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Moving to a new home can be one of the most exciting times in your life. It gives you the chance to decorate a new space, a new place to create memories with loved ones, and a fresh, new energy to your surroundings. However, when looking for a new place to move, it’s important not only to keep the physical attributes of the apartment in mind, but also the characteristics of the neighborhood. After all, what’s the point of moving to a new place if you don’t like its surroundings?

If you’re thinking about moving to a new city or town, research the different neighborhoods available — what amenities they offer, what the community is like, and what attractions they afford easy access to. Want to know more about what to look for in new neighborhoods? Consider these five important factors when deciding if a new area is the right location for you to call home.

1. Price Range

Pay attention to the price of rent in the neighborhoods you’re considering. You have to be able to afford to pay monthly rent and utilities! Monthly rent prices in a neighborhood are good indicators of the prices of services and amenities in the neighborhood. If you choose a home on the low end of prices for your neighborhood, but there are other rental homes that are much more expensive, there’s a good chance that prices at stores and restaurants in the neighborhood might be on the higher end of things. Ensure that you can not only afford your rental, but also the neighborhood’s available resources.

2. Amenities and Attractions

Another important thing to look for in a neighborhood are great amenities and attractions. You’ll likely be spending the most time at places around your home, so make sure it is surrounded by plenty of activities! Think about what kinds of places you like to spend the most time at. Do you like dining out? Are you a person that spends a lot of time outside in parks? Do you want to be located near top-notch schools or daycares? Make a list of important amenities to you, then look for neighborhoods that closely meet those specifications.

3. Commute

Your work commute is a huge factor when choosing the right neighborhood. Think about how long it will take you to get to and from work, and how you will physically do that. Consider living in a place that offers an acceptable commute time and an easy way to get to and from where you need to go, whether that’s by your own vehicle or public transportation. If you have friends or coworkers already living in some of the prospective neighborhoods, find out if carpooling is a reliable option.

4. Safety

Real estate brokers can’t legally tell you how safe a neighborhood is, but it’s an important thing to keep in mind for an area that you want to call home. You can find reports about crime by geographic area online, and you might want to research different areas to make sure you will feel safe in your new neighborhood. You should also take into account other safety considerations that apply to your life – for example, whether a neighborhood has sidewalks, bike lanes, or a fire department nearby. Pro tip: drive through a prospective neighborhood during the day and at night to get the feel of a local. 

5. Home Size and Shape

Nearly every neighborhood has its own character and personality, and one of the important qualities that makes up its personality is the size and shape of the homes within it. Are you looking to live in a high-rise building? A community of townhouses? A small apartment complex? Each neighborhood has its own character, and the types of available rental homes will reflect that.

Once you’ve considered the above factors, the next step in choosing the right neighborhoods is to research your new hometown and the available neighborhoods within it. By making a list of neighborhoods that definitely have the qualities you’re looking for and eliminating the neighborhoods that don’t, you can start with a much smaller selection of rental homes, ultimately increasing the chances that you’ll find just the perfect rental for you. Look no further than Apartment Guide to begin your search. Do you have any expert tips for finding the right neighborhoods? Share them with us in the comments below, on Facebook or tweet them to @ApartmentGuide on Twitter!

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Note: This post is part of our Home Sellers’ Journey series, where we walk you through every step of selling a home during peak season. For the first post on how to get started once you’ve decided to sell, please go to Six Steps to Take Now to Get Your Home Ready to Sell.

It may be well-known that a picture is worth a thousand words, but consider that a handful of keywords may be what gets folks into a car and into your home as potential buyers.  Yes, buyers look at pictures before anything else, but to truly know what a home offers, buyers read the description of the home. Finding ways to describe your home – coming up with catchy headlines and intriguing details – is pretty challenging. Here are some tips to get you started.

  1. Focus on your customer. In advertising, you want to avoid dry descriptions of a product, in this case a home. Instead, you want to tell your buyer how the product will make his or her life better, easier, cooler, or generally more desirable. So when it comes to a house, start with what a buyer would want and work from there. What sells a home? Amenities, yes. But also short commute-times, a close-knit neighborhood, a good school, the space to have a vegetable garden, etc. Brainstorm what your property offers and get it on the list of what could be highlighted in the description. Include upgrades and special features of your home.
  2. See what your competitors are saying. Go ahead and do some online stalking; it’s okay. What kinds of things do home-sellers mention? If they brag about having a single parking spot in your downtown area, you might realize that your three-car driveway is pretty sweet even if the home doesn’t come with a garage.
  3. Describe your home in ways that are appealing to many different kinds of buyers. You never meant to say you wouldn’t sell to a downsizing elderly couple, but when you describe your home as “family friendly,” you may signal to buyers who don’t have large families that they’re not wanted. It’s best to say, “four bedrooms” and “plenty of backyard space.” In fact, avoid using any descriptors that define your ideal buyer. Rather, let buyers come as they are.
  4. Watch out for code words.  “Charming,” “cozy,” “delightful”—these are the words your grandmother uses when she hands you a yellowed needle-point made by her sister’s friend’s late cousin. Use these words and your house will advertise as being small, cramped and, well, old. Also be aware that a “motivated seller” might read as “a person whose life is a wreck and probably doesn’t vacuum.” You don’t need written details about how you’re willing to sell. To communicate you’re ready to go, you need a price that’s comparable to similar homes and you need to accept reasonable offers.
  5. Be specific about brand names and materials. Vocabulary is everything in writing! The more specific and image-provoking the words, the more the potential buyer will feel intrigued. Granted, you have to know what people want: don’t talk about your plywood closet. But in general, you can’t go wrong with phrases like “natural-wood countertops,” “ventless fireplace,” or “ceramic tile flooring.” These advertise better than their more vocabulary-plain partners: “wood counters,” “fireplace,” or “tile floors.”

On that note, we will end this post with a list of keywords from Zillow, which found that home descriptions featuring them sold for higher than the expected values. Use them if you can—but don’t forget the number one rule: be truthful about what your home has to offer!

  •         Barn door: 13.4% (the percent of homes that sell for above expected values)
  •         Shaker cabinet: 9.6%
  •         Farmhouse sink: 7.9%
  •         Subway tile: 6.9%
  •         Quartz: 6%
  •         Craftsman: 5.4%
  •         Exposed brick: 4.9%
  •         Pendant light: 4.6%
  •         Frameless shower: 4.6%
  •         Heated floors: 4.3%
  •         Stainless steel: 4.2%
  •         Granite: 4.1%
  •         Backsplash: 4.1%
  •         Tankless water heater: 4%
  •         Outdoor kitchen: 3.7%

Check back here on the Homie Blog for the next installment of the Home-Sellers Journey. Coming soon: Insider Secrets to Pricing Your Home for Sale.  To get started selling your home, contact Homie today. Homie has already saved users over $500,000 in agent commissions in just 6 months since launch, with each seller saving over $10,000 on average.

Source: homie.com

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My mother was quadriplegic by the time I was in high school. My dad was a real estate agent who worked on commission, so he worked long hours to make ends meet. As a result, I took on a lot of responsibility at a young age.

I cooked and cleaned and did all the grocery shopping. I did the laundry and paid the bills (in the “balancing the checkbook and writing the checks” sense, not the earning money sense). I took my mother to the bathroom, fed her, and tracked her pill regimen. And most importantly, I believed that a college education was a good value.

I knew my parents couldn’t afford to send me to college, and I wasn’t allowed to have a job because of my responsibilities at home. So in lieu of saving for college, I threw myself into everything school had to offer.

I was salutatorian. I was on the dance team and the academic team. I was secretary of the service club and president of the math club. And it worked: not only did I get out, I graduated from college with a 4.0. Then I went on to get an MA and a PhD. Unfortunately, I got $100K in debt to go along with it.

I mention this only because it begs the question: what leads a (relatively) smart person to make almost ten years’ worth of poor financial decisions? As immoral as universities may be, there’s more to any individual’s decisions than external influence.

Undergrad: An Auspicious Beginning?

When she was young and healthy, my mother had a full ride to Boston University. She dropped out because she wasn’t doing well in her pre-med classes; what she really enjoyed was writing. I remember asking her, “Why didn’t you just change your major?” She said it never occurred to her.

She eventually did get an Associate’s degree from the local community college. However, she always regretted not completing a Bachelor’s degree. Her experience led her to believe that the best degree was the one that you finished. She also believed that if you picked something you enjoyed, you were more likely to do well and be happy.

When I started thinking about college, my dad said “smart people major in business.” He suggested, “not that I’m telling you to follow in my footsteps, but female real estate agents make a lot of money.” My mom would nod sagely at his advice. Then after he left the room, she would stage-whisper, “do whatever makes you happy!”

I attended a state school, since the Florida Bright Futures lottery scholarship paid for 100% of my tuition and a book allowance. I was a National Merit Finalist. I received Pell grants and a variety of other scholarships. Since my education was paid for regardless of major, I followed my mom’s advice and did what made me happy. I was a creative writing major and a psychology minor. I worked as a server and a tutor at the writing center. As a result, I graduated with no debt.

Grad School: The Downward Spiral Begins

I was intimidated by the thought of graduating and getting a “real job.” Instead, I decided to keep doing what I had always been successful at: school. I started an MA in creative writing. I also worked on campus 35 hours a week, teaching and tutoring. However, graduate tuition was expensive. Luckily, Stafford was there to fill the hole. I knew it was a loan, but I’d never borrowed any money before. I didn’t have a concept of what borrowing really meant in terms of paying it back.

During this time I loved my job so much that I decided I wanted to run a writing center. My boss had a PhD in rhetoric and composition. I researched programs, applied to three, and accepted an offer from a top five program. It entailed moving across the country, which I couldn’t afford; I wouldn’t get financial aid until fall. Enter credit card debt.

The cost of living in my new city was also much higher. Again, Stafford and Visa filled the hole (though there were still a couple of weeks between moving and financial aid kicking in where I didn’t wash my hair because I couldn’t afford shampoo).

Yes, I was taking out more loans. But I was only making $14,000 a year and my paychecks were $750 apiece. The average starting salary of $50,000 was three and a half times what I was making. That could only mean my paychecks would be three and a half times bigger. Right?

Somehow the fact that this $14,000 was spread over nine months instead of twelve didn’t seem significant. Taxes and payroll deductions for things like health insurance weren’t even on my radar. I also don’t recall a single time when I saw a total of how much I’d borrowed until my degree was almost complete.

Graduation Approaches: I’m in Over My Head

Even when I saw my total of about $100,000, it was poor math all the way. I thought, Okay, I was in grad school for eight years. That means I borrowed an average of $12,500 per year. I was also making $14,000 per year during that time, so my average income was $26,500 per year. But soon I’ll be making $50,000. That’s twice as much! This is no problem.

My program also claimed it had a 100% tenure-track job placement rate. It didn’t occur to me that this couldn’t be possible until after I was advanced to candidacy and took a job search class. Then, this statistic was amended to “100% of students who wanted to be on the tenure track ended up with tenure-track jobs.” Who doesn’t want tenure?! I thought. This won’t be me. This is no problem.

I did know, of course, that getting a PhD in the humanities wasn’t going to make me rich (although the professors in my program all had 3000+ square foot homes in the nicest area of town). But it was more important to be happy than to be rich. Besides, I grew up poor. I was familiar with it. It didn’t sound scary.

Then I went on the job market. My hottest lead turned out to be in Punxsutawney, Pennsylvania, and I had a few realizations. I didn’t want to live 200 miles from the nearest urban center. Not only that, I couldn’t even if I wanted to: Jake and I had been dating for over a year. Our relationship was getting serious enough that he needed to be a factor in my plans.

By this time he’d graduated from law school and had a job making $90,000 per year. He was traumatized from the bar exam. The thought of taking another one only a year later gave him cold sweats. Even if he was willing to do it, he couldn’t afford to make much less. A salary of $90,000 a year would be impossible to come by in a tiny rural town. Now my job search was what they called Geographically Restricted. That’s academic speak for “it’s your own fault if you don’t end up on the tenure track.”

Suddenly, Unexpectedly

So I moved to Jake’s city and geared up for another year on the job market. I got a full-time administrative position in summer 2008, right before the economy tanked. The week after they hired me, my institution implemented a hiring freeze. Six months later, they instituted furlough.

I combed the national job lists in my field, but I was Geographically Restricted. Even if I wasn’t, it was one of the worst job markets in memory (and memory didn’t have a lot of good years anyway). And then, there was the unexpected — though, given that I think I’m psychologically predisposed to happiness, maybe I should have expected it.

It turns out I LOVE my job. I love the work I do and the people I work with. I love the city I live in (even if it’s 109 degrees outside right now). I have family in the area. Jake grew up here. At this point, he has over five years of business connections here, and I have four.

At some point, the the life I was living “for now” had become The Life I Want to Live. I have a ten minute commute. I leave work at 5 p.m. every day and don’t need to think about it until the next morning. I don’t check email during my off hours. I don’t work in the evenings. I have pets, I am a hobby chef, I read novels. I think I would have enjoyed the tenure track, but I don’t need it to be happy.

I just need to get our financial situation under control so I can keep living this life.

What About You?

This is my story. This is only my story. I cannot speak for others with student loan debt. But I know many, many people with high student loan debt (including lots of folks with totals higher than mine). So I know you’re out there, fellow student loan debtors!

Let’s build on last week’s discussion (go check out the comments there as well!). What’s your situation? How is it different than mine? How is it similar? I am especially interested in:

  • Your total student loan debt
  • What degree(s) you have
  • When you went to school
  • Whether anyone talked to you about student debt or the job prospects in your field
  • Whether the information you received about student loan debt or the job prospects in your field was accurate
  • What you wish you had done differently/advice for others
  • How you’re dealing with your debt

There are obviously many decisions I could have made differently. It’s undeniable. But since I can’t go back in time and make different decisions, I’m declaring a statute of limitations on regret. Plus, I’m taking responsibility for my errors in judgment and paying the loans back. I have to, since you can’t discharge student debt in bankruptcy.

However, as Robert Brokamp pointed out, there are systemic problems with student debt in this country (check out this paper for some facts on six-figure student loan debt). Those of you who have been through the system, how would you change it?

Source: getrichslowly.org

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Nobody ever said finding “the one” was easy. It takes some time, a great deal of persistence, and definitely the commitment to make your way through a few bad eggs before finding one with potential.

The same is true for finding your ideal apartment– it really does take the same amount of dedication. However, in the same way that it’s hard to know if you’ve landed a guy or gal you could commit to, it’s also tough to know while apartment searching when you’ve found the place you want to snatch up.

Every place is going to have its advantages and disadvantages. So, to give you a little assistance on your apartment quest, here’s how to know you’ve found the one:

You Like Your Landlord (and Your Lease)

It’s important to enter into a lease confident in your landlord’s expectations and dependability. You don’t want to get stuck with no heat mid-December, only to find out you have a landlord who’s no help at all.

When talking (whether in person or over email or phone) to potential landlords or building managers, pay attention to how they answer your questions or concerns and how quickly they respond. Find someone who you like and feel you can trust.

Also, be sure the terms of your lease are OK. If no utilities are included and the rent is already on the high end of your budget or there are strict lease terms you can’t really agree to, the situation may not be the right fit for you.

It’s Well-Maintained

No renter should have to live in a place that’s constantly in need of repairs, small or large. During your apartment search, observe the overall condition of the building and the apartment, including its floors and walls.

Then, inspect appliances, heating and cooling systems (if applicable), and faucets and fixtures in the kitchen and bathroom to make sure everything is in good working order. Don’t feel bad about taking the time to do this– as they say, it’s better to be safe than sorry.

Your Location is Ideal

You should have done ample research on the best neighborhoods for you before beginning your apartment search. If not, consider whether the locations of the apartments you’re viewing are a good fit for you.

Is the neighborhood safe? Is the commute to school or work reasonable? Is the area easily accessible by public transportation or is there parking nearby? Are all of your everyday necessities in the vicinity (i.e., a grocery store, coffee shop, pet store, etc.)?

The Price is Right

It’s always best to go into apartment hunting with an ideal budget in mind, but you should nail down a maximum price you’re willing to stretch to in case you aren’t finding anything within your optimal price range.

Your apartment may be “the one” if it’s a little over what you’d like to spend but makes up for that with amenities and location. Perhaps, for example, an apartment with a nice workout facility is more expensive, but then you could also cancel your gym membership to offset that added cost.

However, that doesn’t mean you should go over what you can reasonably pay per month.

It Has Your Non-Negotiable Amenities

Personally, I can’t live in an apartment without a dishwasher. In my experience, that will result in a sink constantly full of dirty dishes and an overextended food budget. Why? Because I’d rather buy food than clean my dishes and make meals at home.

Decide what your non-negotiable amenities are before apartment searching. Your ideal apartment should have as many of these as possible.

It’s the Right Fit for Your Furry Friend

Do you have a pet? Or are you considering getting one in the near future? Then the apartment has to be the right fit for your furry friend too. You wouldn’t marry someone your kids (assuming you have them) didn’t like, would you?

In any case, look for a place that has the right setup, amenities and location for your pets, and make sure the added deposits, fees and monthly rent will still keep the place within your budget. If you’re wondering how to know if a place is good for animals, look for other signs of dogs or cats in the building, like an outdoor doggie play area or a jar of treats at the front desk.

Keep in mind that it’s rare to find a “perfect” apartment. Much like finding the man or woman who is “the one” for you (you know, if you believe in that sort of thing), finding the right apartment may mean having to make a few compromises. While you shouldn’t settle for something that truly isn’t a good fit, give yourself a little wiggle room in all of these categories and look for a place that meets your most important criteria.

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Are you looking for a way to earn some extra money? Did you do well in school, or on standardized tests? Offering tutoring services may be a good bet for you.

I’ve been a private tutor for the better part of seven years now. It kept me in spending money as a part-time job in college, and it has turned into a full-time gig for me over the last few years. The best part about it, though, is that it’s an easy concern to keep going whether you have three or thirty hours a week to devote to it.

What to Tutor

I’ve taught everything from high school writing to college calculus to professional certification exams for public school teachers. That’s just the tip of the iceberg: there’s a market for tutors for every standardized test in existence, and probably every academic subject at every level, too. Heck, much of this article probably applies to things like music lessons, as well.

If you have a strong academic background, but aren’t comfortable opening for business without some kind of certification, it might be worth taking a job with a tutoring service, particularly one of the big-name test prep companies such as Kaplan or The Princeton Review. They’ll train you, you’ll get valuable in-class experience, and after a few months you may feel better about setting off on your own.

Finding Students

The standard advice for would-be tutors is to post flyers at strategic locations such as universities. In my experience, though, that doesn’t work.

Ideally, your business would come via word of mouth. Every time you work with a student, make sure they have your contact information, and encourage them to tell their friends about you. The less effort it takes to get business, the better!

Starting out, though, referrals will be hard to come by. (That doesn’t mean you shouldn’t try: family and friends may be able to help out early on by spreading the word.) The easiest way to reach prospective students is through Craigslist. Better yet, set up a simple website in addition to your Craiglist ads so that you appear to be more than some guy or gal with an e-mail address.

Ultimately, though, Craigslist is just the 21st-century version of flyering the local university. The best way to find students is to go to the source. If you’d like to help elementary school children with reading, introduce yourself at the local elementary school. Teachers and counselors are the absolute best source of referrals for K-12 students.

Nuts and Bolts

The most important operational question you’ll face is how to set your rates. At the high end, you’ll find SAT, LSAT, and GMAT tutors in New York City charging several hundred dollars per hour. The range is huge: Even in New York, for the same services, you’ll find other tutors for as little as $20 or $25 per hour.

As with most services, acceptable rates are tied to the level to expertise you bring to the table.If you’re offering math tutoring for junior high students, don’t expect to command $50 per hour: High school students can do the same thing, and they’d probably do it for a whole lot less. This is one reason to consider becoming a test-prep tutor through a major company: As soon as you finish training, you’ll have skills that set you apart from the vast majority of would-be instructors.

While it’s important to consider what the market will bear, it’s also crucial that you consider your time investment. One of the drawbacks of tutoring, compared to other part-time jobs, is that it can be difficult to string together more than an hour or two at a time. If you’re charging $20 per hour and driving across town to meet with a student for one hour, is it worth it?

One partial solution to that problem, at least once you’re working with multiple students, is to have people come to you. (Perhaps even for a discounted rate.) Before I found a shared office solution, I would set up shop at a Starbucks in Midtown Manhattan. It was convenient for my students, and on some weekends, I would tutor four students for two hours each, straight through from 9-5. One commute is much better than four!

Final Words

As I mentioned in the beginning, one of the benefits of tutoring as a side job is that there are no real minimum time requirements. It can turn into a full-time job, as well, but don’t count on that happening in short order. Be especially careful about the actual number of hours you’re spending: if you have a dozen students and you’re traveling to them, an 8-10 hour per week job can suck up quite a bit of time and expenses.

Warnings aside, there are plenty of benefits I haven’t mentioned. You’ll meet all sorts of people you never would otherwise, and you’ll help students meet goals they may not have reached without you. You’ll be your own boss, and hey — you might even have some fun!

Source: getrichslowly.org

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If you’re planning a move to a brand new city, you’re probably feeling some mixture of both heady excitement and serious fear. After all, you’re leaving your friends, job and potentially family behind for an entirely new place– who wouldn’t be a little afraid? But in your first few months, as you begin to get to know your new city better, that fear will fade.

Handling a big move is all about becoming familiar with your new surroundings as quickly as possible, and one of the best ways to do that is by acting like a tourist. Think about it: Tourists have a very limited amount of time to see an entire city. However, they make the most of that short timeframe in a variety of ways. Here’s how to get to know your new city like a tourist:

Try a Short-Term Lease

Tourists don’t commit to a long-term residence, so you may want to consider a shorter-term option yourself. If that sounds a little unconventional, think about how difficult it is to really know what neighborhood you want to live in or find the perfect apartment from states away. You won’t know exactly what areas are an easy commute to your workplace, for instance, until you spend some time in the city.

If you don’t have much experience with a city, a short-term lease (say, six months) will allow you to start getting familiar with it without committing too much to a specific neighborhood or apartment right away. Plus, you’ll likely have the option to renew the lease if you decide you love the area after all.

Start Small

When you’re on vacation, you probably spend a little time after checking into the hotel exploring the area around it. Do the same thing when you move into your new apartment.

After you’re mostly settled in, put on some comfortable shoes, and just start walking. Take in some of the amenities nearby, like a grocery store or an independent coffee shop that look promising. Become familiar with your neighborhood, then start widening your scope.

Utilize Maps, Guidebooks and Brochures

We all love our smartphone navigation systems, but they really aren’t the best way to become accustomed to a new area. You can still use it to figure out how to meet up with some friends at a specific bar or restaurant, but try not to rely on it too heavily.

Instead, make use of old-school paper maps, along with guidebooks and brochures. Finding your way on a paper map will help you understand the lay of the land a little more, and guidebooks and brochures will generally give you just the information you need to get around.

If you plan on taking public transit, you’ll want to study a map of the transit system for awhile. Figure out the best ways to get to some of your main destinations, like work or a friend’s place, and become familiar with those routes. Then start branching out from there.

Take Tours

There’s nothing better than a tour to get you familiar with an area without becoming lost. Look up walking, Segway, and boat tours in your city, and see what options are out there.

It’s likely you’ll find a mix of food tours (like chocolate or pizza) along with informational ones (about architecture or history, perhaps). Choose one that sounds interesting to you, invite a friend, and be a literal tourist for the day.

Visit Attractions

Places like tourist attractions and museums may be full of slow-moving hordes of people, but they’re a very good way to get to know your new city. In fact, I’m from Chicago, and it’s pretty much required to visit places like the Field Museum and Wrigley Field before you can call yourself a local.

Check out what the top tourist attractions in your city are, and even enlist someone from the area to be your guide. You’ll start learning some cool stuff about your city, and will likely be able to visit several different neighborhoods in the process.

Be Safe

Every tourist knows how important safety is, so don’t get too comfortable in a new spot just because you live there.

Stay smart by avoiding walking alone at night in areas you’re unfamiliar with, keeping your headphones out of your ears while exploring, and making sure your purse or backpack is always zipped up and close by.

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Save more, spend smarter, and make your money go further

If you’re in the market for a new home, chances are you’ll have to compromise at some point along the way. Maybe you’ll have to commute a little farther than you’d like in order to get the best value for your money, or perhaps you’ll forgo a huge backyard to be closer to the city.

And when it comes to finances, you might find a disparity between how much house you want and how much house you can afford.

Home loans are made against your ability to repay. While the mortgage loan is secured against the house, it is really made against your income. That’s what mortgage lenders look for — income to offset liabilities.

Simply put, the amount of income you need to purchase a house will vary by your payment comfort level, including any other monthly debt obligations you might have.

Important terms

Mortgage payment: Principal, interest, property taxes insurance and mortgage insurance, if needed.

Consumer debts: Minimum payment obligations on things such as auto loans, credit cards, student loans, personal loans and installment loans.

Other debt obligations: Alimony and/or child support or any other court-ordered repayment obligations.

Running the math

Here’s a simple formula to calculate the amount of income you’ll need to purchase a home:

(Target mortgage payment + consumer debts) ÷ .36 = Gross monthly income needed to qualify

Most lenders limit your debt-to-income ratio (how much of your monthly income pays debt) to between 36 percent and 45 percent. While the exact ratio varies by lender and loan type, it’s best to base your calculations on the lower end to ensure that you won’t overextend yourself financially.

So, if your target mortgage payment is $2,000 per month and you have consumer debts of $300 per month, you will need approximately $6,388 gross monthly income to offset your housing expenses and consumer obligations.

Down payment

Your down payment is another important factor in determining how much income you’ll need to buy a home.

Consider the following loan scenario using a purchase price of $300,000 (assuming no other debts) and the current rates on Zillow Mortgage Marketplace.

Conventional loan

  • Down payment: 5 percent ($15,000)
  • Interest rate: 3.26 percent
  • Approximate mortgage payment: $1,770
  • Gross monthly income needed: $4,916

So, at the end of the day, how much income you need to purchase a home is predicated on your monthly income, consumer debt obligations and down payment.

Impact of debt

For every dollar of debt, you will need double that in income. So if you have a $300 car payment, you’ll need at least $600 per month or more in income to offset that debt.

Debt erodes income, and less income translates to less purchasing power.

So, does buying a home make sense?

Yes, so long as the amount you can borrow for your desired purchase price is in sync with your debt obligations and, of course, your down payment.

“How Much Income Do You Need to Buy a House?” was provided by Zillow.com. 

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Moving to a new home can be one of the most exciting times in your life. It gives you the chance to decorate a new space, a new place to create memories with loved ones, and a fresh, new energy to your surroundings. However, when looking for a new place to move, it’s important not only to keep the physical attributes of the apartment in mind, but also the characteristics of the neighborhood. After all, what’s the point of moving to a new place if you don’t like its surroundings?

If you’re thinking about moving to a new city or town, research the different neighborhoods available – what amenities they offer, what the community is like, and what attractions they afford easy access to. Want to know more about what to look for in new neighborhoods? Consider these five important factors when deciding if a new area is the right location for you to call home.

1. Price Range

Pay attention to the price of rent in the neighborhoods you’re considering. You have to be able to afford to pay monthly rent and utilities! Monthly rent prices in a neighborhood are good indicators of the prices of services and amenities in the neighborhood. If you choose a home on the low end of prices for your neighborhood, but there are other rental homes that are much more expensive, there’s a good chance that prices at stores and restaurants in the neighborhood might be on the higher end of things. Ensure that you can not only afford your rental, but also the neighborhood’s available resources.

2. Amenities and Attractions

Another important thing to look for in a neighborhood are great amenities and attractions. You’ll likely be spending the most time at places around your home, so make sure it is surrounded by plenty of activities! Think about what kinds of places you like to spend the most time at. Do you like dining out? Are you a person that spends a lot of time outside in parks? Do you want to be located near top-notch schools or daycares? Make a list of important amenities to you, then look for neighborhoods that closely meet those specifications.

3. Commute

Your work commute is a huge factor when choosing the right neighborhood. Think about how long it will take you to get to and from work, and how you will physically do that. Consider living in a place that offers an acceptable commute time and an easy way to get to and from where you need to go, whether that’s by your own vehicle or public transportation. If you have friends or coworkers already living in some of the prospective neighborhoods, find out if carpooling is a reliable option.

4. Safety

Real estate brokers can’t legally tell you how safe a neighborhood is, but it’s an important thing to keep in mind for an area that you want to call home. You can find reports about crime by geographic area online, and you might want to research different areas to make sure you will feel safe in your new neighborhood. You should also take into account other safety considerations that apply to your life – for example, whether a neighborhood has sidewalks, bike lanes, or a fire department nearby. Pro tip: drive through a prospective neighborhood during the day and at night to get the feel of a local. 

5. Home Size and Shape

Nearly every neighborhood has its own character and personality, and one of the important qualities that makes up its personality is the size and shape of the homes within it. Are you looking to live in a high-rise building? A community of townhouses? A small apartment complex? Each neighborhood has its own character, and the types of available rental homes will reflect that.

Once you’ve considered the above factors, the next step in choosing the right neighborhoods is to research your new hometown and the available neighborhoods within it. By making a list of neighborhoods that definitely have the qualities you’re looking for and eliminating the neighborhoods that don’t, you can start with a much smaller selection of rental homes, ultimately increasing the chances that you’ll find just the perfect rental for you. Look no further than Apartment Guide to begin your search. Do you have any expert tips for finding the right neighborhoods? Share them with us in the comments below, on Facebook or tweet them to @ApartmentGuide on Twitter!

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Arlington, Virginia is a city of harmonious contradictions. Much of Arlington is small, quiet suburbia steeped in history and tradition. However, sprinkled throughout you’ll find bustling metropolises, eclectic shopping districts, and a thoroughly modern feel.

All of this is set on the backdrop of the city’s location bordering the District of Columbia. Arlington capitalizes on D.C.’s energy while offering a respite from the never-ending pace of the capital city.

This dichotomy gives Arlington its character. The juxtaposition between small town and big city has led people to call Arlington neighborhoods “urban villages.” All of the city’s urban villages have this mix of old and new to varying degrees, and understanding those nuances can help you find the best fit. Here’s a quick guide to give you an idea of which neighborhood in the city is right for you:

Westover

Located close enough to D.C. to commute but far enough away to unwind, Westover is a great location for those looking to have more of a small-town feel at home.

Arlington’s Farmers Market is located in Westover, and the neighborhood is full of locally-owned stores and restaurants. It’s utterly walkable, full of shady trees and benches to encourage people to stroll, and easily accessed via bus or Metro.

Shirlington

This urban village is younger than some of the other neighborhoods in Arlington, which means it’s still developing its culture and personality. However, it’s already a popular location for young professionals. Near the Washington-Old Dominion bike trail, it’s a great location for runners, cyclists, and anyone else who might enjoy the scenic path.

Shirlington Village is a restaurant and shopping district right in the center of the neighborhood that is easily reached by foot from anywhere in Shirlington.

Ballston

Aesthetically speaking, this neighborhood’s old roots and new businesses have brought Ballston to a crossroads. Because the city is becoming a more popular location for companies, it’s in a transitional stage between the past and the present.

Walking around the block, you can go from a booming metropolis to an adorable suburb. Ballston is a prime example of the idea of an “urban village,” a place that’s both modern and steeped in tradition.

Pentagon City

Pentagon City is the perfect location for someone who wants to be close to D.C. and is prepared to pay the price.

A shopper’s dream, this neighborhood is home to the Fashion Centre at Pentagon City, a shopping center with over 150 shops and restaurants. There are plenty of other shops and retailers in this area as well, so this is a great place to be if you like to stay on top of the newest fashions and trends.

Clarendon

The urban village of Clarendon is one of the rising stars of Arlington, Virginia. This was originally Arlington’s downtown area– at one point it even attempted to incorporate as its own town– but it eventually fell out of popularity.

However, in 2003 the area blossomed once again, thanks in large part to new retail, office, and restaurant development at Market Common. Now the area is known for its exciting nightlife and regular neighborhood events.

Crystal City

A village named after a chandelier is bound to sparkle, and that’s definitely the case here. Crystal City is one of the largest downtown areas in Arlington and is a great location for people who want to be in the thick of things.

The neighborhood is going through a state of transition, after having recently lost its significant military population due to base reorganization. However, the future looks as bright as the name: with Amazon building a headquarters nearby, Crystal City hopes to become an energetic place in the near future.

Virginia Square

Although Virginia Square still has that characteristic Arlington blend, it’s definitely more village than urban. Mostly residential, Virginia Square is a hub for arts, culture, and education.

It’s the location of the Arlington Public Library and is full of parks and playgrounds. Like Westover, you can consider Virginia Square a small town in the middle of a big city: close enough to be connected, but far enough to get a chance to disconnect.

Columbia Pike

More than a fourth of Arlington’s population lives in this urban village. This is due in part to its linear shape, stretching from the western border of Arlington all the way to Arlington Cemetery.

Although this area doesn’t have a Metro stop, it is serviced by a number of buses, so public transportation is still easy to find. There are a number of parks scattered through the neighborhood, giving residents a chance to connect with nature. It’s also home to the Arlington Cinema and Drafthouse, a great place to catch a movie or grab a meal.