The question of how student loan forgiveness would be funded doesn’t have a clear-cut answer, and ideas about how it would be paid for can be heavily influenced by a person’s political leanings. One recent survey found that the majority of Democrats support canceling some or all student debt, while most Republicans oppose any cancelation. Read on to learn more about this important issue.
Who Pays for Student Loan Forgiveness?
There’s no easy answer in terms of how plans to cut student debt would be funded. Government finance is complex. Typically, the federal government would need to foot the bill for student loan forgiveness, and the government would have two options to pay for it: cut spending or raise taxes. Making the situation more complicated is the fact that forgiven loans may have already earned a profit, which could make reconciling the impact of writing off this debt even harder.
In addition, viewpoints on student loan debt are often divided by political affiliation. Democrats are more likely to support debt cancellation and hold the government and lenders responsible for the high levels of student debt. Republicans, on the other hand, usually are against the idea of student loan forgiveness and often feel the borrowers themselves should shoulder some of the blame for the situation.
Spending Cuts and/or Higher Taxes
If some or all student loans were to be forgiven, here’s a closer look at some potential paths:
• Cutting spending, which can be challenging. Some financial and legal experts worry that cuts would wind up hurting education resources, such as universal pre-K and higher education initiatives. These could be trimmed to save money.
• Raising taxes, which could involve increasing individual income tax rates or reducing tax deductions, such as mortgage interest, charitable contributions, medical expenses, IRA contributions, and more. The government could also opt to raise taxes on corporations and the wealthy.
• A combination plan of the two methods: some tax cuts along with some tax hikes.
Neither Is Necessary
Another point of view to consider: Some pundits say that the cancellation of federal student loan debt won’t cost the government anything. They point to the fact that student loans were paid for by taxpayers when the funds were first disbursed.
They also hold that, over time, payments by borrowers of student loans to the Department of Education have almost been equal to the amount of money loaned out. In that way, they see the situation of forgiving loans as being close to break-even. One review found that the government collected about $85 billion a year in payments on about $95 billion a year in loans paid out. In terms of government spending, they believe forgiveness would not result in a major shortfall.
Proponents of this theory also say that records reveal that the Department of Education has been profiting on student loans over the years, and that gain can also be seen as an asset against which canceled federal loans can be compared.
Obviously, this is a complex issue with many different viewpoints regarding the best path forward.
💡 Quick tip: Some student loan refinance lenders offer no fees, saving borrowers money.
The Current State of Student Loan Forgiveness
It can be helpful to keep in mind the recent events surrounding student loan forgiveness.
• The Biden administration announced a $441 billion federal student loan debt relief program for borrowers who earned less than $125,000 ($250,000 for married couples) in 2022. This was blocked by the Supreme Court in 2023.
In the wake of this decision, the Biden administration proposed new initiatives in April 2024 to forgive $7.4 billion in student debt, including waiving:
• Accrued and capitalized interest for certain borrowers
• Debt for those eligible for the Saving on a Valuable Education (SAVE) Plan, in the event of a closed school discharge, and other forgiveness programs
• Student loan debt for those who entered loan repayment 20 years ago
• Debt for those who enrolled in programs or institutions that provided low financial value
• Debt for those who experience repayment hardship
In May, the U.S. Department of Education announced cancellation of $7.7 billion for certain borrowers under Public Service Loan Forgiveness Program (PSLF) and through the SAVE Plan, which offers borrowers a shortened forgiveness period. However, court orders recently halted the SAVE program after several states sued.
Where Does All the Canceled Debt Go?
It’s hard to say where all the canceled student debt would go, and it’s also difficult to forecast how much forgiving debt would cost the government, if anything. The government would at least have to adjust its revenue projections, even when the original principal has been paid off with interest.
One important note: Canceled student debt can have a positive impact on borrowers. It gives them more disposable income, which they can use in ways that stimulate the economy, from buying more consumer goods to taking out more mortgages.
Will My Taxes Increase if Student Loans Are Forgiven?
Many believe that federal student loan forgiveness, as planned, could transfer debt from borrowers who took out student loans to taxpayers, according to the U.S. House Budget Committee. This is a viewpoint that tends to be held by Republicans who are opposed to forgiveness for various reasons.
The Budget Committee has stated that approximately 87% of adults without student loans will wind up paying for the 13% of borrowers who borrowed for college and 56% of the student loan debt for graduate degree borrowers.
Currently, some estimates say that $1 trillion in federal student loan cancellation would mean an additional $2,500 tax bill for most Americans.
Another angle to consider: If borrowers’ debt is forgiven, it could be taxable. Borrowers would receive IRS Form 1099-C in this instance, and might need advice from a professional tax preparer.
Recommended: Guide to Student Loan Forgiveness
Will Private Student Loans Be Forgiven?
The Biden administration’s student loan forgiveness plans would not cancel private student loans, which come from private companies, including online banks. The forgiveness plans only apply to those with federal student loans, or loans that come from the U.S. Department of Education.
Unlike federal student loans, which borrowers apply for using the Free Application for Federal Student Aid (FAFSA), you can apply directly to the lender for a private loan. Unlike in the case of federal loans, you may need to undergo a credit check and may encounter less flexible repayment plans with private student loans.
However, private loan lenders may offer some benefits that are similar to those of federal student loans, including deferment (when borrowers can temporarily stop making payments and interest may not accrue), forbearance (when borrowers can temporarily stop making payments or make smaller payments and where interest does accrue), or unemployment protection.
It’s wise to check carefully with your lender to find out their exact policies.
Alternative Options for Paying Off Student Loans
Since the future of forgiveness is largely uncertain, borrowers can consider other ways to pay off student loan debt. They can take advantage of several alternative options, including putting extra toward principal, considering other repayment plans, making lump sum payments, and additional methods.
Here are several possible options:
• Put extra toward the principal: Putting extra cash toward your principal student loan can result in a faster payoff than by simply making your usual monthly payment. Putting an extra $100 toward your principal every month, for example, can make a difference. You will typically not pay prepayment penalties on private or federal loans, which is a charge that penalizes you from paying off your student loans early.
• Make lump-sum payments: If you have a lump sum, like a tax refund, a bonus, or other windfall money, you can put that toward your debt instead of spending it. If you can find extra money regularly (such as a couple of times a year), that could help you pay off your student loans. A side hustle can also help you make lump-sum payments as well.
You might also consider using the debt snowball method of taking care of your loans, which means you put money toward your smallest loan balance, then progress to larger loan balances after that.
• Check with your employer: Your employer may offer a student loan repayment benefit. Learn whether your employer will help pay for qualified educational expenses, including your student loan balance.
• Budget your money: Living on a budget is a great way to ensure you make on-time student loan payments. Though you’re shielded from penalties on late payments through September 2024 through an on-ramp period, it’s still good practice to avoid late payments so you don’t risk default later.
• Refinance or consolidate student loans: Refinancing means changing one or more loans to private student loans with a new interest rate, term, and monthly payment. Securing a lower interest rate means you’ll pay less interest over time. However, it’s important to be aware that refinancing federal student loans in this way means you will forfeit the right to certain benefits and protections, such as deferment. Also, if you refinance for a longer term, you may well pay more interest over the life of the loan.
• Consolidating federal student loans: This means pooling one or more federal student loans into a Direct Consolidation Loan with one monthly payment with one interest rate. You may save money over time when you consolidate, but check to be sure.
• Repayment plans: Several repayment plan options exist for both federal and private student loans. For example, with federal loans, you may look into several income-driven repayment plans, such as the SAVE, Pay As You Earn (PAYE), income-based repayment (IBR), and Income-Contingent Repayment (ICR) plans as repayment options. Check with your loan servicer to determine which makes sense for you, whether you have a mix of federal and private loans or just federal loans.
Recommended: Are Student Loans Forgiven After 20 Years?
The Takeaway
There are different opinions about how federal student loan forgiveness will be paid for, if and when it’s enacted. Viewpoints often align with a person’s political beliefs, with Democrats tending to favor loan cancelation and Republicans being against it.
Regardless of the future of student loan forgiveness, there may still be options to help you manage your student debt, such as budgeting, considering alternate repayment plans, or refinancing.
Looking to lower your monthly student loan payment? Refinancing may be one way to do it — by extending your loan term, getting a lower interest rate than what you currently have, or both. (Please note that refinancing federal loans makes them ineligible for federal forgiveness and protections. Also, lengthening your loan term may mean paying more in interest over the life of the loan.) SoFi student loan refinancing offers flexible terms that fit your budget.
With SoFi, refinancing is fast, easy, and all online. We offer competitive fixed and variable rates.
FAQ
How will student loan forgiveness be funded?
Some experts claim that the government would need to cut spending or raise taxes to fund student loan forgiveness.
What impact will student loan forgiveness have on borrowers?
Pending legal blocks, borrowers could see some of their student loans disappear, providing relief for millions of borrowers. It’s also important to understand that student loan forgiveness may be subject to tax. You’d receive Form 1099-C to document it; consider checking with a tax professional to learn more about how tax applies in your situation.
What are the potential drawbacks of student loan forgiveness?
In addition to the potential for taxpayers to shoulder the debt, other downsides of debt forgiveness might include the forgiven amount being taxed, cuts to government educational spending, and overspending and increased debt for students who find themselves with more disposable income.
Photo credit: iStock/Drazen Zigic
SoFi Student Loan Refinance If you are a federal student loan borrower, you should consider all of your repayment opportunities including the opportunity to refinance your student loan debt at a lower APR or to extend your term to achieve a lower monthly payment. Please note that once you refinance federal student loans you will no longer be eligible for current or future flexible payment options available to federal loan borrowers, including but not limited to income-based repayment plans or extended repayment plans.
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Renting a house is different from renting an apartment, and it’s important to be prepared. In this guide, we’ll cover 10 essential tips to help you navigate the process. Whether you’re looking to rent a house in Austin to settle down, a quiet one-bedroom house in Seattle, or a lease in Miami, these tips will help you find the right place and avoid common pitfalls.
How does renting a house work? 10 steps for success
When looking for a house to rent you may find the application process and search are a little similar to renting an apartment. To help you navigate the process smoothly, here are the key steps you should follow when renting a house.
1. Assess your needs
Before diving into the rental market, it’s crucial to understand your needs and preferences. Consider the size of the house that suits your lifestyle—do you need multiple bedrooms, or is a smaller space more practical for you? Think about the type of house that aligns with your daily routine. For example, if you work from home, a house with a dedicated office space or a quiet environment might be essential. Consider creating a list of all the amenities you’re looking for.
Location is another key factor. Do you want to be close to work, schools, or public transport? Perhaps a neighborhood with parks or a community appeals to you. Decide on your non-negotiables, like a backyard for your pets, a garage for your car, or a house that allows for modifications like gardening. Having a clear idea of what you need will help you narrow down your options and focus on houses that truly fit your lifestyle.
2. Set a budget
Once you know what you’re looking for, the next step is to set a realistic budget. Start by evaluating your financial situation to determine how much rent you can afford. A general rule of thumb is that your rent should not exceed 30% of your monthly income.
But don’t forget about other costs. Utilities, security deposits, renter’s insurance, and possible maintenance fees should all be factored into your budget. For instance, a house with central air conditioning may have higher utility costs, so it’s essential to consider these expenses upfront. Staying within your budget not only ensures financial stability but also allows you to enjoy your new home without the stress of overextending yourself.
3. Research the rental market
With your needs and budget in mind, it’s time to explore the rental market. Start by using online platforms like ApartmentGuide, Rent.com, Redfin, or work with a real estate agent to find available houses. It’s essential to understand the market trends in your desired area. For example, if you’re renting in a competitive neighborhood, you might need to act quickly when you find a house that meets your criteria.
4. Prepare necessary documentation
Before you can secure a rental house, you’ll need to gather essential documents. These typically include identification, proof of income (like pay stubs or tax returns), and references from previous landlords or employers.
A good credit score is often crucial, as it reflects your reliability as a tenant. If your credit score is less than stellar, consider offering a larger security deposit, looking for houses and apartments without a credit check, or providing a co-signer to strengthen your application. Organizing your rental application package in a professional and complete manner can make you stand out to landlords, especially in competitive markets. This preparation shows that you’re serious and ready to move forward, giving you an edge over other applicants.
5. Contact landlords or property managers
With your documentation ready, the next step is to reach out to landlords or property managers. Effective communication is key during this stage. Be polite, clear, and prompt in your emails or calls. Express your interest in the property and ask important questions about the lease terms, maintenance responsibilities, and any specific rules or regulations.
If you have pets, it’s crucial to confirm the landlord’s pet policy upfront to avoid any surprises later. Understanding the importance of clear communication from the start can help build a positive relationship with your potential landlord, which can be beneficial throughout your tenancy.
6. Tour houses
Touring the house in person (or virtually, if necessary) is a critical step in the rental process. While the house might look perfect online, seeing it in person allows you to assess its true condition. Look beyond aesthetics—check for signs of wear and tear, test appliances, and inspect safety features like smoke detectors and locks.
Create a checklist to evaluate the property, including plumbing, heating, and electrical systems. Ask questions during the tour, such as when the house was last renovated or how often maintenance is performed. Taking notes or photos during your visit can help you remember details when comparing different properties.
7. Apply to rent the house
Once you find a house you like, the next step is to submit your rental application. Ensure that your application is complete and includes all required documents, such as proof of income, references, and identification. A well-prepared application can make a strong impression on the landlord and increase your chances of securing the property. After submitting your application, be ready to respond quickly to any additional requests from the landlord or property manager to move the process forward smoothly.
8. Sign the lease agreement
Before signing the lease, take the time to thoroughly review the document. Ensure you understand all the clauses, terms and policies, including those about rent increases, renewal options, and procedures for early termination.
Keep a copy of the signed lease for your records. If you encounter any issues with the lease agreement, such as unexpected clauses or terms that were not discussed, address them before signing. Being diligent at this stage can prevent future misunderstandings and ensure a smooth rental experience.
9. Prepare for move-in day
Once the lease is signed, it’s time to prepare for move-in day. Coordinate with the landlord to confirm the move-in date and process. You’ll also need to set up essential services like utilities, internet, and possibly waste removal.
Conduct a final walkthrough of the house before moving in, documenting the property’s condition. Take photos or videos of any existing damage and note them in the move-in checklist. This documentation is vital to avoid disputes when it’s time to move out and can protect your security deposit.
10. Settle into your new home
After moving in, take steps to make the house feel like home. Personalize your space with decor that reflects your style, and take the time to explore the neighborhood and meet your neighbors.
Establishing a good relationship with your landlord from the beginning can be beneficial. For example, promptly reporting any maintenance issues helps ensure they’re addressed quickly, maintaining the property’s condition. Regular communication with your landlord about any concerns or changes can also lead to a positive rental experience, making your house truly feel like home.
Pros and cons of renting a house
Pros:
Customization and personalization: Renting a house often allows for more opportunities to customize your living space. Landlords may be more flexible with allowing tenants to paint walls, hang pictures, or even make minor improvements, giving you a chance to create a home that feels more personal and unique.
Outdoor living: Many houses come with outdoor spaces like gardens, patios, or backyards. These areas can be ideal for gardening, entertaining, or simply enjoying fresh air, offering a lifestyle that is typically not available with apartment living.
Pet-friendly options: Houses are often more accommodating for pets, especially larger breeds that might not be allowed in apartments. Having a yard can be particularly beneficial for pet owners, providing a safe space for pets to play and exercise.
Cons:
Isolation: While privacy is a benefit, living in a house can also lead to a sense of isolation, particularly if the home is in a suburban or rural area. Unlike apartments, where neighbors are close by, houses may not offer the same immediate sense of community.
Limited access to public transportation: Houses, especially those in suburban or rural areas, may be further from public transportation options. This can make commuting more difficult and may require a reliance on a personal vehicle, adding to transportation costs.
Longer commute times: If the house is located outside of the city center, you may face longer commute times to work, school, or social activities. This can impact your daily schedule and add stress to your routine.
Higher move-in costs: Renting a house often comes with higher upfront costs, including security deposits, potential maintenance fees, and possibly even first and last month’s rent. These expenses can add up quickly, making the initial move more costly compared to renting an apartment.
The key differences on renting a house vs. renting an apartment
Space and privacy: Houses usually offer more space and greater privacy, ideal for people who value solitude. Apartments are more compact, often with shared walls, which can limit privacy.
Maintenance responsibilities: Renting a house may involve handling more upkeep tasks like yard work and snow removal. In an apartment, maintenance is generally managed by property staff.
Amenities and facilities: Apartments often include shared amenities like gyms and pools, while houses might offer more personalized features, like a private yard, but lack communal facilities.
Cost and utility bills: Houses typically have higher rent and utility costs due to larger space and less energy efficiency. Apartments often include some utilities in the rent, making them potentially more cost-effective.
Lease flexibility: Apartments usually offer more flexible lease terms, such as short-term options. Houses often require longer commitments, which can provide more stability.
Neighborhood and community: Houses are often in quieter residential areas, while apartments are more likely found in urban settings, offering closer access to city amenities but with more noise and activity.
Storage: Houses typically provide more storage space, including closets, attics, basements, and garages. Apartments generally have limited storage, often requiring creative solutions or external storage units.
I started making extra money and side hustling around 15 years ago, and since then I have done over 20 different side hustles. I started so that I could stop living paycheck to paycheck, and so that I could pay off my student loans quickly (I ended up paying off $40,000 in student loans in…
I started making extra money and side hustling around 15 years ago, and since then I have done over 20 different side hustles.
I started so that I could stop living paycheck to paycheck, and so that I could pay off my student loans quickly (I ended up paying off $40,000 in student loans in just 7 months thanks to side hustling!).
Some were short-lived, while others turned into steady streams of income (and are even my full-time income today). Each side job taught me something valuable about money, time, and effort. I juggled everything from reselling clothes online to being a virtual assistant, mystery shopping, answering online surveys, having roommates, and more.
There isn’t one best way to make extra money; it depends on what you’re good at, what you like, how much time you have, and more.
If you want to start a side job, my experiences can help you decide. I’ll tell you what I learned from each one I tried, so you can see the pros and cons of each.
My Side Hustles Review
Below is my review of the different side hustles I have tried over the years. These are in no particular order.
1. Blogging
Blogging can be a great way to earn money while writing about topics you love. I’ve done it for years and have seen how it can grow from a hobby into a full-time job.
I enjoy blogging for many reasons such as:
It’s flexible – You can blog from anywhere, anytime.
It’s affordable to start – You just need a computer and internet.
It’s a great creative outlet – Share your thoughts and passions with the world. I enjoy blogging and running a website.
While there are a lot of great reasons to start a blog, there are some challenges such as it can be time-consuming and there is no guarantee that you will make money.
When I first started my blog, I was working over 40 hours a week on it and making nothing. It took me 6 months to make my first $100 from it, actually!
But, it was all worth it in the end.
Blogging used to be my side hustle and it is now my full-time job where I have earned over $5,000,000 over the years.
I would definitely say that blogging is my favorite side hustle.
For me, it was a great second job because I could work on my blog before my day job, during lunch, after work, and on weekends. You can make your own schedule, which is a big bonus!
You can learn more about how to begin in my free How To Start a Blog Course here.
2. Paid online surveys
Paid online surveys are a way to make some extra cash when you have spare time. With just a few clicks and some honest answers, you can see money rolling in.
Companies want to know what customers think about their products and services and that is why they pay for surveys. By sharing your opinions, you help them improve and develop better offerings. In turn, they pay you for your time and insights.
You usually can earn anywhere from $0.50 to $5 per survey, depending on the length and how hard the survey is. And, surveys can take anywhere from around 10 minutes to an hour, so they are not high paying.
I’ve taken a lot of surveys over the years, and what I like about them is that you can do them whenever you want – in the morning, during lunch, before bed – whenever it works for you. There’s no strict schedule, and they are really easy to do.
My tips for success:
Sign up for multiple sites: This increases your chances of getting more surveys and making more money.
Complete your profile: Some survey sites match you to surveys based on your profile.
Be honest: Giving truthful answers ensures you stay eligible for more surveys.
Payment methods are typically cash via PayPal, bank transfer, or free gift cards (such as to Amazon, Walmart, Starbucks, and more).
You won’t get rich from these surveys, but it’s a nice way to earn some side cash. I know that some people think that surveys are a waste of time – but I know several people (including myself) who liked doing them because they are so flexible. I think the right mindset to have is that they will definitely not make you rich, and some can take a long(er) time to earn $5.
The survey companies I recommend signing up for include:
American Consumer Opinion
Survey Junkie
Swagbucks
InboxDollars
Branded Surveys
Prime Opinion
Five Surveys
PrizeRebel
Pinecone Research
3. Focus groups and paid research studies
You can make money by participating in focus groups. Companies pay for your opinions to improve their products and services.
This is similar to paid online surveys, but paid research studies and focus groups typically pay more.
User Interviews is a popular site where you can find paid research studies and focus groups.
Big companies like Pinterest, Spotify, Macy’s, Home Depot, Trip Advisor, and Amazon use User Interviews to get feedback on their new products, apps, and websites.
You can make $50 to $100 per hour, or even more, just by sharing your thoughts and feedback.
I did a user interview myself and got paid $400 for just one hour of work. It was easy, and everything was done online through a video call where they asked for my opinion on a new feature for a website.
Please click here to learn more about User Interviews.
Also, if you’re interested in paid medical research studies, then that can be a high-paying option as well. When my husband was younger, he took part in a few medical research studies to help us make extra money. He usually got paid about $1,000 for a week’s worth of time.
4. Dividends
Okay, so this isn’t exactly a side hustle, but it is a way that you can make more money so I wanted to include it here, especially since it’s one of my favorite ways to increase my income.
Dividends are an awesome way to earn passive income. You don’t need to do much work, and the money comes in. Many companies pay dividends to their shareholders regularly.
Here are a few benefits of investing in dividend stocks:
Regular income: You can receive payments quarterly or even monthly.
Low effort: Once you buy the stock, you don’t have to do much else.
A dividend is a portion of a company’s profits given to its eligible shareholders. You can receive dividends in cash, stock, or even options to buy more stock.
If you own shares in a company that pays dividends, you’ll get a dividend for each share you own.
For example, if you have 10 shares in Company XYZ and they pay $5 in cash dividends each year, you’ll get $50 in dividends for the year. Dividends are usually paid out quarterly, which means 4 times a year. So, in the example, the $5 in yearly dividends would likely be paid as $1.25 per quarter for each share you own.
You can learn more at What Are Dividends & How Do They Work? A Beginner’s Guide.
5. Buy and sell flipping
Flipping items is a great side hustle, and this is when you buy items at a low price and sell them for more.
The benefits of buy and sell flipping include:
Flexibility: You can flip items in your free time.
Profitable: Potential to earn anywhere from $50 to $5000 a month.
Fun: The thrill of finding good deals and making a profit.
I have flipped many items for resale over the years, and I even had a small reselling business at one point. It’s a fun way to make extra money.
While flipping items by buying and selling them for profit can be exciting, it has some downsides. One big risk is that you might not always make a profit, especially if the market drops or you overestimate the item’s value. It can also take a lot of time to research products, find good deals, and manage your listings. There’s tough competition too, as many people are trying to flip items, which can lower prices.
You can learn more at How I Made $40,000 In One Year Flipping Items.
6. Sold clothing
Selling used clothing can be a great way to make extra money. You can find clothes to sell in many places: thrift stores, clearance aisles, garage sales, and even your own closet.
For me, I liked to sell clothing on eBay as well as in person to places like Plato’s Closet. There are many more options these days, such as Poshmark and Facebook Marketplace.
Selling used clothes as a side hustle has its ups and downs. On the plus side, it has low start-up costs because you can start with clothes you already own, and it’s eco-friendly, supporting sustainable fashion. You also get to work on your own schedule, and there’s a high demand for secondhand clothes, especially trendy or vintage items. But it can take a lot of time to sort, clean, photograph, and list the clothes. Plus, shipping costs can cut into your profits, especially for heavier items.
I’ve sold a lot of clothing over the years, both online and in person (I also used to work at a secondhand clothing store for many years). I even had a small clothing resale business at one point, so I have plenty of experience in selling used clothes!
You can learn more at 16 Best Places To Sell Clothes For Cash.
7. Social media management
Social media management is a great side hustle if you enjoy creating content and engaging with people online.
Social media managers handle businesses’ social media accounts like Facebook, Instagram, and Twitter. They create posts, reply to comments, and help grow their followers.
Some benefits include:
Flexible hours: Many times, you can work anytime, making it easy to fit around your main job. This is because you can schedule social media posts to go out at the exact time that you want.
You can be creative: You can express your creativity through different types of content.
Work from anywhere: All you need is a laptop and internet.
But, there are some cons too. This wasn’t my favorite side hustle, mainly because it was stressful at times. It is very time-consuming (creating good content and engaging with followers can take a lot of time), there is constant learning (social media trends change quickly, so you need to keep learning new skills), and some clients may have high expectations and tight deadlines.
If you like being creative and spending time online, social media management can be a fun and rewarding side hustle.
8. Virtual assistant
Being a virtual assistant is one of my favorite side hustles. It’s flexible, and you can work from anywhere. You handle tasks for other people or businesses, like managing emails, scheduling appointments, or doing research.
Why I like virtual assisting:
Flexible hours: You set your own schedule.
Work from home: No need to commute.
Variety of tasks: You can decide what virtual assistant tasks you want to provide.
Working as a virtual assistant is a great way to make extra money. It gives you flexibility, a variety of tasks, and you can get started with just a computer and an internet connection.
You can learn more at Best Ways To Find Virtual Assistant Jobs.
9. Freelance writer
As a freelance writer, you get to write for different clients and websites. You can work from home and set your own hours. This side hustle can be very flexible, especially if you enjoy writing.
I’ve been a freelance writer for many years, and I really enjoy it. I’ve written for lots of different websites and companies, and I’ve made good money doing it.
The positives of being a freelance writer include:
Flexible schedule: You can write during your free time.
You get to decide what you want to write about: You get to write about different topics.
Work from home: No need for a commute.
There are some cons, though, such as income can vary, with some months being busy while others are slower. Finding clients requires actively searching to keep work steady. Plus, meeting deadlines can also be stressful, adding pressure to the job.
Freelance writing is a great side hustle if you love to write and want to make extra money. It takes time to build a steady income, but it can be very rewarding.
You can learn more at 14 Places To Find Freelance Writing Jobs – (Start With No Experience!).
10. Receipt scanning apps
Using receipt scanning apps is an easy way to earn some extra money. You just take a picture of your receipts from shopping, and these apps give you points or cash back. Here are some of the best apps to try:
I’ve been using receipt-scanning apps for years, and I love how easy they are to use. You can earn points or cash without spending much time. Plus, since I already have the receipts, it’s great to make some extra money by doing almost nothing.
My favorite receipt-scanning apps are:
I like to use both Fetch Rewards and Ibotta on all of my receipts (yes, at the same time to stack rewards).
Receipt-scanning apps can be handy, but they do have some downsides. One of the main drawbacks is that the rewards are usually small, so it can take a while to earn a significant amount. You also have to remember to scan receipts regularly, which can be time-consuming and easy to forget.
For me, though, I like to use them on all of my receipts as it only takes a quick moment to do.
11. Mystery shopping
When I had student loans to pay off, I turned to mystery shopping to make extra money. It didn’t make me rich, but it helped increase my income and allowed me to enjoy some free meals and free stuff (like free makeup and household goods).
Mystery shopping involves acting like a regular customer and then reporting on your experience. You might review a restaurant, shop at a store, or even evaluate a phone call. Companies use your feedback to improve their service.
What I like about mystery shopping:
Extra cash (typically $10 to $15 per mystery shopping task)
Free items or meals (you’re usually given an amount to spend in the store or restaurant)
Flexible schedule
Mystery shopping helped me make around $100 to $200 a month.
Joining a reliable mystery shopping company is important, though, as there are a lot of scams. I used Bestmark and had a good experience with them.
Mystery shopping won’t replace a full-time job, but it’s a fun way to make some extra money.
You can learn more at How To Become A Mystery Shopper.
12. Babysitter
Being a babysitter is a flexible side hustle. You can choose your own hours and accept jobs that fit your schedule.
Parents often need help on weekends or evenings, which can be perfect if you are busy during the day.
What I liked about babysitting:
Good pay – around $15 to $25 per hour (depending on where you live)
Helps develop responsibility
Flexible hours
Of course, there are downsides to being a babysitter, such as it can be tiring watching kids for long periods, and sometimes this side job means that you’ll be working late nights or weekends.
I was a babysitter when I was younger and I really liked it. The kids I babysat were fun to be around!
13. Coaching
Coaching can be a great side hustle. You get to help people grow and achieve their goals. It also offers flexibility because you get to be your own boss and decide your work hours.
I used to offer blog coaching in the past, and I enjoyed helping people learn how to grow their blogs and make money blogging.
It was also really easy for me to do, as I have been blogging for many years and have learned a lot about what to do and what not to do.
If you have the expertise and enjoy motivating others to improve, then there is probably a topic that you can coach others on.
14. Course creator
Creating an online course can be a game changer for your income. I launched my first course, Making Sense of Affiliate Marketing, in July 2016. Within the first year, it brought in around $434,698. This wasn’t due to any fancy marketing techniques but mainly through word-of-mouth.
Even though the course was successful, it didn’t come easy. I was nervous about it, especially since it was my first. I had worries that no one would be interested. Plus, many people said that your first course usually isn’t great.
Yet, the desire to help others understand affiliate marketing kept me going. By sharing my knowledge, I aimed to help bloggers increase their income. Online courses are beneficial because they can include interactive materials, workbooks, and community support, which go beyond what an ebook offers.
Here are some success stories from my course:
One student increased their monthly income from $272 to $4,400.
A new blogger got their first affiliate sale just two days after taking the course.
Another went from earning $87 a month to over $1,700 the next month.
And I have helped countless bloggers earn well over $100,000 a year from their blog and turn it into a full-time income.
Creating a course is a lot of work, but it can also be very rewarding. It allows you to reach a wider audience and can become a substantial income stream. If you have knowledge to share, you may want to try creating your own online course.
This is a business idea that I recommend more people start! I enjoy taking courses from people and sign up for them all the time. I love learning, and so do others.
You can learn more at How I’ve Made Over $1,000,000 From My First Course Without a Big Launch.
15. Affiliate marketing
Affiliate marketing is one of the most popular side hustles. It’s easy to start and doesn’t need a lot of money up front.
You promote products and earn a commission for every sale made through your referral link. This can be done on social media, a blog, a YouTube channel, and more.
What I like about affiliate marketing:
Low start-up cost: You don’t need much money to start.
Flexible schedule: Work when you want.
Passive income: You can earn money even when you’re not working.
Affiliate marketing can be a fun and profitable side hustle. Just remember to stay patient and persistent!
You can learn more at What You Need To Know About Affiliate Marketing For Beginners.
16. Rent out a room in your home
Renting out a room in your house can be a simple way to make extra money. If you have unused space, like a spare bedroom or basement, you can turn it into a rental.
I have had several roommates in the past, and I liked this side hustle a lot.
What I liked about making extra money by renting out a spare room:
Extra income to help pay the mortgage
If you have unused space, then this can be a good way to fill it
Of course, there are challenges to having a roommate, and it isn’t always perfect. Sometimes, it can be hard to share common spaces (like the kitchen and bathroom), and it can also take time to adjust to someone else’s lifestyle.
Renting out a room isn’t for everyone, but it can provide steady income with minimal effort.
17. Shop at cash back websites
Shopping at cash back websites is an easy way to earn extra money. These sites give you a percentage of your purchase back as cash. You just have to sign up, shop through their site, app, or browser extension, and earn rewards.
I like cash back sites because they are easy to use and you don’t have to pay anything extra for using them.
Shopping through cash back sites can give you a nice little bonus on things you already planned to buy. It’s like getting paid to shop.
My favorite cash back sites are:
Rakuten (for online shopping like clothing, home goods, etc.)
Upside (for gas)
Honey (for online shopping like clothing, home goods, etc.)
Fetch Rewards (for groceries)
18. Earn credit card rewards
Using credit cards (the smart way) can help you earn rewards like cash, travel points, and more.
I’ve been using rewards credit cards for years, and now they’re the only cards I use. They help me save money on travel, earn cash back, and more.
By choosing the right credit card and using it wisely, you can enjoy great rewards and make the most of your spending.
Remember, carrying a balance on your credit card can lead to interest charges, which can outweigh the benefits of rewards. Always try to pay off your full balance each month to avoid these fees.
You can see my favorite credit card rewards at Best Rewards Credit Cards For This Year | What You Need To Know.
19. Brand ambassador
Being a brand ambassador is one of the more popular side hustles.
You represent a company and help promote its products. Often, you act as a public spokesperson. You can find opportunities on Facebook and many cities have brand ambassador groups where gigs are posted.
Brand ambassadors can earn between $15 to $20 per hour. Some high-end gigs can pay up to $100 per hour.
Benefits of this side hustle include flexible hours and the chance to work for brands you like. You may be able to get free products or swag, too, and this is one thing I really liked about being a brand ambassador in the past.
20. Newspaper delivery
Delivering newspapers can be an easy way to make money. It’s a job you can do before school or work, and it lets you get exercise too. You may drive, ride your bike, or walk to each house and leave the newspaper by the door.
The benefits of newspaper delivery include:
Exercise: If you walk or ride your bike, you can get plenty of fresh air and exercise.
Scheduling: Most routes are in the early morning, so you still have the rest of the day free.
Tips: Some customers might give you tips during holidays or for good service.
But, there are some downsides, with the main one being that you typically have to wake up really early for this job. For newspaper delivery, you usually have to wake up very early in the morning, often around 3:00 to 5:00 AM. The exact time depends on how big your delivery route is and what the newspaper company requires. The goal is to have all the newspapers delivered by the time most people wake up, usually around 6:00 or 7:00 AM, so starting early is really important.
The other main negative is that a big collection of newspapers is, of course, heavy!
When I was younger, I helped a friend’s family with their newspaper run whenever I slept over at their house. They used their van to deliver a bunch of newspapers, and I got to tag along.
21. Help others with their resume
Helping others with their resume can be a rewarding side hustle. You can earn extra money while also making a big difference in someone’s job hunt.
When I was in my last year of college as well as about a year after I graduated, I helped several people with their resumes. I didn’t charge a lot (and many times worked for free or for a free meal), but I liked looking at resumes and finding ways to make everything sound better.
I was also really good at it and it came so easy to me!
Some benefits of this side hustle include:
Flexibility: You can do this from home.
High demand: Many people need help with their resumes.
Work at your own pace: There’s no rush, and you can take on as many clients as you want.
By helping others with their resumes, you can earn money and provide help. It’s a great way to use your skills and make a difference in someone’s life.
22. Enter contests and giveaways
Entering contests and giveaways can be a fun and rewarding side hustle. You will definitely not win every time, but the more you enter, the higher your chances. People have won cash, gift cards, vacations, and electronics through these events.
You can spend a little time each week entering different contests. You can find them online, on social media, and in emails from brands you follow. Some people set aside about an hour each week to enter as many as they can find.
I found success this way. For example, I once won $10,000 from a financial blog’s anniversary contest, and this was a major win early on in my side hustle journey.
Remember, entering contests should be fun. Think of it as a hobby that could pay off with some great surprises. You most likely won’t get rich nor win the lottery doing this.
23. Rewards sites (GPT sites)
Rewards sites, also known as GPT (Get-Paid-To) sites, are platforms where you can earn money by doing simple tasks online.
Tasks you might do include:
Taking surveys
Reading emails
Playing games
Shopping online
Trying new apps and services
Clicking ads
Rewards sites have been around for a while and have proven to be a reliable way to earn some extra cash. Though the payouts are often small, they can add up over time. For instance, Swagbucks has paid out over $80 million to its users.
Using multiple sites can help maximize your earnings. It’s easy to do tasks during your free time, making it a flexible way to earn money without a huge time commitment.
It’s key to choose reputable sites to make sure that you get paid for your efforts, so I recommend that you stick with popular, well-reviewed platforms to avoid scams.
Rewards sites will most likely not replace a full-time income, but they can be a fun way to get some extra spending money.
Here’s a quick list of the best GPT sites:
24. Test websites (User Testing)
Testing websites, also known as user testing, is a popular side hustle. You get paid to visit a website or app and give feedback on your experience.
You will need a computer, a reliable internet connection, and sometimes a microphone.
User testing is flexible. You can do it in your free time from the comfort of your home. This side hustle is great if you like trying new things and providing feedback.
I have personally been paid to do user testing in the past, as well as paid others to do user testing on this very website, Making Sense of Cents. I thought it was an easy side hustle where you just share what you honestly think of a website.
25. College textbook resale
Selling your college textbooks is a great way to make some extra money.
When I was in college, I sold all of my college textbooks once I was done, and I always tried to make the most money (so, that typically meant that I never sold it directly back to my college bookstore, because they usually paid the least amount).
Reselling college textbooks as a side hustle has its ups and downs.
On the plus side, there’s a high demand for cheaper, used textbooks, so you can make good money if you buy low and sell high. It’s easy to start, especially if you begin with your own used books, and it’s a great way to encourage reusing materials.
But the market is seasonal, with most demand at the start of each semester, so your income might be inconsistent. New editions can come out, making older books less valuable, and storing a lot of books can be tough. Plus, shipping heavy textbooks can cut into your profits if you’re not careful.
Recommended reading: 17 Best Places To Sell Used Books For Cash
Frequently Asked Questions
Below are answers to common questions about finding the best side hustle.
What are the top side hustles that can bring in good money?
Top side hustles that can bring in good money include freelancing, blogging, flipping items for resale, and renting out rooms in your home.
How can I find side hustles that pay me every week?
You can find weekly pay side hustles through gig economy platforms like Uber, Lyft, and DoorDash. Freelancing on websites like Upwork or Fiverr might also pay weekly, depending on your agreement with clients. Another option is finding part-time jobs at local businesses that pay weekly wages.
Can you suggest some side hustle ideas I can do from my house?
There are several home-based side hustles. You can start freelancing in areas like writing, graphic design, or social media management. Another idea is to sell virtual assistant services. Teaching online courses or tutoring students in subjects you excel at is also a great way to earn from home.
What side jobs are out there for someone with no experience?
There are many side jobs for beginners. You can try pet sitting or dog walking through apps like Rover. Babysitting is another option if you like spending time with children. Delivery driving for companies like Uber Eats or Instacart doesn’t require much experience and can be started quickly too.
My Favorite Side Hustles – Summary
Now that we have gone over my full list, I want to talk about one of the main deciding factors of a side hustle.
Your time is important. Some side jobs take a lot of time but don’t pay well, while others pay more with less time.
Think about how much free time you have after your main job and how much money you want to make. This balance is very important. Track the hours you work and the money you earn to see if it’s worth it. The best side job fits into your life without stressing you out.
Also, another important deciding factor is choosing a side hustle that aligns with your skills and lifestyle. If you’re good at something, you’re likely to enjoy it more and perform better.
So, I recommend thinking about your current skills and hobbies. Matching your side hustle to your skills makes it easier and more enjoyable. Plus, you’re more likely to find success and earn extra income.
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Homebuyers have a variety of financing options to consider. If you’re a current homeowner, a bridge loan and a home equity line of credit (HELOC) are two possible choices that let you use the equity in your home to finance your next home purchase.
But there are key distinctions in how these funds can be used, as well as pros and cons for each. Let’s take a closer look at how bridge loans and HELOCs compare.
What Is a Bridge Loan?
Bridge loans, sometimes referred to as swing loans, interim financing, or gap financing, are a short-term, lump-sum financing option that’s typically used to purchase a new home before the sale of an existing property.
If you’re figuring out how to buy and sell a house at the same time, coming up with a down payment on the new house when you haven’t yet received payment for your current house can be challenging. This is when a bridge loan could come in handy — by filling the gap in funding so you can secure your new home without having to make a sale-contingent offer or feel pressured to accept a low bid on your current home.
Borrowers typically approach bridge loans in one of two ways: A common scenario involves using a bridge loan to cover just the down payment and closing costs on a new home. Alternatively, borrowers can apply for a larger bridge loan — potentially up to 80 percent of the value of both properties. With this second approach, borrowers pay off the entire mortgage on their current home and apply the remaining funds toward closing on their new home.
When comparing a bridge loan vs. a HELOC, note that both financing options are often secured using an existing home as collateral. An important difference is that bridge loans aren’t meant to be used for long-term financing, as they come with relatively higher interest rates and loan terms between six months and a couple years.
What Is a Home Equity Line of Credit?
A home equity line of credit, or HELOC, is a type of financing that leverages home equity to fund a variety of expenses. Borrowers can typically take out between 75% to 85% of their home equity — the value of their home minus the mortgage balance — with a HELOC.
A HELOC works much like a credit card, providing a revolving line of credit that can be drawn upon as needed. However, a HELOC offers lower interest rates than a credit card since it’s secured by an existing property.
When you consider a HELOC, there are two phases to keep in mind: the draw period and the repayment period. During the draw period, which often spans 10 years, borrowers can access available funds as needed while only having to pay interest on the amount that’s withdrawn.
Once the draw period ends, funds can no longer be withdrawn and the repayment period kicks in. Borrowers will need to make regular payments on the principal, plus interest, until the balance is paid off. On a HELOC with a 10-year draw period, borrowers can expect to have a 20-year repayment period. This extended repayment time frame is a notable distinction between a bridge loan vs. a HELOC.
You may have heard about a home equity loan, which also uses your home as collateral. When comparing a HELOC vs. a home equity loan, some key differences are that with the latter, funds are disbursed immediately as a lump sum and repayment begins right away. If you’re weighing a bridge loan vs. home equity loan, note that home equity loans usually have fixed interest rates and terms ranging from five to 30 years.
Recommended: Home Loan Help Center
Pros and Cons of Each Financing Option
Both bridge loans and HELOCs can provide quick and flexible financing. But each comes with its advantages and drawbacks.
Pros
Here’s a look at the benefits for each financing option.
Bridge Loan:
• Quick access to funds for time-sensitive transactions
• Avoids the need to make a sale-contingent offer on a new home
• Could help buyers put 20% down and avoid private mortgage insurance
• Faster processing than conventional mortgages
• Often begin with more affordable, interest-only payments
HELOC:
• Flexibility to draw on credit line whenever you need it
• Lower interest rates than bridge loans
• Interest is only charged on the funds you withdraw
• Longer repayment period than bridge loans
• Interest can be claimed as an itemized tax deduction if used for home improvements. (This tax benefit is slated to expire after 2025.)
Cons
Here are some potential disadvantages to consider when comparing a bridge loan vs. a home equity line of credit.
Bridge Loan:
• Higher interest rate than other second mortgage options
• Shorter repayment period than a HELOC
• Often requires borrowers to also use the lender for their new home mortgage
• Puts home at risk of foreclosure for missed payments
• Limited borrower protections if sale of old home falls through
HELOC:
• Typically have variable interest rates that are subject to change over the repayment period
• Risk of running up balance quickly
• Potential for large jump in payment amount when moving from the draw to the repayment period
• Uses a home as collateral like a bridge loan
• May include prepayment penalties for paying off the balance early
Is a Bridge Loan or HELOC Better for You?
It’s important to consider what you’ll be using financing for and your ability to repay the money you borrow when deciding whether a HELOC vs. bridge loan is a better bet. Situations that require funds over a longer period of time, or at different times, could be a good fit for a HELOC. Home renovations are a popular use for HELOCs, since the costs and timeline may be subject to change as the project unfolds. Funds from a HELOC may be used for other expenses like medical bills, tuition, or making a down payment if the line of credit provides sufficient funds. Note that these expenses are not eligible for a tax deduction.
A bridge loan, by comparison, is ideal for borrowers looking to buy and sell a home at the same time. Since bridge loans often start with interest-only payments, they can be an affordable option if borrowers can sell their old home soon after buying a new one. If there’s a good chance that the original residence won’t be sold for an extended period, it might be more cost-efficient to go with a home equity line of credit vs. a bridge loan.
Standard Qualifications and Requirements
Before you consider borrowing against your home equity and putting your property on the line, look closely at the qualifications and requirements. Both bridge loans and HELOCs require that borrowers have at least 20% equity in their home. Lenders factor in your creditworthiness for either loan, too. For a bridge loan, borrowers typically need a minimum credit score of 700, though some lenders may allow borrowers with lower scores. While it’s possible to qualify for a HELOC with a credit score of 620, this comes at a higher interest rate.
Requirements on how the funds are spent differs between the financing types. A HELOC offers greater flexibility in how the funds are spent, whereas bridge loans may be limited to the purchase of a new home while selling an existing property.
Application Process
Early on in the home-buying process, you’ll want to look into applying for financing. For either a bridge loan or a HELOC, you’ll need to provide documentation of homeownership, proof of income, mortgage statements showing you’ve been making on-time payments, and information on any existing debts. With either form of financing, lenders may require a home appraisal to determine the property’s market value, which is the basis for the loan or line of credit amount.
The application and underwriting processes for a bridge loan and HELOC are usually quicker than conventional mortgages, making them an ideal choice if a homebuyer needs to act fast.
Recommended: Mortgage Prequalification vs. Preapproval
The Takeaway
Both a bridge loan and a HELOC can provide quick access to financing to buy a home. There are pros and cons to each financing type, so it’s important to determine which works best for your financial situation. Remember that both financing options use your current home as collateral, meaning that lenders can foreclose on your house if you fall behind on payments.
SoFi now offers flexible HELOCs. Our HELOC options allow you to access up to 95% of your home’s value, or $500,000, at competitively low rates. And the application process is quick and convenient.
Unlock your home’s value with a home equity line of credit brokered by SoFi.
FAQ
Can you pay off bridge loans and HELOCs early?
Yes, both types of financing can be paid off early. Note that some lenders may charge prepayment fees if you pay off a HELOC within the first few years of the repayment period.
What is the average interest rate on a bridge loan?
The interest rates on bridge loans are generally 2% higher than prime mortgage rates.
What happens if you take out a HELOC, but don’t use it?
You may have to pay an inactivity fee if you open a HELOC and don’t use it. Minimal withdrawal requirements are typically outlined in your HELOC contract.
Photo credit: iStock/MicroStockHub
SoFi Loan Products SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.
SoFi Mortgages Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility for more information.
*SoFi requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. Other loan types may require different fees or insurance (e.g., VA funding fee, FHA Mortgage Insurance Premiums, etc.). Loan requirements may vary depending on your down payment amount, and minimum down payment varies by loan type.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.
²To obtain a home equity loan, SoFi Bank (NMLS #696891) may assist you obtaining a loan from Spring EQ (NMLS #1464945).
All loan terms, fees, and rates may vary based upon individual financial and personal circumstances and state.
You may discuss with your loan officer whether a SoFi Mortgage or a home equity loan from Spring EQ is appropriate. Please note that the SoFi member discount does not apply to Home Equity Loans or Lines of Credit brokered through SoFi. Terms and conditions will apply. Before you apply for a SoFi Mortgage, please note that not all products are offered in all states, and all loans are subject to eligibility restrictions and limitations, including requirements related to loan applicant’s credit, income, property, and loan amount. Minimum loan amount is $75,000. Lowest rates are reserved for the most creditworthy borrowers. Products, rates, benefits, terms, and conditions are subject to change without notice. Learn more at SoFi.com/eligibility-criteria.
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In the event SoFi serves as broker to Spring EQ for your loan, SoFi will be paid a fee.
As the leaves begin to change and the air turns crisp, our homes naturally become a refuge from the cooler temperatures outside. Fall is a season that invites us to embrace warmth, comfort, and a connection to nature. The 2024 fall decor trends are poised to blend timeless seasonal elements with fresh ideas, offering a perfect blend of tradition and innovation. In this Rent. guide, we’ll take an in-depth look at what to expect this season and how to incorporate these trends into your home, whether you’re buying a home in Annapolis, MD, or renting an idyllic San Diego apartment.
Setting the scene for fall
At the tail end of the summer heat, it can be tricky to think far ahead of other seasons. Before tackling your next season’s decor, get into the right state of mind. “I love fall,” interior designer Laura Medicus with The Colorado Nest begins, “first order of business to get your home and mind ready – put on Taylor Swift’s Folklore album and bake some pumpkin bread so the house smells great. Then, work in some velvet. Velvet pillows in mustard yellow, deep charcoal, forest green, or burgundy work magic. Pair those with a plaid throw in cozy colors, add some candles, and find some thrillers to read as the nights grow longer,” Medicus concludes. By setting the scene, and starting small, you’re ensured to embrace the fall vibes earnestly.
1. Earthy tones and warm neutrals
The color palette for fall 2024 is all about earthy tones and warm neutrals. “Embrace the fall 2024 decorating trends with the trending colors of the season; deep forest green, cream, and tan, or go with vintage glamour with rich burgundy, gold accents, and dark walnut softened with blush pink and ivory,” recommends Libier Reynolds, lifestyle expert and Christian speaker. ” Incorporate natural textures and warm earth tones into your beautiful living space; opt for terracotta pots, wooden accents, and cozy textiles like linen and velvet. Most of all, be grateful for and enjoy your space. Remember a little love makes any space a home.
These colors are known for their ability to create a cozy, inviting atmosphere that makes any space feel like a warm hug on a chilly day. And how you combine them is equally as important as the hues themselves. “This year’s color schemes are making a clear diversion from years’ past popular trends of rust, camels, and taupe,” explains Anna Markow with Buy Wholesale Clothing.
So what’s replacing those fall staple colors? “In this early autumn preview I’m seeing a wide spectrum of hues being entertained from magenta to forest green and what can be said with certainty is yellows, mustards, and rusts have fallen greatly in popularity. My early pick for the winning color combination for the upcoming fall and winter would be a mix of greens and darker hues like charcoal with a pop of color sprinkled in including the aforementioned magenta,” Markow predicts.
2. Sustainable and natural materials
Sustainability continues to play a crucial role in shaping decor trends, and this fall is no exception. In 2024, there’s a growing emphasis on using natural, eco-friendly materials that not only enhance the aesthetic appeal of our homes but also contribute to a more sustainable lifestyle.
“Embrace sustainable decor to enhance your living space this fall 2024,” recommends Interior designer, Kelly Moorcroft with Spaces by Kelly. “This can be easily achieved by incorporating the beauty of nature and being mindful of our impact on the environment. Shop sustainably by sourcing a reclaimed wooden table, repurposing vintage furniture, or selecting natural materials in warm, earthy tones. Choose quality, timeless pieces instead of fast decor trends to reduce waste and create a warm space filled with your own personality and memories – perfect for relaxing during long fall evenings,” Moorcroft explains.
Natural materials add texture and depth to a space while creating a connection to the natural world. “This fall, I am embracing the season by incorporating nature-inspired elements into my décor (surprise, surprise),” shares Dorothy Huntsman with Dayhouse Studio. “Warm, earthy tones like deep greens, burnt oranges, and rich browns as well as pops of blues can create a cozy and inviting atmosphere.
I’m also adding layers of texture with natural materials such as plants and flowers, wood, soft wool, textured wallpapers, and stone to enhance the sensory experience. As a bonus, these elements are known to improve your health. Plants purify indoor air by removing toxins and increasing oxygen levels and natural materials lower cortisol levels, reducing stress and promoting relaxation as well as improving mood and decreasing feelings of anxiety and depression,” Huntsman shares. “So it’s pretty much a no-brainer for me and my clients to incorporate these elements into the home environment. Right?”
Though plants are often recommended decor items, no one specified that they have to be living. “Dried flowers are making a beautiful comeback this fall, offering a timeless and elegant way to decorate,” artist Lisa Audit shares. “I simply love using them to add a touch of nature indoors. Their neutral palette of soft beige, with hints of orange, yellow, and deep red, creates a warm and inviting atmosphere. Perfect for any arrangement, dried flowers bring a cozy yet sophisticated charm that’s ideal for the 2024 fall season,” Audit concludes.
3. Vintage and retro revival
Nostalgia will be a key influence in fall decor trends for 2024, with a resurgence of vintage and retro styles. This trend is all about bringing the past into the present in a way that feels fresh and contemporary. Decor from the ’70s and ’80s, characterized by bold patterns, retro color schemes, unique textures, and classic furniture shapes, is making a comeback, adding a touch of character and history to modern homes.
This revival isn’t just about replicating past styles but rather blending them with modern elements to create a unique, eclectic look. “The trends this fall are about embracing rich textures and elegant details. Velvet is making a huge comeback, especially on golden hues,” shares lifestyle blogger, Sonya Burgess. “Scalloped edges bring in a playful element, while marble accents continue to be a classic staple. Add these to traditional fall favorites such as layering textures, natural elements, and the warm glow of seasonal candles to create the beloved cozy fall feel to your home.”
To avoid overwhelming your space with too much retro influence, mix these vintage elements with contemporary pieces. For example, pair a bold, retro-patterned wallpaper with sleek, modern furniture or add a vintage armchair to a room with minimalist decor. This blend of old and new creates a dynamic contrast that feels both nostalgic and fresh.
4. Maximalist decor with a cozy twist
For several years, minimalism has been the go-to trend in home decor, but 2024 is seeing a shift towards maximalism, particularly in the fall. This trend is about embracing abundance — filling your space with colors, patterns, textures, and objects that reflect your personality and interests. It’s about creating a space that feels lived-in, cozy, and welcoming.
‘For fall 2024, dive into maximalism by embracing bold, sophisticated decor that truly expresses your personality,” Ana Medeiros, creative director of Maeve recommends. “Mix rich colors, intricate patterns, and a variety of luxurious textures to create a vibrant and inviting space. Layer rugs, throws, and cushions, and don’t shy away from combining different finishes and styles. This trend is all about creating a visually stimulating, cozy environment that’s uniquely you,” Medeiros shares.
5. Artisanal and handmade pieces
In a world where mass production often dominates, there’s a growing appreciation for artisanal and handmade items. In the upcoming fall season, you will see a continued focus on unique, handcrafted decor that adds a personal touch to your home. These pieces, whether they’re pottery, textiles, or furniture, bring a sense of craftsmanship and authenticity that mass-produced items often lack.
Artisanal and handmade pieces are fantastic ways to add texture to your space as well, which quickly elevates any room. “One of the delightful things about the change in weather in the fall is the opportunity to add comforting textures to your spaces,” notes Karen Highland with Frederick Real Estate Online. “You can easily elevate your autumn decor by adding textured elements such as cozy throws, plush pillows, and knit blankets. Woven baskets, faux fur, and velvet cushions also bring a comforting touch to any room. These pieces not only provide warmth but also infuse your room with a seasonal charm that embodies fall. By incorporating these textural accents, you can create a welcoming and inviting atmosphere perfect for the cooler months.”
6. Small, thoughtful changes
For those who want to refresh their decor without overwhelming their space or budget, this upcoming fall is all about small, thoughtful changes that make a big impact. This approach is perfect for anyone who wants to embrace the season’s vibes without committing to a full redesign.
“My biggest tip for decorating for a season like fall is to make simple changes to your everyday lifestyle,” recommends interior designer Rashmi Patel with Rushme Home. “For example, I love changing out pillows, it’s such a subtle way to change up the colors and go for more burgundy and greens. I also love updating my faux stems on the kitchen island or a console table to liven up the space for fall. The last tip is to add a nice deeper-toned throw blanket on the couch or an accent chair for a pop of color for the season. Decorating for fall shouldn’t be stressful, it should be fun, easy, and a quick way to feel the season,” Patel shares.
By making these small updates, you can infuse your home with the warmth and charm of the season, creating a space that feels fresh and inviting without the need for major renovations.
Fall 2024 season at a glance
“Get ready for fall 2024 with the hottest interior design trends. Embrace the cozy elegance of neutral tones paired with organic textures, setting a serene and inviting mood. This season, expect to see geometric patterns making a bold statement in pillows and decor, adding a dynamic touch to your space,” shares interior design experts at Marbella Studio. “Modern lighting, such as globe pendants, will illuminate your home with a warm, contemporary glow. Decor tips: incorporate natural elements like stone or ceramic vases, and layer your seating with plush throws and textured cushions for added comfort. Transform your living space with these trends and make your home the epitome of autumnal sophistication.”
Depending on your geographic location, your fall season may look unique and tailored. Camille Duvall, real estate expert, shares her take on the upcoming fall season in Lake Tahoe. “As you prepare your Lake Tahoe home for fall, embrace cozy warmth and style by incorporating Tibetan lamb throws and pillows. Swap out summer linens for those in earthy jewel tones and organic neutral shades to complement the soon-to-be snowy backdrop,” Duvall shares.
“Instead of traditional bear motifs and kitschy ski posters, opt for local organic handmade pieces, such as live-edge furniture and woven baskets crafted by local artists. Tribal art and unique textures will add depth and a contemporary flair to your space, creating a fresh look that embodies the essence of Tahoe’s natural beauty and artistic spirit.”
Coziness is always in style
This fall season is shaping up to be a season of warmth, comfort, and personality in home decor. By embracing both earthy and unexpected jewel tones, sustainable materials, vintage pieces, cozy maximalism, and artisanal decor, you can create a home that feels inviting and reflective of the season.
Whether you’re looking to make big changes or simply update a few pieces, these fall decor trends offer endless inspiration for a stylish and cozy fall home. So, as the leaves begin to fall and the days grow shorter, take the opportunity to refresh your space and create a haven that celebrates the beauty of the season.
Nevada, a state known for its diverse landscapes, offers everything from the bustling nightlife of Las Vegas to the tranquil beauty of Lake Tahoe. Beyond its famous entertainment scene, Nevada boasts a rich history, stunning desert vistas, and a growing tech industry, particularly in cities like Reno. Whether you’re browsing homes for sale in Las Vegas, considering renting in Henderson, or exploring houses for rent in Reno, here’s what you need to know before moving to Nevada.
Nevada at a glance
Nevada is a state of contrasts, with vibrant urban centers and serene natural landscapes. The three largest cities—Las Vegas, Henderson, and North Las Vegas—each have their own unique appeal. Las Vegas is known for its entertainment industry and is home to major employers like MGM Resorts and Caesars Entertainment, while Henderson offers a more laid-back, suburban lifestyle while still being close to the action. Nevada’s cultural scene is diverse, ranging from world-famous shows and museums to a growing arts community. The state experiences a desert climate, with hot summers and mild winters, though northern Nevada sees more seasonal variation. For those seeking affordability, areas like Sunrise Manor and Paradise, provide more budget-friendly housing options without sacrificing access to amenities.
Discover the best places to live in Nevada and find the perfect city that matches your lifestyle.
1. Get ready to experience dry heat
Nevada’s desert climate means summers are scorching, with temperatures often exceeding 100°F, particularly in southern regions like Las Vegas. The air is extremely dry, which can lead to dehydration if you’re not careful, so it’s crucial to drink plenty of water and use moisturizers to protect your skin. The lack of humidity can make the heat feel less intense than in more humid areas, but it can also be deceiving, leading to potential heat-related illnesses.
Insider scoop: When exploring the outdoors, try to schedule your activities for early morning or late evening when temperatures are cooler. This can help you avoid the peak heat of the day and enjoy more comfortable conditions.
2. Nevada has no state income tax
One of the most attractive financial benefits of living in Nevada is the absence of state income tax, which can significantly boost your disposable income. This tax-friendly environment makes the state particularly appealing. However, the state compensates for this by relying more heavily on sales taxes, which can be higher than in other states, particularly on goods like alcohol and entertainment.
3. Many businesses are open 24/7 in Las Vegas
Nevada is known for its iconic Las Vegas, where a 24/7 lifestyle reigns, with casinos, restaurants, and even grocery stores open around the clock. This round-the-clock availability provides unparalleled convenience, especially for those who work non-traditional hours or enjoy late-night activities. Whether you need to run errands after midnight or crave a meal in the early hours of the morning, you’ll find plenty of options available. However, this constant activity can also lead to a fast-paced lifestyle that might be overwhelming for newcomers who are used to more traditional business hours.
4. There’s plenty to explore in the outdoors
Nevada is a paradise for outdoor adventure, offering a range of landscapes from the stunning Red Rock Canyon near Las Vegas to the serene shores of Lake Tahoe in the north. Hiking, rock climbing, and mountain biking are popular activities in the state’s numerous parks and natural areas, while the vast desert offers unique experiences like sandboarding and off-roading. The state’s high desert and mountainous regions also provide excellent opportunities for camping and stargazing, with some of the darkest skies in the country.
Insider scoop: For a truly memorable experience, visit the Great Basin National Park. Its remote location ensures minimal light pollution, making it a prime spot for astrophotography.
5. Nevada sometimes implement water restrictions
Water is a precious resource in Nevada, particularly in the southern part of the state where drought conditions are common. Local governments often impose water restrictions to conserve this vital resource, limiting activities like lawn watering and car washing during certain times of the year. These restrictions can vary by region and are typically more stringent in urban areas like Las Vegas, where the population puts a significant demand on the water supply.
6. You’ll find a variety of wildlife here
Nevada’s diverse ecosystems are home to a wide range of wildlife, from desert dwellers like coyotes and rattlesnakes to mountain inhabitants like mule deer and black bears. In more rural or suburban areas, it’s not uncommon to encounter these animals, so it’s important to be aware of your surroundings and take precautions to avoid unwanted encounters. Additionally, Nevada is one of the few places where you can see wild mustangs roaming freely, particularly in the northern parts of the state.
7. Southern Nevada experiences monsoon seasons
Southern Nevada, including Las Vegas, experiences a monsoon season from July to September, characterized by sudden and intense thunderstorms. These storms can bring heavy rain, lightning, and strong winds, often leading to flash flooding in low-lying areas and roads. It’s important for residents to stay informed about weather conditions during this period, as flash floods can occur with little warning and pose serious risks. Driving during a monsoon storm can be particularly hazardous, so it’s advised to avoid flooded roads and heed any warnings issued by local authorities.
Insider scoop: Keep an eye on local weather apps and social media for real-time updates, as cell service can be spotty during storms. If you’re caught in a storm while driving, pull over to a safe location and wait until conditions improve.
8. There are many casinos around the state
Casinos are an integral part of Nevada’s culture and economy, and they’re not just confined to the Las Vegas Strip. You’ll find them in nearly every town and city across the state, from Reno’s historic gambling halls to smaller, more local establishments in rural areas. These casinos offer a wide range of entertainment options beyond gambling, including dining, live shows, and events, making them central hubs of social activity in many communities. For those who enjoy gaming, living in Nevada provides easy access to a variety of options, but it’s also important to be mindful of responsible gambling practices.
9. You’ll want to learn about the gambling regulations
While gambling is legal and widespread in Nevada, there are specific regulations that residents should be aware of. Understanding these regulations is crucial for anyone planning to engage in gambling activities, whether for fun or professionally, to ensure compliance with state laws.
10. The cost of living varies throughout the state
Nevada offers a generally low cost of living compared to many other states, making it an attractive option for residents. The median home sale price in Nevada is around $461,700, though this can vary significantly between cities, with Carson City being more expensive with an average rental price of $1,720. There are more affordable options to live, as in Las Vegas, where the average rental price for a one-bedroom apartment is $1,347.If you’re considering moving to Nevada, you’ll want to weigh the pros and cons to know if this state is right for you.
11. Northern Nevada has high altitudes
If you’re moving to northern Nevada, particularly around Reno and Lake Tahoe, be prepared to live at higher altitudes, often exceeding 4,000 feet above sea level. The thinner air at these elevations can take some getting used to, especially for newcomers, and may cause altitude sickness in those who are not acclimated. Winters in northern Nevada are also more severe, with significant snowfall and colder temperatures compared to the southern part of the state. However, these high-altitude areas offer stunning mountain scenery, excellent skiing opportunities, and a cooler climate during the hot summer months.
Methodology
Population data sourced from the United States Census Bureau, while median home sale prices, average monthly rent, and data on affordable and largest cities are sourced from Redfin.
You’ve probably heard about the big NAR settlement that could completely change how real estate works going forward.
But if you haven’t, or are unsure of what’s changing, there are two new rules set to go into effect August 17th, 2024.
The first is that offers of compensation will be prohibited on Multiple Listing Services (MLSs).
In other words, listing agents won’t be able to say they’re offering 2% or 3% to the buyer’s agent on the MLS.
The logic is that this type of co-op commission leaves the buyer out of the conversation, which isn’t fair if the buyer ultimately pays for it.
While they may not pay it directly, a pre-determined commission might result in a higher sales price.
In addition, there’s also not much transparency about the fee, nor do consumers know such fees are negotiable.
Simply put, this move is intended to boost transparency and ideally lower fees for consumers by letting buyers negotiate with their agents separately.
But there might be some unintended consequences as a result, which I’ll get to in a moment.
The other major change is that buyers must sign a written agreement before they can tour a property. At that time, compensation will also be discussed.
Real Estate Agent Fees May Drop, However…
Now about those unintended consequences I alluded to. While the standard commission might go down thanks to these new rules, from say 2.5% to 1.5% or even 1% on the buy-side, there’s still the question of who pays it.
As noted, the seller can continue to offer buyer agent compensation, it just can’t be included on the MLS.
So hypothetically this could be conveyed in other ways, such as on their own brokerage website listing, via phone call, text, etc. At least that is what some think for now.
That too could change if this evolves into a situation where co-op commission is completely banned and decoupled.
But as of now, many real estate agents assume they can still make offers of compensation via channels other than the MLS.
In theory, this means nothing might change in some transactions. For example, a seller could tell their listing agent to offer 2.5% to a buyer’s agent. And a buyer’s agent may ask for 2.5% from their buyer.
The logic here is that they want to move the property quickly, and being stingy could backfire.
If they only offer 1%, or offer nothing at all, a buyer’s agent may need to make up the shortfall with the home buyer.
At that point, the buyer may balk or simply be unable to come up with the out-of-pocket funds to pay it.
When all is said and done, the seller might lose a buyer and kick themselves for not just offering compensation and getting a decent sales price.
On the other side of the coin, a buyer might be OK with getting nothing from the seller and paying their agent themselves to sweeten their offer (assuming multiple bidders).
So there are a lot of scenarios here and still a lot of uncertainty about how this could evolve.
But some things I’ve seen thus far are a real estate sign that makes clear the seller will offer buyer agent compensation, buyers forgoing an agent and contacting the listing agent directly, and some even signing a form that says they won’t tour homes that don’t offer compensation to the buyer’s agent.
It’s going to be very interesting. And like I said, it’s still very fluid and there’s a lot we still don’t know.
How Will Home Buyers Pay for Buyer Agent Compensation?
Beginning August 17th, 2024, home buyers will have a few options to pay the buyer agent compensation.
They can maintain the status quo and hope the seller offers it, with the buyer’s agent fee coming out of the sales proceeds.
They can go direct to the listing agent and request a dual agency, where the listing agent represents both buyer and seller.
They can hire a real estate lawyer and have them guide them through the process for a flat fee, assuming such a setup is permitted.
Or they can foot the bill themselves by simply paying it out of pocket.
Some folks seem to think buyers are going to increasingly pay the buyer’s agent commission themselves.
While I don’t fully agree, given the fact that most Americans can barely scrape together their down payment and closing costs funds, it’ll likely happen more frequently.
And if and when it does, it could burden some home buyers, especially the aforementioned who don’t have deep pockets.
That brings us to the original question in this post. If they’re unable to pay cash, can real estate commissions be financed instead?
Real Estate Commissions Can’t Be Financed
At the moment, real estate commissions can’t be rolled into the loan amount, aka financed.
This goes for all major loan types, including conforming loans backed by Fannie Mae and Freddie Mac, along with FHA loans and VA loans.
The same is true of USDA loans for that matter as well, as seen in the screenshot above.
However, it’s important to note that real estate commissions aren’t considered in the maximum interested party contribution (IPC) calculations.
So you can get the seller to pay your buyer’s agent and still get the full amount of seller concessions for other stuff like lender fees and third-party costs, including title insurance and home appraisal.
Both Fannie Mae and Freddie Mac issued letters to confirm that real estate agent commissions won’t count towards the IPC limits if they continue to be customarily paid by sellers.
And the VA released a circular because their regulations specify that a veteran cannot pay for real estate brokerage charges.
In light of the settlement, veterans will be permitted to pay it, assuming buyer-broker charges are not included in the loan amount. In addition, it won’t be considered a concession.
As for why real estate agent commissions can’t be financed, for one it never really came up since the seller would typically pay the buyer’s agent via sales proceeds.
This was essentially a non-issue prior to the landmark NAR settlement.
The other wrinkle is loan-to-value ratio (LTV) restrictions. If the borrower had to add an additional 2-3% of the purchase price in real estate agent commissions to their loan amount, they might no longer qualify.
This is especially true when putting down 0% to 3.5%, which is quite common these days. The homes simply won’t appraise and the max LTVs will be exceeded.
Could this change in the future? It’s possible but not necessarily probable for the issues mentioned above.
What About Using a Lender Credit to Pay Real Estate Commission?
Now let’s talk about a potential solution if the seller won’t offer buyer agent compensation and you don’t have cash to pay it out of pocket.
One viable option could be the use of a lender credit, which technically can’t be used for real estate agent commissions.
However, if the lender credit were used for other costs, such as lender fees and third-party fees, it would free up cash to be used elsewhere.
For example, say you’ve got a $500,000 loan amount and the buyer’s agent wants you to pay them 1%.
A 1% lender credit frees up $5,000 in cash to pay those other costs, allowing a buyer to compensate their agent with the freed up cash.
It’s still very early goings and unclear if such an arrangement will be permitted. After all, co-op commission might be on the chopping block next. But it’s something to consider.
Ultimately, it will likely be best for most home sellers to continue to pay the buyer’s agent via the sales proceeds.
This should maximize the number of eligible buyers/bidders and not shut out first-time home buyers, who are most at risk due to limited funds.
The good news is these real estate agent fees could come down as a result, saving both buyers and sellers some money along the way.
Before creating this site, I worked as an account executive for a wholesale mortgage lender in Los Angeles. My hands-on experience in the early 2000s inspired me to begin writing about mortgages 18 years ago to help prospective (and existing) home buyers better navigate the home loan process. Follow me on Twitter for hot takes.
Moving to Minnesota means embracing a state known for its beautiful lakes, vibrant cities, and welcoming communities. From the bustling streets of Minneapolis with its thriving arts scene to the scenic trails of Duluth along Lake Superior, Minnesota offers a unique blend of urban and natural attractions. However, the state’s harsh winters and strong cultural emphasis on outdoor activities require thoughtful consideration. Whether you’re browsing homes for sale in Minneapolis, considering renting in Saint Paul, or exploring houses for rent in Rochester, here’s what you need to know before moving to Minnesota.
Minnesota at a glance
Minnesota is a state that balances urban sophistication with natural beauty, offering a high quality of life. The three largest cities—Minneapolis, Saint Paul, and Rochester—each have their own unique appeal. Minneapolis, known for its numerous lakes, is a bustling urban center with cultural institutions like the Walker Art Center and the Minneapolis Institute of Art. Saint Paul, the state capital, exudes historic charm with its well-preserved architecture and thriving cultural districts like Lowertown. Rochester, home to the world-renowned Mayo Clinic, is a hub for healthcare innovation and offers a more laid-back, suburban lifestyle. Minnesota’s economy is bolstered by major employers such as Target, 3M, General Mills, and the Mayo Clinic, providing diverse job opportunities across various sectors.
The culture in Minnesota is rich and varied, with a strong emphasis on outdoor activities. Residents enjoy a wide range of year-round outdoor activities, from summer boating on the state’s 10,000 lakes to winter sports like ice fishing and snowmobiling. The state’s weather is characterized by cold, snowy winters and warm, pleasant summers, making it essential to be prepared for seasonal extremes. Despite the state’s overall high standard of living, there are affordable places to live, especially in smaller towns and suburbs like Mankato and St. Cloud, which offer lower housing costs while still providing access to urban amenities.
1. The winters here are long
Winters in Minnesota are notoriously long and harsh, with temperatures often dipping well below freezing. Snowfall can begin as early as October and extend into April, making winter activities like snowshoeing, ice fishing, and skiing popular pastimes. To cope with the cold, many residents invest in high-quality winter gear, including insulated coats, boots, and even block heaters for their cars. Despite the challenges, Minnesotans embrace the season with festivals, such as the Saint Paul Winter Carnival, and by making the most of the snowy landscape.
2. You’ll get used to the “Minnesota Nice”
“Minnesota Nice” is more than just a saying; it reflects the genuine friendliness and politeness of the people in the state. Minnesotans are known for their reserved yet warm demeanor, often going out of their way to help others or strike up a friendly conversation. This culture of kindness extends to the workplace, neighborhoods, and even the roads, where people frequently yield to pedestrians and allow others to merge in traffic. For newcomers, adapting to this polite and community-focused atmosphere can make settling in much easier.
3. There are plenty of lakes to explore
Minnesota, known as the “Land of 10,000 Lakes,” actually has more than 11,800 lakes, offering endless opportunities for outdoor activities. Whether you’re into fishing, boating, or simply enjoying the scenic beauty, there’s always a lake nearby. Popular spots include Lake Minnetonka, known for its recreation and beautiful homes, and the Boundary Waters Canoe Area, which provides unparalleled experiences. In the winter, many of these lakes become hubs for ice fishing and skating, keeping the outdoor spirit alive year-round.
Insider scoop: If you’re ice fishing, remember that ice conditions can vary dramatically from one lake to another—local bait shops are a great resource for the most up-to-date safety information.
4. Minnesota prides itself on its state fair
The Minnesota State Fair, often called “The Great Minnesota Get-Together,” is one of the largest and most popular state fairs in the country. Held annually in late August and early September, the fair features a wide array of exhibits, live music, agricultural displays, and, of course, food on a stick. Signature treats like Sweet Martha’s Cookies, deep-fried cheese curds, and the famous “Pronto Pups” draw massive crowds. The fair is a beloved tradition for Minnesotans, reflecting the state’s agricultural roots and community spirit.
Travel tip: Plan to arrive early and use public transportation, like the park-and-ride services, to avoid the heavy traffic and parking hassles. This will give you more time to explore and enjoy all the fair has to offer.
5. The cost of living varies throughout the state
The cost of living in Minnesota can vary widely depending on the region, with the Twin Cities generally being more expensive than rural areas. In Minneapolis, for example, the median home sale price is around $350,515, while in smaller towns like Duluth, the median home sale price is closer to $302,000. Rental prices follow a similar pattern, with urban areas commanding higher rates like Saint Paul, where a one-bedroom is $1,311 compared to more affordable rural locations like Saint Cloud where rent goes for $875. Despite these differences, Minnesota remains an attractive place to live, offering a range of housing options and a quality of life that justifies the cost.
If you’re considering a move to one of the best places to live in Minnesota, it’s important to weigh the pros and cons to understand what life there truly entails.
6. There is plenty to do year-round
There are plenty of things to do in Minnesota throughout the year, catering to all interests. In the warmer months, living in Minnesota means enjoying hiking in state parks like Itasca or visiting cultural landmarks such as the Walker Art Center in Minneapolis. Fall brings stunning foliage and apple orchard visits, while winter is perfect for snowmobiling, cross-country skiing, and attending holiday markets. In the spring, the fishing season starts and you’ll be able to enjoy various outdoor festivals, making Minnesota a place where you can always find something to do, regardless of the season.
7. You’ll have to try its hotdish and juicy Lucy burgers
Minnesota’s culinary scene is steeped in tradition, with comfort foods like hotdish and Juicy Lucy burgers taking center stage. Hotdish, a hearty casserole typically made with ground beef, tater tots, and cream of mushroom soup, is a staple at gatherings and potlucks. The Juicy Lucy, a cheese-stuffed burger that originated in Minneapolis, is another must-try. Local joints like Matt’s Bar and the 5-8 Club in Minneapolis both claim to be the birthplace of this iconic burger, making it a culinary experience steeped in local lore.
8. Cycling is a big deal here
Minnesota is one of the most bike-friendly states in the U.S., with an extensive network of bike trails and lanes. The Twin Cities, in particular, are known for their cycling culture, offering trails like the Midtown Greenway and the Grand Rounds Scenic Byway. Even in winter, hardy cyclists continue to commute and ride for recreation, thanks to maintained trails and the growing popularity of fat bikes, which are designed for snow and rough terrain. The state’s commitment to cycling is reflected in its investments in infrastructure and community events, like the annual Tour de Tonka bike ride.
Insider scoop: Be prepared for bike-friendly amenities like heated bike racks and repair stations scattered throughout the Twin Cities.
9. Prepare for the mosquitoes
Minnesota’s abundant lakes and wetlands create ideal breeding grounds for mosquitoes, earning the unofficial nickname “The Land of 10,000 Mosquitoes.” These pests are particularly active in the summer months, especially around dusk. To cope, residents often use insect repellent, wear long sleeves and pants in the evening, and install screens on windows and doors. Despite their prevalence, Minnesotans don’t let mosquitoes deter them from enjoying the great outdoors, with many investing in outdoor products like citronella candles and bug zappers to minimize the nuisance.
10. Minnesota has skyway systems in place
In the Twin Cities, particularly Minneapolis and St. Paul, extensive skyway systems connect buildings, allowing residents and workers to move around downtown without stepping outside. These enclosed, climate-controlled walkways are especially beneficial during the harsh winters, making it possible to navigate the city comfortably regardless of the weather. The Minneapolis Skyway System, the largest in the world, spans 9.5 miles and connects 80 city blocks. This convenience contributes to the livability of the cities, particularly for those who work downtown or frequently visit the urban core.
11. The state has a strong cooperative movement
Minnesota has a long history of cooperative businesses, particularly in agriculture and retail, with the state serving as a leader in the cooperative movement. Organizations like Land O’Lakes and CHS Inc., both based in Minnesota, are among the largest agricultural cooperatives in the country. The cooperative spirit extends to food co-ops, credit unions, and even energy cooperatives, providing residents with community-focused, member-owned alternatives to traditional businesses.
12. Minnesota has a great job market
Minnesota has a strong job market with opportunities across various industries, including healthcare, technology, education, and manufacturing. The Twin Cities of Minneapolis and St. Paul are economic hubs, home to major corporations like Target, 3M, and General Mills. Additionally, the state has a strong commitment to education, with the University of Minnesota providing research and employment opportunities.
Methodology
Population data sourced from the United States Census Bureau, while median home sale prices, average monthly rent, and data on affordable and largest cities are sourced from Redfin.
For a limited time, signup for the Capital One Venture X Business card and get 150,000 miles once you spend $30,000 in the first 3 months.
Card Details
Annual fee of $395
Card earns at the following rates:
10x miles on hotels and car rentals when booking through Capital One’s travel portal
5x miles on flights when booking through Capital One’s travel portal
2x miles on all other purchases
10,000 miles anniversary bonus
$300 annual travel credit for bookings through Capital One’s travel portal
Lounge access:
Priority pass lounge access
Capital one lounge access
$100 TSA PreCheck or Global Entry credit every 4 years
Existing Spark cardholders can apply for Spark Travel Elite, Spark Cash Plus cardholders cannot apply for Spark Travel Elite
Our Verdict
This is similar to the offer we saw early 2024, but this time the spend requirement is $20k instead of $30k. It also does not have the higher $100k offer tier. Another option is a similar bonus on the Spark Cash Plus business card.
Remember, Capital One pulls all 3 credit bureaus. Unlike most Capital One business cards, Spark Cash cards do not report the statement balances to the personal bureaus; see these Things to Know About Capital One Credit Cards before applying. We’ll add this to our List of Best Credit Card Signup Bonuses.