costs:

  • Vineland is 6.6 percent below the national average
  • Newark is 7 percent above the national average
  • Morristown is 6.2 percent above the national average

All three cities are pretty close, but Newark wins out for being the most expensive. The public transit systems in the New York metro area are the most extensive. Here’s a breakdown of the different transportation options and costs in some of these cities.

NJ Transit in Newark

Consisting of buses and light rail, Newark gets its public transportation from NJ Transit. Part of the larger state-wide network, NJ Transit offers rides both around town and to other cities, counties and states.

Fares vary by type of transportation and zone. Starting adult rates for a one-way bus ticket start at $1.60 for Zone 1, $2.55 for Zone 2 and $3.15 for Zone 3. Transfer fees cost $0.75 extra. Monthly passes are available but similarly vary by zone, routes and destinations. Using the Light Rail to get around town, a single adult fare is $1.60 per ride and $59 for a monthly pass.

If you prefer to use your car to get around, you may need to use the New Jersey Turnpike. This controlled-access, toll road goes throughout the state and passes by Newark. If you need to use it to get into New York or go elsewhere in New Jersey, you’ll have to pay a toll. This fee varies depending on how long you use the turnpike. For example, if you’re driving from Newark International Airport to the Holland Tunnel in nearby Jersey City, you’ll pay around $5.65. You can use their toll calculator to determine the exact fare. If you were to travel the entire length of the Turnpike in a standard 2-axle passenger vehicle, you’d pay $19.43 with the E-ZPass system.

If you do plan on using your car to get around, monthly parking passes average $120 in Newark.

With a high transit score of 65, it’s easy and affordable to get around Newark. As a tightly-condensed urban center, Newark is also very walk-friendly. It’s actually one of the most walk-friendly cities for renters in America. Its walk score is 78, so you can easily navigate neighborhoods on foot. But it’s best to leave bikes at home or only use them in parks. Newark’s bike score is a lowly 54.

NJ Transit in Morristown

Morristown also gets its mass transit provided by NJ Transit, with bus and commuter rail. Both connect to Newark’s Light Rail system.

Fares for NJ Transit in Morristown similarly vary by zone and type of service used. Bus lines start at $1.60 for a single adult fare and go up depending on route length and zones. The commuter rail train has similar pricing starting around $2.25 for the Morristown line. Monthly passes cost $60. But again, these prices vary widely by zone and length of ride. You should also buy your ticket before boarding to avoid a $5 surcharge.

If you don’t need to use mass transit to commute into and out of Morristown, it’s easy to walk to and from your destination here. The town’s walk score is a high 71. But it’s not quite as bike-friendly, ranking only 44 for bike score.

New Jersey healthcare prices

Healthcare is one of the few New Jersey cost of living categories that consistently falls below the national average. But it’s important to take those figures with a grain of salt. It’s very difficult to determine an accurate average for healthcare since costs vary widely from person to person. There are big variations even within cities or regions. Different factors can drive up healthcare costs for different people, such as pre-existing conditions or the cost of prescription drugs.

For the most part, though, New Jersey offers affordable, quality healthcare. Many New Jersey towns and cities also rank well locally and nationally in terms of overall public health. Morristown, in particular, is a very healthy place to live. But Morristown is also a perfect example of how healthcare costs are so difficult to average. Despite being such a healthy town, healthcare costs in Morristown are actually the closest to the national average of our three cities. Here’s how healthcare costs in these N.J. cities compare to the national average:

  • Vineland is 6.5 percent below the national average
  • Newark is 2.4 percent below the national average
  • Morristown is 0.9 percent below the national average

To illustrate this, here’s what you can expect to pay to go to the doctor’s office in different cities:

  • Vineland: $95
  • Newark: $91
  • Morristown: $104.86

Going to the dentist is also the most expensive in Morristown at $120.31. The most affordable place to go for a cleaning and dental check-up is in Vineland at $103.13.

No matter what, it’s important to plan annual visits to all your major doctors to stay on top of your health.

New Jersey goods and services prices

Along with housing, groceries and other costs of living categories in New Jersey, there’s another essential spending that takes up a chunk of a monthly budget. A miscellaneous good or service could be something you get fairly frequently, like going to the dry cleaners or heading out to the movies.

The combined cost of all these items and services can definitely sway a monthly budget. That’s why it’s important to compare the local costs of goods and services to the national average.

  • Vineland is 5.3 percent below the national average
  • Newark is 12.5 percent above the national average
  • Morristown is 0.9 percent above the national average

Newark ranks high above the other cities for the most expensive goods and services. This is no surprise considering it’s right in the heart of the New York metro area. But just because a city has higher or lower averages for miscellaneous goods and services doesn’t mean all items will reflect this. Some items will be more expensive in less expensive cities. For example, it’s more expensive to go to the dry cleaners in Morristown where it costs $13.88. It’s the cheapest in Newark at $12.28. Going to the movies is also more expensive in Morristown, costing $14.24 compared to $13.13 in Newark.

If you have a family, paying for childcare will be a big part of your monthly goods and services budget. Childcare costs can vary widely by city and state. With New York boasting some of the highest national prices for childcare, you would think childcare would be the highest in Newark. But not so. Paying for a month of private preschool or kindergarten only costs $500 per child in Newark. But, in Morristown, with its large commuter community, that number jumps 68.75 percent to $1,600 per month. If you always need to get into the city for work, it stands to reason that childcare costs would be more in-demand and therefore higher.

Taxes in New Jersey

New Jersey’s statewide sales tax is 6.625 percent. To put that in perspective, if you go out and spend $1,000 on a giant order of hoagies for a party, you’ll have to pay $66.25 on top of that for tax.

While that’s a lot that adds to the cost of living in New Jersey, the upside is that the state doesn’t have local or city sales tax. You’re paying the same rate no matter where you are in the state.

  • Vineland has a combined tax rate of 6.625 percent
  • Newark has a combined tax rate of 6.625 percent
  • Morristown has a combined tax rate of 6.625 percent

The other kind of tax to consider is income tax. New Jersey implements a graduated income tax rate, going from 1.40 percent up to 10.75 percent. New Jersey also has high property taxes, which is something to consider if you want to buy a house here.

How much do you need to earn to live in New Jersey?

With the elevated cost of living in New Jersey, how much do you need to earn to live in the Garden State? It’s recommended that you only spend around 30 percent of your gross monthly income on housing. This is due to the fact that housing is usually the biggest monthly expense. But you want to have ample money left over for groceries, healthcare and the odd movie night out.

Since the average statewide rent is $2,414, you’d need to make $8,046 per month to fit the 30 percent rule. That comes out to $96,552 per year. At $85,245, the median household income in New Jersey falls short of that figure. This could mean that some households pay more for housing than the recommended 30 percent.

To determine if you can comfortably afford housing in New Jersey, crunch some numbers using our rent calculator.

Living in New Jersey

From its diverse, vibrant metro areas to its scenic coastline, New Jersey has a lot to offer prospective residents. But, in most places around the state, the cost of living in New Jersey does exceed the national average. However, with all the above information, you can make educated, informed choices about the best places to live in New Jersey that fits your budget and lifestyle.

The Cost of Living Index comes from coli.org.
The rent information included in this summary is based on a calculation of multifamily rental property inventory on Rent. as of June 2022.
Rent prices are for illustrative purposes only. This information does not constitute a pricing guarantee or financial advice related to the rental market.

Source: rent.com

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Nestled along the coastline of South Carolina, Charleston is renowned for its cobblestone streets, centuries-old architecture, and vibrant culinary scene. This city is timeless and dynamic with a legacy shaped by its pivotal role in American history, its alluring waterfront, and a unique blend of Southern hospitality. But you may be wondering, what is Charleston known for? Whether you are looking to rent an apartment in Charleston or purchase a home in the area, in this Redfin article, we look at 6 things that make Charleston the city as it’s known today.

1. Distinct churches

Charleston boasts several churches that reflect the city’s rich history and cultural heritage. The city’s religious landscape encompasses many denominations and architectural styles. Historic churches such as St. Michael’s Episcopal Church, dating back to the 18th century, showcase exquisite Gothic Revival architecture. The Circular Congregational Church, known for its unique circular shape, is a testament to Charleston’s nonconformist roots. The French Huguenot Church is a tribute to the city’s early French Protestant settlers. At the same time, the Kahal Kadosh Beth Elohim synagogue, one of the oldest in the United States, highlights Charleston’s Jewish community. With over 400 places of worship, it’s no wonder Charleston is nicknamed, “The Holy City.” 

2. Exquisite Southern cuisine 

From soul-warming comfort foods to innovative reinterpretations of classic dishes, Charleston’s food scene offers a journey through Southern cuisine. At the heart of Charleston’s culinary identity are iconic Lowcountry staples such as shrimp and grits, which blend fresh local seafood and creamy grits. Reflecting its agricultural roots, Charleston also focuses on farm-to-table dining, where restaurants showcase produce from local farms. Classic Southern ingredients like okra, collard greens, and cornbread are lovingly prepared and given modern twists in upscale eateries and down-home diners. And, of course, you can always dive into the delicious barbecue delights Charleston is known for. 

3. Historical buildings

Known for its preservation efforts, Charleston showcases several centuries of diverse architectural styles. The city’s Historic District features antebellum mansions with intricate wrought ironwork, showcasing the pre-Civil War era. Some notable examples include The Nathaniel Russell House and the Aiken-Rhett House. The Four Corners of Law, a convergence of governmental and religious buildings, showcase the city’s legal, religious, and civic heritage. As one of the oldest cities in the United States, Charleston boasts many colonial-era buildings, such as the Pink House and the Heyward-Washington House. The preservation efforts extend to historic churches like St. Philip’s Episcopal Church and the Circular Congregational Church. Not to mention, the city is connected by beautiful, well-preserved cobblestone streets.

4. Beautiful sandy beaches

From the bustling shores of Folly Beach to the tranquil expanses of Isle of Palms and Sullivan’s Island, Charleston’s beaches offer diverse experiences. Some notable beaches include Folly Beach, frequented for its laid-back atmosphere which draws surfers and sunbathers alike. In addition, Isle of Palms and Sullivan’s Island provide a more serene escape with their pristine stretches of sand and relaxed ambiance. 

5. Rainbow Row

Rainbow Row is one of Charleston’s most iconic and picturesque landmarks, showcasing vibrant historic houses along East Bay Street. The thirteen colorful Georgian and Federal-style houses are a visual delight and hold a historical significance dating back to the 18th century, as they represent Charleston’s resilience and revival after a devastating fire in 1776. Once facing neglect, these homes were restored in the 20th century, breathing new life into the neighborhood and sparking a preservation movement that continues to shape Charleston’s identity. 

6. Watersports and activities

Charleston’s waterfront offers engaging activities that capitalize on the city’s coastal allure. The Charleston Harbor is the perfect location for boat tours and charters providing opportunities to sail its tranquil waters while taking in panoramic views of the city’s skyline and historic landmarks. Waterfront parks like Waterfront Park and White Point Garden offer spots for picnics and leisurely strolls, inviting visitors to savor the cool ocean breeze and revel in the lush green spaces. For those seeking more active pursuits, kayaking and paddleboarding allow for an up-close encounter with the harbor’s natural beauty, with chances to spot dolphins and diverse marine life.

Source: redfin.com

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Nestled in Arizona’s picturesque landscape, Prescott is a city that seamlessly blends history, natural beauty, and community spirit. Prescott exudes a sense of timelessness as Arizona’s first territorial capital while embracing modernity. Beyond its charming streets and stunning vistas, this city holds many intriguing facts that have helped shape its character today. Whether you are looking to rent an apartment in Prescott, or purchase a home in the area, this Redfin article will explore five captivating facts about Prescott and its enduring significance in both the past and the present.

1. Prescott was named after someone who had never been to Arizona

Amidst the American West’s expansion, Prescott emerged as a settlement, chosen to serve as the Territorial Capital of Arizona In 1864. This decision was made due to Prescott’s central location and its potential to foster commerce, government administration, and development in the newly carved Arizona Territory. The city’s establishment coincided with the Civil War. It was named in honor of William H. Prescott, one of the most distinguished historians of the 19th century, but who also ironically had never set foot in what would become the great state of Arizona. The city of Prescott served as the capital until 1867 when the designation was moved to Tucson and later to Phoenix.

2. The city has a rich mining history

Prescott’s history is rooted in mining, a legacy that played a vital role in shaping the city’s growth and character. With the discovery of gold in the nearby Bradshaw Mountains during the 1860s, Prescott swiftly evolved into a bustling mining town, drawing prospectors and settlers seeking their fortunes. The Bradshaw Mountains yielded valuable minerals like gold, silver, and copper, fueling a mining boom that transformed Prescott into a regional economic powerhouse. Though the initial rush subsided, mining remained a cornerstone of Prescott’s economy for decades, with the city’s landscape dotted with historic structures from its mining bygone days. 

3. Prescott is part of the “Quad-City” area

Prescott is part of a region known as the “Quad-City” area, a collective term that encompasses four distinct municipalities nestled in the heart of north-central Arizona. Alongside Prescott, this community consists of Prescott Valley, Chino Valley, and Dewey-Humboldt. These cities form a network that shares resources, amenities, and a common identity. The Quad-City area is known for its picturesque landscapes, moderate climate, and harmonious urban and rural living blend. 

4. The Yavapai tribe first inhabited the area of Prescott

The surrounding area of Prescott is the ancestral homeland of the Yavapai tribe, the region’s original inhabitants. Before European settlement, the Yavapai people established communities in the valleys and mountains surrounding present-day Prescott. With a deep connection to the land, they thrived through a lifestyle centered around hunting, gathering, and cultivating resources. The Yavapai’s intricate knowledge of the local flora, fauna, and ecosystems enabled them to flourish within the diverse terrain. Their cultural traditions, spiritual beliefs, and unique way of life created a harmonious relationship between their community and the natural environment. 

5. Half the city burned down in 1900

In 1900, Prescott faced a significant event called the “Great Fire of 1900.” Erupting on the Fourth of July, the fire consumed a substantial portion of Prescott’s downtown area. Fueled by strong winds and dry conditions, the flames swiftly spread through wooden structures, shops, and residences. The fire’s path of destruction altered the city’s landscape, leaving many historic buildings and landmarks reduced to ashes. 

Source: redfin.com

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Wisconsin’s landscape is dotted with small towns that are more than just places to call home; they’re communities with stories, character, and a unique way of life. In this article, we’ll take a journey through 13 small towns in Wisconsin, uncovering the local treasures, attractions, and the fun things to do that sets each town apart. From historic downtowns to natural beauty, these towns offer a lifestyle that captures the essence of the Badger State.

1. Plover, WI

Median sale price: $345,000

Walk Score: 60

Plover is a town where nature and community thrive in harmony. The town’s local parks, like Iverson Park and Schmeeckle Reserve, provide spaces for outdoor activities and relaxation. Plover regularly hosts local events, farmers’ markets, and gatherings that bring residents together. With the Wisconsin River nearby, Plover offers opportunities for boating, fishing, and enjoying the environment that surrounds the town.

Homes for sale in Plover, WI

Apartments for rent in Plover, WI

2. Marshfield, WI

Median sale price: $220,00

Walk Score: 88

Marshfield is a hub of health and heritage, where the town’s local attractions celebrate its unique identity. The town is home to the Marshfield Clinic Health System, a leading medical center. Marshfield’s historic downtown, cultural events, and the Central Wisconsin State Fair showcase its distinct spirit.

Homes for sale in Marshfield, WI

Apartments for rent in Marshfield, WI

3. Wausau, WI

Median sale price: $205,000 

Walk Score: 85

With its proximity to Rib Mountain State Park and the Wisconsin River, Wausau provides one-of-a-kind experiences for outdoor lovers. The town’s public events, including the Wausau Festival of Arts, celebrate its artistic and cultural scene. Wausau’s blend of outdoor beauty and vibrant arts create an environment where residents can explore nature’s wonders and indulge in creative pursuits.

Homes for sale in Wausau, WI

Apartments for rent in Wausau, WI

4. Waunakee, WI

Median sale price: $550,000

Walk Score: 82

Waunakee exudes a distinct elegance that’s reflected in its well-manicured streets and local attractions. The town’s specialty shops, eateries, and golf courses add a touch of luxury to its character. Waunakee’s popular events, like the WaunaFest, showcase its strong sense of unity and celebration. With its beautiful surroundings and sophisticated charm, Waunakee offers residents a lifestyle that blends refined living with a warm community spirit.

Homes for sale in Waunakee, WI

Apartments for rent in Waunakee, WI

5. Verona, WI

Median sale price: $480,000

Walk Score: 78

Embracing both the scenic environment and innovation, Verona is a place where people enjoy the best of both worlds. The town’s proximity to Epic Systems Corporation, a leading healthcare software company, adds a layer of modernity to its personality. With its beautiful parks, rolling hills, and a blend of progress and tradition, Verona offers a lifestyle that’s as exciting as it is dynamic.

Homes for sale in Verona, WI

Apartments for rent in Verona, WI

6. Baraboo, WI

Median sale price: $265,000

Walk Score: 88

Baraboo celebrates history and natural beauty in every corner, where the town’s historic downtown and the Circus World Museum capture its unique heritage. Events like the Big Top Parade bring residents and visitors together in festive celebration. Baraboo’s proximity to Devil’s Lake State Park and the Baraboo River offers opportunities for outdoor recreation and exploration.

Homes for sale in Baraboo, WI

Apartments for rent in Baraboo, WI

7. Hudson, WI

Median sale price: $457,000

Walk Score: 76

This small town in Wisconsin is described as a cozy hideaway with a cool twist. Hudson sits right by the St. Croix River, providing locals the freedom to go boating, fishing, and enjoy stunning views. You can wander through downtown to visit quirky shops and cafes, or dive into the memorable arts scene. When you’re feeling outdoorsy, hit up the parks, join in the fun at their festivals, and just soak in the laid-back, friendly feel of Hudson.

Homes for sale in Hudson, WI

Apartments for rent in Hudson, WI

8. Chippewa Falls, WI

Median sale price: $245,000 

Walk Score: 85

Chippewa Falls is a town of craftsmanship and nature, where local breweries, artisan shops, and the Leinenkugel’s Brewery celebrate its rich brewing heritage. The town’s proximity to Lake Wissota and the Chippewa River offers opportunities for water-based activities and outdoor adventures. Additionally, Chippewa Falls’ community events, like the Pure Water Days Festival, showcase its spirited atmosphere. 

Homes for sale in Chippewa Falls, WI

Apartments for rent in Chippewa Falls, WI

9. Holmen, WI

Median sale price: $410,000

Walk Score: 61

This town might not be on everyone’s radar, but it’s a hidden gem with a relaxed atmosphere.. Holmen is all about that small-town friendliness – you’ll feel like you’re among friends from the moment you arrive. 

Holmen’s closeness to the Mississippi River and the Upper Mississippi River National Wildlife and Fish Refuge adds an element of serenity to daily life. If you’re into the great outdoors, Holmen’s got your back with nearby hiking trails and parks that make you want to grab your sneakers and go explore. 

Homes for sale in Holmen, WI

Apartments for rent in Holmen, WI

10. Sparta, WI

Median sale price: $223,00

Walk Score: 74

With the nickname,  the “Bicycling Capital of America,” it’s not a surprise that Sparta has a deep-rooted cycling culture. The Elroy-Sparta State Trail and the La Crosse River State Trail offer opportunities for scenic biking adventures. Sparta’s public events, like Butterfest, provide locals the ability to make strong connections with their neighbors. With its commitment to healthy living and a close relationship with nature, Sparta offers a lifestyle that’s active, engaging, and invigorating.

Homes for sale in Sparta, WI

Apartments for rent in Sparta, WI

11. Tomahawk, WI

Median sale price: $183,000 

Walk Score: 68

Tomahawk is a town of lakeside charm, where the town’s proximity to Lake Mohawksin and the Wisconsin River provides the public the chance to try their hand at sports like water skiing, kayaking, and fishing. The town’s popular events, like the Harley-Davidson Tomahawk Fall Ride, celebrate its unique identity. Tomahawk’s scenic surroundings and friendly atmosphere create a haven where residents enjoy the simple pleasures of lakeside living.

Homes for sale in Tomahawk, WI

Apartments for rent in Tomahawk, WI

12. Spooner, WI

Median sale price: $255,000

Walk Score: 60

Offering people a retreat amidst the beauty of the Northwoods, Spooner is perfect for those seeking a slower pace of life. The town’s local parks, like Railroad Park, provide spaces for outdoor activities and reflection. There’s always something to do in Spooner, like visiting its many farmers’ markets, and cozy cafes. With its access to Spooner Lake and the nearby Namekagon River, it’s no wonder why this town is so loved by its residents. 

Homes for sale in Spooner, WI

Apartments for rent in Spooner, WI

13. De Pere, WI

Median sale price: $360,000 

Walk Score: 84

De Pere is a town that bridges the past and the present, with its historic downtown and modern amenities. The town offers an array of engaging activities, including walks along the Fox River, visits to local cafes, and the chance to indulge in live musical performances at the esteemed Cup O Joy. Moreover, De Pere’s extensive network of nature trails and well-maintained parks provides an inviting setting for picnics and leisurely afternoons.

Homes for sale in De Pere, WI

Apartments for rent in De Pere, WI

Wrapping up small towns in Wisconsin

Wisconsin’s small towns are a treasure trove of character and charm. From scenic riverfronts to historic downtowns, each town offers a unique glimpse into the heart and soul of the Badger State. Whether it’s the tranquility of nature, or the blend of history and innovation, these towns paint a vivid picture of life in Wisconsin, where every corner holds a story waiting to be discovered.

Source: redfin.com

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Meadows Bank is pleased to announce that Chris Swendseid has accepted the position of Chief Executive Officer (CEO). Chris has been with the Bank as Chief Financial Officer (CFO) since its founding in 2008. Chris takes over as Chief Executive Officer upon the retirement of Arvind Menon earlier this year.

“Chris has been a critical co-captain for years, involved in every aspect of the Bank’s successful navigation,” said William J. Bullard, Chairman of the Board. “Chris has been an incredible manager of Bank assets, liquidity and risk assessment. We are fortunate to have him continue as a leader and fiduciary to all of our investors, clients and employees.”

Chris began his banking career in Reno serving in various roles within the investment, accounting and finance areas. He relocated to the Las Vegas valley in 1999 to serve as the CFO of a start-up community bank. And then joined the Meadows Bank-in-organization team in 2007.

Julie Brutch has been promoted to Chief Lending Officer (CLO) from her previous position of Executive Vice President/Senior Lending Officer. Julie joined Meadows Bank in 2008, after working at several other financial institutions. She graduated from UNLV in 1989 with a Bachelor of Science in Business Administration with a concentration in Finance, as well as graduating from Pacific Coast Banking School in 2010. Julie has lived in Las Vegas since 1981.

“We are pleased to have Julie take on this new role within the bank,” said Chris. “We are fortunate to have a senior banking professional with her skill set and experience to strengthen and lead our lending efforts.”

Diane York has been promoted and will serve as the Bank’s Chief Financial Officer. Diane has been with the Bank since June 2019 in the role of Controller. Diane’s previous experience includes Senior Accounting Manager with Smile Brands, Inc. and with Gaikai (PlayStation) as well as Audit Supervisor with Hein & Associates and RSM McGladrey.

Chris said, “Diane’s experience and financial diligence has served her well to take on this role. Her reputation for execution and achieving results makes her the right choice to lead our finance and operations teams.”

About Meadows Bank
Meadows Bank is a full-service community bank committed to valued partnerships with our clients. Our relationship-based approach to banking focuses on making decisions locally, close to our clients. The bank offers a full suite of lending and deposit products and services. Meadows Bank was founded in 2008 in Las Vegas, Nevada and currently has branches in Las Vegas, NV; Henderson, NV; Reno, NV; Pahrump, NV and Phoenix, AZ. For more information on the bank and its products and services please visit our website at www.meadowsbank.bank.

Media Contact:
Jennifer Hall
[email protected]
(702) 471-2004

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Source: realtybiznews.com

Apache is functioning normally

A wide array of U.S. federal agencies are descending on the Hawaiian island of Maui as relief begins pouring in following a devastating set of wildfires that completely destroyed the popular coastal town of Lahaina, displaced thousands of local residents and killed at least 111 people, according to the most recent information.

The Department of Housing and Urban Development (HUD) has instituted a 90-day moratorium on foreclosures of mortgages insured by the Federal Housing Administration (FHA), as well as a pause on foreclosures of mortgages in the Indian Home Loan Guarantee program.

Borrowers at or over the age of 62 who are engaged in a Home Equity Conversion Mortgage (HECM) have also been given a 90-day extension. All relief measures are effective as of the official disaster declaration issued by President Joe Biden on August 10.

HUD also detailed the availability of additional housing assistance for individuals upon request, including FHA insurance to disaster victims; HUD’s Section 203(k) loan program that allows the finance of a purchase or refinance of a house along with its repair through a single mortgage; flexibility to Community Planning and Development grantees, Public Housing Agencies and Tribes; and the availability of HUD-approved housing counseling agencies.

Hundreds of personnel from FEMA have been deployed to the disaster area, while the USDA is deploying food assistance programs for displaced residents. The State Department has also granted a fee waiver for people who lost their U.S. passport book or passport card as a result of the wildfires. The U.S. Army Corps of Engineers has also been deployed to clear roads and bolster electric service, while the Environmental Protection Agency is on-site to assist with household hazardous waste removal that will be “essential to begin recovery work in the impacted areas.”

But there are other issues that could present problems for the area as rebuilding begins, particularly with regard to homeowners insurance, according to recent coverage by the New York Times.

The status quo of relatively low home insurance rates — solidified by a general lack of natural disasters striking the islands — could be upset by the fires, which may exacerbate other issues impacting Hawaiian housing such as gentrification.

When Hurricane Iniki devastated the island of Kauai in 1992, Hawaii’s state legislature established a fund to provide hurricane insurance for homeowners. That program was dissolved in 2002, however, since the private insurance market was built back to “full strength,” according to the Times. While wildfires have not been a major problem for Hawaii in the past, this latest disaster could signal to insurance carriers that they could become more of an issue in the future.

“I think insurers are going to start factoring in the increased frequency and severity of wildfires,” David Marlett, a professor of risk management at Appalachian State University told the New York Times. “You’ve already seen that in California.”

With the increasing prevalence of natural disasters across the U.S. and the world, insurance companies have reacted by pulling back coverage in habitually-impacted areas. Recent data from Redfin showed that housing markets with flood and wildfire risk are booming since that additional climate risk has translated into lower costs in certain areas.

But insurance carriers themselves are pulling back or leaving, notably in California and Florida, and they’re citing climate risk as a primary driver.

Source: housingwire.com

Apache is functioning normally

Well that didn’t take long. Only about six months after we bid adieu to 3% down mortgages, they have resurfaced.

But this time things are a little different. Though Fannie Mae and Freddie Mac still don’t accept mortgages with less than five percent down, some individual lenders have loosened up guidelines in an effort to increase business.

It’s no secret that loan origination volume is well below levels seen last year, and perhaps the best way to boost sales is to make it easier to qualify for a mortgage.

One area that has been particularly troublesome for prospective buyers is coming up with a large enough down payment.  In fact, most renters have no other choice than a 3.5% down FHA loan.

Get a 3% Down Mortgage with No PMI

On Friday, TD Bank reportedly began offering mortgages with down payments as small as three percent to certain low- and moderate-income borrowers via its Right Step program, per the WSJ.

The program is reserved for borrowers who earn up to 80% of the median area income as determined by HUD, the parent of the FHA.

While not everyone can qualify for such financing, it does represent a loosening from the original five percent down payment required a year ago.

The loan program doesn’t require private mortgage insurance either, and the down payment can come in the form of a gift from family or a non-profit.

However, the interest rate on such loans will likely be higher to compensate for the increased risk and lack of PMI, though it could still be cheaper than FHA financing.

I took a look at TD Bank’s mortgage rates on their website and they seemed to be in line with typical market rates – not significantly higher or lower than the competition.

Because Fannie and Freddie haven’t changed their stance, TD Bank will likely keep the loans on their own books and assume the risk of default.

This represents a shift from the originate-to-distribute model that has been widely relied upon before and after the most recent mortgage crisis.

The WSJ noted that the Arlington Community Federal Credit Union in Virginia would also begin making 3% down mortgages starting next month, down from a previous minimum of five percent.

They will accept loan amounts up to $417,000, the conforming loan limit.

Another community bank based in New Jersey, Valley National Bank, lowered their down payment requirement to five percent from 25% for certain buyers on the East Coast.

Wells Fargo Also Offers Quasi-3% Down Mortgages Now

Even the nation’s top lender is in on the 3% down game, kind of. Though Wells Fargo requires a five percent minimum down payment for primary residential purchases, they now allow up to two percent of that to come in the form of a gift from relatives.

So in a sense it’s a 3% down mortgage as long as the borrower can secure that two percent from an allowable source.

While it sounds like loose lending has returned, Wells apparently has strict underwriting requirements for such loans, including high minimum credit scores and so on.

In other words, we haven’t jumped in the DeLorean, punched it to 88 mph and traveled back to 2006.

Sure, there are some lenders offering FHA loans with credit scores as low as 550, but most are still relatively cautious, especially with the ATR and QM rules in effect.

And I’ve yet to come across any lenders offering 100% financing on 4-unit, non-owner occupied properties with sub-620 credit scores. When that happens run, or rather, sell!

Source: thetruthaboutmortgage.com