country

Apache is functioning normally

Even though it’s a large city, San Francisco still retains a very welcoming and neighborly vibe, and much like San Diego, New York and Los Angeles, there’s a certain charm here that draws in many new residents each year. The cost of living in San Francisco scares many off, but there are plenty of secrets to discover within this picturesque city.

All of these incredible amenities come with a steep monetary price. Even in the area’s most affordable neighborhoods, estimated monthly costs are high. In fact, the cost of living in San Francisco is a whopping 84.2 percent higher than the national average.

This is how San Francisco’s cost, as a whole, all breaks down.

San Francisco housing prices

When searching for apartments in San Francisco, you’ll face a lot of competition, even where the median rent is high. Despite the infamous San Francisco cost of living, though, people still want a San Francisco home.

As one of the hottest markets in the country, San Francisco housing is 242.3 percent above the national average. Although there are some affordable neighborhoods, many properties have an average apartment rent that’s sky-high. Not surprisingly, this greatly affects your estimated monthly costs and raises your living index. It’s also the primary reason this is such an expensive city.

To break down what this cost means, the average monthly rent for a one-bedroom in San Francisco is $3,554, up 4 percent over last year. For a two-bedroom, rent averages out to $5,007, an increase of 10 percent over last year. This is mind-boggling when you look at nearby cities like San Jose, where the average monthly rent is almost $1,000 less for both one- and two-bedroom units.

For those looking to buy, home prices vary widely depending on the neighborhood, but the median sale price in San Francisco is $1.525 million. This is up only 1.2 percent over last year, but homes often sell quickly. The median days on the market is less than three weeks.

Apartment hunting in San Francisco

Whether living a life of luxury or trying to keep things affordable in San Francisco, there’s a neighborhood for you. Even in expensive cities, you can find those hidden gems if you’re willing to look.

If you want to live in one of the more popular downtown neighborhoods like Rincon Hill and Nob Hill, prepare to pay (or find a roommate.) The average rent for a one-bedroom apartment is between $3,595 and $4,505.

For a neighborhood geared more toward young families, the average rent for a two-bed in Bernal Heights is only $2,800. For those wanting to live in California on a budget and still stay safe, the average rent for a two-bed in Outer Richmond is only $3,195.

San Francisco food prices

San Francisco is the epicenter of delicious food — more than 30 restaurants have garnered 44 Michelin stars. But, having such fantastic options does not often come cheap. Thankfully, when you’re on a budget, just go for that bread bowl, whatever is in it. In fact, you can get an entire meal at an inexpensive restaurant for $20.

For those who like to cook at home, San Francisco grocery costs are 29.8 percent higher than the national average. The data isn’t all bad, though, as this total is down by 0.6 percent compared to the past year.

Although there’s obviously variation by brand and store, there are some standard product prices that shed a light on grocery costs. For example, a dozen eggs will cost you $3.47, and a half-gallon of milk rings up at $3.55. For those who can’t get enough of that sourdough (or any kind of bread,) the average loaf will run you $4.81.

While there are plenty of locally-crafted, small-batch breweries, you’ll pay a premium price for your lager — the average six-pack is $10.19.

San Francisco utility prices

Utility rates in San Francisco neighborhoods won’t help keep your cost of living index low. While they’re 33.8 percent higher here than the national average, the saving grace is the year-round mild Bay Area weather.

As a result of the mild temperatures, there’s little need to turn on the apartment air conditioner during the summer. And during the wet winter months, a sweatshirt indoors will usually suffice. That said, the average energy bill is still high, at $275.58.

This makes utilities in San Francisco a cost of living concern, compared with most other cities. Even the companion California cities of Los Angeles and San Diego have lower utility averages.

San Francisco transportation prices

Transportation costs in San Francisco are 41.6 percent higher than the national average, which is actually 3.4 percent less than last year. The most expensive city for transportation in California behind San Fran is Oakland, San Francisco’s next-door neighbor, which has an average that’s 39.2 percent above.

What’s great about San Francisco is that the city comes with the advantage of multiple public transit options. There are the famous cable cars, the bus and rail systems and an abundance of ride-share services.

To travel in style, an iconic cable car is a great way to experience the city. Offered through San Francisco Municipal Railway (MUNI), riders can pay $8 per ride. The MUNI buses take your transportation expenses down a notch with single-ride fares at only $2.50. You can also purchase a monthly pass, which includes busses and cable car rides, for $81.

To take the train in, out and around the city, use BART (Bay Area Rapid Transport). Stops include the airport, as well as an assortment of East Bay cities. Six lines are available, with easy color-coded routes. The best way to verify the price of your one-way fare is to use the BART fare calculator. To save a little, get a Clipper Card and buy in bulk.

Thanks to its extensive public transit network, San Francisco leaves you with plenty of ways to explore where you don’t have to own a car.

Biking and walking

Biking, a popular way to get around the city, is cheap but arduous thanks to the many famously steep hills that San Francisco neighborhoods are known for. With a bike score of 77, you’ll often see bright green, bike-only lanes running next to busy streets — plus, plenty of bike-share stalls located throughout the city.

San Francisco is also ideal for walking, especially for renters in city-centric apartments. With so many amenities in proximity to area housing, this city earned itself a walk score of 93.

San Francisco healthcare prices

At 33.9 percent higher than the national average, the data says that San Francisco is an expensive market when it comes to healthcare. However, the upside to living in San Francisco is that renters do have access to some of the nation’s top doctors and treatment facilities.

It’s difficult to calculate an average for healthcare expenses, as prices are dependent on personal needs and other factors. That being said, the price for healthcare issues in San Francisco is more than in most places. Overall prices are 18.9 percent more than in Los Angeles and 26.7 percent more than in San Diego, and these other cities have their own reputations for being high-end.

Looking at medical costs in the Bay Area, a routine visit with your doctor averages out to $177.33. For an eye exam, you’ll see an average bill of $156.75 from your optometrist, while a trip to the dentist will set you back $150. These prices are without medical insurance, so the total cost could be very different depending on your plan.

San Francisco goods and services prices

Whenever your cost of living includes something you want more than you need, it’s most likely a good or service. Many of these expenses are optional, unlike housing costs, so it’s easier to keep them in check.

That said, this is an expensive item on the list. The cost of goods and services in San Francisco is 24.3 percent higher than the national average, up 2.4 percent over last year. This means you’ll most likely spend more for that movie ticket ($15), yoga class ($24.17) or a trip to the salon ($85.71) than friends in other cities.

Taxes in San Francisco

California has the highest state sales tax in the nation at 7.25 percent, and localities can add an additional tax on top of it. This makes the minimum combined sales tax rate for San Francisco 8.625 percent.

What this means is when you purchase $1,000 worth of clothing and home goods, as you browse around Union Square, you would pay $86.25 of that in sales tax.

California also has a progressive income tax, with rates between 1 percent and 13.3 percent, separated into nine brackets. Making less money means paying lower income taxes while those with a higher salary should expect to sit in the upper end of the tax bracket.

How much do I need to earn to live in San Francisco?

The price to rent a San Francisco apartment is not cheap, but it’s a huge factor in working out your own cost of living. If you’re not sure how much apartment you can afford on your annual salary, you can figure it out using our rent calculator.

You can also do a little estimating using the current standard cost of a one-bedroom apartment. The monthly rent for this unit is $3,621. If you apply 30 percent of your annual income to rent, as many experts suggest, you’d need a job that pays at least $134,720 to live on your own.

This isn’t always possible, given that the median household income in the city is $119,136. You may have to spend a little more than that 30 percent of a more average salary to live alone or consider other options. This may mean finding a monthly rent that’s lower, spending less money on those goods and services or even living with roommates. All of these options can bring San Francisco costs down and improve your own cost of living in this expensive city.

Living in San Francisco

San Francisco is full of unique beauty and charm. With its many parks, perks, great schools and happy people, this is a city for dreamers and doers — one of the best in all of California. The trick is to not let the high cost of living deter you from calling this great city home. You can do it if you watch costs carefully and budget well.

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 August 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

Apache is functioning normally

Published 9:38 a.m. UTC Jan. 5, 2024

p]:mb-4 last-of-type:[&>p]:mb-0″ readability=”7.8898678414097″>

Editorial Note: Blueprint may earn a commission from affiliate partner links featured here on our site. This commission does not influence our editors’ opinions or evaluations. Please view our full advertiser disclosure policy.

Getty Images

The average rate on a 30-year fixed mortgage is 7.21%, and on a 15-year fixed-rate mortgage, it’s 6.37%. The average rate on a 30-year jumbo mortgage is 7.16%.

*Data accurate as of January 4, 2024, the latest data available.

30-year fixed mortgage rates

The average mortgage rate for 30-year fixed loans rose today to 7.21% from 7.05% last week, according to data from Curinos. This is down from last month’s 7.51% and up from a year ago when it was 5.76%.

At the current 30-year fixed rate, you’ll pay about $687 each month for every $100,000 you borrow — up from about $675 last week.

Ready to buy? Compare the best mortgage lenders

15-year fixed mortgage rates

The mortgage rates for 15-year fixed loans inched up today to 6.37% from 6.18% last week. Today’s rate is down from last month’s 6.77% and up from a year ago when it was 5.12%.

At the current 15-year fixed rate, you’ll pay about $868 each month for every $100,000 you borrow, up from about $857 last week.

30-year jumbo mortgage rates

The mortgage rates for 30-year jumbo loans rose today to 7.16% from 7.09% last week. This is down from last month’s 7.55% and up from 5.53% last year.

At the current 30-year jumbo rate, you’ll pay around $681 each month for every $100,000 you borrow, up from about $676 last week.

Methodology

To determine average mortgage rates, Curinos uses a standardized set of parameters. For conventional mortgages, the calculations are based on an owner-occupied, one-unit property with a loan amount of $350,000. For jumbo mortgages, the loan amount is $750,000. These calculations assume an 80% loan-to-value ratio, a credit score of 740 or higher and a 60-day lock period.

Frequently asked questions (FAQs)

Mortgage rates are determined by a variety of factors, including the overall economy, inflation and the actions of the Federal Reserve. Mortgage lenders then set their loan rates based on these economic elements.

The rate you’re offered on a mortgage will also depend not only on the lender but also on your credit score, income, debt-to-income (DTI) ratio and other parts of your financial profile.

If you opt for a rate lock, you can typically do so for 30 to 60 days, depending on the lender. In some cases, you might be able to lock in your rate for up to 120 days.

Keep in mind that while some lenders allow you to lock in a mortgage rate for free, you’ll likely have to pay a fee for a longer lock period. This fee generally ranges from 0.25% to 0.5% of your loan amount. You could also be charged a fee if you want to extend the lock period — usually 0.375% of the loan amount.

There are several strategies that could help you qualify for the best mortgage rate, such as:

  • Checking your credit: When you apply for a mortgage, the lender will review your credit to determine your creditworthiness as well as your interest rate. In general, the higher your credit score, the lower your rate will be. So before you apply, it’s a good idea to check your credit to see where you stand. If you find any errors in your credit report, dispute them with the appropriate credit bureau to potentially boost your score.
  • Comparing lenders: Taking the time to shop around and compare your options from as many lenders as possible can help you find the best deal. In addition to rates, make sure to also consider each lender’s terms, fees and eligibility requirements.
  • Improving your credit score: If you have less-than-perfect credit and can wait to apply for a mortgage, it could be worth working to improve your credit beforehand to qualify for better rates in the future. Some possible ways to boost your credit include paying all of your bills on time and aiming to keep your credit utilization (the amount of credit you’ve used compared to your credit limits) on credit cards and lines of credit at 30% or less.
  • Reducing debt: Paying down debt could help lower your DTI ratio, which is how much you owe in monthly debt payments compared to your income. Having a lower DTI ratio can make you look like less of a risk in the eyes of a lender, which can result in a lower rate.
  • Choosing a shorter repayment term: Lenders typically offer lower rates to borrowers who opt for shorter terms. For example, you’ll likely get a lower rate on a 15-year mortgage compared to a 30-year loan.

p]:mb-4 last-of-type:[&>p]:mb-0″ readability=”18.216494845361″>

Blueprint is an independent publisher and comparison service, not an investment advisor. The information provided is for educational purposes only and we encourage you to seek personalized advice from qualified professionals regarding specific financial decisions. Past performance is not indicative of future results.

Blueprint has an advertiser disclosure policy. The opinions, analyses, reviews or recommendations expressed in this article are those of the Blueprint editorial staff alone. Blueprint adheres to strict editorial integrity standards. The information is accurate as of the publish date, but always check the provider’s website for the most current information.

Jamie Young is Lead Editor of loans and mortgages at USA TODAY Blueprint. She has been writing and editing professionally for 12 years. Previously, she worked for Forbes Advisor, Credible, LendingTree, Student Loan Hero, and GOBankingRates. Her work has also appeared on some of the best-known media outlets including Yahoo, Fox Business, Time, CBS News, AOL, MSN, and more. Jamie is passionate about finance, technology, and the Oxford comma. In her free time, she likes to game, play with her two crazy cats (Detective Snoop and his girl Friday), and try to keep up with her ever-growing plant collection.

Megan Horner is editorial director at USA TODAY Blueprint. She has over 10 years of experience in online publishing, mostly focused on credit cards and banking. Previously, she was the head of publishing at Finder.com where she led the team to publish personal finance content on credit cards, banking, loans, mortgages and more. Prior to that, she was an editor at Credit Karma. Megan has been featured in CreditCards.com, American Banker, Lifehacker and news broadcasts across the country. She has a bachelor’s degree in English and editing.

Ashley is a USA TODAY Blueprint loans and mortgages deputy editor who has worked in the online finance space since 2017. She’s passionate about creating helpful content that makes complicated financial topics easy to understand. She has previously worked at Forbes Advisor, Credible, LendingTree and and Student Loan Hero. Her work has appeared on Fox Business and Yahoo. Ashley is also an artist and massive horror fan who had her short story “The Box” produced by the award-winning NoSleep Podcast. In her free time, you can find her drawing, scaring herself with spooky stories, playing video games and chasing her black cat Salem.

More Stories

Source: usatoday.com

Apache is functioning normally

Another strong jobs report finished off a remarkably solid year for labor in 2023. Among the highlights:

  • Job growth continued. The Bureau of Labor Statistics data shows the U.S. economy once again beat expectations for jobs gains at 216,000 for December, the latest in a 36-month trend of growth. For 2023, job growth came in at 2.7 million, with an average monthly gain of 225,000. By comparison, 4.8 million jobs were added in 2022, with an average monthly gain of 399,000.

  • Unemployment remained low. The unemployment rate stayed steady at 3.7%, and rates are on a streak of 23 months below 4% — a stretch unseen since the late 1960s, Bureau of Labor Statistics data shows.  

  • Wage growth remains elevated. Wage growth came in at 4.1% over the prior 12 months — that’s good news for workers, but higher than the Federal Reserve might like as it determines when it begins cutting rates in 2024.  

A tight labor market, falling inflation and persisting economic growth all form a strong economic picture heading into 2024. But high interest rates remain, as do elevated prices. NerdWallet spoke with Jared Bernstein, chair of the White House Council of Economic Advisers to get his take on Friday’s jobs report, consumer sentiment and the economic look ahead.

The following interview has been edited for length and clarity.

NerdWallet: In 2023, inflation fell, the labor market steadily cooled, we saw higher-than-expected GDP growth and avoided a recession. Many economists seem surprised that the Fed was able to ease inflation without tanking the job market or tipping us into a recession. Are you surprised at where we stand right now?

Jared Bernstein: I wouldn’t say I’m particularly surprised. And in fact, we’ve long argued publicly that the goal was to maintain the tight labor market while easing inflationary pressures. I think President Biden views that as a key way to both empower workers with the maintenance of the tight job market while giving families some breathing room with easing inflation and even some lower prices. Substantively, an important piece of this is recognizing that supply chain normalization and the improvement of the economy’s supply side — whether it’s logistical supply chains or the increase in labor supply — have also helped in that regard. And that’s a good way to reduce inflationary pressures without dinging the demand side of the equation.

NerdWallet: Last year, job gains were mainly in three areas: health care, government, as well as leisure and hospitality. How much of the 2023 job growth can we attribute to a rebound from the pandemic, and how much can we attribute to underlying economic growth?

Jared Bernstein: I think by the time you’re in 2023 a chunk of the rebounding is behind you. Certainly the biggest numbers. One way to think about this is that in ’21 the average monthly job gain was 600,000 a month — so that’s huge and it has some rebounding clearly embedded in it. And in ’22 the analogous number that’s the average monthly job growth was about 400,000. And in ’23 it was around 200,000 and 225,000. So there’s kind of a stepladder there that gets you more into a steady, stable growth path.

I think by the time we got into ’23, we really executed on the president’s plan to maintain a tight job market and to get wages rising. That is such a key — real wages beating prices. Look, in an economy that’s 70% consumer spending like this one, if American consumers are facing a tailwind of a strong job market and easing prices, rising real pay, that’s a pretty good forward-motion machine. I think that’s a lot of what we saw in ’23.

NerdWallet: So is there some economic vulnerability in having growth concentrated in so few sectors? Some of the more interest-rate-dependent industries, for example, have shown little to no growth. And other areas like transportation and warehousing that boomed during the pandemic are now seeing some decline.

Jared Bernstein: Well, I get paid to worry about everything, so I’ll never say, ‘Oh, nothing to see there,’ but I think that caution has been somewhat overplayed. Lots of industries created jobs. I think 70% of the industries contributed in ’23, some more than others, as you say. If you think interest rates are more likely to be down than up next year, then that should be helpful to some of the interest rate-sensitive sectors that you mentioned, upwardly speaking.

If I look at the sectors that did create the most jobs, some of them are very large and significant sectors — private services, for example. We saw some great manufacturing numbers this year, more in the first half than in the second half of the year.

We also know that we had good construction numbers, and not so much in residential buildings, but more in nonresidential. And I think some of that really links up to factories that are being built. There’s hundreds of billions of capital that’s come in from the sidelines supported by the Inflation Reduction Act and the Chips Act. We’re actively building manufacturing facilities in this country to stand up the domestic industry of chips with electric vehicles, batteries and that should lead to more manufacturing jobs once those factories come online.

“ Executing on the president’s agenda has led to a situation where things are looking a lot better than people thought they would. And I think as time goes on, we’ll see more positive reporting when it comes to consumer sentiment.”

Jared Bernstein, chair of the Council of Economic Advisers

NerdWallet: I want to shift to consumer sentiment and approval of President Biden’s economic management — both slumped for most of the year, but at least one recent poll shows that the tide may be turning in that respect. How do you understand the disparity between the economy’s many objective strengths and consumer discontent?

Jared Bernstein: Well, I think it takes some time for the dynamics that you and I have been talking about to reach into people’s lives, and there’s a consciousness deep enough that it shows up in some of these indices of confidence and sentiment. And that’s why the December numbers, as you suggest, are a positive glimmer there. It’s one month, so it’s not a new trend, but the consumer confidence survey was up 10%; the University of Michigan sentiment survey was up a whopping 14%; there was some other polling that began to show this morphing in the way you suggested.

I think one of the things that’s going on there, again, has to do with this intersection of the very strong job market while inflation is easing. So we see real wage gains; wages are beating prices now for 10 months in a row for middle-wage workers. A lot of economists and I think it was 90% of CEOs a year ago said we would be in a recession. So executing on the president’s agenda has led to a situation where things are looking a lot better than people thought they would. And I think as time goes on, we’ll see more positive reporting when it comes to consumer sentiment.

NerdWallet: Interest rates are something that’s obviously on the mind of the market and consumers. Can you comment on the effect today’s jobs report might have on the timing of Fed’s rate cuts?

Jared Bernstein: Yeah, no I can’t. We have much respect for the independence of the Federal Reserve. So I’m certainly not going to talk about that. But I can talk to you a little bit about inflation because, of course, it’s relevant.

At the end of the day, inflation is going to drive a lot of the result of that kind of question. So we know that inflation is down two-thirds from its peak. We know that the six-month annualized rate of one of the inflation gauges the Fed watches most carefully, the core PCE, is growing at just below 2%. So that’s a good sign for them.

We also know that actual prices probably get more into sentiment than the Fed. And we know that actual prices — not lower inflation, actually lower prices — are in place whether we’re talking about gas or bread, milk, eggs, toys, TVs, airfares, used cars, a lot of things that really spiked in price have come down in price. So we’ve had some deflation there. That helps with breathing room and, of course, that helps on the inflation side as well.

NerdWallet: Can you talk a little bit about the populations that fueled labor force growth in the last year, specifically women?

Jared Bernstein: When President Biden talks about empowering workers — and that’s a key pillar of Bidenomics — one of the things he’s really thinking about is the benefit of running a tight labor market, and the way they cascade to groups that have historically been underserved or even left behind.

So here’s a number you haven’t probably heard too much today, but it comes out of the report: If you look at the average Black unemployment rate for 2023, it’s 5.5% — that’s the lowest Black unemployment rate on record for an annual average going back to 1972, when the Bureau of Labor Statistics started collecting that data. If you look at the employment results for disabled workers, they’re shooting up very nicely. And, of course, women, in what we call prime age: 25 to 54. If you look at folks in their prime working years, women’s labor force participation broke records in 2023.

This is just what happens when you have a persistently tight labor market with the unemployment rate below 4% for 23 months in a row, 14.3 million jobs, 36 months in a row of job creation. It’s a great labor market. And it’s reaching folks who too often are left behind under weaker conditions.

Photo by Kevin Dietsch/Getty Images News via Getty Images

Source: nerdwallet.com

Apache is functioning normally

After cutting nearly 25 percent of its workforce yesterday, IndyMac released a memo in an effort to confirm its overall stability and pledge its commitment to the wholesale lending channel.

“This is obviously the most tumultuous time that the mortgage industry has ever faced,” said Frank Sillman, Chief Executive Officer, in a memo to IndyMac customers.

“We’re seeing the very largest global financial companies taking billions of dollars of losses in each of the last two quarters, and the largest independent mortgage company in our industry has just accepted a bailout by one of the largest banks in the country.”

Sillman went on to explain that IndyMac had made the right move to convert from a REIT to a federally chartered bank after the liquidity crisis in 1998, and said it was well capitalized to weather the current mortgage crisis.

“Today, virtually 100% of our assets and liabilities are contained within IndyMac Bank. As a bank, we have strong and stable funding sources … FHLB advances and federally insured deposits … which have allowed us to build up a “war chest” of more than $6 billion in liquidity,” he explained.

“In addition, we continue to maintain strong capital levels. As previously reported, as of September 30, 2007 (the date of our most recent financial statements), IndyMac Bank had $2.5 billion in regulatory capital, and our capital ratios exceeded the “well capitalized” criteria outlined in the capital regulations.”

He also worked to dispel any rumors that the Pasadena-based mortgage lender may be slowly shuttering its wholesale lending division.

“As we have stated consistently through this crisis, IndyMac is very committed to the Wholesale business, he said.

“Wholesale has been IndyMac’s biggest and most profitable business unit over the years, and it’s our goal to return that business to profitability in March. That’s why we’ve had to take the steps we’ve taken, so we can right size our wholesale model for the new realities of the market.”

Regarding the wholesale operations centers that were shut down yesterday, Sillman said the bank reviewed volume trends by region, and determined that consolidation wouldn’t compromise its ability to serve customers in the areas affected.

“While many national banks are heading out of the Wholesale business, IndyMac remains strongly committed to it.”

Shares of IndyMac were up 31 cents, or 6.90%, to $4.80 in early afternoon trading on Wall Street.

Source: thetruthaboutmortgage.com

Apache is functioning normally

There’s an upside to owning and managing properties.

Okay, so you’re thinking about managing your rental property, but you’re not sure if you should handle everything yourself or hire someone to do it for you. Let’s break it down.

According to a survey by the U.S. Department of Housing and Urban Development, almost half of the 49.5 million rentals in the U.S. are properties with one-to-four units. Most of these are owned by individuals, and only about 22 percent are professionally managed.

So, if you’re a landlord with a smaller property, chances are you’re the one taking care of things. But what does that really mean for you and your tenants? Let’s dive into the nitty-gritty of managing your property effectively.

What’s property management?

Think of property management as the secret sauce for your success as a landlord. It’s about making sure you’re getting the most out of your rental and handling your investment like a pro. Now, it might sound like a never-ending job, but there are four big things you need to focus on:

Finding and screening tenants

This is like picking the right teammates for your rental squad. You want reliable tenants who’ll treat your place well. So, there’s background checks, credit checks, employment verification – the whole shebang.

Keeping tenants happy

Once you’ve got good tenants, you want to keep them, preferably beyond even a yearly lease. Happy tenants mean steady income for you and years without having to worry about turning over the apartment. So, you need to build a good relationship, fix stuff when it breaks and maybe throw in a little incentive to keep them around.

Drawing up a lease agreement

This is like the rulebook for your rental game. The lease agreement is legally binding, so you want it to be solid. Some landlords get lawyers involved, others rely on experienced property managers to get it right.

Handling the money stuff

This is where you get into the financial side of owning and renting property. Budgeting, forecasting and understanding taxes are all part of the deal.

Why do people try property management as a side hustle?

Renting out properties has always been a favorite way to make some extra cash without doing much. As long as your rent is competitive and you’re not spending more than you’re making, it’s a sweet deal. Plus, in a good market, you can even build up some equity.

But here’s the catch – managing a rental property is not exactly a walk in the park. It involves marketing, managing, dealing with repairs and crunching numbers. That’s why a lot of new landlords end up hiring a property management firm.

Is now a good time to be a landlord?

Well, that depends on where you’re at and what you’re striving to get out of the deal. The rental vacancy rates in the U.S. were at 6.6 percent in the third quarter of 2023, a bit higher than the previous year but still below the long-term average. The rent and interest rates vary across the country, so you’ll need to do some homework on your local market.

The upsides of property management

Working with a property management firm can take a load off your shoulders. They handle things like rent collection, maintenance and dealing with tricky tenants. It’s like having a rental superhero on your team.

Potential downsides of property management

Of course, there’s no such thing as a free lunch. Property management firms charge a fee, usually between 8 and 12 percent of your monthly rent. So, if your place rents for $1,500 a month, you’re looking at shelling out around $150 to the management company. Also, some landlords like to be in the driver’s seat and make all the decisions, so giving up control can be a downside.

What about the tenant’s perspective?

If you’re looking to rent, you might be wondering if it matters whether your landlord is a person or a property manager. Well, it depends on what you’re into. Some folks like the perks that come with big managed communities, while others prefer the charm and personal attention you get from a home owned by an individual.

Should you hire a pro or DIY?

Ultimately, it’s your call. Take a look at your cash flow, monthly income and expenses. Do you want a laid-back income stream, or are you itching to get your hands dirty in property management? If you’re eyeing a real estate empire, a property management firm might be in your future.

In the end, whether you’re the landlord or the tenant, it’s all about finding the sweet spot that works for you.

At Rent., our goal is to be the most efficient digital resource to help people find and live in a place they love. We strive to help renters make informed decisions by providing them with valuable information and advice, including money-saving tips, local guides, HD photos and certified ratings and reviews from actual residents.

Source: rent.com

Apache is functioning normally

Mortgage rates over the last seven days followed a split path, but an important rate are now higher. Average 15-year fixed mortgage rates didn’t move, while average 30-year fixed mortgage rates grew.
For variable rates, the 5/1 adjustable-rate mortgage slid lower.

  • 30-year fixed mortgage: 7.05%
  • 15-year fixed mortgage: 6.41%
  • 5/1 adjustable-rate mortgage: 6.39%

Since early November, the average rate for a 30-year fixed mortgage started making sustained drops, largely due to the Federal Reserve’s less restrictive monetary policy, cooling inflation and other economic data. The most common home loans are now in the 6% to 7% range.

Yet even with the recent decline in rates, the mortgage market always slows down toward the end of the year. And rates aren’t compelling enough to upset holiday plans to do home shopping, according to Keith Gumbinger of HSH.com. “After the holidays, if rates are still in this range, we’ll likely see a little seasonal pent-up demand by borrowers expressed in January,” Gumbinger said.

About these rates: Like CNET, Bankrate is owned by Red Ventures. This tool features partner rates from lenders that you can use when comparing multiple mortgage rates.

Today’s average mortgage interest rates

If you’re in the market for a home, check out how today’s mortgage rates compare to last week’s. We use data collected by Bankrate to track daily mortgage rate trends. This table summarizes the average rates offered by lenders across the country:

Current average mortgage interest rates

Loan type Interest rate A week ago Change
30-year fixed rate 7.05% 7.00% +0.05
15-year fixed rate 6.41% 6.41% N/C
30-year jumbo mortgage rate 7.12% 7.06% +0.06
30-year mortgage refinance rate 7.21% 7.16% +0.05

Rates as of January 3, 2024.

How to choose a mortgage

When picking a mortgage, consider the loan term, or payment schedule. The most common mortgage terms are 15 and 30 years, although 10-, 20- and 40-year mortgages also exist. You’ll also need to choose between a fixed-rate mortgage, where the interest rate is set for the duration of the loan, and an adjustable-rate mortgage. With an adjustable-rate mortgage, the interest rate is only fixed for a certain amount of time (commonly five, seven or 10 years), after which the rate adjusts annually based on the market’s current interest rate. Fixed-rate mortgages offer more stability and are a better option if you plan to live in a home in the long term, but adjustable-rate mortgages may offer lower interest rates upfront.

30-year fixed-rate mortgages

The average 30-year fixed mortgage interest rate is 7.05%, which is an increase of 5 basis points from one week ago. (A basis point is equivalent to 0.01%.) A 30-year fixed mortgage is the most common loan term. It will often have a higher interest rate than a 15-year mortgage, but you’ll have a lower monthly payment.

15-year fixed-rate mortgages

The average rate for a 15-year, fixed mortgage is 6.41%, which is the same rate compared to a week ago. Though you’ll have a bigger monthly payment than a 30-year fixed mortgage, a 15-year loan usually comes with a lower interest rate, allowing you to pay less interest in the long run and pay off your mortgage sooner.

5/1 adjustable-rate mortgages

A 5/1 ARM has an average rate of 6.39%, a slide of 2 basis points compared to last week. You’ll typically get a lower introductory interest rate with a 5/1 ARM in the first five years of the mortgage. But you could pay more after that period, depending on how the rate adjusts annually. If you plan to sell or refinance your house within five years, an ARM could be a good option.

Calculate your monthly mortgage payment

Getting a mortgage should always depend on your financial situation and long-term goals. The most important thing is to make a budget and try to stay within your means. CNET’s mortgage calculator below can help homebuyers prepare for monthly mortgage payments.

Where mortgage rates are headed

At the start of the pandemic, mortgage rates were near record lows, around 3%. That all changed as inflation began to surge and the Fed kicked off a series of aggressive interest rate hikes, which indirectly drove up mortgage rates. Now, nearly two years after the first rate increase in March 2022, mortgage rates are still more than double what they were just a few years ago.

The central bank has kept interest rates steady since late July, and mortgage rates are just now starting to see sustained decreases. With the Fed extending its rate-hike pause in December, experts are waiting for the first rate cut. It may be months before that happens, but as long as inflation continues to moderate, mortgage rates should stabilize and start inching even lower in the coming months.

What affects mortgage rates?

  • Federal Reserve monetary policy: The nation’s central bank doesn’t set interest rates, but when it adjusts the federal funds rate, mortgages tend to go in the same direction.
  • Inflation: Mortgage rates tend to increase during high inflation. Lenders usually set higher interest rates on loans to compensate for the loss of purchasing power.
  • The bond market: Mortgage lenders often use long-term bond yields, like the 10-Year Treasury, as a benchmark to set interest rates on home loans. When yields rise, mortgage rates typically increase.
  • Geopolitical events: World events, such as elections, pandemics or economic crises, can also affect home loan rates, particularly when global financial markets face uncertainty.
  • Other economic factors: The bond market, employment data, investor confidence and housing market trends, such as supply and demand, can also affect the direction of mortgage rates.

Mortgage rate forecasts from experts

While mortgage forecasters base their projections on different data, most predict rates will remain near or above 7% for the rest of 2023. Here’s a look at where some of the major housing authorities expect average mortgage rates to land at the end of the year.

How to find the best mortgage rates

Though mortgage rates and home prices are high, the housing market won’t be unaffordable forever. It’s always a good time to save for a down payment and improve your credit score to help you secure a competitive mortgage rate when the time is right.

  1. Save for a bigger down payment: Though a 20% down payment isn’t required, a larger upfront payment means taking out a smaller mortgage, which will help you save in interest.
  2. Boost your credit score: You can qualify for a conventional mortgage with a 620 credit score, but a higher score of at least 740 will get you better rates.
  3. Pay off debt: Experts recommend a debt-to-income ratio of 36% or less to help you qualify for the best rates. Not carrying other debt will put you in a better position to handle your monthly payments.
  4. Research loans and assistance: Government-sponsored loans have more flexible borrowing requirements than conventional loans. Some government-sponsored or private programs can also help with your down payment and closing costs.
  5. Shop around for lenders: Researching and comparing multiple loan offers from different lenders can help you secure the lowest mortgage rate for your situation.

Source: cnet.com

Apache is functioning normally

Citi credit cards provide a host of benefits, including some generous points and miles earning opportunities (depending on the card you have).

But, when it comes to travel insurance, let’s just say it’s not necessarily Citi cards’ strong suit.

Still, there are Citibank travel insurance benefits you should know about to ensure you use the right card when paying for your next trip. Here are the primary benefits associated with Citi card travel insurance.

Do Citi cards have travel insurance?

Only two Citi cards have travel insurance, and each one has a different set of benefits.

Car rental insurance

If you use either of the two Citi credit cards listed above to pay for a car rental, Citi travel insurance will protect any damages to a rental car up to $50,000.

This amount will cover the cost of repairs or the cash value of the car, whichever is lower. It applies anywhere you rent a car — there are no geographic limitations — as long as the rental period is no longer than 31 days. Citibank travel insurance covers accidental damage, theft, vandalism or a natural disaster, and any necessary towing costs.

🤓Nerdy Tip

Citi’s rental car insurance is secondary when renting a car within the U.S., but if you’re renting outside of the country, it switches to primary coverage.

With secondary insurance, you need to rely on any other insurance coverage you have before Citi’s car rental insurance kicks in. Primary insurance, alternatively, will be the first line of coverage you have.

Coverage wouldn’t apply if you rent the car to someone else or operate a rental car as a rideshare vehicle. It also only covers the car, not any personal injuries that might result from an accident.

There are several types of vehicles that are excluded from coverage. These include:

  • Trucks, pickup trucks, trailers, full-size vans on a truck chassis or recreational vehicles like campers and off-road vehicles.

  • Motorcycles or motorized bikes.

  • Commercial vehicles or cargo vans.

  • Any vehicle with fewer than four wheels.

  • Antique vehicles older than 20 years or that have not been made in the past decade.

  • Limousines.

  • Sport-utility trucks or open, flat-bed trucks.

  • Any vehicle that retails for over $50,000.

Costco Anywhere Visa® Card by Citi travel insurance benefits

Roadside assistance

When driving in the U.S., roadside assistance is available for Costco Anywhere Visa® Card by Citi cardholders by calling 866-918-4670.

Roadside assistance is valuable in the event of an accident, loss of fuel or other vehicle malfunction. Keep in mind that you would still have to pay for the assistance (like a tow truck, for example), but this benefit makes it easy to reach someone with one phone call.

Citi card provides access to similar assistance as a membership program like AAA. The difference is that AAA’s annual fee covers roadside assistance fees while Citi’s coverage doesn’t; it solely provides access to someone who can help you for a reduced rate.

Worldwide travel accident insurance

The Costco Anywhere Visa® Card by Citi includes accident insurance, which covers the cardholder or family members if they are injured or killed when traveling on a common carrier (any vehicle that is licensed to carry passengers like a bus, plane, cruise ship or train).

You will need to have used the Citi card to cover the entire cost of the travel on that common carrier for the benefit to apply. The maximum coverage is $250,000.

Travel and emergency assistance

The Costco Anywhere Visa® Card by Citi card provides access to a 24/7 concierge to help you with a disruption to your trip. This can include medical assistance, referrals to a doctor or legal help. It can also help if you need to adjust travel plans.

Just remember, you’ll be responsible for paying for any services used, but the call is toll-free.

Citi® / AAdvantage® Executive World Elite Mastercard®travel insurance coverage

Baggage protection

Only available for the Citi® / AAdvantage® Executive World Elite Mastercard®, this luggage protection provides coverage if your checked bag is stolen, lost or damaged.

The insurance covers as much as $3,000 per person ($2,000 for New York residents), but only kicks in if you use the card or American AAdvantage miles to pay for the trip.

Trip cancellation and interruption insurance

If a covered traveler has a medical emergency or dies, the Citi® / AAdvantage® Executive World Elite Mastercard® coverage can provide reimbursement for up to $5,000 in eligible nonrefundable expenses.

You would need to use the card or American AAdvantage miles to pay for the trip.

Trip delay protection

Another benefit that’s reserved only for the Citi® / AAdvantage® Executive World Elite Mastercard® is trip delay protection. This coverage kicks in if your trip is delayed by at least six hours, and offers reimbursement for expenses incurred during the delay, up to $500 per trip.

This would include reasonable purchases like hotel stays, rental cars and meals.

Does Citibank offer travel insurance?

Both cards include rental car coverage, but beyond this, each has its own set of benefits. Depending on which one you hold, it may include coverage like trip delay protection or roadside assistance.

People hold Citi cards for many reasons, including the ability to earn transferable Citi ThankYou Points. But, the travel insurance benefits are somewhat limited. If you have a Citi card, review the travel insurance perks before you take off to understand your coverage.

How to maximize your rewards

You want a travel credit card that prioritizes what’s important to you. Here are our picks for the best travel credit cards of 2024, including those best for:

Source: nerdwallet.com

Apache is functioning normally

Deep dive into the Show-Me State

With its unique mix of Midwestern and Southern culture, many flourishing industries and mouthwatering cuisine, Missouri stands as a captivating state in the heartland of the United States. But what is Missouri known for, even beyond the stereotypes?

From the iconic Gateway Arch in St. Louis to the enviable live entertainment scene in Branson, Missouri offers a diverse range of experiences for full-time residents and first-time visitors alike. In this in-depth exploration, we’ll delve into the thriving job market and industries, the allure of key attractions, the killer food culture, the state’s cultural norms and the popular forms of entertainment that make Missouri a truly exceptional place to call home.

What is Missouri known for?

Missouri calls out with a storied history that has shaped its identity and character. The Show-Me State, a nickname derived from the resilient skepticism of its residents, has been witness to many pivotal moments in American history. From its role as a gateway to the West during the era of westward expansion to the battlegrounds of the Civil War, Missouri’s past is woven into the fabric of the nation.

As we embark on a journey through the state’s present-day landscape, it’s essential to appreciate the historical circumstances that laid the foundation for its thriving industries and job markets. Join us as we explore Missouri’s rich heritage, discover the economic forces that drive its progress and unravel the surprisingly strong threads that bind its communities together.

Sports and entertainment

Missouri is home to passionate sports fans who rally behind their favorite teams. Baseball fans cheer for the St. Louis Cardinals, a storied franchise with a loyal following. On the football front, the Kansas City Chiefs, led by their fervent fan base, have become a powerhouse in the NFL and, thanks to star tight-end Travis Kelce’s recent relationship with Taylor Swift, pop culture as well.

College basketball takes center stage during the annual Missouri Valley Conference Basketball Tournament. Basketball enthusiasts gather to witness the intense competition as college teams vie for victory, adding to the state’s enthusiastic sports culture.

In the entertainment department, Missouri’s contribution to American music history is significant, particularly in jazz, blues and country. The state has produced legendary musicians like Chuck Berry, known as the “Father of Rock and Roll,” jazz trumpeter Miles Davis and singer-songwriter Sheryl Crow. The live music scene in cities like St. Louis and Kansas City continues to thrive, attracting local talent and international acts throughout the year.

Jobs and industries

Missouri’s economy is as varied as its topography, ranging from urban centers to rural expanses. The state hosts several major corporations that contribute significantly to job growth and economic prosperity.

St. Louis, a bustling metropolis on the banks of the Mississippi River, is home to industry giants like Anheuser-Busch, a global brewing company that traces its roots back to the mid-19th century. The city also hosts Express Scripts, a leading pharmacy benefits management company, and Emerson Electric, a multinational corporation specializing in technology and engineering.

In Kansas City, technology and healthcare are the two main driving forces behind economic growth. Companies like Cerner, a healthcare information technology company, and Garmin, a global leader in GPS technology, have established their headquarters here.

Natural resources

Missouri’s landscape is a testament to its rich natural resources, providing a foundation for both historical development and contemporary prosperity. The fertile soils of the Missouri River Valley foster a thriving agricultural industry, yielding bountiful harvests of soybeans, corn and wheat. Meanwhile, the Ozark Mountains contribute to the state’s economic opportunities with abundant timber resources, sustaining a solid forestry industry.

The state’s commitment to sustainable practices is evident in its utilization of water resources. The Missouri and Mississippi Rivers, along with numerous lakes, not only support agriculture but also facilitate trade and transportation. Furthermore, Missouri is at the forefront of renewable energy initiatives, tapping into wind and solar resources to create a balanced and eco-friendly energy portfolio.

Missouri’s natural resources stand as a dynamic force, blending tradition with innovation to drive economic growth while emphasizing the importance of responsible environmental stewardship.

Food

A cornerstone of Missouri’s barbecue tradition, St. Louis-style ribs are renowned for their distinctive flavor. These ribs are typically seasoned with a dry rub, slow-cooked to perfection and finished with a tangy barbecue sauce. Pappy’s Smokehouse in St. Louis is a local institution loved for its mouthwatering ribs, and attracting barbecue enthusiasts from far and wide.

St. Louis claims the invention of toasted ravioli, a delectable appetizer that has become a local favorite. These bite-sized pasta pockets, filled with meat or cheese, are breaded and deep-fried to a crispy perfection. Numerous restaurants across the state celebrate this St. Louis culinary creation, making it a must-try for visitors and a staple for locals.

Another St. Louis culinary gem, gooey butter cake is a delectable dessert that has found its way into the hearts of locals and tourists alike. This sweet treat is a dense, buttery cake topped with a decadent, sugary layer. Variations abound, with flavors like chocolate and pumpkin adding a delightful twist to this St. Louis classic.

Arts and literature

Missouri’s culture is bolstered by an array of artists and literary figures, reflecting the state’s rich heritage and creative spirit. The birthplace of literary luminary Mark Twain, Missouri has long been a muse for writers seeking inspiration in its scenic landscapes and storied history. Hannibal, Twain’s hometown along the banks of the Mississippi River, stands as a testament to the author’s influence, with the Mark Twain Boyhood Home and Museum preserving the legacy of one of America’s greatest literary minds.

Meanwhile, amidst the picturesque Ozark Mountains, Branson serves as a haven for enthusiasts of live entertainment. Earned the moniker “Live Music Show Capital of the World,” Branson is home to several theaters that put on a variety of performances, ranging from soul-stirring country music to Broadway-style shows.

The Ozarks’ scenic beauty forms a breathtaking backdrop, creating an immersive experience that seamlessly blends the allure of nature with the captivating world of live entertainment. In this harmonious fusion, Branson invites visitors to witness a symphony of talent against the stunning backdrop of the Ozark’s natural splendor.

Education and research

Missouri’s dedication to education is exemplified by its prestigious institutions of higher learning, including the University of Missouri system with campuses in Columbia, Kansas City, St. Louis and Rolla. These universities are catalysts for groundbreaking research across various disciplines. The flagship institution, the University of Missouri–Columbia, spearheads research initiatives in agriculture, medicine, engineering and journalism, contributing significantly to the state’s intellectual capital.

In the realm of research, Missouri remains at the forefront of advancements, with a focus on agricultural innovation, healthcare breakthroughs and collaborative efforts in technological advancements. These endeavors not only elevate Missouri’s status as a center for smart folks to unite but also position the state as a leader in fostering innovation and driving economic development.

Attractions

In St. Louis, the Gateway Arch dominates the skyline as a towering testament to architectural ingenuity and the spirit of westward expansion. Crafted by Eero Saarinen, this stainless steel masterpiece stands at an awe-inspiring height of 630 feet, offering panoramic views of the city and the meandering Mississippi River. Those seeking a journey through history can embark on a tram ride to the pinnacle, where the significance of this iconic structure comes to life.

For outdoorsy types, Missouri’s natural beauty cannot be overstated with hiking, fishing and camping all being popular pastimes. If you’re asking “What is Missouri known for?” the Ozarks are going to come up at some point. These iconic mountains provide a scenic backdrop for outdoor enthusiasts, offering opportunities for exploration and adventure under the shining Missouri sun.

Where tradition meets innovation

Missouri stands as a dynamic and multifaceted state, offering a wealth of experiences for residents and visitors alike. From the towering Gateway Arch to the lively theaters of Branson, from the rich flavors of St. Louis-style ribs to the warmth of Midwestern hospitality, Missouri’s allure lies in its ability to blend history, culture and innovation seamlessly.

As we wrap up our tour of the diverse landscapes and cultural landmarks of the Show-Me State, it becomes clear that Missouri is more than just a geographic location; it is a testament to the spirit of the heartland, where tradition and modernity coexist.

Missouri is waiting for you, with stunning apartments for rent, ready to weave you into the state’s unique cultural fabric. When you’re ready to start your search, start with Rent.

Source: rent.com