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The South End is a unique neighborhood. Like many in Boston, it is built on reclaimed marshland. But the modern-day South End is a bustling, vibrant, diverse district filled with hipsters and doctors and old school Bostonians, trendy eateries and dive bars and pricey mansions and housing projects.

The South End is alive with public parks and green spaces, restaurants and vintage clothing shops, mansions and South End apartments. Even before its swaths of gentrification, it was a haven for the LGBTQ community.

But its most distinguishing feature is its Victorian-style row houses. In fact, South End, Boston’s 300-acre district of original Victorian homes which is the largest collection in the nation.

Where is the South End in Boston?

Despite its name, the South End is not the south end of Boston. South End is not even directly south of downtown, that’s reserved for Southie. Sure, there was a time when the South End was the southern limits of the city, but that was back in the days when most of Boston was tidal marshes.

Source: Rent.

The South End sits southwest of downtown, with Chinatown forming its northern border. Back Bay and Fenway-Kenmore are along its western side. Roxbury (and more specifically Lower Roxbury) is to its south. And, yes, South Boston is to the east. The Mass Pike and the I-93 Central Artery join at the northeast corner. Melnea Cass Boulevard and the Massachusetts Avenue Connector are along South End’s south end. The Boston & Providence Railroad and the Southwest Corridor Park form its northwest border.

Tremont and Washington Streets and Columbus Avenue are the primary east/west thoroughfares. The South End, Boston ZIP Code 02118 covers most of the neighborhood.

South End overview

The South End in part is as homey and traditional Boston as the old neighborhoods of Southie. It’s also in part as buzzy and hip as Fenway–Kenmore. And parts are as upscale as the best of Back Bay.

It’s the South End’s diversity that keeps it fresh and unique. Every block of South End is distinct from every other, and a plethora of different people, cultures and economic backgrounds exist.

  • Studio average rent: $2,586
  • One-bedroom average rent: $3,304
  • Two-bedroom average rent: $4,590
  • Walk score: 95.17
  • Bike score: 84.82
  • Transit score: 93.29

Living in the South End

So what is it like living in South End, Boston? It’s a diverse and distinct neighborhood. There are many whites as non-whites, and represents backgrounds and cultures from across the globe. It’s hip and traditional, upscale and down to earth. It’s family-friendly and LGBTQ-friendly, with gritty old-time New Englanders and young couples.

The South End is convenient and lively, full of things to do and places to go. And wherever you are, it’s easy to get to.

Demographics

The South End has always been diverse. It has Irish, Lebanese, Greek, Puerto Rican, Jewish and Black communities, many dating back to the 1880s. Today it is home to many immigrant and ethnic communities, young professionals, long-time residents and a significant LGBTQ presence since World War II.

The neighborhood has both wealthy and low-income sections, with an average income nearing $60,000.

Despite gentrification, the neighborhood remains nearly 50/50 white versus non-white, including nearly equal populations of Black, Latino and Asian-American residents.

The median age is 36, just below half live alone and just over half are college grads.

Education

The South End is home to the McKinley Schools, a collection of institutions for kindergarten through graduation, including the McKinley South End Academy. Blackstone Elementary School matriculates students through fifth grade. Josiah Quincy Upper School operates from sixth through twelfth grade. These are all public institutions within the Boston Public Schools system.

The Benjamin Franklin Institute of Technology is a private college for engineering and industrial technology. It was founded in 1908 with funds from Franklin’s will and a gift from Andrew Carnegie.

Safety

Previously, the neighborhood was one of the most dangerous in the city. Today, with its economic diversity, the South End is broader, with both safe family-friendly blocks and risky streets near subsidized housing.

In general, it has relatively low rates of violent street crime compared to other nearby neighborhoods. Property crime is also on par with Boston in total.

Sidewalks are readily available and the streets are mostly well lit.

Recreation and entertainment

The South End is known for its lush and accessible green spaces. The neighborhood features 11 residential parks, many of which are English-style squares featuring fountains and cast iron fencing. There are a number of pocket parks and community gardens as well.

Some of the best trendy restaurants and cafés dot the South End, including the original J.J. Foley’s Café which dates back to 1909. The neighborhood is ranked the second-best for restaurants in all of Boston. It also has a lively bar scene, especially of the dive variety. Jazz it up over at Wally’s Café, one of the nation’s oldest jazz clubs.

Galleries abound, particularly in the SoWa (South of Washington) Art + Design District. And nearby, don’t miss the SoWa Open Market for everything from luncheonettes to art galleries with food trucks and pop-up beer gardens.

The South End also a shopper’s haven, including high-end florists, vintage clothing, twee furniture and even fresh meat at the iconic The Butcher Shop.

Transportation

The MBTA Orange Line runs along the northwestern border of the South End. Ruggles, Massachusetts Avenue and Back Bay stations all serve the neighborhood. As well, the T stations on the Green Line at Copley, Symphony and Prudential in Back Bay are just a block or two away. MBTA commuter rail trains stop at both Ruggles and Back Bay stations along the Franklin, Needham, Providence/Stoughton and Framingham/Worcester lines. And the Silver Line bus rapid transit to downtown runs along Washington Street.

The South End is reached easily by car. The neighborhood is accessible off the Massachusetts Turnpike Exit 22 Dartmouth Street at Copley Place and Exit 24 at South Station.

Medical care

The South End is Boston’s premier medical district. The original Boston City Hospital opened in 1864 and merged with Boston University Medical Center Hospital in the 1990s to create Boston Medical Center.

Today, BMC is the largest Level I trauma center in New England. The Boston University School of Medicine, which uses BMC as its teaching hospital, is next door. Nearby is the South End Community Health Center offering affordable comprehensive healthcare and community services.

Because of the number of hospitals and medical facilities nearby, the South End is a popular neighborhood for doctors and medical professionals to call home.

10 things to do in the South End

There is so much to do in South End, Boston, you could find a different activity, eatery or event for every weekend day of the year, no matter your tastes.

  1. Go shopping for the best vintage men’s clothing and accessories in Boston at SAULT New England.
  2. Swing to hot jazz and cool standards at Wally’s Café, the former Wally’s Paradise, one of the oldest jazz clubs in America.
  3. Take a selfie in front of the former St. James Hotel, now Franklin Square House Apartments. The familiar exterior was used for the fictional St. Eligius Hospital on the Emmy award-winning television series “St. Elsewhere.”
  4. Brunch with your BFFs and catch up on the week at South End Buttery bakery and coffee shop.
  5. Join a pickup game of ultimate Frisbee or hit a few tennis balls around at Carter Playground.
  6. Take in a show and the history at the Boston Center for the Arts’ Cyclorama which dates back to 1884 and is the headquarters of the Boston Ballet.
  7. Christmas shop at the SoWa Winter Festival, in South End’s South of Washington district, a holiday village and market featuring handmade gifts, winter cocktails, popup galleries and ice sculptures.
  8. Enjoy some of Boston’s best vegetarian, vegan and gluten-free meals at Five Horses Tavern South End.
  9. View all the Victorian-style homes along the 300-acre Victorian rowhouse district, the largest intact collection in the nation.
  10. Bring your pooch for a stroll, or just pup watch, at the 13,000 square feet off-leash Peters Park Dog Park.

Finding an apartment in the South End

The South End isn’t the cheapest place to live in Boston. But there are certainly places in the neighborhood more affordable than much of Back Bay, Fenway-Kenmore and the gentrified areas of South Boston.

The district is as diverse in its housing as it is in its people. You can find full-house rentals, rowhomes to lease and a slew of South End, Boston apartments.

Just be prepared to have a lot of visitors because everyone is going to want to spend time with you exploring one of Boston’s best neighborhoods.

Rent prices are based on a rolling weighted average from Apartment Guide and Rent.’s multifamily rental property inventory as of June 2021. Our team uses a weighted average formula that more accurately represents price availability for each unit type and reduces the influence of seasonality on rent prices in specific markets.
The rent information included in this article is used for illustrative purposes only. The data contained herein do not constitute financial advice or a pricing guarantee for any apartment.

Michael is a Philadelphia-based writer with a variety of interests, including music, concerts, TV, politics, travel and sports. His background includes a decade as a programming executive in network television, six years as a marketing executive at a technology company, and time at two magazines and two advertising agencies. He currently works as Craft Beer & Brewery contributor for the Visit Philly Greater Philadelphia Tourism Bureau and sits on the board of a non-profit law firm that assists veterans with disabilities. Michael is a proud Syracuse grad (Newhouse) who has lived in Wichita, Albany, Chicago, Washington DC, Boston and beyond.

Source: rent.com

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Residential architecture has developed immensely over the years, with unique features helping homes stand out among the rest. Depending on your lifestyle and individual living habits, some features are more important than others. Walkout basements have grown in popularity due to their dual functionality of extra storage and space, offering renters a separate living space to use for whatever their heart desires.

When considering a rental property with this amenity, it’s important to understand what all it entails; how a walkout basement can enrich your life and some potential drawbacks associated with basement living.

What is a walkout basement?

Source: Housing Design Matters

A walkout basement is defined as a lower level of a home with a ground-level exit to the outdoor space. A walkout basement is unique in the sense that it features windows and doors along its wall, whereas other basement types aren’t nearly as open. Walkout basements are traditionally found on homes built on a slope or hill, due to the natural development of levels.

Understanding types of basements: What makes a walkout basement different?

Basements are typically defined in four categories; crawl space, cellar, daylight basement and walkout basement. As you move down the list, the amount of light and liveability in the basement increases, meaning a crawlspace has little to no light and liveable space and the walkout basement has the most.

Crawl spaces small underground spaces with exposed HVAC equipment or sewage piping, typically not used for anything but storage. Cellars are similar, with less functional use for the home itself and a little more liveable space. Cellars are mostly used for storage or small, single entertaining spaces. Both lack natural light and heating capabilities, making them more practical and useful spaces as opposed to being extra living-enhancing spaces.

Moving more into the light, daylight basements are not fully underground meaning more natural light and more liveable space. These basements are becoming more and more popular as the amount of usable space feels like an extra floor. Walkout basements have one major distinction from a daylight basement, an exit or an entrance from the home. Walkout basement house plans are only made with the ability to build arises due to the home location. Both of these basements provide great additional living space, making them a unique amenity and feature to consider when looking for your next home or making house plans.

Positives of a walkout basement

A finished basement, like a walkout basement, can considerably enhance your living space. Learn more about the possibilities of basement living.

Natural light and ventilation

Natural light and ventilation are huge benefits of a walkout basement. This creates a bright and open space that is versatile and open to multiple uses. With such light and openness, you can maximize your outdoor space as this basement serves as a continuation outside to your backyard.

Versatile living space

The options for a furnished basement are truly endless. Aside from storage potential, a furnished basement can serve as a versatile guest suite, complete with a bedroom, bathroom and sitting area, providing a comfortable retreat for visitors. For those who enjoy working from home, the basement can be converted into a spacious home office or a creative studio. The ability to create a space that caters to specific needs is a massive plus.

Outdoor access

For pet lovers, families and outdoor enthusiasts, the walkout basement just serves as an extension of your outdoor area. The basement offers a convenient entry point for pets to roam freely, families to enjoy outdoor activities and enthusiasts to take advantage of the simple transition from indoor comfort to the open air, whenever they please.

Drawbacks of a walkout basement

With so many opportunities, it’s difficult to see any downsides to a walkout basement. There are a few potential downsides depending on your personal preferences and living situation.

Less privacy

Due to the connection of the outdoor space to the basement, there’s a potential for decreased privacy. While this can easily be fixed for homeowners, renters won’t have the same luxury of making permanent changes that would offer more privacy like a fenced-in yard.

Increased security concerns

Another entrance and exit to the home can pose a security risk. It’s important to remember to lock walkout basement doors and windows like you would on the first floor. Renters can go as far as to install renter-friendly security systems when necessary as well.

Maintenance challenges

For those who enjoy low-maintenance living, walkout basements require some level of outdoor area upkeep. Since the outdoor area is exposed from the basement, this creates another place to decorate, clean and maintain. This could dually serve as a perk for entertainment lovers and landscape enthusiasts, though.

Unlocking the appeal of low-level living

Source: Sebring Design Build

A walkout basement is a luxury amenity, that pays for itself. The beautiful natural light and the endless room opportunities that come with a walkout basement have the ability to not only enhance your social life but your overall living experience.

The harmonious blend of indoor comfort and outdoor allure could be just the feature you need in your next home. Search our available apartments to find your walkout basement spot.

Featured Image Source: Maryland Egress Specialists

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There are many changes you can make to reduce the environmental impact your home and your daily life has on the planet. Even simple adjustments like using green cleaning products, finding ways to reuse your kitchen scraps, or locking your windows shut, can lead to less waste and energy savings. Whether you just bought a house in Miami, Los Angeles, or anywhere in between, here are some great ways to save energy, reduce your carbon footprint, and save money all from the comfort of your own home.

Reconsider your grocery shopping habits

To reduce waste and save energy at home, adopt eco-friendly grocery shopping habits.

“Subscribing to a milk delivery service with reusable glass bottles, reusing bags at a bulk grocery store, and selecting glass or metal packaging can make a tremendous difference in reducing our consumption of plastics,” says Lyons, CO-based BrightHeart Decor.

 These simple adjustments in your grocery shopping routine can make a significant difference in promoting sustainability at home.

Save energy with LED lighting

In addition to upgrading the look of your home’s interior, changing up the lighting can make your home more efficient. LED bulbs are much more energy-efficient than other alternatives, and incorporating them throughout your home is an easy way to conserve energy.

“The easiest DIY way to save energy is to install LED lighting and click the thermostat one to two degrees up or down,” according to Edge Energy “Another way to conserve energy is to get an energy audit and do basic installations of any cost-effective retrofits.”

Reduce your household’s consumption of water

A common area of waste in many households is water usage. The average US household consumes over 300 gallons of water per day, and much of this is unnecessary. If you’re looking for ways to save water, simply being mindful of when the water is running unnecessarily can go a long way. 

“Try cutting down on your daily water usage at home by saving six liters of water a minute by turning off your tap while you brush your teeth,” suggests Bamboodu, an online store that specializes in eco-friendly products. “Use natural biodegradable cleaning products that don’t contain chemicals, and install taps and showers with automatic shut-off.”

Use smart home technology to save energy and avoid expensive repairs

We all know that technology has made our lives easier, but it can also save money by reducing energy waste. Sensors on home appliances can not only prevent food and energy waste, but also alert homeowners to potential issues that could prove costly if missed.

“Smart homes enable homeowners to save energy and money by automatically regulating lights and thermostats using geofencing and motion sensor technology,” says Agile Home Automation. “Leak detectors can notify homeowners of problems before they become costly repair situations. Freezer and refrigerator sensors can notify homeowners if a door is not closed properly, or if the unit is beginning to fail before the food is ruined.”

“Using automation for lighting, temperature control, and window coverings is the most cost-effective way to reduce waste, and manage and save energy use in your home,” adds Brad Smith, president of Audio Video Design. “Today’s products sync with circadian rhythms and the astronomical clock for personal and precise customization.”

Be friendly to the environment (and your pocket) by going solar

With recent improvements in solar technology, saving money on electricity with solar panels is easier than it’s ever been. Take advantage of clean energy and save yourself some money in the process.

“Homeowners can install solar on their roof or property and pay no more than they were paying for electricity before, and hedge against rising electric costs while making the planet a cleaner place to live,” says Madison, NJ -based Green House Solar. “Not only will solar save energy, but it will also increase the resale value of your home.”

“Homeowners can save energy and get a greater return on investment by pairing their solar system with a smart home system,” adds  Freedom Forever, a Temecula, CA-based company that combines solar and smart technology. “These systems enable homeowners to schedule when appliances consume electricity, allowing you to use more of your solar power and send less to the grid.

Find ways to save and reuse your produce

A great way to prevent food waste is by getting the most out of your produce scraps. Get more out of your veggies by using the scraps for a homemade vegetable broth.

“To make the most of your produce, save your vegetable scraps,” says blogger Nutti Nelli. “Once you fill up a half-gallon of scraps, bring five cups of water to a boil and add your veggie scraps, one teaspoon of salt, and one teaspoon of black pepper, and simmer for one hour. Drain the scraps, and now you have four cups of vegetable broth to use for cooking, soups, curries, or stews.”

Think twice about the cleaning products you’re using

When it comes to eco-friendly cleaning products, the first thing that probably comes to mind is biodegradable products. While these are great, you can go a step further by eliminating plastic packaging entirely. 

“Save space and eliminate plastic from your cleaning routine when you use USDA certified biobased products,” says Beyond Clean Products, a company that specializes in eco-friendly cleaning products. “Consider incorporating detergent sheets and auto dish tabs that are 100 percent plastic-free.”

Keep windows locked to avoid any air leaks

Whether you’re running the AC during the summer or heating your home in the chilly winter months, the last thing you want is to run up your bill because of air leaks. Locking your windows not only secures your home, but also the air inside it.

“Keep your windows locked to save energy in your home, says Home Energy Saving Solutions. “The lock is not only for security, but it also keeps the window close-packed and creates a seal along the weather-stripping of the window. An unlocked window is an open window.” 

Recycle your leftover household paint

If you’ve got leftover paint lying around after a recent home project, you may be wondering how exactly you’re supposed to get rid of it. Product Care Recycling cautions against simply throwing old paint in the trash.

“A fresh coat of paint can give your home new life,” they say. “However, leftover paint, like other hazardous household products, does not belong in the trash. It should be recycled to avoid contaminating our soil and water sources and to divert landfill waste.”

Enrich your soil and decrease landfill waste

Whether you already have a home garden or just want to help the environment, composting is a great way to get the most out of your food waste. The planet will appreciate it and so will your plants.

“Composting is one of the most impactful actions you can take to both reduce household waste heading to landfills and create an ultra-nourishing natural resource that your garden will love,” says Sustainable Jungle, a website that shares sustainability tips and tricks. “Some cities even offer discounts on composters to help encourage this community supporting activity.”

Use dimmable indoor lighting

Home lighting is another area where energy waste can take place. Since most light bulbs operate at full capacity when turned on, you may end up using more energy than you need to keep your home lit, especially during the day. Dimmable lights give your home a more natural glow, saving energy in the process.

“One of the most effective ways to reduce your electricity bill is to install a lighting control system or smart lighting,” says TSP Smart Spaces. “We’re all used to running our lights at 100 percent, but the reality is that not only do we not need to use 100 percent of the energy of a bulb all the time. Dimmable LEDs create a much more enjoyable living experience, and natural lighting that costs 20 to 50 percent less to run compared to regular switches.”

Source: redfin.com

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The defining characteristic of the 2023 housing market has been dramatically fewer home sellers than any recent year. That’s one reason total sales volume has been so low, but it looks now like that’s starting to change.

In this week’s Altos Research video, I look at how home sellers and sales are up, but that doesn’t mean prices will climb in 2024.

Watch the video or check out some key data takeaways from the data for the week ending Dec. 18.

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The inventory picture

There are now 539,000 single-family homes on the market unsold, which is up 3.2% than last year at this time. Housing inventory climbed late in the year as mortgage rates rose. Rates are falling now and if that continues, buyers will jump and inventory will fall well into the first quarter of 2024.

Could we see new inventory from distressed sellers if we see a deep recession? Yes, demand will slow if unemployment climbs, but it’s probably 2025 before we see the bulk of that.

More home sellers enter the market

There were 11% more new sellers this week than last year at this time. All year there have been 10-20-30% fewer sellers, so the tide is starting to turn. These sellers have been matched by an increase in buyers, too, so there were 10% more immediate sales than last year. 

As of now, there are no signs of increased sellers growing out of balance with the number of buyers. There are still far fewer sellers each week than in the pre-pandemic era.

Contracts growing

We continue to see the new contracts grow each week: There were 7.7% more new contracts started this week than the same week a year ago. The market was contracting all the way until October, but is now reliably expanding. This is growth of very low numbers: This isn’t a boom market, of course, but it’s a turn.

Home prices will finish the year up 2-3%

Home prices will finish 2023 with 2%-3% gains over last year. The median price of single-family homes in the U.S. is now $420,000. The leading indicators here show another year of flat home-price change in 2024.

The price reductions data tells us that while demand is still weak, it’s better than last year at this time. We had 37.6% of the homes on the market get a price cut this week, which is still above normal, but should drop into the normal range in January. 

What will the housing market look like in 2024? If mortgage rates were to plummet early in the year, buyers would jump in quickly, inventory would drop and competition would push prices higher. That’s a big if. On the other hand, price reductions show enough weakness that if supply were to surge, prices would correct down very quickly. Supply isn’t surging, but it’s worth watching.

Mike Simonsen is the president and founder of Altos Research.

Download the free Altos eBook: “How to Use Market Data to Build Your Real Estate Business”

Source: housingwire.com

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Seniors held a record amount of equity in their homes, but also hit a high in terms of the amount of borrowings outstanding they had against it at the end of the third quarter, the National Reverse Mortgage Lenders Association and Riskspan found in a new report.

People ages 62 and up held a total $13.08 trillion in the third quarter, consisting of a $15.39 billion in property value offset by $2.32 billion in borrowing. This demographic’s quarterly home equity totaled nearly $12.7 trillion the previous fiscal period and $11.81 trillion a year earlier.

The quarterly increase is the second consecutive one. Home equity in this demographic faltered a little in the first quarter of 2023, dropping briefly to $11.62 trillion from $12.39 trillion the previous fiscal period.

The third quarter gain is significant to lenders because as interest rates have risen, more have shown interest in offering the Federal Housing Administration-insured Home Equity Conversion Mortgages that allow older adults to withdraw equity while living at home, so long as the borrowers can maintain the property.

Relatively higher interest rates had diminished the amounts that could be withdrawn through reverse mortgages, but with financing costs falling a little recently, borrowers may have more to gain from taking out these types of loans.

And while borrowing for this age group did reach a record high during the quarter, the spread relative to total home equity is still wide, suggesting there’s still opportunity for expansion in this part of the market.

“There’s lots of room for additional market participants,” NRMLA President Steve Irwin said.

That could offset some of the consolidation that’s occurred among reverse mortgage lenders in the past couple of years.

Finance of America, which acquired top reverse-mortgage lender American Advisors Group, is currently the largest player. It’s currently working to address a notice from the New York Stock Exchange warning that its stock price has been trading below compliant levels.

Guild bought Cherry Creek this year to expand its reverse mortgage division and Reverse Mortgage Funding filed for bankruptcy last year.

Participation in a market where there’s room to move may be limited because Home Equity Conversion Mortgages have their challenges.

In addition to periods of higher rates and slightly weaker equity, the product is complex and can take time to originate. HECMs also have some cumbersome servicing process policymakers are working to improve.

The FHA loan products require meeting with housing counselors and increasingly have been offered in conjunction with personal finance professionals who can help explain them as well.

“We’re seeing more and more borrowers utilize the reverse mortgage as an integral part of an overall retirement plan,” Irwin said. “We think that such strategic uses of the reverse mortgage will only continue to grow in the coming years.

Source: nationalmortgagenews.com

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In the realm of interior design, luxury is not defined by exorbitant expenses. Affordable luxury is a cornerstone that reshapes homes with elegance and practicality – transcending into an opportunity to amp up spaces.

The art of affordable luxury: Tips on transforming your home decor and interior design on a budget (Photo by Spacejoy on Unsplash)

In an interview with HT Lifestyle, Saniya Kantawala, Principal Designer and Founder of Saniya Kantawala Design (SKD), suggested, “Paying close attention to intricate elements such as hardware, trims, and finishes significantly impacts a space’s overall aesthetics. Consider upgrading standard doorknobs to ornate alternatives or replacing plain light fixtures with visually captivating options; these simple changes can transform a room’s design.”

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She highlighted, “Strategic accessorising is pivotal in achieving a sophisticated ambience within your home. Rather than overcrowding with numerous accessories, opt for high-quality pieces that command attention. A bold lighting fixture or sizable artwork can infuse an air of luxury into your space without overwhelming it. Think of a wicker headboard in the bedroom or a wallpaper or mural in the living area. This discerning approach to accessorising ensures an elegant, upscale look while maintaining balance and visual appeal.”

Given that luxury is something that is always desired when it comes to decorating one’s house yet the very thought of luxury evokes expensive interiors, Devika Khosla, Creative Director at The Works Interiors, shared, “One need not spend too much money to attain a luxurious look. With a few steps, it is easy to make a home feel luxurious without burning a hole in your pockets. Furniture is one of the main features of any space, and arranging it mindfully can be cost-efficient. Putting statement pieces can imbue a sense of opulence in any interior space by using affordable accent furniture pieces like a lounge chair, credenza, end table or side table.”

She added, “Vastness is another aspect associated with luxury, for which mirrors can be used in hallways or entrance foyers to create an illusion of space enlargement. Textiles can also be used in one’s favour when going for a luxurious touch. They can add layers to any space by using cushions and throws in various sizes and textures. Curtains can be placed to hang from the ceiling to give a loftier impression of the space. Alternatively, Sheer curtains soften the natural light and fill the space with a cosy yet luxurious warmth. Remember not to forget the rugs when going for a pocket-friendly makeover. When used in the living room, bedroom, and lounge area, they add warmth and luxury.”

Bringing her expertise to the same, Shubhra Dahiya, Partner at team3, said, “Transforming your home into a haven of affordable luxury is an artful journey achievable within budget constraints. I firmly believe that regardless of financial constraints, a home can exude elegance and character through thoughtful design choices. The first step on this path involves accessorising. Big cushions, vibrant throws or simply replacing pillow covers to complement the colour theme of your room can add a touch of panache. Maintaining a colour theme by using an element of the chosen colour in each room will give the house a common language and character. Large paintings, art pieces on an accent wall, or a combination of smaller pieces are a great opportunity to let the room be a reflection of one’s personality.”

She recommended, “Another avenue toward achieving opulent interiors without straining the budget lies in the art of repurposing. Refurbishing old tables, sofas, cupboards or chairs is a cost-efficient and innovative method for a chic interior. This blend of vintage and modern themes can be achieved by using colourful cotton fabrics, paints or heritage-tile inlays to make interesting conversation-starter pieces in your house. Embracing biophilia by adorning indoor and outdoor spaces with a variety of plants can enrich interiors and also foster a tranquil ambiance. Having potted and hanging plants in the verandah, courtyards or indoors lend a sense of calm. Plants of various sizes and textures can be chosen to match the aesthetic of your house and colour to create a reassuring atmosphere.”

In essence, it’s the subtle and cost-effective gestures that breathe life into a house, transforming it into an abode of comfort that reflects one’s personality. Through strategic accessorising, innovative repurposing and embracing biophilic design, a home can radiate luxury and refinement without burdening the budget—a testament to the art of creating affordable yet sumptuous living spaces.

Source: hindustantimes.com

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A handful of consumer advocacy groups sent letters today to Senate Banking Committee Chairman Christopher Dodd and House Financial Services Committee Chairman Barney Frank, urging them to conduct congressional hearings on Bank of America’s proposed acquisition of Countrywide Financial in an effort to protect at-risk homeowners.

“Congress has a one-time opportunity to take millions of current homeowners out of financial jeopardy, and stabilize the financial well-being of countless neighborhoods,” wrote Alan Fisher, executive director of the California Reinvestment Coalition.

“Congress can ensure that this vast amalgamation of these two financial giants has a positive impact, and create the model for resolution of our nation’s growing economic disaster.”

Fisher also noted that the proposed merger could lead to job cuts, which in turn could slow down the loan modification efforts currently underway intended to make mortgage payments more manageable for struggling homeowners.

The groups, which include The California Reinvestment Coalition, Community Reinvestment Association of North Carolina, Neighborhood Economic Development Advocacy Project (New York), and New Jersey Citizen Action, are concerned because Bank of America hasn’t released a specific plan detailing efforts to keep borrowers in their homes.

“Working families and communities will suffer if Bank of America is allowed to take control of Countrywide’s portfolio without stringent oversight, and without a concrete commitment to work with distressed borrowers to prevent foreclosure,” said Josh Zinner, co-director of the Neighborhood Economic Development Advocacy Project of New York City.

The merger of the two mortgage lenders will result in a combined servicing portfolio of $1.9 trillion, or roughly 21 percent of the national mortgage market, meaning the choices they make will have a significant impact on the mortgage industry as a whole.

“With this proposed merger, Bank of America undertakes responsibility for hundreds of thousands of potential foreclosures,” says Peter Skillern, executive director of the Community Reinvestment Association of North Carolina.

“They must make a commitment to mitigate the damage done by Countrywide Mortgage. A bigger, badder bank is not a solution, a bigger better bank can be.”

(photo: swanksalot)

Source: thetruthaboutmortgage.com

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House hunters are wondering about one thing: interest rates.

Many prospective homebuyers are questioning: “Will interest rates go down in 2024?” 

Mortgage rates are still high and housing inventory is limited. The situation has caused some people to hit the pause button with their search.  If you are concerned right now that you may not be able to buy a home due to the current state of the economy, things could change soon.

The Mortgage Bankers Association’s November 2023 Mortgage Finance Forecast predicts 30-year rates starting in 2024 at 7.1% and declining to 6.1% toward the end of the year.

Fannie Mae’s Housing Forecast for November, the average 30-year fixed rate during the first quarter of 2024 will be at 7.6%.

“The economy is now slowing from the otherwise robust first estimate of third-quarter growth,”  said Douglas Duncan, Fannie Mae Senior Vice President and Chief Economist, in a statement on Nov. 1. “While many current owners with low mortgage rates will likely continue to be discouraged from listing their homes, we expect mortgage rates to trend modestly downward in 2024, which should help kickstart a gradual recovery in home sales into 2025.”

The National Association of Realtors also predicted that the 30-year mortgage rate will go under 7% in the second half of next year.

In the meantime, here are some items for your to-do list to improve your chances of achieving the goal of homeownership in 2024.

  • Increase your credit score.
  • Check your credit reports for accuracy and fix errors.
  • Maintain a financially healthy debt-to-income ratio by reducing debt.
  • Apply for first-time homebuyer programs to receive down payment assistance.
  • Save at least 20% toward the down payment to avoid private mortgage insurance on conventional home loans.

The Consumer Financial Protection Bureau recommends homebuyers to shop around and get quotes from mortgage lenders to compare rates, decide on the type of loan, and have a preferred lender to negotiate a lower rate.

Do not let the current state of interest rates be a hindrance to buying a home. Forecasters are estimating that mortgages will peak near 7% or 8% and then go down to 5% or 6% by the end of 2024. 

Source: washingtoninformer.com

Apache is functioning normally

You’ve likely heard the terms rent control, rent-controlled apartment or even rent-stabilized apartment on television, in books or at the movies. But, what do these terms mean?

Does rent stay the same every year? Do rent stabilization, rent regulation and rent control mean the same thing? How does a renter find a rent-stabilized unit?

We’ll answer common questions about rent-controlled apartments and share how rent-stabilized units influence renters and property owners, family members and even the neighborhood around rent-regulated apartments. And, we’ll show you how to find one of your own.

What is rent control?

Rent control is a legal term for when a government agency (like a city or state) imposes restrictions on how much landlords can increase rent. Regulations vary by city and state. But, they generally limit the maximum amount a landlord can charge each month and restrict the annual rent increase.

What’s the purpose of rent control?

Rent stabilization and rent control aim to maintain affordable housing options for low and moderate-income tenants. These measures prevent sharp increases in rent, prevent some evictions and help keep people in their homes.

It’s useful when the supply of affordable apartments, condos and rental homes is low. It’s common in urban areas where the occupancy rate is high and the demand for housing sends prices soaring.

States and cities often enact price controls after a war or economic downturn. New York City was one of the first communities to impose rent regulations during World War II. The state of New York took over from the federal government in 1950. New York City now has over a million rent-stabilized apartments overseen by the NYC Rent Guidelines Board.

How does rent control work?

There are two types of rent control. Vacancy control protects current and future tenants. The city or state determines where to cap rent increases. The terms apply to future leases.

Vacancy decontrol means rents stay stable while the current tenant is in the apartment. Once that lease is up, the property owner can increase the rent. In some places, it can’t go higher than a particular dollar amount. In others, landlords can increase rents to whatever the market can bear.

Apartments tend to stay regulated. They may become deregulated if an owner claims it as a primary residence or if a tenant’s income exceeds a particular limit for two consecutive years.

What’s the difference between rent control and rent stabilization?

Rent control and rent stabilization are different. They’re both versions of rent regulation, a term that refers to limits on monthly and yearly rent increases.

Rent control is strict. It usually limits rents to a specific dollar amount. It includes older leases from when rent freezes were more common.

Rent stabilization limits price increases to a particular percentage. It’s much more common. For example, only a small percentage of New York City’s one million rent-stabilized apartments are under a true rent control agreement. The majority of these affordable homes are rent stabilized.

How can I find rent-stabilized apartments?

It depends on where you live. And, it’s not easy.

That’s because only a few states allow rent stabilization. In fact, rent control is illegal in many places. Consult this rent control map from the National Multifamily Housing Council (NMFC) to see what your state offers.

Protections vary within a state’s borders. In California and Oregon, rent stabilization laws apply to the entire state. In other places, rent stabilization measures are only available in particular cities.

Cities that allow rent control and rent stabilization often register rent-stabilized apartments with the city’s housing division. A renter in New York can consult a list maintained by the New York Division of Housing and Urban Renewal. Similar organizations (often called a rent board or rent guidelines board) may list available properties and provide valuable guidance. City offices and the city council may also offer apartment rental resources.

Can you inherit a rent-controlled apartment?

Even if your city or state offers rent regulations, actually finding a rent-regulated unit is a challenge. Rent-stabilized tenants are very aware of what a great deal they’re getting, so they move less often. Stumbling upon a stabilized apartment is rare. Renters in some very competitive cities have been known to read the obituaries to try to score a rent-stabilized apartment before it goes on the market.

But, even then, there’s no guarantee that the landlord will list the apartment. In New York City, a new tenant can inherit an apartment in a rent-controlled building if they occupy it for two consecutive years. So, if a long-term resident has planned ahead and invited a family member to move in with them for at least two years (and if the building is older than 1947 and the family lived in it since at least 1971), the general public will probably never see that apartment listing.

What kind of buildings contain a rent-stabilized or rent-controlled unit?

A rent-stabilized apartment is often found in an older building. Price controls typically apply to a building that contains six or more units. Language stating it’s a continuously occupied primary residence is common.

For example, in New York City, most true rent control tenants reside in buildings built before Feb. 1, 1947. Renters must have lived in their apartment since July 1, 1971, to qualify.

Focus your search on older buildings and buildings that contain rent-stabilized units. Eliminate an apartment building if it doesn’t have at least a half dozen units inside. Cross-reference these buildings with available units to increase your chances of a match.

How can you secure a lease for a rent-stabilized apartment?

If you’re lucky enough to find a rent-stabilized unit, act quickly. Competition is fierce.

Schedule a tour immediately. Document your rent history, bring the paperwork the landlord requires for the application and prepare for a background check. You may need to accept certain expenses without negotiation (like a pet fee or parking fee) in exchange for saving more money on rent every month.

If the apartment, the building and the neighborhood are a fit, sign the lease right away. Make sure any roommate or family member on the lease is available to sign it, too.

If you’re one of the fortunate ones who inherit a rent-controlled lease (after living there for two years, of course), protect it. Promptly pay rent (and every fee) and renew your lease.

Then, plan for the future. Your descendants will have to live there for two years if you want to pass it on.

How do rent-controlled apartments affect renters?

Your monthly rent payment is a major expense. Finding a rent-stabilized apartment is an effective way to keep housing costs down.

Rent-controlled apartments help keep low and moderate-income residents in their homes. This is especially important for people on fixed incomes, like the elderly and the disabled. Rent control can prevent some evictions and increase housing stability.

If residents can afford their rent, it’s easier to build their credit and rent history. Saving money on rent means people can pay down debt, increase their savings and provide a more financially secure life for themselves and their family members.

How do rent-stabilized apartment buildings help communities?

People who can easily afford their current apartment renew their leases more and move less often. They deepen their ties to their neighbors and patronize local businesses. Rent stabilization can lead to community renewal and stability.

How does a rent-controlled apartment affect a landlord?

The ability to renew a lease for less than the market rate is a great deal for a tenant. It’s not such a great deal for a landlord.

If a landlord can’t count on rent increases to keep up with inflation or taxes, they have to find new ways to pay their bills. They might charge a parking fee or increase the pet fee and deposit. Your landlord may delay maintenance or repairs or invest less money in their building.

They might raise the rents on other apartments to make up for the cost of maintaining rent-controlled homes. A landlord may also convert rent-stabilized apartments into condos to earn more revenue and protect their investment. This reduces rental inventory.

Apartment owners may build condos or vacation homes instead of apartments if local laws prioritize rent-controlled apartments. That makes it harder to find an affordable primary residence.

Rent control is a great way to go

Rent control and rent stabilization affect landlords, tenants and entire cities. It’s a challenge to obtain a rent-controlled apartment, so if you find one, hold onto it.

The information in this article is for educational purposes only and does not, and is not intended to, constitute legal or financial advice. Readers are encouraged to seek professional legal or financial advice as they may deem it necessary.

Alicia Underlee Nelson is a freelance writer and photographer. Her work has appeared in Thomson Reuters, Food Network, USA Today, Delta Sky Magazine, AAA Living, Midwest Living, Beer Advocate, trivago Magazine, Matador Network, craftbeer.com and numerous other publications. She’s the author of North Dakota Beer: A Heady History, co-host of the Travel Tomorrow podcast and leads travel and creativity workshops across the Midwest.

Source: rent.com