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From the tranquil shores of Spring Lake to the historic streets of Bogota, there are dozens of picturesque towns throughout New Jersey. With a rich history, vibrant communities, and a slower pace of life, these small towns provide a great escape from the hustle and bustle of city living. Join us as we explore the hidden gems and untapped beauty of these charming small towns in New Jersey.

#1: Villas, NJ

Median Sale Price: $734,250

Homes for Sale in Villas | Apartments for Rent in Villas

Villas is a small town known for its picturesque landscapes and tranquil atmosphere. With a median sale price of $734,250, this town offers a variety of beautiful homes for those seeking a peaceful retreat away from the busy city. Residents and visitors can enjoy outdoor activities such as hiking, biking, and fishing, as well as explore the local shops and restaurants that add to the town’s charm.

#2: Leonia, NJ

Median Sale Price: $619,000

Homes for Sale in Leonia | Apartments for Rent in Leonia

Leonia is a delightful small town in New Jersey known for its rich history and vibrant community. Residents can enjoy exploring the town’s historic sites, participating in community events, and dining at the local eateries that showcase the town’s diverse culinary scene.

#3: Haledon, NJ

Median Sale Price: $615,000

Homes for Sale in Haledon | Apartments for Rent in Haledon

Haledon is a hidden gem of a small town, offering a close-knit community and a peaceful atmosphere. Residents can enjoy exploring the town’s parks, visiting local art galleries, and experiencing the warm hospitality of the local businesses.

#4: Bogota, NJ

Median Sale Price: $598,000

Homes for Sale in Bogota | Apartments for Rent in Bogota

Bogota is a charming small town known for its friendly community and convenient location. The town has plenty of parks and recreational facilities, as well as local shops and restaurants that contribute to the town’s vibrant atmosphere.

#5: Brookdale, NJ

Median Sale Price: $340,000

Homes for Sale in Brookdale | Apartments for Rent in Brookdale

Brookdale is a quaint town nestled in a picturesque setting. With a median sale price of $340,000, this town offers affordable housing options. Residents can enjoy the town’s natural beauty, explore the nearby hiking trails, and experience the peaceful ambiance that makes Brookdale a desirable place to call home.

#6: Glen Ridge, NJ

Median Sale Price: $685,500

Homes for Sale in Glen Ridge | Apartments for Rent in Glen Ridge

Known for its tree-lined streets and historic architecture, Glen Ridge is another great small town in New Jersey. Residents can enjoy the town’s parks, visit the local museums, and dine at the cozy restaurants that add to the town’s unique character.

#7: Mystic Island, NJ

Median Sale Price: $452,000

Homes for Sale in Mystic Island | Apartments for Rent in Mystic Island

Mystic Island is a hidden treasure of a small town, offering a waterfront lifestyle and a close-knit community. With a median sale price of $452,000, this town provides a range of housing options that’s relatively affordable. Life in Mystic Island consists of enjoy boating, fishing, and other water activities, as well as exploring the local shops and restaurants that embrace the town’s coastal charm.

#8: Milltown, NJ

Median Sale Price: $722,500

Homes for Sale in Milltown | Apartments for Rent in Milltown

Milltown is a charming small town known for its rich history and strong sense of community. Residents can enjoy the town’s parks, participate in community events, and explore the local shops and restaurants that contribute to the town’s vibrant atmosphere.

#9: Ashland, NJ

Median Sale Price: $403,000

Homes for Sale in Ashland | Apartments for Rent in Ashland

Ashland boasts plenty of peaceful neighborhoods and a convenient location. With a median sale price of $403,000, this cozy town offers affordable housing options for many homebuyers. Ashland has plenty of greenspaces, shopping centers, and locally-owned restaurants.

#10: Spotswood, NJ

Median Sale Price: $305,000

Homes for Sale in Spotswood | Apartments for Rent in Spotswood

Next up on the list of charming small towns in New Jersey is Spotswood. For those in search of small-town charm, Spotswood boasts gorgeous parks, annual community events, and local shops and restaurants.

#11: Mays Landing, NJ

Median Sale Price: $235,000

Homes for Sale in Mays Landing | Apartments for Rent in Mays Landing

Mays Landing is known for its rural beauty and peaceful surroundings. With a median sale price of $235,000, this town offers affordable housing in a charming, suburban setting. Residents can enjoy the town’s parks, explore the nearby nature reserves, and experience the warm hospitality of the local businesses.

#12: Spring Lake, NJ

Median Sale Price: $825,000

Homes for Sale in Spring Lake | Apartments for Rent in Spring Lake

Last on our list of charming small towns in New Jersey is Spring Lake. Known for its beautiful beaches and upscale atmosphere, this  town offers luxurious housing in a cozy setting. Residents can enjoy the town’s pristine beaches, visit the local boutiques and art galleries, and dine at the upscale restaurants that contribute to the town’s elegant charm.

Source: redfin.com

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Knightvest, a real estate investment and management company, has published its inaugural annual Multifamily Renter Sentiment Report findings. The survey offers insights into the decision between renting and buying, the consequences of high mortgage interest rates, and variations in rental preferences across different generations.

  • Most renters (59%) choose to rent rather than feel forced to rent.
  • Among the respondents, 51% of Millennials and 54% of Gen Z individuals have actively chosen to rent.
  • A surprisingly high number of renters (31%) feel ambivalent or uninterested in home ownership.
  • 74% of renters report that their timeline to purchase a home has significantly lengthened due to increased mortgage rates
  • Older Americans are selling homes to live in apartments.
  • 73% of people say that social interaction is essential in an apartment community
  • Baby Boomers value social interaction more than Millennials (78% versus 71%)
  • On the whole, Gen Z respondents are slightly more enthusiastic about the idea of owning a home compared to Millennials (29% vs. 25%).
2023 Knightvest Multifamily Renter Sentiment Report Infographic

The rent-versus-buy decision is increasingly nuanced given this dynamic macroeconomic environment, and it’s interesting to see the data support what we’re hearing anecdotally from residents: if you create communities built on quality, service and care, then apartments can become sought-after destinations where residents thrive through multiple seasons of their lives.

David Moore, Knightvest Founder and CEO

Top Reasons Why People Rent

  • The high cost of owning a home is a concern for 62% of people.
  • The reduced responsibility for maintenance and repairs is a factor for 51% of individuals.
  • 35% of renters cite the increased flexibility to relocate as a reason they choose renting instead of buying.

Also, it is interesting to note that:

  • 29% of renters have previously owned a home.
  • 71% of Baby Boomer renters have owned a home before, and their primary reason for renting is to have fewer maintenance and repair responsibilities.

Finally, The surge in mortgage rates has caused a significant delay in decision-making for those looking to buy a home.

  • An overwhelming 74% of survey participants have indicated that the timeline for their home purchase consideration has been prolonged due to the substantial increase in mortgage rates.
  • Within this group, a staggering 79% have reported that this extension ranges from a few years to indefinite.
  • Millennials and Gen Z individuals have expressed similar salary expectations required to afford a home.
  • On average, Millennials have stated a need for a salary of $139,000 to purchase their desired home, while Gen Z has mentioned a requirement of $137,000.

As we head into 2024, this data underscores the enduring demand for apartments and reveals insights that will continue to shape the real estate landscape for years to come. At Knightvest, we remain focused on executing our strategy to renovate and reposition apartment communities to create compelling, modern living environments at an extraordinary value. With people staying in apartments longer, this work has never been more important than it is today.

David Moore, Knightvest Founder and CEO.

Knightvest conducted the survey in the Multifamily Renter Sentiment Report from November 20 to November 30, 2023, on an online platform. 4,100 U.S. apartment renters participated voluntarily and did not receive payment for their opinions.

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Mihaela Lica Butler is senior partner at Pamil Visions PR. She is a widely cited authority on public relations issues, with an experience of over 25 years in online PR, marketing, and SEO.She covers startups, online marketing, social media, SEO, and other topics of interest for Realty Biz News.

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Source: realtybiznews.com

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A shift in demographics. Affordable apartments transformed into luxury condos. A coffee shop called something like “Brew Slut.”

The signs of gentrification take many forms. A newly opened art gallery can serve both as a communal space and a harbinger of the displacement to come. Remodeled homes might boost a street’s curb appeal but then drive up rents in the ensuing months and years.

There are plenty of ways to tell when gentrification is coming to a community; rising home prices and an influx of trendy shops are classic omens. But in the modern market, developers are flipping houses at the highest rate since 2000, and the houses they churn out are often homogeneous: boxy, black and white, minimalist. They’re adorned with trendy house number fonts and chic drought-tolerant gardens, and they can be an obvious sign of gentrification on the way.

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Take a stroll through your neighborhood and keep an eye out for these trends. If you spot a few, gentrification may be on the way. If you spot a bunch, it might be well underway.

The gentrification font

If Neutraface starts speckling the homes and fences around your neighborhood, your rent might soar soon.

The sleek typeface and its many knock-offs have become so commonplace that they’ve become a meme, and the Guardian even declared it “the gentrification font.” It crowns countless brand-new builds across L.A., and like certain wines and cheeses, it pairs well with cheaply done fixer-uppers or the aforementioned box houses.

House numbers are presented in a chic font.

(Jack Flemming / Los Angeles Times)

“The Shake Shack font has invaded,” said Steven Sanders, a Highland Park resident who has lived in the rapidly changing neighborhood since 2015. When Sanders moved there, the median single-family home value was around $463,000, according to Zillow. Today, it’s $1.002 million.

There’s nothing specifically wrong with the font; it’s clean, modern and easy to read. Ironically, it’s named after Richard Neutra, an iconic architect who often stressed affordability in his work.

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If a for-sale house has a Neutraface house number, the listing price will probably be anything but affordable.

Gentrification bonus point: if the font is also brass or gold.

Black-and-white paint jobs

This two-story home features a black-and-white exterior.

(Jack Flemming / Los Angeles Times)

Gentrification, in terms of housing, has become a monochromatic movement. Gone are the green-colored Craftsmans or the pink-hued bungalows of old; today, newly built homes are overwhelmingly white, black or a brutal combination of the two.

“Taste aside, a black house in an era of climate change is ridiculous,” said Adam Greenfield, a transportation and land-use advocate.

Gentrification bonus point: if a black-and-white exterior comes with an accent door — a splash of bright blue, yellow or turquoise to showcase that the property isn’t completely devoid of character. Just mostly devoid of character.

Excess security cameras

Multiple cameras are posted outside an Eagle Rock home.

(Jack Flemming / Los Angeles Times)

If you’re taking a stroll down your street and feel watched — not by anyone specific, but by a small army of Ring doorbells, Nest cameras and other electronic eyes making sure you don’t pick a Meyer lemon or your dog doesn’t defecate on the decomposed granite — brace for a new brand of neighbor.

Surveillance systems and the context behind them, in which owners view their neighbors and passersby as potential package-stealers, are all too common in gentrifying communities. For if it were truly a high-crime place, there would still be chain link and barred windows.

There’s plenty of evidence that smart doorbells lead to racial profiling, and while there’s nothing inherently wrong with security systems, they generally detract from the community feel instead of adding to it.

“It’s the degradation of the social fabric that for so long we all took for granted,” Greenfield said. “It’s legitimate to walk up to a neighbor’s door to ask for or offer something, and security cameras and warning systems discourage that. We can’t let fear win in our society.”

Gentrification bonus point: if they come with a speaker with a disembodied voice that barks at passersby in a condescending tone: “Hi! You are currently being recorded.”

Privacy fences

Sometimes, surveillance systems aren’t enough. Many modern homeowners moving into new neighborhoods don’t even want to be seen by neighbors, so they install privacy fences or towering hedges to shield themselves from anyone walking by.

Greenfield calls them “f— you fences.”

“Many people were raised in the suburban sprawl, where they don’t have as much access to other people. Then they move to denser areas and import those suburban norms of separation and privacy,” Greenfield said.

Lola Rodriguez, a Lincoln Heights resident who grew up in the area, said if a home in the neighborhood is ever hidden from view, it’s usually someone who just moved in.

Gentrification bonus point: if the privacy fence is chic and stylish, like the horizontal trend that has taken over in some areas.

Box houses

This modern five-bedroom home listed by Avo Atnalian in the hills of Highland Park is on the market for $2.498 million.

(Avo Atnalian)

One of the more uninspired architectural trends of the last century, modern box houses forgo attempts at character or ornamentation, instead serving as shrines to simplicity. They worship at the altar of minimalism, squeezing out as much square footage as zoning laws will allow.

They’re clean, they’re simple, and they’re a likely sign that a new demographic is moving into a neighborhood.

“It’s jarring seeing a bright white box house jammed between older houses with more character,” Rodriguez said. She prefers the neighborhood’s stock of century-old bungalows over the new homes being built.

The polarizing style isn’t for everyone, but it’s a hit for deep-pocketed buyers eyeing extra space. And box houses are quicker and cheaper to build for profit-minded developers, who will keep cranking out supply as long as there’s demand.

Gentrification bonus point: if the box house includes a glass garage door.

This modern home features a glass garage door.

(Jack Flemming / Los Angeles Times)

Drought-tolerant gardens

To be clear, the ecological benefits of drought-tolerant landscaping make it a net positive for Southern California. Limited water usage is absolutely a good thing.

But such gardens aren’t always cheap, and if they start popping up in neighborhoods where most residents can’t afford to spend thousands of dollars, sometimes tens of thousands, on their yard, it could be a sign of gentrification.

Most carry the same look: a handful of shrubs, succulents and cacti surrounded by gravel or decomposed granite, giving it a sandy, desert-like quality.

Drought-tolerant plants outside an Eagle Rock home.

(Jack Flemming / Los Angeles Times)

Kerry Kimble and Steven Galindo, two real estate agents with the Agency, said they’ve noticed an increase in drought-tolerant gardens in neighborhoods such as Echo Park, Highland Park and Silver Lake, where displacement has already been happening for years.

The majority of Kimble’s listings are in northeast L.A., and she said she’s noticed a surplus of succulents.

Galindo said some developers add drought-tolerant gardens to attract potential buyers.

“Developers remodel homes for the taste of the gentrifier,” he said.

The pair are currently listing a 106-year-old duplex in Angelino Heights, a neighborhood protected by a Historic Preservation Overlay Zone, which preserves a community’s architectural feel by limiting new building designs and renovations. But not every neighborhood enjoys such protection.

Firestick plants fill the gardens of many homes in gentrified neighborhoods.

(Jack Flemming / Los Angeles Times)

Gentrification bonus point: if the garden is riddled with Firestick plants — the trendy, orange-tipped succulents that seem to anchor every lawn in those “up-and-coming” neighborhoods.

Little Free Libraries

Listen, these are lovely. Unlike surveillance systems and privacy fences, little libraries actually evoke a sense of community, bringing neighbors together over a shared love of literature (even though most generally seem to be stocked exclusively with James Patterson novels and unreadable how-to books).

A Little Free Library is posted outside a home.

(Jack Flemming / Los Angeles Times)

The charming, birdhouse-like structures certainly don’t cause gentrification, despite what a handful of critics have claimed over the years. But they definitely seem to be a product of gentrification, usually popping up in areas where home prices are rising and well-to-do residents are moving in.

Gentrification bonus point: if a smart doorbell camera watches over the library, making sure nobody takes more than their fair share of books.

Pointed listing language

Sometimes, the clearest sign of gentrification is hearing how people are talking about a neighborhood and the homes within it. There’s a wealth of such examples posted daily on Zillow, Redfin and other listing sites as real estate agents take on certain tones to market properties to potential buyers.

For example, if a listing brags about the home being some kind of port in a storm, a refuge from the area around it, a ship of gentrifiers might be sailing in. One listing in Boyle Heights is touted as an “urban oasis.” Another in South L.A. promises to add “a touch of serenity to urban living.”

Also pay attention to whether a listing is marketed as an actual place to live or simply an investment opportunity. This listing near Leimert Park asks potential buyers to “come see your future investment today.” An Elysian Heights listing touts its use as an Airbnb.

Gentrification bonus point: if the language sounds like an extra flowery wellness ad, such as this listing in East L.A.: “Imagine stepping into a world where every corner whispers tales of renewal.”

Source: latimes.com

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Founded by — you guessed it — German settlers in the mid-19th century, Germantown is one of Nashville’s most beloved gems.

Don’t get it confused with the city of the same name outside of Memphis, unless you want your GPS to take you all over Tennessee and back. The views on such a trek would be pretty, but talk about a waste of gas!

Where is Germantown in Nashville?

Germantown is an 18-square-block area just outside of downtown Nashville proper.

With its beautiful tree-lined streets, it looks like something right out of a movie. The ZIP Code for Germantown is 37208, but that numeric designation also includes nearby Salemtown.

Here’s a helpful map to give you a visual idea of where Germantown, Nashville is in the rest of middle Tennessee.

Source: Rent.

Germantown overview

To put it mildly, Germantown’s got it going on. A stone’s throw from Downtown, Germantown is one of the most desirable areas to live.

Historic charm? Check. Truly excellent dining? Check. Proximity to healthcare, jobs and entertainment? Check, check and check. These factors all affect rent prices, though, so check out some helpful numbers to determine if Germantown is the right place for you:

  • One-bedroom average rent: $1,536
  • Two-bedroom average rent: $2,221
  • Walk score: 69
  • Bike score: 62
  • Transit score: 49

Living in Germantown

Germantown is ideal for those who long for stroll-friendly streets and easy access to virtually all of Nashville, but who don’t mind paying a rental premium. Like most cities, there are some pros and cons to calling Germantown home, use these details to weigh your preferences:

Demographics

The vast majority of Germantown residents are between the ages of 20 and 44, with a smattering of other age groups sprinkled in. It’s also an area full of couples and/or roommate situations, with most homes made up of two people. The vast majority of residents don’t have children, so it’s probably not ideal for young families interested in lots of playdates.

Almost everyone has at least an associate’s degree or higher.

Education

Schools in Germantown are hit or miss, with some low-to-mid-range rated schools sprinkled in with a few well-regarded magnet options. However, magnet schools are generally application- and/or merit-based, so they’re not a sure thing.

If you do have school-age children be sure to find out zoning rules and designations. Check school ratings on a site like GreatSchools.org.

Safety

The good news is that violent crime is on the decline in Germantown, however, they remain 13 percent higher than the national average.

Crime rates in Germantown are 18 percent lower than the national average, and the neighborhood is safer than 85 percent of other areas in Tennessee. Still, it’s best not to go taking unnecessary chances walking around alone in the middle of the night, ‘kay?

Transportation

Germantown is pretty walkable and somewhat bike-friendly but found lacking in the public transportation department. Indeed, this is a complaint many people have about the general Nashville area.

Fortunately, commute times for residents are usually less than a half-hour. This is really saying something since the Nashville area is legendary for painful commutes. Just ask anyone who comes in from the ‘burbs.

Recreation

With world-renowned dining options such as City House located in Germantown, eating out is a popular option for locals. Shopping is also a beloved pastime for Germantown residents, whether for produce and other goods at the daily Farmers Market or in one of the locally-owned boutiques.

Attractions

Bicentennial Capitol Mall State Park is also in the neighborhood, and its walking paths and historic monuments are extremely popular. Tours, “how-to” classes, bonfires and many other events are also planned year-round.

Germantown is also close to everything that the downtown area offers, from honky-tonks to swank speakeasies.

10 things to do in Germantown

Germantown has everything a person could want for a day out, no car required! Take in some of these quintessentially Germantown Nashville experiences to truly get a feel for what this eclectic neighborhood is all about.

  1. Stop by Bicentennial Capitol Mall State Park for a quick how-to class on a topic like cold weather survival.
  2. Celebrate the area’s heritage with a pint or two of German draft beer at Von Elrod’s.
  3. Grab some fresh fish to cook for dinner at Little’s Fish Company.
  4. Look for treasures at Bits & Pieces Antique Boutique.
  5. Check out the “Friendly Whale” mural on Monroe Street.
  6. Participate in a group fitness class at CODE.
  7. Nosh on delectable baked goods at Christie Cookie Co.
  8. Take the kiddos to storytime at the Tennessee State Museum.
  9. No kids? Enjoy the permanent and visiting collections on display at the Tennessee State Museum.
  10. Enjoy views of the Nashville skyline while dining at Germantown Cafe.

Finding an apartment in Germantown

Although an apartment in Germantown is probably more expensive than one out in the suburbs of Nashville, the perks of living there are too numerous to count. Start your apartment search now to get on the road to joining the ranks of Nashville’s most historic neighborhood.

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.

A freelance writer based out of the Atlanta area, Alia has penned articles during her decade+ career for such sites as HowStuffWorks, TLC, Animal Planet, Zillow and many more. Her favorite things to write about include fitness, nutrition, travel, healthcare and general lifestyle topics. A graduate of the University of Georgia, Alia’s an avid Dawg, but she also loves reading, sewing, eating all things chocolate and playing sports with her husband, three boys and beloved border collie, Flash.

Source: rent.com

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U.S. Government Vs. Robocalls; Study on Debt and Generations; FHA is Alive and Well; Comprehensive Vendor News

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U.S. Government Vs. Robocalls; Study on Debt and Generations; FHA is Alive and Well; Comprehensive Vendor News

By:
Rob Chrisman

6 Hours, 45 Min ago

Yesterday the U.S. Government took a step addressing robocalls! But in that vein, sorry for the delay in sending out today’s Commentary. I received an email earlier this morning saying that my Mont Blanc quill pen set had shipped, and for me to click on a link to track it. After clicking on the link, I was asked to provide my birthday, address, the VIN on my 1988 Corolla, and some other information. After a while, I realized that a) I never ordered a quill pen set, and that b) Montblanc is actually one word. Another phishing attempt! Steel point, fountain, and ballpoint pens all came along in the 1800s, but where were you 250 years ago? Jokes about older loan officers aside (the oldest person is currently Spain’s Maria Branyas, born in 1907), it was a quarter of a millennium ago when tensions between the American colonists and their British colonizers hit the boiling point, much of it about tea, and finally erupted into the Boston Tea Party on December 16, 1773, a political act of defiance against taxation without representation. Speaking of that era, the first real mortgage loans in America weren’t issued until the late 1700s, after the formation of the first commercial bank. On to mortgage stuff! If you’re not quite ready for that, how about a 17th of December song with a good beat heading into tomorrow?

People, Debt, and Money Management

Loan originators are keen students of people and their financial habits. The highlights report from the latest Logica® Future of Money Study looks at the impact of today’s economy on people’s money management and includes data from a special report on debt, how different generations are saving and investing, especially the newest generation of adults (Gen Z). It also covers who people are turning to for financial advice and what they are expecting from employers in terms of financial programs and money management.

“The top reasons people say they invest are to provide long-term financial security, build wealth and meet financial goals. Thirty-three percent (33 percent) of all generations are saving less compared to six months ago in today’s economy, while 26 percent are saving more. Notably, 42 percent of Gen Z specifically say they are saving more than they were six months ago.

“Areas where Americans want help with financial and investment decisions include understanding the basics of how to invest (61 percent), selecting investment options that align with goals (61 percent), and knowing how to manage money during uncertain financial times (60 percent).” (More information about the Logica Future of Money Insights Kit can be found here.

The Fannie Mae Home Purchase Sentiment Index® (HPSI) decreased 0.6 points in November, remaining within the bounds of the low-level plateau it established in the first half of 2023. Consumers’ perceptions of homebuying conditions remain overwhelmingly pessimistic, as only 14 percent of consumers believe it’s a good time to buy a home, a new survey low. Pluralities of respondents also continue to expect both home prices and mortgage rates to increase over the next 12 months. Overall, the full index is up 7.0 points compared to last year.

“Over the past year, the HPSI has plateaued at a low level, evidence of persistent consumer pessimism regarding the state of the housing market,” said Doug Duncan, Fannie Mae Senior Vice President, and Chief Economist. “Looking back, consumer belief that it’s a ‘bad time to buy a home’ hit a survey high several times this year, including this month, and each time the pessimism could be attributed to high home prices and high mortgage rates. At the end of 2022, as mortgage rates approached 7%, a rate level not seen in over a decade, a plurality of consumers said they expected home prices to decrease; however, that optimism faded over the course of 2023. A significant majority of respondents have also continued to expect mortgage rates to increase or stay the same, though these expectations have tempered over the year. At the same time, consumers have expressed a reduced sense of financial security, with fewer respondents reporting household income growth over the year and a higher percentage saying their incomes remained the same.”

FHA is Alive and Well

Contrary to what some in the industry have said about the government-backed program, things are good.

Recently the Federal Housing Administration (FHA) released its annual report to Congress on the financial status of FHA’s Mutual Mortgage Insurance Fund (MMI Fund) covering FHA’s Title II Single Family Mortgage Insurance programs for fiscal year (FY) 2023.

The percentage of first-time homebuyers using FHA insurance was 82.21 percent of total FHA forward mortgage purchase endorsements. The share of mortgages insured by FHA to borrowers of color reached 30.63 percent of all FHA forward mortgage insurance endorsements.

The MMI Fund’s overall Capital Ratio as of September 30, 2023, is 10.51 percent, a slight decrease of 0.60 percentage points from the previous year. The performance of the forward book of business posted a stand-alone capital ratio of 10.20 percent, decreasing by 0.27 percentage points from FY 2022. The Home Equity Conversion Mortgage (HECM) portfolio stand-alone capital ratio stands at 16.72 percent, a decrease of 6.05 percentage points from FY 2022.

FHA’s serious delinquency rate as of September 30, 2023, was 3.93 percent. This is a decrease of 7.97 percentage points from the peak of 11.90% experienced in November 2020 and is similar to the rate prior to the onset of the COVID-19 pandemic.

Bob Broeksmit, CMB, President and CEO of the Mortgage Bankers Association (MBA), stated, “The FHA program is healthy, with a high capital reserve ratio and delinquency levels that are now lower than before the pandemic. We applaud the tremendous efforts of HUD, FHA lenders, and mortgage servicers in managing risk, originating quality loans, and helping distressed homeowners exit forbearance and stay in their homes.

“The Fund’s capital reserve ratio is far above the statutory minimum reserve ratio and is well positioned to withstand any economic slowdown.

“FHA’s move to lower mortgage insurance premiums (MIP) earlier this year improved the purchasing power for many homebuyers, but affordability challenges persist because of low housing inventory and high mortgage rates and home prices. Further action on the MIP, such as eliminating the life of loan premium requirement, should be considered to provide payment relief to FHA borrowers.

Scott Olson, Executive Director of Community Home Lenders of America (CHLA), noted, “CHLA is thrilled by FHA’s continued financial strength, as evidenced by today’s FHA Actuarial Report. In light of FHA’s financial strength, just as relief from excessive student debt burdens has been a priority, the Administration should make relief from excessive homeownership mortgage cost burdens a priority by ending the FHA Life of Loan premium policy.”

Most FHA and VA loans go into Ginnie Mae securities. Ginnie Mae published its Annual Financial Report for the fiscal year 2023, which highlights its financial performance and accomplishments from the past year, and its plans and approaches for strengthening the U.S. housing finance market and supporting affordable and equitable housing opportunities for all Americans.

Ginnie Mae supported more than 1.2 million households, including underserved communities, first-time home buyers, service members, and veterans. Mortgage-backed security (MBS) issuance topped $404 billion, and the Ginnie Mae MBS outstanding reached another historic high of $2.476 trillion.

To read the Annual Report and learn more about Ginnie Mae’s impressive accomplishments and business highlights during the past year, please visit Ginnie Mae’s website here.

A Wealth of Vendor Program Updates

The days when a mortgage company could do everything by itself are long gone, and “third-party providers” are the norm. Who’s doing what out there?

Secure Insight announced that it has entered into a business agreement with Forta Solutions to provide wire verification technology as an integrated tool in Agility™, Forta’s revolutionary new warehouse lending platform. Designed by warehouse lenders, Agility represents a major leap forward in the banking industry, offering unprecedented flexibility, transparency, and efficiency. Agility is the first adaptable, modern warehouse lending platform built by warehouse lenders that provides a faster, safer path to warehouse liquidity. Agility’s modular-based design, simple integrations and dynamic reporting makes it the perfect choice for organizations seeking to simplify and streamline warehouse lending processes. The SOC II Type 1 compliant platform features automated decisioning engines and customized user dashboards with real-time updates. Secure Insight will be integrated into the platform for the benefit of warehouse bank users.

Secure Insight and Corelogic are partnering in providing vendor risk and wire fraud protection for users of the Corelogic LoanSafe Fraud Manager™ product. Secure Insight provides a data feed to LoanSafe in a product enhancement called SARA” Settlement Agent Risk Assessment. This add-on report is available through the existing fraud protection product offered to Corelogic clients. It provides real time risk assessments of settlement professionals, as well as trust account verification pre-closing to avoid fraud. The collaboration allows the two companies to partner in enhancing wire fraud and closing fraud protection in mortgage transactions. The partnership is the result of the collaborative work of Andrew Liput, CEO at Secure Insight and Bridget Berg, Senior Leader of Loan Solutions at Corelogic.

CBC Mortgage Agency (CBCMA), a Native American wholly owned and federally chartered housing finance agency, is introducing a buydown feature, either a 2-1 buydown or a 1-0 buydown, for its down payment assistance (DPA) program for FHA first mortgage financing which lowers the interest in the first formidable years of homeownership making a significant difference in helping borrowers purchase a home if they can make the payments once the interest rate increases. Read more in the Strategic Vantage Press Release.

Start-up Stairs Financial announced the successful completion of a $3.5 million funding round, offers a mortgage marketplace, now licensed in 40 US states, which enables first-time buyers to identify the support programs they are eligible for, and recommends specific products according to their needs and circumstances.

Floify, the mortgage industry’s leading point-of-sale (POS), announced the launch of Floify Broker Edition, an easy-to-use, one-stop lending platform for mortgage brokers. Thoughtfully configured to make managing loans simpler at an accessible price point for brokers. Floify’s borrower-friendly interface increases application pull-through, while rule-based automations promote operational efficiency by performing rote tasks and advancing loans behind the scenes.

Broker Edition comes equipped with four pillar features that enable brokers to use the platform in lieu of a traditional loan origination system (LOS) or as a complement to their existing LOS.

Mortgage Call Reports (MCR) functionality allows brokers to swiftly generate mandatory NMLS reporting documentation and export reports by quarter, year, and state, streamlining a burdensome compliance requirement. View the Press Release for more information.

As in previous years, the Consumer Financial Protection Bureau (“CFPB”) has updated a couple of the dollar amounts specified in various parts of Federal Regulation Z (12 CFR Pt. 1026), which amounts are required to be adjusted annually for inflation. These amounts include the “Truth in Lending (Regulation Z) Threshold Adjustment” and the “Higher-Priced Mortgage Loans Exemption Threshold Adjustment”. docutech Compliance posted additional details. These changes are available for testing on Stage servers and will take effect on January 1, 2024.

On July 28, 2023, Governor JB Pritzker approved Illinois House Bill 2717 which amends the Illinois Mortgage Escrow Account Act regarding notifications about terminating or continuing escrow accounts for higher-priced mortgage loans. More information is available in the docutech Compliance post: document Updates: Illinois Mortgage Escrow Account Act.

Lenders, there’s still time to participate in the Digital Innovations Survey of STRATMOR Group’s Technology Insight® Study. Whether you are well on your way with your digital plans or are thinking through what to do in 2024, you’ll want the data that is only available from this study. This survey takes less than 10 minutes and participating lenders receive the survey report for free. Don’t miss your chance to have data on the key digital capabilities and the benefits and barriers to the digital technology available in the mortgage market today: take the Digital Innovations Survey now!

In this Strategic Vantage Press Release, the unveiling of new research performed by Snapdocs, the U.S. mortgage industry’s leading digital closing provider, revealed that the majority of lenders who have purchased eClose technology are not realizing the benefits of the product at scale. A survey of 100 top mortgage lenders found, among other things, that global and national banks are more likely to offer hybrid and eNote closings. But credit unions, smaller banks, and independent mortgage bankers are more likely to require all documents to be printed and signed in person at closing, according to the study.

MISMO® announced the publication of the new MISMO Engineering Guideline (MEG) for Extending a Standard MISMO XML Schema (MEG 0025). “The MISMO MEGs ensure that work products adhere to all applicable technology standards, are produced in a consistent fashion, and meet the needs of the mortgage industry,” said David Coleman, MISMO President.

MEG 0025 provides guidance on how to extend the MISMO Version 3.x XML schema – providing an orderly way of enabling a message to hold additional data needed for mortgage processing that is not included in a specific MISMO XML schema version.

Hundreds of thousands of Americans are currently considering homeownership but are facing a major hurdle of a down payment on a new home. According to the National Association of Realtors® (NAR), the median sales price for existing homes in January 2023 was $359,000, which means that a potential homeowner trying to save up a 10% down payment would need close to $40,000. Silverton Mortgage, a leading direct residential mortgage lender, has programs that can help potential home buyers obtain a mortgage loan with no cash down. Eligible homebuyers can receive 100% financing on Conventional, FHA, VA, and USDA loans through a variety of loan programs and, in some cases, second mortgages.

Rapidio, a pioneer of mortgage underwriting technology, officially announced the first component of its FlexStack Component System™: Income Assessment, an automated income verification feature that makes the process quick and hassle-free, ensuring accuracy and reducing processing time. Available across various types of loans, including GSE, FHA, and VA, Rapidio validates, verifies, calculates, and assesses guideline eligibility, and then presents the entire income story to underwriters for review who make the final assessment. Rapidio’s Income Assessment component is part of its Flexstack Component System, providing financial institutions with the foundational architecture to revolutionize the underwriting process. Rapidio is offering financial institutions to try a free, two-week trial of its income component.

MISMO®, the real estate finance industry’s standards organization, published new eVault Standards and SMART Doc® Validation Rules documents, designed to ensure that eVaults have the proper functionality for all industry participants. eVaults using the standards, including the validation rules, ensure seamless interoperability for lenders trading eNotes. The standards contain guidance for the minimum technical standards by which an electronic vault should be built. The SMART Doc Validation Rules document is a consolidated set of rules that outlines the components and fields that are expected in an eNote. Uniformity of eVault platforms and eNote Validation Rules are necessary to alleviate friction between trading partners.

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Source: mortgagenewsdaily.com

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Both 15-year fixed and 30-year fixed refinances saw their mean rates trail off this week. The average rates for 10-year fixed refinances also trailed off.

  • 30 Year Fixed Refinance: 7.18%
  • 15 Year Fixed Refinance: 6.41%
  • 10 Year Fixed Refinance: 6.14%

Mortgage refinance rates have soared since early 2022 and millions of homeowners remain locked in to the lower fixed rates they secured years ago. With the Federal Reserve taking its third consecutive pause from its aggressive rate-hike policy, mortgage rates have finally started to ease, but they’re not expected to stabilize until next year.

Some homeowners who bought homes with rates near or above 8% could soon see substantial enough rate dips to consider refinancing, according to Matt Graham of Mortgage News Daily. “The best bet there is to keep an eye on day-to-day rate changes and have a game plan on how to capitalize on a big enough drop,” Graham said.

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

Refinance rates for homeowners

In today’s high-rate environment, refinancing is less attractive. The lowest rates advertised by lenders are currently around 7%, but your personal interest rate will depend on your credit history, financial profile and application.

Here’s are the average refinance rates reported by lenders across the country. We track refinance rate trends using information collected by Bankrate:

Today’s refinance rates

Product Rate A week ago Change
30-year fixed refi 7.21% 7.57% -0.36
15-year fixed refi 6.41% 6.80% -0.39
10-year fixed refi 6.14% 6.85% -0.71

Rates as of December 18, 2023.

How to choose a refinance

When you refinance your mortgage, you take out another home loan that pays off your initial mortgage. With a traditional refinance, your new home loan will have a different term and/or interest rate. With a cash-out refinance, you’ll tap into your equity with a new loan that’s bigger than your existing mortgage balance, allowing you to pocket the difference in cash.

Refinancing can be a great move if you score a low rate or manage to pay off your home loan in less time, but consider whether it’s the right choice for you at the moment. If you can reduce your interest rate by 1% or more, that could be enough financial incentive to refinance. Yet given elevated rates, you probably won’t be able to secure a significantly lower rate than your current one. If you decide to refinance, compare rates, fees and the annual percentage rate — which reflects the total cost of borrowing — from different lenders to find the best deal.

30-year fixed-rate refinance

The average rate for a 30-year fixed refinance loan is currently 7.21%, a decrease of 36 basis points from what we saw one week ago. (A basis point is equivalent to 0.01%.) A 30-year fixed refinance will typically have lower monthly payments than a 15-year or 10-year refinance, but it will take you longer to pay off and typically cost you more in interest over the long term.

15-year fixed-rate refinance

The average 15-year fixed refinance rate right now is 6.41%, a decrease of 39 basis points from what we saw the previous week. Though a 15-year fixed refinance will most likely raise your monthly payment compared to a 30-year loan, you’ll save more money over time because you’re paying off your loan quicker. Also, 15-year refinance rates are typically lower than 30-year refinance rates, which will help you save more in the long run.

10-year fixed-rate refinance

The current average interest rate for a 10-year refinance is 6.14%, a decrease of 71 basis points over last week. A 10-year refinance typically has the lowest interest rate but the highest monthly payment of all refinance terms. A 10-year refinance can help you pay off your house much quicker and save on interest, but make sure you can afford the steeper monthly payment.

Where will refinance rates end up?

When mortgage rates hit historic lows during the pandemic, there was a refinancing boom, as homeowners were able to nab lower interest rates. But with current average rates above 7%, getting a new home loan isn’t as financially viable.

Refinancing activity has picked up since last year, but the overall level of refinance applications is still very low in comparison with early 2021.

When should I refinance?

Homeowners usually refinance to save money, but there are other reasons to do so. Here are the most common reasons homeowners refinance:

  • To get a lower interest rate: If you can secure a rate that’s at least 1% lower than the one on your current mortgage, it could make sense to refinance.
  • To switch the type of mortgage: If you have an adjustable-rate mortgage and want greater security, you could refinance to a fixed-rate mortgage.
  • To eliminate mortgage insurance: If you have an FHA loan that requires mortgage insurance, you can refinance to a conventional loan once you have 20% equity.
  • To change the length of a loan term: Refinancing to a longer loan term could lower your monthly payment. Refinancing to a shorter term will save you interest in the long run.
  • To tap into your equity through a cash-out refinance: If you replace your mortgage with a larger loan, you can receive the difference in cash to cover a large expense.
  • To take someone off the mortgage: In case of divorce, you can apply for a new home loan in just your name and use the funds to pay off your existing mortgage.

How to find personalized refinance rates

The rates advertised online often require specific conditions for eligibility. Your personal interest rate will be influenced by market conditions as well as your specific credit history, financial profile and application. Having a high credit score, a low credit utilization ratio and a history of consistent and on-time payments will generally help you get the best interest rates. To get the best refinance rates, make your application as strong as possible by getting your finances in order, using credit responsibly and monitoring your credit regularly. And don’t forget to speak with multiple lenders and shop around.

Refinancing can be a great move if you get a good rate or can pay off your loan sooner, but consider whether it’s the right choice for you at the moment.

Source: cnet.com

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Somewhere between a sunroom and basement lives the daylight basement. Unlike basements that live entirely underground, daylight basements are only partially underground. Their defining trait is at least one or more windows that let the “daylight” in.

So, why are renters looking for properties with this unique space? With some imagination and a little design savvy (or a friend with some), you can turn these spaces into cozy family rooms, a playroom for the kids or a guestroom. Really, these rooms offer nearly endless possibilities. Let’s discover why renters are searching for the elusive daylight basement and what you can do with it once you find one.

What is a daylight basement?

Daylight basements are partially underground rooms with at least one full-sized window. And that’s about it. As you can imagine, they come in nearly every size and shape, with many found in homes built on slopes. This natural topography offers the ability to build into the sloping terrain, creating a space that’s partly in the ground yet has a window and a view.

These unique spaces are sometimes confused with walkout basements. However, unlike a walkout basement, daylight basements don’t have exterior doors.

What are the benefits of a daylight basement?

In addition to more room, which is almost always appreciated unless you’re a tiny-house aficionado, daylight basements offer several advantages.

  • Natural light: The natural light brings daylight indoors, providing a connection with nature. It’s a much more welcoming environment than basements with no outside view, enhancing the livability.
  • Expand the living area: Daylight basements can add significant usable square footage to your rental.
  • Cooler: Depending on where you live and the season, this feature can fall into the plus or minus column. Because they’re partially underground, they tend to be cooler than the rest of the house. It’s part of the reason basements first gained appeal. They offered a colder location to store food, mead and ale, helping these vital necessities last a little longer.
  • A room with a view: Need we say more?
  • Feels like a living space: Unlike basements that can feel dark and uninviting, the natural light of a daylight basement creates a warm and welcoming atmosphere.

What are some problems with daylight basements?

As with any room that’s partially below ground, there are a few challenges you may face.

  • Leaks: Because these rooms are lower than the rest of the house and partially subterranean, they’re more susceptible to leaks, excess moisture and water damage. Water can seep through the walls or find its way through any cracks in the foundation. If unchecked, this damp environment can lead to mold and mildew. Fortunately, the natural light makes daylight basements less susceptible to mold growth than in-ground basements.
  • Limited sunlight: Depending on the slope of the home and the direction it’s facing, there may be limited sunlight. If this is the case, consider asking your landlord for permission to paint it. Light-colored ceilings and walls, as well as mirrors, help make the space feel more open and brighter.

What is a daylight basement used for?

This extra space is up for grabs. Is there an artist in the family? Would a home office be beneficial? Maybe a home gym or a place for the kids to be, well, kids. Possibly a craft room, mancave or music room?

Here are a few of the top daylight basement design trends:

  • Game or media room: Do you enjoy entertaining or game night with the family? Daylight basements offer the perfect space for bringing everyone together. Depending on the size, you might consider a foosball or pool table, sitting areas for card and board games and a wet bar. Add a 4K HDR TV with a soundbar or speakers, and you’re prepared for the ultimate entertainment.
  • Home office: It can be challenging to fit a home office into a rental property, with bedrooms often destined for family members. This quiet, light-filled space can provide the ideal retreat, a place to work or read a good book. No one will know.
  • Home gym: We all struggle with finding the time (or the motivation) to work out. Having a room dedicated to keeping fit is nothing if not inspirational! Some popular options for home gym equipment include an elliptical or stair climber, stationary bike, punching bag, bench press or treadmill. Of course, you can always turn it into a hot yoga studio with some mats, blocks and a heater that can get the room to at least 90 degrees Fahrenheit.

When decorating your new space, check out our home decor color trends and the top 2023 Amazon home decor and furnishing selections for inspiration.

Depending on the setup, another option for your daylight basement may be subletting. Some renters, with the landlord’s permission and an okay from the local municipality, sublet the space, helping to defray the cost of the rental.

Is a daylight basement right for you?

It’s hard to beat a functional and stylish daylight basement. However, the added square footage often translates to higher rent. Consider your budget and how you would use the space to help you determine if this unique architectural addition is worth the cost. Also, make sure to check for excess moisture or mold before signing the lease.

Try to find the right place for you by searching our apartments and homes for rent in your target city.

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Mortgage rates could fall to 3% or lower at some point, but if they do, it will likely take several years. 

Getty Images/iStockphoto


It seems like just yesterday when you couldn’t turn on the news without hearing about sub-3% mortgage rates. But today, just a couple of years later, it’s difficult to find a mortgage with under 6.5% interest. That means mortgage rates have more than doubled in a very short period of time. 

If you’re in the market for a new home, it may be challenging to find affordable options with today’s high rates. After all, higher rates equate to higher minimum payments. So, you may be wondering if, and when, mortgage rates might fall to 3% or lower again – and whether or not it’s worth waiting to buy a home until they do.

Although rates could fall to 3% again one day, it’s not likely to happen any time soon. Moreover, it may not be a good idea to wait for mortgage rates to fall before you buy your house.  

See what mortgage interest rate you could qualify for here now.

Will mortgage rates ever fall to 3% again?

Interest rates are cyclical. That means they tend to move in upward and downward cycles – with the current cycle being an upward one. However, that cycle seems to be coming to an end. Many economists expect interest rates to start falling soon, but will they ever fall back to 3%?

It’s possible for mortgage rates to fall to 3% in the future, but here’s why not likely that they will fall that low any time soon: 

Inflation is still well above the Federal Reserve’s target

The Federal Reserve typically increases its federal funds rate target when inflation is too high and reduces it when inflation is too low. Although inflation has been cooling, the most recent data suggests the current annual rate of price growth in the United States is about 3.1%. That’s above the Federal Reserve’s 2% target. 

Slowing inflation means the Federal Reserve isn’t likely to increase its target federal funds rate any time soon. But the fact that price growth continues well ahead of the central bank’s target suggests that no significant rate reductions are on the horizon either. Yes, economists are predicting that rates could begin to fall in 2024, but most agree that the Federal Reserve isn’t likely to make any moves until the second half of the year. That means mortgage rates probably won’t see any meaningful drop for at least several months.  

Learn more about your mortgage rate options here.

The Federal Reserve tends to move slowly

Even if the Federal Reserve does start to cut its federal funds rate target in the second half of 2024, the central bank is probably going to move pretty slowly. That’s for good reason, too. If the Federal Reserve cuts interest rates too quickly, it could spur inflation, erasing all the work the central bank has done to curb increasing prices over the past couple of years. So, any rate cuts in 2024 are likely to be minimal and unlikely to result in mortgage rates dropping to 3%.

Record mortgage rates don’t happen often

According to Federal Reserve data, the sub-3% 30-year mortgage rates of late 2020 and early 2021 were record rates. Record rates don’t usually happen often, but that could be a good thing, too. For example, buyers haven’t paid record high 18%-plus mortgage rates since 1981. 

Why you shouldn’t wait for rates to fall to buy a house

Sure, mortgage rates are relatively high when compared to the rates you would have paid a couple of years ago, but that doesn’t necessarily mean you should wait to buy a home. Here’s why: 

  • Mortgage rates have already fallen: “We have seen mortgage interest rates drop in the last few weeks, which is welcome news to potential buyers,” says Bill Banfield, EVP of Capital Markets for Rocket Mortgage. 
  • Market timing doesn’t always line up with life timing: Banfield went on to argue that “it is impossible to time the market, but people will always need to buy homes – whether they are downsizing after children go off to college or they relocate for a new job.” The simple fact is that life isn’t going to wait for lower interest rates and you probably shouldn’t either.  
  • Competition: The housing market is a competitive one, but it’s not as competitive now as it was when rates were lower. When rates fall, you’ll likely have even more buyers to contend with. 
  • Renting doesn’t build long-term value: Every time you make a mortgage payment, you build equity in your home. But when you make a rent payment, you’re not creating any long-term value. 
  • There are still affordable options: “If someone is in the market to purchase a home, the good news is there are many options to choose from that can help in a higher rate environment,” says Banfield.
  • You may be able to refinance later: It will likely take some time to see any significant drop in mortgage rates. So, it may be wise to buy your home now and refinance your mortgage later when rates fall. 
  • Real estate values tend to grow: Home prices could grow as you wait. So, buying now means you may be able to lock in a more affordable price.  

Don’t wait for prices to climb, lock in your mortgage now.  

The bottom line

Sure, mortgage rates could fall to 3% at some point, but chances are that’s not going to happen anytime soon. Moreover, waiting for rates to drop before you buy your home could backfire. Instead, consider buying your house now and refinancing your mortgage when rates improve. 

Joshua Rodriguez

Joshua Rodriguez is a personal finance and investing writer with a passion for his craft. When he’s not working, he enjoys time with his wife, two kids, three dogs and 10 ducks.

Source: cbsnews.com

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Massachusetts has a rep for lighthouses, its baseball team and lobster rolls. It’s less beloved for its often exorbitant rent prices though.

Fortunately, not every city is quite as expensive as Boston.

Massachusetts state average rent prices

Let’s get this out of the way real quick — few places in Massachusetts have what you would call “cheap” rent. That’s just not the New England way, unfortunately.

In fact, the average monthly rent for a one-bedroom apartment in The Bay State is $2,736, an increase of 5.5 percent from last year. As legit Bostonians would say in utter disbelief, “No suh!”

The cheapest cities in Massachusetts for renters

Sadly, that rent rate is the truth. The good news is that not all cities in Massachusetts are quite so pricey. Some are downright affordable, so it’s absolutely possible to enjoy the Massachusetts way of life without going breaking the bank. Here are the 10 cheapest places to live in Massachusetts, in order.

10. Framingham

  • Average 1-BR rent price: $1,996
  • Average rent change in the past year: 5.88 percent

The suburb of Framingham has access to both Boston and Worcester, given that it’s situated directly in between the two cities. In particular, its location only 20 miles west of Boston makes it ideal for the nearly 72,000 residents of Framingham, since many commute by rail.

However, Framingham does attract many big-ticket employers, thanks to a highly educated population. In fact, Framingham’s biotech industry draws commuters in from surrounding areas. Other major area industries include manufacturing, education and healthcare.

Framingham residents earn an average annual take-home pay of $81,400. Impressive as that is, renters need it to front an average one-bedroom rent of $1,996 per month, up 5.88 percent from last year.

Framingham isn’t all commuting and bills though. The diverse community enjoys a broad range of cultural options, including more than 30 ethnic restaurants found in downtown Framingham. The city’s portion of Route 9/Worcester Road is also known throughout New England as a destination for all things retail and foodie. Yum!

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9. Walpole

  • Average 1-BR rent price: $1,980
  • Average rent change in the past year: -17.5 percent

If you ever wanted to call Walpole home, now’s the time.

The thing that likely lands it on our list of the cheapest places to live in Massachusetts is that rent is down 17.5 percent from last year, with a one-bedroom apartment going for about $1,980 per month.

At just under 6,000 residents, Walpole is one of the smaller towns on our list — it makes up for its petite size though with plenty of character. A mere 13 miles south of Boston, Walpole encompasses all of the things people love about historic New England.

The downtown itself features locally-owned and operated shops, so appropriate for a quiet community known for its tree-lined streets and historic homes. The weekly farmer’s market is a favorite for locals, as are the multiple Irish pubs.

There are three town commons, complete with green space to enjoy the occasional picnic or frisbee session. Don’t forget to hit up Turner Pond and Lodge in the winter for ice skating!

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8. Weymouth

  • Average 1-BR rent price: $1,980
  • Average rent change in the past year: 8.16 percent

Love history? Weymouth is the place for you. The second oldest township in the Commonwealth, Weymouth dates all the way back to 1622, although it was originally known as the Wessagusset colony.

Weymouth has changed quite a bit over the past 400 years, but it nonetheless retains ever so much New England charm. The only downside is that rents in Weymouth have increased 8.16 percent over the last year, to $1,980 per month for a one-bedroom unit.

Originally an agricultural and fishing community, Weymouth today is “South Shore’s medical mecca,” thanks to a heavy healthcare presence.

Weymouth is ideally located in southeastern Mass just 12 miles southeast of Boston. Although winters are brutally cold, the summers in Weymouth are delightful. The hottest month of July averages a temperature of only 74 degrees Fahrenheit.

There’s plenty to do here as one of the cheapest places to live in Massachusetts. Locals love stopping by any of the town’s four village centers for food, drink, shopping and downtime.

Outdoor fun is a must in this area, which includes George Lane Beach and Webb Memorial State Park.

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7. Andover

  • Average 1-BR rent price: $1,944
  • Average rent change in the past year: 9.55 percent

Andover is yet another historic New England community, but it nonetheless exhibits a charm all its own. Named for the England city where most of its settlers hailed from, the Town of Andover incorporated way back in 1646.

Not too long after that (in 1770) Andover saw the establishment of Phillips Academy, the famed independent secondary “prep” school known around the world that has graduated impressive students like Dr. Benjamin Spock, former President George H.W. Bush and even former Supreme Court justice Oliver Wendall Holmes, Jr.

Located 26 miles north of Boston, downtown Andover is accessible by car or rail. Eclectic boutiques and eateries liberally dot the area, and downtown has many nature trails that give locals and visitors the opportunity to explore Andover’s largely unspoiled beauty. Harold Parker State Forest is another must-visit for outdoor enthusiasts.

Andover rent clocks in at $1,944 per month for a one-bedroom apartment, up 9.55 percent from this time last year. Despite this increase, it remains one of the cheapest places to live in Massachusetts.

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6. Bridgewater

  • Average 1-BR rent price: $1,943
  • Average rent change in the past year: 7.21 percent

Some 25 miles south of Boston is Bridgewater, where the average one-bedroom rental will cost you a whole dollar less, $1,943, per month than the previously mentioned Andover. This is an increase of 7.21 percent from last year.

With nearly 27,000 residents, Bridgewater’s niche is somewhere between a small town and a major New England metropolis. Known for its low crime rate and family-friendly atmosphere, Bridgewater residents tend to stick around for a while.

It’s also home to Bridgewater State University, an acclaimed institution that is the largest of nine state universities in Massachusetts.

Like much of the state, Bridgewater boasts incredible access to nature. Among them, The Wildlands Trust— Great River Preserve is more than 125 acres worth of trails, habitats, vernal pools and rare animals. Bridgewater State Park is another excellent spot for hiking, plus it features a lake for water sports.

Be sure to keep an eye on the calendar and take in an event or two at historic Sachem Rock Farm!

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5. Canton

  • Average 1-BR rent price: $1,910
  • Average rent change in the past year: -15.15 percent

Great news, wannabe Canton residents — rent is down in this Boston suburb by a whopping 15.15 percent compared with last year, helping propel it higher on our list of the cheapest places to live in Massachusetts. This brings rent for a one-bedroom apartment to a monthly average of $1,910.

Located 15 miles southwest of downtown Boston, the town of Canton is home to more than 23,000 residents. Settled in 1650 under the name Punkapoag, it was eventually renamed Canton because settlers thought that it is on the exact opposite end of the earth from Canton, China.

The area was an early industrial hub, with Paul Revere himself setting up a gunpowder factory during the American Revolution, as well as the country’s first copper rolling mill.

Things have changed a lot since the olden days, though. Today, Dunkin’ Donuts is among the businesses calling Canton home. Since everyone in New England loves Dunkin’, this is big deal!

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4. Burlington

Photo source: Burlington Recreation / Facebook
  • Average 1-BR rent price: $1,889
  • Average rent change in the past year: -20.51 percent

Rent prices in Burlington have dropped more than 20 percent in the last year, so it’s a better time than ever to get into the area — one of the cheapest places to live in Massachusetts. Currently, a one-bedroom apartment in the city will set you back about $1,889 per month.

Roughly 12 miles northwest of Boston, Burlington has about 25,000 residents and counting. The suburb is gaining in popularity thanks to its enviable location and comparable affordability.

In particular, the 270-acre Landlocked Forest in Burlington is an outdoorsy paradise, with trails and boardwalks suitable for everything from hiking to cross-country skiing in the winter.

Shopping enthusiasts might prefer to skip the trails for 3rd Avenue, where all of the best stores are. Wayside Commons and Burlington Mall are other beloved retail areas.

All in all, Burlington is a delightful suburb to raise a family or live as a young professional, wherever you are in life.

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3. Shrewsbury

  • Average 1-BR rent price: $1,737
  • Average rent change in the past year: -25.12 percent

Down more than 25 percent from last year are rent prices in Shrewsbury. Slightly further inland than many of the other cities on this list, Shrewsbury is 45 minutes west of Boston and 10 minutes east of Worcester in Central Mass. This is the first city on our list to rent below $1,800 per month — a one-bedroom goes for an average of $1,737.

Shrewsbury is home to Ski Ward, a year-round recreational facility. In the winter, visitors enjoy snow skiing, snow tubing and snowboarding. In the summer, it’s the ideal place for beach volleyball, as well as summer skiing and summer tubing.

Another establishment that makes life in Shrewsbury extra sweet is Hebert’s Candy Mansion, known for its homemade candy, but also full of other goodies like ice cream sundaes and luxe coffee. People literally come from all around to take in the full Hebert experience.

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2. Sunderland

  • Average 1-BR rent price: $1,649
  • Average rent change in the past year: -4.64 percent

Moving to the other side of the state, the Town of Sunderland is in western Massachusetts. At nearly 15 square miles and around 4,000 residents, Sunderland is decidedly smaller than many other cities on this list. The rent for an average one-bedroom is down 4.64 percent to $1,649 per month here.

Originally known as Swampfield, due to swampland in the town, Sunderland incorporated in 1718. Today, it features picturesque streets lined with maple trees planted in the 1820s.

Mount Toby is a major Sunderland attraction, as the 1,269-foot fire tower at the summit offers unbelievable views of surrounding area ranges. Hikers also love to take in the waterfalls while out on a trek. In autumn, locals flock to family-friendly activities such as the eight-acre corn maze at Mike’s Maze (September through November).

Certainly not one of the most metropolitan cities on our list, Sunderland still features a sprinkling of dining, shopping and entertainment options suitable for a quaint New England Town. Plus, it’s oh-so-affordable, as the second cheapest place to live in Massachusetts.

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1. Westborough

  • Average 1-BR rent price: $1,445
  • Average rent change in the past year: -37.24 percent

Moving back east, the town of Westborough is everything a New Englander could want and more. And who can argue with the price? Rental rates are down 37.24 percent, with the average one-bedroom rental rate at $1,445 per month!

Westborough was originally established as a place for dairies and orchards. Located 29 miles west of Boston and east of Worcester, Westborough offers commuters easy access by car or rail to these big metro areas.

Today, Westborough houses an impressive slate of businesses, largely in the manufacturing and service industries. Although smaller than Boston by a long shot, Westborough’s 18,000-plus residents enjoy good schools and plenty of amenities for a significantly reduced price tag.

Chauncy Lake and George H Nichols Reservoir are popular spots for sunning, boating, fishing and all other things water-related.

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The 25 cheapest places to live in Massachusetts

Super bummed that the city you’re into didn’t show up on our list? Never fear, there are plenty of other affordable places to live in Massachusetts. Check out the full top 25 cheapest cities here.

The 10 most expensive places to live in Massachusetts

Wanna see how the other half lives? There are plenty of pricey places to live in Massachusetts, too. Take a look at this list of the 10 most expensive cities to live in. Try not to let your jaw drop at these rental rates!

Methodology

Rent prices are based on a rolling weighted average from Apartment Guide and Rent.’s multifamily rental property inventory as of May 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.

We excluded cities with insufficient inventory from this report.

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.

Source: rent.com