FinancialWize Archives - Page 25 of 4142

Apache is functioning normally

October 17, 2024 by Brett Tams

Known as the Gateway to the Midwest, St. Louis, MO, showcases a vibrant blend of Midwest history with modern culture. From gorgeous gardens to unique cuisines, this city holds a wide variety of one-of-a-kind experiences around every corner of its iconic neighborhoods. Whether you are moving to an apartment in St. Louis, MO, renting a house in the city, or exploring the best spot in the Midwest to buy a home, this curated list of 11 hidden gems in St. Louis is here to help you get to know the city like a local.

Image, taken at Forest Park, courtesy of Debra Aslanidis Photography.

1. Get back to nature with some of the cities best natural landscapes

“If you’re a nature enthusiast, the Missouri Botanical Garden is a must,” shares Debra, owner of Debra Aslanidis Photography. “They have different plants and flowers for every season, so there is always something new. Additionally, Forest Park, although a pretty busy spot, is a gorgeous place to visit. Unwind with a book, have a picnic with your family, or check out the St. Louis Zoo and the Art Museum right next door.”

2. Explore the “tails” of Left Bank Books

In the beautiful and historic Central West End, queer- and women-owned Left Bank Books sells a wonderfully curated selection of new and used books and hosts a variety of public community book clubs. Stop by one of their literary events in-store and around the city, or explore the shelves for Orleans, a local feline celebrity often found supervising the store from his cat tree.

3. Head west to Wild Crush Wine Bar(n)

This hidden gem in St. Louis sits just west of the heart of the city in Town and Country. A mother-daughter-owned business, Wild Crush is the first in Missouri to offer self-serve wine dispensaries with over 28 wines available on tap. Visit their wine bar(n) on Fridays to enjoy live music from local artists and gaze across their gorgeous seven-acre park from their patio as you sip on your favorite wine.

4. Try a contemporary twist on local cuisine

Little Fox is a beloved neighborhood restaurant in the heart of Fox Park, St. Louis, known for their award-winning cuisine. Inspired by Brooklyn bistros and other travels, their sophisticated yet approachable dishes and drinks feature flavors that are rooted in local culture and sure to make you fall in love with the area.

5. Spend some time at the biggest little museum in Missouri

If you’re looking for a truly unique thing to do in St. Louis, The Miniature Museum of Greater St. Louis is a great place to start. With two floors of exhibit space featuring rotating miniature displays, every visit is guaranteed to be a new experience. Stop by to marvel at the many dollhouses, vignettes, and room boxes, or join a class to learn how to make your own.

6. Travel to a tropical community hub

Whether you’re looking for an early morning cocktail or a late night cup of coffee, Harvey’s Coffee & Cocktails has you covered. This new Midtown café is a hidden gem in St. Louis. From the moment you step inside this nondescript brick building, you’ll be transported to a beachside café with a full coffee and cocktail menu available all day. Their weekly community events are sure to help you get to know St. Louis in no time.

7. Check out The Grove neighborhood

“St. Louis is a city of neighborhoods, and I love The Grove,” shares Beckie, owner of local Serendipity Homemade Ice Cream. “Centrally located as a major north-south thoroughfare, it’s known for its inclusive bars, restaurants, and music venues.” Along with Serendipity’s homemade ice cream, baked goods, and Spirited Shakes, there is something for everyone in this vibrant neighborhood.

Image courtesy of Levels Nigerian Cuisine.

8. Embark on a culinary adventure with Levels

Levels Nigerian Cuisine brings the rich flavors of Nigeria right to the heart of St. Louis. Whether you’re longing for a taste of home or you are eager to explore something new, their authentic dishes, like Party Jollof Rice and refreshing Palm Wine, offer a bright and unforgettable dining experience that will delight your senses.

9. Bring some magic to your child’s learning experiences

“If you are looking for an amazing place to take your little kids, I cannot recommend The Magic House enough,” shares Irene, owner and photographer of Four Fireflies Photography. This local children’s museum offers a wide variety of hands-on learning experiences made to engage and inspire children of all ages. “My family can spend most of the day there creating art, playing pretend, and learning all sorts of new things,” says Irene.

10. Relax in a haven of flavor and connection

Blood & Sand is the perfect cozy spot to unwind. This hidden gem in the heart of downtown St. Louis offers a welcoming atmosphere where you can relax with exceptional cuisine and handcrafted cocktails inspired by the relationships they create with their guests. They are eager to pour you a drink and get to know you.

11. Find joy in every season at Tower Grove Park

“Tower Grove Park is my favorite park in St. Louis because it is beautiful year-round,” shares Stacey of Stacey Vandas Photography. “There are flowering trees in the spring, gorgeous leaves in the fall, and it’s super pretty decked out in snow. It’s a great place for a walk with family, friends, and dogs, and the Farmers Market from April to October makes for a great Saturday morning activity.”

Hidden gems in St. Louis, MO: The perfect Gateway to the Midwest

Whether you’re considering moving to the Gateway City or you’re trying to get to know your new home, this list of 11 hidden gems is sure to help you decide whether St. Louis, MO is a good place to live. From rich historical culture to new modern hangouts, this city has so many spots worthy of exploring. You’ll feel like a true St. Louisan in no time with the guidance of these local experts.

Apache is functioning normally

October 16, 2024 by Brett Tams

The Offer

Direct Link to offer (go incognito if it’s erroring out)

Signup for the Capital One Spark Cash card and earn a one-time $750 cash bonus once you spend $7,500 on purchases within the first 3 months from account opening.

Card Details

$95 annual fee, waived for the first year
2% cashback on all purchases
Card earns cashback; if you have a different points-earning Capital One card (such as the Venture or Spark Miles), you’ll be able to transfer over the cash back into miles

Our Verdict

Capital One stopped promoting this card a few years ago in favor of the Spark Cash Plus version. They’ve now quietly brought it back with this $750 signup bonus. The Plus version also has a nice signup bonus currently of $2,000 with $30,000 spend.

This Spark card $750 offer has a lower spend threshold of $7,500 and will be interesting to some. I’d consider signing up for this, but I currently hold the Plus version and I’m not sure if Capital One allows holding more than one business card.

Last we know, this card was not getting reported to the personal credit bureaus. They do, however, credit pull all 3 bureaus. Check out these Things To Know about Capital One Credit Cards. We’ll add this to our list of Best Current Credit Card Signup Bonuses.

Hat tip to Milestalk

Source: doctorofcredit.com

Apache is functioning normally

October 16, 2024 by Brett Tams

The nation’s largest mortgage lender, UWM, has launched a new 90% LTV cash-out refi to drum up more business.

While it’s being sold to mortgage broker-partners as a way to “win more business,” it doubles as a worrisome trend of loosening underwriting guidelines.

Typically, homeowners are capped at 80% LTV when it comes to a cash out refinance, but UWM is taking things a little further.

This could be the symptom of low volume, which has plagued many mortgage lenders ever since mortgage rates jumped in mid-2022.

And it could be a sign that some American consumers are struggling to make ends meet as they grapple with surging inflation.

Conventional Cash-Out 90 Lets You Borrow More Than the Other Guys

Cash out refinance up to 89.99% LTV
Loan amount capped at the conforming loan limit
Must be a primary residence
Minimum FICO score of 680 required
No mortgage insurance required (might be built into rate)

First let’s talk about this new loan program, known as “Conventional Cash-Out 90,” then we’ll talk about whether it’s worrisome or not.

As noted, United Wholesale Mortgage (UWM) will now let you cash out up to 90% of your property value.

Technically, it’s capped at 89.99% LTV, but it’s still considered a conventional loan. Note that there’s a difference between conventional and conforming loans.

Both are non-government loans, but conforming loans must meet the guidelines of Fannie Mae or Freddie Mac.

And Fannie Mae and Freddie Mac have a maximum 80% loan-to-value ratio (LTV) limit for cash out refinances.

So it doesn’t meet their guidelines, which also means many competing lenders can’t offer such high limits.

In other words, UWM is offering something the other guys can’t, assuming you want a whole lot of cash.

On top of that, they aren’t charging private mortgage insurance (PMI). Though as I always say, if it’s not being charged separately, it’s usually baked into the mortgage rate.

However, the maximum loan amount on the program is at the conforming loan limit, currently $766,550 for 2024.

And the property must be your primary residence (the one you live in), and you need a minimum FICO score of 680 to qualify.

It’s unclear just how high the mortgage rates are, but I can’t imagine them being cheap when your typical vanilla purchase or rate and term refinance at 80% LTV or less is still around 6.5%.

We might be talking about rates in the mid-7% range or higher. But I’m just speculating here. You’ll need to speak to a UWM-approved mortgage broker for actual pricing.

Are We Bringing Too Much Risk Into the Housing Market?

Now let’s talk about risk. As noted, Fannie and Freddie have limited cash out refinances to 80% LTV. And they did this to minimize risk to both lenders and homeowners.

It’s generally not a good thing to be overleveraged as a homeowner, especially if the mortgage debt is pricey as it has become today. And even more so if home prices feel a tad frothy.

This means if your property is valued at $500,000, the largest loan amount you can qualify for when tapping equity is $400,000.

In the early 2000s, prior to the mortgage crisis, it wasn’t uncommon to see 100% LTV cash out refinances. Or even 125% LTV loans!

Of course, we all know how well that went. Homeowners had no equity left, and once home prices collapsed, they were the proud owners of underwater mortgages.

That led to one of the worst housing downturns in our lifetimes. The good news is it also led to stricter underwriting guidelines, including the 80% LTV cap on cash out loans.

So the fact that United Wholesale Mortgage (UWM) is pushing past this limit might feel a little troubling.

But it’s likely just the result of loan volume being so dismal today, and their desire to remain the top mortgage lender in the nation.

You also need homeowners to take the bait. Most have very low locked-in 30-year fixed mortgage rates in the 2-4% range with no desire to disturb them.

Chances are volume won’t be high on this new loan program, despite these more accommodating guidelines.

If and when a lender allows 100% cash out refis again, then I’ll really start to worry. Fortunately that seems unlikely at this juncture.

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.

Latest posts by Colin Robertson (see all)

Source: thetruthaboutmortgage.com

Apache is functioning normally

October 16, 2024 by Brett Tams

Individual retirement accounts (IRAs) are retirement savings accounts that offer certain tax-advantages. Some types of IRAs, including traditional and inherited Roth IRAs, are subject to required minimum distribution (RMD) rules.

What is an RMD on an IRA? In simple terms, it’s a withdrawal you make from an RMD every year once you reach a certain age. RMDs are a way for the IRS to ensure that retirement savers meet their tax obligations. Failing to take distributions when you’re supposed to could result in a tax penalty, so it’s important to know when you must take an RMD on an IRA.

Key Points

• Required minimum distributions (RMDs) are mandatory withdrawals from IRAs that account owners must start taking at age 73, as per IRS rules.

• RMDs apply to traditional IRAs, SEP IRAs, SIMPLE IRAs, 401(k)s, and other defined contribution plans.

• The RMD amount account holders need to withdraw is calculated using the IRS Uniform Lifetime or life expectancy tables.

• Failing to take RMDs can result in a 25% excise tax, reduced to 10% if corrected within two years.

• RMDs are taxed as ordinary income, and qualified charitable distributions (QCDs) can be used to reduce tax liability.

Required Minimum Distribution (RMD) Definition

A required minimum distribution is an amount you need to withdraw from an IRA account each year once you turn 73. (In 2023 the SECURE 2.0 Act increased the age that individuals had to start taking RMDs to age 73 for those who reach 72 in 2023 or later.) You can take out more than the minimum amount with an RMD, but you must withdraw at least the minimum to avoid an IRS tax penalty.

The minimum amount you need to withdraw when taking an RMD is based on specific IRS calculations (see more about that below).

Special Considerations for RMDs

RMD rules apply to multiple types of retirement accounts. You’re subject to RMDs if you have any of the following:

• Traditional IRA

• SEP IRA

• SIMPLE IRA

• 401(k) plan

• 403(b) plan

• 457(b) plan

• Profit-sharing plan

• Other defined contribution plans

• Inherited IRAs

You must calculate RMDs for each account separately.

Failing to take RMD distributions from IRAs or other eligible investment accounts on time can be costly. The SECURE 2.0 Act allows the IRS to assess a 25% excise tax on the amount you failed to withdraw. That penalty might drop to 10% if the RMD is properly corrected within two years.

Why Do You Have to Take an RMD?

The IRS imposes RMD rules on IRAs and other retirement accounts to prevent savers from deferring taxes on earnings indefinitely. Here’s how it works.

Roth IRAs generally don’t have RMDs. When you make contributions to a Roth account you use after-tax dollars — in other words, you’ve already paid taxes on that money. So you don’t have to pay taxes again when you make qualified withdrawals in retirement. However, if you inherit a Roth IRA, you will be required to take RMDs.

Boost your retirement contributions with a 1% match.

SoFi IRAs now get a 1% match on every dollar you deposit, up to the annual contribution limits. Open an account today and get started.

Only offers made via ACH are eligible for the match. ACATs, wires, and rollovers are not included.

RMDs for Roth and Traditional IRAs

When you open an IRA, you will typically choose between a Roth IRA or traditional IRA. There are differences between them when it comes to RMDs. Traditional IRAs are always subject to RMD rules. If you contribute to a traditional IRA, whether you max out the annual contribution limit or not, you can expect to take RMDs from your account later. RMD rules also apply when you inherit a traditional IRA.

Are there RMDs on Roth IRA accounts? No, if you’re making original contributions to a Roth IRA that you own. But you will need to take RMDs if you inherit a Roth IRA from someone else.

The IRS determines when you must take distributions from an inherited Roth IRA. The timing depends on whether the person you inherited a Roth IRA from was your spouse and whether they died before 2020 or in 2020 or later.

If you inherit an IRA from a spouse who passed away before 2020, you may:

• Keep the account as your own, taking RMDs based on your life expectancy, or follow the 5-year rule, meaning you generally fully withdraw the account balance by the end of the 5th year following the year of death of the account holder

OR

• Roll over the account to your own IRA

If you inherit an IRA from a spouse who passed away in 2020 or later, you may:

• Keep the account as your own, taking RMDs based on your life expectancy, delay beginning distributions until the spouse would have turned 72, or follow the 10-year rule, generally fully withdrawing the account balance by the end of the 10th year following the year of death of the account owner

OR

• Roll over the account to your own IRA

If you inherit an IRA from someone who is not your spouse and who passed away before 2020, you may:

• Take distributions based on your own life expectancy beginning the end of the year following the year of death

OR

• Follow the 5-year rule

If you inherited an IRA from someone who is not your spouse and who passed away in 2020 or later and you are a designated beneficiary, you may:

• Follow the 10-year rule

IRA withdrawal rules for inherited IRAs can be tricky so if you know that someone has named you as their IRA beneficiary, you may find it helpful to discuss potential tax implications with a financial advisor.

How To Calculate RMDs on an IRA

To calculate RMDs on an IRA, you divide the balance of your account on December 31 of the prior year by the appropriate life expectancy factor set by the IRS. The IRS publishes life expectancy tables for RMDs in Publication 590-B, Distributions from Individual Retirement Arrangements (IRAs). You choose the life expectancy table that applies to your situation.

IRA Required Minimum Distribution Table Example

The IRS uses the Uniform Lifetime Table to determine RMDs for people who are:

• Unmarried account owners

• Married IRA owners whose spouses aren’t more than 10 years younger

• Married IRA owners whose spouses are not the sole beneficiaries of their account

Here’s how RMD distributions break down.

Age	Distribution Period (Years)	Age	Distribution Period (Years)
72	27.4	97	7.8
73	26.5	98	7.3
74	25.5	99	6.8
75	24.6	100	6.4
76	23.7	101	6.0
77	22.9	102	5.6
78	22.0	103	5.2
79	21.1	104	4.9
80	20.2	105	4.6
81	19.4	106	4.3
82	18.5	107	4.1
83	17.7	108	3.9
84	16.8	109	3.7
85	16.0	110	3.5
86	15.2	111	3.4
87	14.4	112	3.3
88	13.7	113	3.1
89	12.9	114	3.0
90	12.2	115	2.9
91	11.5	116	2.8
92	10.8	117	2.7
93	10.1	118	2.5
94	9.5	119	2.3
95	8.9	120 and over	2.0
96	8.4

Source: IRS Uniform Lifetime Table

And here’s an example of how you might use this table to calculate RMDs on an IRA.

Assume that you’re 75 years old and have $1 million in your IRA as of last December 31. You find your distribution period on the chart, which is 24.6, then divide your IRA balance by that number.

$1 million/24.6 = $40,650 RMD

You’ll need to recalculate your RMDs each year, based on the new balance in your IRA and your life expectancy factor. You can use an online calculator to figure out RMD on an IRA annually.

Withdrawing Required Minimum Distribution From an IRA

There are two deadlines to know when making RMDs from an IRA: when distributions must begin and when you must complete distributions for the year. The SECURE 2.0 Act introduced some changes to the timing of RMD withdrawals from an IRA.

When Do RMDs Start?

Beginning in 2023, the minimum age at which you must begin taking RMDs rose to 73 (that’s the same age you must begin taking RMDs for 401(k)s, in case you are wondering). The deadline for the very first RMD you’re required to make when you turn 73, is April 1 of the following year. So, if you turned 73 in 2025, then your first RMD would be due no later than April 1, 2026.

Once you make your first RMD, all other RMDs after that are due by December 31 each year. So, using the example above, if you make your first RMD on April 1, 2026, then you’d need to make your second RMD by December 31 of that same year to avoid a tax penalty. Just keep in mind that taking two RMDs in one year could increase your tax burden for the year.

Qualified Charitable Distributions (QCDs)

Qualified charitable distributions (QCDs) are amounts you contribute to an eligible charity from your IRA. QCDs are tax-free and count toward your annual RMD amount, and you can contribute up to $100,000 per year. Using your IRA to make QCDs can lower the amount of tax you have to pay while supporting a worthy cause.

For a distribution to count as a QCD, it must be made directly from your IRA to an eligible charity. You can’t withdraw funds from your IRA to your bank account and then use the money to write a check to your favorite charity.

Note that QCDs are not tax-deductible on Schedule A, the way that other charitable donations are.

How RMDs Are Taxed

RMDs are taxed as ordinary income, assuming that all of the contributions you made were tax-deductible. If you have a traditional IRA, your RMDs would be taxed according to whichever bracket you fall into at the time the withdrawals are made.

With an inherited Roth IRA, withdrawals of original contributions are tax-free. Most withdrawals of earnings from an inherited Roth IRA are also tax-free unless the account is less than five years old at the time of the distribution.

The Takeaway

The IRS requires you to take RMDs on certain types of IRAs, including traditional IRAs and inherited Roth IRAs. Knowing at what age you’re required to take money from an IRA and your deadline for withdrawing it can help you plan ahead and avoid a potentially steep tax penalty.

In general, coming up with a financial plan for your future can help you work toward your retirement goals. You can consider different options for saving and investing, including IRAs, 401(k)s, or other types of savings or investment vehicles, to help determine the best fit for your money.

Ready to invest for your retirement? It’s easy to get started when you open a traditional or Roth IRA with SoFi. SoFi doesn’t charge commissions, but other fees apply (full fee disclosure here).

Invest with as little as $5 with a SoFi Active Investing account.

FAQ

What happens if you don’t take RMDs from an IRA?

Failing to take an RMD from an IRA on time can result in a tax penalty. The current penalty is generally a 25% excise tax, assessed against the amount you were required to withdraw.

Do you have to take your IRA RMD if you are still working?

You do have to take RMDs from an IRA even if you’re still working. It’s worth noting that the IRS does typically allow you to defer RMDs from a 401(k) while you’re working — however, that rule doesn’t extend to IRAs.

Are you required to use IRA RMD money for specific purposes?

You can use RMDs money in any way that you like. Some common uses for IRA RMDs include medical expenses, home repairs, and day-to-day costs. You can also use IRA RMDs to make qualified charitable donations (QCD), which could minimize some of the tax you might owe. QCDs must be made directly from your IRA to the charity.

Photo credit: iStock/FG Trade

SoFi Invest®

INVESTMENTS ARE NOT FDIC INSURED • ARE NOT BANK GUARANTEED • MAY LOSE VALUE

SoFi Invest encompasses two distinct companies, with various products and services offered to investors as described below:
Individual customer accounts may be subject to the terms applicable to one or more of these platforms.

1) Automated Investing and advisory services are provided by SoFi Wealth LLC, an SEC-registered investment adviser (“SoFi Wealth“). Brokerage services are provided to SoFi Wealth LLC by SoFi Securities LLC.

2) Active Investing and brokerage services are provided by SoFi Securities LLC, Member FINRA (www.finra.org)/SIPC(www.sipc.org). Clearing and custody of all securities are provided by APEX Clearing Corporation.

For additional disclosures related to the SoFi Invest platforms described above please visit SoFi.com/legal.

Neither the Investment Advisor Representatives of SoFi Wealth, nor the Registered Representatives of SoFi Securities are compensated for the sale of any product or service sold through any SoFi Invest platform.

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.

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

SOIN-Q324-035

Source: sofi.com

Apache is functioning normally

October 16, 2024 by Brett Tams

From the world-renowned city of Chicago to charming small towns like Galena and Peoria, Illinois offers various living experiences for its residents. But like any state, living in Illinois comes with its own set of pros and cons. Here’s a closer look at what life in Illinois entails.

Is Illinois a good place to live?

Moving to Illinois blends urban and rural living, providing residents with access to both city life and serene countryside settings, such as the Shawnee National Forest. The state has a robust economy driven by key industries like manufacturing, agriculture, and technology, along with numerous higher education institutions like the University of Illinois and Northwestern University. However, this economic opportunity comes with challenges, including fierce competition for jobs, particularly in major cities like Chicago.

Sport fans will feel right at home in Illinois, with major league teams like the Chicago Bears (NFL), Chicago Bulls (NBA), and Chicago Cubs (MLB). Whether you’re attracted to Chicago’s arts scene, its renowned museums, or its diverse dining options, Illinois is a good place to live.

Illinois state overview

Population	12,812,508
Biggest cities in Illinois	Chicago, Aurora, Joliet
Average rent in Chicago	$2,202
Average rent in Aurora	$1,550
Average rent in Joliet	$1,240

1. Pro: Diverse cultural experiences

One of Illinois’ greatest advantages is its cultural diversity. Chicago is a global city, home to a mix of cultures that contribute to its rich arts scene, food variety, and beautiful neighborhoods. You can enjoy everything from world-class museums like The Art Institute of Chicago to live blues performances in the city’s music clubs. Illinois celebrates its diversity through numerous cultural festivals, including the Chicago Air and Water Show, Taste of Chicago, and Lollapalooza.

Insider scoop: For an authentic local experience, venture beyond the big-name festivals and explore neighborhood events like the Puerto Rican Festival in Humboldt Park.

2. Con: High taxes

A notable downside to living in Illinois is its high taxes, which are frequently seen as a drawback by residents. The state has one of the highest property tax rates in the nation, with an average effective rate of about 2.07%—a crucial consideration if you’re planning to buy a home. In addition to property taxes, Illinois imposes a flat state income tax of 4.95%. While this rate is lower than in some states, the burden increases when combined with local taxes. Sales taxes are also significant, particularly in Chicago, where the total rate can climb as high as 10.25%.

3. Pro: A transportation hub

Illinois is one of the nation’s transportation hubs. The state’s central location makes it ideal for logistics and travel, with easy access to highways, railroads, and O’Hare International Airport — one of the busiest airports in the world. Whether you’re commuting within the state or heading to another part of the country, it’s easy to navigate in Illinois. Chicago, in particular, has an excellent public transportation system, including the iconic “L” train network, which connects various neighborhoods to downtown and surrounding suburbs.

Travel tip: If you’re flying out of O’Hare, avoid rush hour traffic by taking the Blue Line “L” train straight to the airport. It’s often faster than driving, especially during peak travel times, and you’ll skip the hefty parking fees.

4. Con: Harsh winters and unpredictable weather

Illinois winters can be brutal, especially in northern cities like Chicago. The freezing temperatures, heavy snowfalls, and icy conditions make commuting difficult and increase heating costs. The weather is also unpredictable throughout the year, with frequent thunderstorms and high winds in the spring and summer. Even severe weather, including tornadoes, is common in the central and southern parts of the state.

Insider scoop: Locals know to invest in high-quality winter gear, including snow tires or an AWD vehicle to make winter driving safer. Also, it’s smart to keep an emergency kit in your car with blankets, snacks, and a shovel, especially if you’re commuting long distances in the snow.

5. Pro: Strong job market in urban areas

The job market in Illinois, particularly in cities like Chicago and Naperville, is strong. Chicago is home to Fortune 500 companies, financial institutions, and a growing tech scene. Additionally, Illinois plays a key role in agriculture and manufacturing, and healthcare and education also offer great employment opportunities.

6. Con: Traffic congestion in urban centers

Although Illinois has great transportation infrastructure, traffic congestion can be a major downside, especially in and around Chicago. Rush hour traffic can extend commutes significantly, and the infamous Chicago gridlock is something that residents often have to navigate. Additionally, road construction during the warmer months can lead to more delays.

7. Pro: Affordable living outside of Chicago

If you’re looking for affordable living outside of Chicago, several suburbs provide more budget-friendly options while still providing access to the city. Cities like Joliet, Aurora, and Naperville are great examples. Joliet, about 45 miles southwest of downtown, has average rent around $1,240 for a one-bedroom apartment. Aurora, a bit closer at 40 miles away, offers an average rental rate of about $1,550 for a one-bedroom. These suburbs offer a balance of affordability, amenities, and convenience for those looking to live near Chicago without the high city costs.

8. Con: Air pollution in urban areas

While Illinois has beautiful natural landscapes, air quality in densely populated areas like Chicago can be problematic. Industrial emissions, heavy traffic, and other pollutants contribute to poor air quality, which can exacerbate respiratory conditions and reduce overall quality of life in some urban areas, particularly during the summer months.

9. Pro: Outdoor recreation and scenic parks

Though often overshadowed by urban life, Illinois has plenty of outdoor spaces to explore. The state is home to the Shawnee National Forest, the scenic Mississippi River, and numerous state parks that offer hiking, camping, and boating. Illinois is also part of the Great Lakes region, giving residents access to Lake Michigan’s waterfront for fishing, sailing, and beach days.

Insider scoop: Check out Starved Rock State Park for its stunning waterfalls and canyons — a hidden gem for hiking enthusiasts.

10. Con: High competition for certain jobs

One of the challenges of living in Illinois, particularly in urban centers like Chicago, is the high competition for certain jobs. With the state being home to a diverse economy and key industries such as finance, technology, healthcare, and education, many flock to Illinois in search of career opportunities. As a result, positions in these fields, especially in tech, corporate finance, and healthcare, can be highly competitive.

Pros and cons of living in Illinois: Overview

Pros	Cons
Diverse cultural experiences	High taxes
A transportation hub	Harsh winters and unpredictable weather
Strong job market in urban areas	Traffic congestion in urban centers
Affordable living outside of Chicago	Air pollution in urban areas
Outdoor recreation and scenic parks	High competition for certain jobs

Source: rent.com

Apache is functioning normally

October 16, 2024 by Brett Tams

Security cameras are legal to purchase and use to protect your home or business, with some exceptions. U.S. states have specific laws about security cameras with slightly different standards for consent to recording and hidden cameras in private or public settings.

In general, don’t place a camera anywhere someone would have a “reasonable expectation of privacy,” including bedrooms, bathrooms and guest rooms — even cameras pointing into a neighbor’s private spaces

.

If your cameras have audio capabilities and can pick up a conversation, remember that some states have “all-party consent” laws that require everyone talking to consent to the conversation being recorded.

Camera laws to know about

Expectation of privacy

The concept of reasonable expectation of privacy is a part of the Fourth Amendment of the U.S. Constitution

. It originally referred to government intrusion into private spaces but is also used to assess home security scenarios. For example, an overnight guest has a reasonable expectation of privacy in a home.

As security technology evolves, there may be new interpretations of this right on a case-by-case basis, but in general, it’s best to keep cameras out of places where people can reasonably expect not to be recorded. For example, a landlord might be able to place a security camera in a common area, such as a lobby, but might not be able to place a security camera inside a rented apartment.

One-party consent

Some federal consent laws for recording primarily concern audio, not video. For example, 18 U.S. Code §2511 pertains to the recording of conversations — over the phone or in person through a security camera — if at least one person involved has consented

. Some states require everyone involved in a conversation to consent to being recorded.

Camera laws by state

State laws concerning video and audio recording can have slightly different wording, but in general they maintain the same principle as federal laws: keep cameras out of places where people have a reasonable expectation of privacy. Here are some examples.

Recording

With consent. Arkansas and Hawaii, for example, require consent to record anyone in a private space

. In Georgia, you’ll need consent unless you’re recording on your own property for security purposes, as long as you don’t invade anyone’s reasonable expectation of privacy.
No confidential information. In California, it’s illegal to record “confidential” communications

.
No trespassing. In Minnesota, it’s illegal to enter someone’s private property to install a camera or to record through the window of someone else’s home

.

Hidden cameras

In many states, such as Alabama, Arkansas, Delaware, Kansas, Maine, Michigan, New Hampshire, South Dakota, Tennessee and Utah, you need someone’s consent to record them with a hidden camera (in some states, it’s worded as using hidden cameras in places with a reasonable expectation of privacy).

What happens if I record someone without their consent?

Invasion of privacy can be a misdemeanor or a felony, depending on the state laws and what was recorded. If someone is recorded without their consent, they may be able to sue the party responsible

.

How do I prevent my security cameras from violating privacy laws?

Keep security cameras out of private spaces, such as bedrooms and bathrooms. If a camera can see into a neighbor’s property, change the angle or take advantage of privacy features from home security providers, many of which allow you to tailor a “privacy zone” that blocks out part of a camera’s view field.

Most security cameras we’ve tested have a “privacy shutter” that keeps the view field blocked most of the time, only opening when motion is detected and the system is armed.

Get more smart money moves – straight to your inbox

Sign up and we’ll send you Nerdy articles about the money topics that matter most to you along with other ways to help you get more from your money.

Source: nerdwallet.com

Apache is functioning normally

October 16, 2024 by Brett Tams

Northwestern Mutual Announces “My Time to Plan” Content Series to Initiate Better Conversations About Money Series highlights the often surprising and deeply personal world of money and finances among professional athletes, with the first two episodes featuring Brice Turang and Sal Frelick of the Milwaukee Brewers™ Series launches during Financial Planning month to shine a light … [Read more…]

Apache is functioning normally

October 16, 2024 by Brett Tams

For mortgage brokers, rate volatility is presenting its fair share of hurdles – not least when it comes to locking in refinances. While rates increased last week, they’ve fallen precipitously since earlier this year, and many borrowers are open to biding their time to see where they might eventually land. That means a big challenge … [Read more…]

Apache is functioning normally

October 16, 2024 by Brett Tams

When people think of San Francisco, they often picture its iconic landmarks and bustling city streets, but the true essence of living in San Francisco extends beyond the urban core. The suburbs of San Francisco are diverse residential areas that offer a more relaxed lifestyle while still providing convenient access to the city’s dynamic amenities. These San Francisco suburbs are spread across various parts of the Bay Area, each with its own unique charm and appeal.

In this ApartmentGuide article, we’ll explore some of the most notable San Francisco suburbs—from scenic coastal towns to hillside retreats—highlighting key aspects such as population, average rent, and what makes each area stand out. Whether you’re searching for the perfect apartment in San Francisco or curious about the different SF neighborhoods surrounding the city, let’s discover the best parts of the Bay Area to call home.

Cost of living in San Francisco

Before we dive into the top San Francisco suburbs, let’s cover how much it costs to live in the Bay Area. The overall cost of living in San Francisco is significantly higher than the national average, around 70% higher, largely driven by the housing market. The median sale price for a home in San Francisco is around $1,413,400, which is about 227% higher than the national average of $432,657. Rent follows a similar trend, with the average rent for a one-bedroom apartment in San Francisco at $3,540, also well above the national average of $1,514.

While some suburbs around San Francisco offer more affordable options, others can be just as expensive, if not more. Here, we’ll explore a range of top suburbs, providing different lifestyle and housing opportunities depending on your budget and preferences.

If you’re looking for more specific rental insights, check out our guides on the 10 Most Affordable Neighborhoods in San Francisco, CA for Renters in 2024 and the 6 Most Expensive Neighborhoods in San Francisco to Rent in 2024.

1. Burlingame

Known for: Proximity to San Francisco, charming downtown, tree-lined streets

Burlingame, located just south of San Francisco, offers a blend of small-town charm and urban convenience. Known for its beautiful tree-lined streets, historic architecture, and upscale shopping district, Burlingame has long been a sought-after suburb for those looking to be close to the city while enjoying a relaxed, scenic atmosphere. The area is well-connected by public transit, making commuting to downtown San Francisco or the nearby Silicon Valley tech hubs convenient. Burlingame’s vibrant dining scene and local boutique shopping also contribute to its appeal.

Population: 30,000
Average rent for a one-bedroom apartment: $3,698
Median home sale price: $2,437,500
Burlingame transportation scores: Walk Score 70, Bike Score 64

Apartments for rent in Burlingame, CA | Houses for rent in Burlingame, CA | Homes for sale in Burlingame, CA

2. Mill Valley

Known for: Outdoor recreation, proximity to nature, upscale living

Mill Valley, situated just north of San Francisco in Marin County, is known for its proximity to some of the Bay Area’s most stunning outdoor destinations, including Mount Tamalpais and Muir Woods. The suburb has a small-town vibe with a charming downtown area that features boutique shops, art galleries, and local restaurants. Mill Valley is an ideal spot for nature enthusiasts who enjoy hiking, biking, and other outdoor activities, while also being within an easy drive of San Francisco’s city life.

Population: 14,000
Average rent for a one-bedroom apartment: $2,450
Median home sale price: $1,647,000
Mill Valley transportation scores: Walk Score 93, Bike Score 55

Apartments for rent in Mill Valley, CA | Houses for rent in Mill Valley, CA | Homes for sale in Mill Valley, CA

3. Palo Alto

Known for: Tech industry hub, Stanford University, affluent community

Palo Alto is a globally recognized suburb, primarily due to its role as a central hub in Silicon Valley and home to Stanford University. With its high concentration of tech companies and startups, Palo Alto draws professionals from across the world. The city offers a mix of upscale living, top-rated schools, and a diverse community of academics, innovators, and entrepreneurs. Downtown Palo Alto is packed with high-end restaurants, cafes, and boutiques, making it a lively area for residents.

Population: 68,000
Average rent for a one-bedroom apartment: $3,688
Median home sale price: $3,620,000
Palo Alto transportation scores: Walk Score 61, Bike Score 91, Transit Score 37

Apartments for rent in Palo Alto, CA | Houses for rent in Palo Alto, CA | Homes for sale in Palo Alto, CA

4. San Mateo

Known for: Bustling downtown, strong job market, cultural diversity

San Mateo is a vibrant and bustling suburb located between San Francisco and Silicon Valley. Known for its diverse population and strong local economy, San Mateo offers a mix of urban and suburban living with a thriving downtown area that features restaurants, shops, and entertainment options. The city’s central location makes it popular with commuters, while its wide variety of parks and recreational facilities appeal to those who enjoy an active lifestyle.

Population: 104,000
Average rent for a one-bedroom apartment: $3,860
Median home sale price: $1,585,000
San Mateo transportation scores: Walk Score 68, Bike Score 65, Transit Score 39

Apartments for rent in San Mateo, CA | Houses for rent in San Mateo, CA | Homes for sale in San Mateo, CA

5. South San Francisco

Known for: Biotech industry, easy commute to San Francisco, suburban lifestyle

Often referred to as “The Industrial City,” South San Francisco is home to many of the world’s top biotech companies. Located just south of the city, South San Francisco is a convenient suburb for professionals working in the biotech industry or in downtown San Francisco. The area offers a suburban feel with a strong sense of community, with many parks, shopping centers, and restaurants. Its proximity to major highways and BART stations makes commuting easy.

Population: 67,000
Average rent for a one-bedroom apartment: $3,171
Median home sale price: $1,290,000
South San Francisco transportation scores: Walk Score 63, Bike Score 42

Apartments for rent in South San Francisco, CA | Houses for rent in South San Francisco, CA | Homes for sale in South San Francisco, CA

6. Redwood City

Known for: Thriving downtown, tech industry, cultural diversity

Redwood City, located on the San Francisco Peninsula, is known for its revitalized downtown area, cultural diversity, and thriving tech industry. With a bustling dining and entertainment scene, Redwood City has grown into a popular suburb for professionals commuting to Silicon Valley or San Francisco. The community hosts frequent cultural events, and its proximity to the coast provides access to outdoor activities like hiking and beach trips.

Population: 86,000
Average rent for a one-bedroom apartment: $3,535
Median home sale price: $1,780,000
Redwood City transportation scores: Walk Score 62, Bike Score 67

Apartments for rent in Redwood City, CA | Houses for rent in Redwood City, CA | Homes for sale in Redwood City, CA

7. Foster City

Known for: Waterfront living, planned community, high quality of life

Foster City, east of San Mateo, is a planned community that is well-known for its abundance of waterfront properties, parks, and recreational spaces. Built around a network of lagoons, Foster City offers a unique lifestyle with opportunities for kayaking, sailing, and scenic views. With highly-rated schools, ample green spaces, and a tight-knit community, Foster City is a peaceful and attractive suburb for those looking for a slower-paced environment.

Population: 33,000
Average rent for a one-bedroom apartment: $3,156
Median home sale price: $1,740,000
Foster City transportation scores: Walk Score 50, Bike Score 64

Apartments for rent in Foster City, CA | Houses for rent in Foster City, CA | Homes for sale in Foster City, CA

8. Walnut Creek

Known for: Outdoor recreation, shopping, cultural scene

Located in the East Bay, Walnut Creek is known for its natural beauty, upscale shopping centers, and cultural scene. The area has a rich offering of parks and open spaces, making it a favorite for nature lovers. Its vibrant downtown is home to many retail shops, fine dining, and entertainment venues. Walnut Creek is well-connected to San Francisco by BART, making it convenient for commuters who prefer a quieter suburban lifestyle.

Population: 70,000
Average rent for a one-bedroom apartment: $2,606
Median home sale price: $819,500
Walnut Creek transportation scores: Walk Score 41, Bike Score 49, Transit Score 25

Apartments for rent in Walnut Creek, CA | Houses for rent in Walnut Creek, CA | Homes for sale in Walnut Creek, CA

Methodology: The suburbs included in this list were selected based on their overall popularity, determined by search trends and housing demand in the San Francisco area. Average rent and home sale price data were sourced from Redfin and Rent.com as of October 2024. Transportation data, including Walk Scores, Bike Scores, and Transit Scores, was sourced from Walk Score.

Apache is functioning normally

October 16, 2024 by Brett Tams

The Offer

Chase Ultimate Rewards program is offering a 40% transfer bonus when you transfer to Virgin Atlantic. Normally you can transfer at a rate of 1:1 and under this promotion that increases to 1:1.4

The Fine Print

Valid until November 30, 2024

Our Verdict

This is the sixth transfer bonus we have seen from Chase & Virgin Atlantic (1,2, 3, 4, 5, 6). You can view more Chase transfer bonuses by clicking here. American Express is offering the same transfer bonus to Virgin Atlantic currently as well.

Source: doctorofcredit.com