Lifestyle

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Finance of America Companies (FOA) Chief Marketing Officer Chris Moschner found himself working for the lender in the wake of its acquisition of American Advisors Group (AAG), and Moschner previously told RMD about his journey to the position and the “intoxicating” opportunity he sees in the reverse mortgage space.

But that space is also facing a series of challenges including lower origination volume, high interest rates and liquidity challenges. The companies have to react and respond to the macroeconomic environment, which could include employing other tools — including more market research — in its messaging, he said.

‘It’s obviously about the macros’

Describing the larger economic environment in the housing finance sector, Moschner said that those factors — particularly interest rates — are not able to be controlled by reverse mortgage companies themselves.

“It’s obviously about the macros,” Moschner explained. “I don’t think it’s anything about [what] the companies themselves [are doing], it’s strictly related to things like the health of the bond market, rates and our ability to invest [correctly] in the short term.”

In such instances, it becomes important to focus on what the companies can control, he explained. That includes borrower outreach efforts and methodologies.

<img decoding="async" width="600" height="600" data-attachment-id="440599" data-permalink="https://www.housingwire.com/articles/origins-far-cmo-chris-moschner-on-his-path-into-the-reverse-mortgage-business/chrismoschner_foa/" data-orig-file="https://www.housingwire.com/wp-content/uploads/2024/01/chrismoschner_foa.jpg" data-orig-size="600,600" data-comments-opened="1" data-image-meta=""aperture":"0","credit":"","camera":"","caption":"","created_timestamp":"0","copyright":"","focal_length":"0","iso":"0","shutter_speed":"0","title":"","orientation":"1"" data-image-title="chrismoschner_foa" data-image-description="

Chris Moschner, CMO at Finance of America Companies, industry-leading reverse mortgage lender.

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Chris Moschner

” data-medium-file=”https://www.housingwire.com/wp-content/uploads/2024/01/chrismoschner_foa.jpg?w=300″ data-large-file=”https://www.housingwire.com/wp-content/uploads/2024/01/chrismoschner_foa.jpg?w=600″ src=”https://www.housingwire.com/wp-content/uploads/2024/01/chrismoschner_foa.jpg?w=600″ alt=”Chris Moschner, CMO at Finance of America Companies, industry-leading reverse mortgage lender.” class=”wp-image-440599″ srcset=”https://www.housingwire.com/wp-content/uploads/2024/01/chrismoschner_foa.jpg 600w, https://www.housingwire.com/wp-content/uploads/2024/01/chrismoschner_foa.jpg?resize=150,150 150w, https://www.housingwire.com/wp-content/uploads/2024/01/chrismoschner_foa.jpg?resize=300,300 300w” sizes=”(max-width: 600px) 100vw, 600px”>

Chris Moschner

“I think [we’ve seen] all of the ingredients and all of the tools for success the category has been laying down for a long time,” he said. “We know that we’ve got to do a better job of educating our customers. Education continues to be a barrier, but that’s not a problem that’s solved overnight. That’s a problem that’s solved with content.”

That content could include reverse mortgage marketing material that includes influencers, and more focused public relations exercises that aim to streamline messaging and advertising, he explained.

But making those more focused moves might need to come after the macroeconomic environment becomes more favorable, which could allow the companies to pivot to marketing “offense” as opposed to macroeconomic “defense.”

“Those types of things will avail themselves over time when we’ve had the opportunity to have a bit more of a stable footing enabled by the macro environment,” he said. “[At a time] when we’re not dealing with strong interest rate headwinds that are leading to bond market volatility, which is leading us to be unsure about what we’re going to get for these loans when we securitize them in the market. So, that’s really it.”

Passion for customers

Moschner identifies passion for the customer base as a key driver for his work, he said.

“[It’s about] truly understanding what it means to be an older American today,” he said. “And not just understanding it at a surface level, and not just [speaking in generalities]. It’s about really understanding them. Some of the work we’re doing now — that I can’t say much about yet — is really focused on foundationally understanding this category.”

Despite sharing a label of “senior” or “older American,” a wide swath of age ranges exist within the demographic. The interests of a 62-year-old are not necessarily identical to the interests or realities of an 85-year-old, Moschner suggested.

“[It’s about discovering] who’s in their network, who their influencers are, what’s important to them,” he said. “And it’s not only about their financial situation but the things that make them excited, nervous or otherwise. So we’re going to that exercise because again, one of the things I learned going back to [my time at Procter & Gamble (P&G)] was that ‘who-what-how’ framework.”

The first step is to “assess the landscape,” which includes a comprehensive review of the category and determining messaging for them that is most resonant and relevant, he said.

Market research

In his “Origins” interview, Moschner shared his history at P&G and how he came to his role at FOA from a classically oriented marketing background in consumer goods. When asked if a P&G-like approach that more regularly makes use of traditional market research tools could benefit the reverse mortgage industry, he agreed.

“FOA and AAG have certainly made use of market research in the past, but I think as an industry more broadly, we need to go deeper,” he said. “The 65-plus demographic is a very interesting and unique one because it is not where the majority of the marketing dollars are spent.”

Instead, most of those marketing dollars tend to focus on people at or below the age of 45, he said.

“Which is interesting because most of the wealth in this country is actually held by people 65 and above,” he explained. “That is certainly changing, but I would argue because of that fact there has been underinvestment in formal market research. There’s been underinvestment in things like attitude and demography studies, and the 65-plus demographic is very diverse in terms of life stage, lifestyle and socioeconomic pillars.”

Understanding the nuances of everyone within that larger demographic will be essential to unlocking the industry’s potential, Moschner said.

Source: housingwire.com

Apache is functioning normally

Both apartments and condominiums share quite a number of traits but differ in ownership. Apartments are often found in large residential complexes owned by a company. These complexes are often operated by professional property managers. Condos are also usually located in large residential complexes, but each condo unit is typically owned by an individual owner.

If you’re browsing the market for a rental, you’ve likely encountered a dazzling array of condos and apartments, and you might rent either type of property. The question of condo vs. apartment gets more complex if you’re debating whether to buy a condo or rent an apartment.

What Is a Condo?

A condo is a residential unit within a collective living community, where each individual condo is owned by a private owner, but the cost of maintaining communal areas is shared by all owners. While condos are often located in high-rise buildings, they can also take the form of a collection of standalone properties, each designated a “condo unit.”

One benefit to renting a condo is that you can deal directly with your landlord rather than a management office, which may mean more personalized attention for your needs.

For buyers, the purchase price for a condo can be significantly lower than the cost of most single-family homes.
💡 Quick Tip: When house hunting, don’t forget to lock in your home mortgage loan rate so there are no surprises if your offer is accepted.

What Is an Apartment?

An apartment is a rental unit within a building, complex, or community. Often, an apartment complex is managed by a property management company, which serves as both landlord and leasing agent for all of the units on the premises. In big cities, “apartment” is sometimes used as shorthand for a condo or co-op unit. If you’re choosing between a co-op and a condo to rent or buy, you’ll want to know how they differ, and whether you’re ready to buy an apartment.

Rental apartments may be located in high-rises but can also be found in larger homes that have been subdivided into separate units.

Renting an apartment offers greater mobility than buying a property, which makes it a flexible option if you’re only planning on staying in an area for a couple of years. A full-time management office or private landlord takes care of leasing, rent payments, and repairs.

Where They Differ

Now that we’ve covered the condo vs. apartment basics, let’s dive deeper into some key dimensions in where they differ.

Ownership

Each unit in a condo development is usually owned by a private homeowner. Unless the condo owner retains the services of a property manager, prospective renters can expect to deal with the condo owner directly when it comes to rental applications, monthly rent payments, and any maintenance issues that arise over the course of their lease.

Apartments are often managed by a property management company that may also own the apartment complex. Effectively, this makes the company the landlord for the entire property. Prospective apartment tenants will usually submit their application and rent payments through the apartment leasing office, while full-time maintenance staffers are on call to deal with any repairs. Of course, some apartments are in smaller buildings owned by individuals. In that case, a renter might deal directly with the property owner just as a renter in a condo does.

In either case, landlords may be amenable to your desire to negotiate rent in order to take you on or keep you. Paring the rent is the main goal in such a negotiation, but you can always ask for other benefits in lieu of a rent reduction.

Property Taxes

Renters aren’t responsible for paying property taxes, making them a non-issue in the apartment vs. condo choice. However, if you’re deciding whether to purchase a condo, understand that you’re responsible for paying property taxes for your unit every year. If you decide to rent your condo out, you should also expect to be taxed on any rental income you collect.

Design

Regardless of structure type, condo owners retain the right to make cosmetic adjustments to the interior of their properties. So if you’re interested in renting in a particular condo complex and you don’t like the design choices an owner has made, consider looking at other units that are available for rent — you may find a very different look and feel in another unit. Apartments within a rental complex, in contrast, typically share similar, if not identical, layouts and designs regardless of which unit you choose.

Amenities

The amenities of both apartments and condos vary widely and often depend on when and how they were built. Generally speaking, condos are more likely to offer customized amenities, like state-of-the-art appliances and granite countertops, that reflect the tastes and habits of their owners.

Fees

Apartments and condos of similar quality and in the same area should rent for around the same cost. Both condos and apartments often charge the following fees:

•   Application fee

•   First and last month’s rent

•   Security deposit

•   Credit and background check fee

•   Pet fees and deposit

•   Parking fee

Renters may find that condo owners are more willing to negotiate on things like fees than apartment management teams, as these are private owners trying to keep their units rented out for income purposes.

Buying a condo will mean paying monthly maintenance fees that cover insurance for and upkeep of common areas, water and sewer charges, garbage and recycling collection, condo management services, and contributions to a reserve account.

Community

Condos usually have a greater sense of community than apartment complexes, given that their residents are likely to stay around longer. In many cases, residents consist of the condo owners themselves.

By contrast, renters living in apartments often intend to stay for only a couple of years. While that’s not to say that there aren’t occasional resident get-togethers at some apartment complexes, you’re less likely to encounter the same faces over several months.

If you’re renting a condo, expect to abide by rules set by the homeowners association. These can sometimes be fairly strict. Apartments have their own set of rules that may be less stringent.

Renting and Financing

Renting an apartment involves one monthly rent payment, in addition to any utilities you’re responsible for. Of course, when you leave the apartment, you leave with just your security deposit, assuming all payments have been made and no damage has been done.

Financing a condo and purchasing the property allows you to lock in your monthly mortgage payments at a steady long-term rate and gives you the chance to start building equity. In exchange, you’ll be required to make a down payment and be responsible for any taxes, insurance, and maintenance fees, among other costs.

Deciding whether it’s better to buy a condo or to rent — or to get a house or condo — is a complicated decision that depends on your personal finances and your lifestyle. If you’re thinking about settling down, have a stable job with steady income, and have enough saved up for a down payment with an emergency fund to spare, buying a condo or house may be the right choice for you. However, if you’re still exploring the area or have variable income with limited savings, it may be best to continue renting. For those trying to decide between renting an apartment and financing a condo or house, a mortgage help center can help provide answers.
💡 Quick Tip: Your parents or grandparents probably got mortgages for 30 years. But these days, you can get them for 20, 15, or 10 years — and pay less interest over the life of the loan.

Maintenance

Most apartment complexes have an on-site building supervisor who can address maintenance issues. Given that the owner of a large apartment complex oversees all of the units, they’re incentivized to employ someone full time to attend to the day-to-day affairs. This often means that apartment owners can react faster than condo owners, who sometimes don’t even live on the premises.

By contrast, condo units are usually owned by landlords, and most of them hire a third-party contractor to come in and make repairs as necessary. In some cases, condo owners may be handy and handle the repairs on their own.

If you buy a condo, you’ll have a regular maintenance fee that covers the shared parts of the property, but because condo owners typically own just the interior of their unit, any repairs in the condo unit will be separate. (It’s a good idea to pore over the covenants, conditions, and restrictions to see exactly what is part of your unit or part of the common elements.)

Condominium vs Apartment: A Side-by-Side Comparison

To help sum it all up, here’s a quick guide to the condo and apartment traits discussed above.

Condo Apartment
Ownership Private owner Property management company, if a large complex; private owner if a smaller building
Property taxes Paid by condo owner Paid by building owner
Design Customized by owner Uniform across all units
Fees

First and last month’s rent

Security deposit

Credit and background check

Application fee

First and last month’s rent

Security deposit

Pet fees
Community Typically condo owners and long-term residents Typically shorter-term renters
Renting & Financing

Condo renters:

Monthly rent

Utilities

Condo owners:

Mortgage payment

Utilities

Property taxes

Maintenance fees

Property insurance

Monthly rent

Utilities

Renter’s insurance
Maintenance Private owner hires third-party contractors for repairs and maintenance On-site maintenance staff

Condo vs Apartment: Which One May Be Right for You?

Whether a condo or apartment is right for you depends on your preferred rental experience. If you’re looking for something that feels a little more akin to home and don’t mind dealing directly with your landlord when discussing repairs and rent payments, a condo (or an apartment in a small privately owned apartment building) may be the better option for you.

On the other hand, if you prefer dealing with a full-time staff of property managers, want something more structured, and don’t mind cookie-cutter corporate apartments, an apartment may be the better rental option for you.

Prospective condo buyers will want to keep their finances and monthly budget in mind when deciding if they want to rent or buy. While the idea of building equity is appealing, settling down and committing to a mortgage isn’t for everyone. You’ll want to thoughtfully evaluate your ability to make monthly payments and whether you want to stick around an area.

The Takeaway

In the condo vs. apartment comparison, you’ll pay similar costs when renting properties of similar quality. Things get more complex if you’re debating whether to buy a condo or rent an apartment, as there are myriad added costs for condo owners in exchange for the chance to build equity.

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FAQ

Why are condos more expensive than apartments?

In general, condos and apartments of comparable quality cost around the same amount to rent. A condo owner, however, will likely face higher monthly costs than an apartment renter, thanks to the added costs that come with owning a property, including mortgage payments, taxes, insurance, and maintenance fees. Over time, the added expense may be offset by the equity built through mortgage payments.

Which retains more value, condos or apartments?

Over the long run, both a condo and an apartment in a co-op building can lose or gain value. Whether your specific property appreciates will depend on local market factors and on upkeep of your unit as well as of the larger complex.

Can I get a loan to buy a condo or co-op apartment?

A qualified buyer can finance a condo with a government-backed or conventional mortgage loan. Getting a loan for buying into a housing cooperative can be more difficult. The buyer is purchasing shares that give them the right to live in the unit — personal property, not real property. That’s one reason that some lenders do not offer financing for co-ops.

Photo credit: iStock/Michael Vi

*SoFi requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. Other loan types may require different fees or insurance (e.g., VA funding fee, FHA Mortgage Insurance Premiums, etc.). Loan requirements may vary depending on your down payment amount, and minimum down payment varies by loan type.

SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.

SoFi Mortgages
Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility for more information.

Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

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Source: sofi.com

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Last year was tough for potential home buyers: Prices and mortgage rates were high, while the number of homes available was low. But even if rates inch down and inventory climbs — trends many experts expect in 2024 — some nonhomeowners will be content to sit this one out. That’s because renting a home isn’t just a consolation prize, something you do only if you can’t buy. For many, it’s a deliberate choice.

Well over one-third (37%) of renters plan on renting forever, according to NerdWallet’s 2024 Home Buyer Report. For many, it’s a lifestyle choice: Three-quarters of Americans who rent their homes say renting suits their life better than owning right now.

Meanwhile, a smaller share has resigned themselves to renting after a discouraging run as a potential buyer: 1 in 20 Americans who began 2023 with plans to purchase canceled those plans because they changed their mind about buying a home, now or ever, according to the survey.

The decision to rent or buy is complex and goes beyond the financial aspects. Here are four considerations that may make renting not only acceptable but the right choice.

1. Upfront costs of homebuying are substantial

More than half (56%) of renters say they don’t think they’ll ever be able to afford homeownership, according to the NerdWallet survey. Indeed, average mortgage payments are 37% higher than the average rent in multifamily units, according to a recent analysis from CBRE Research, a commercial real estate services and investment firm.

And these monthly ownership costs are far from the only ones tipping the scales. Even in markets where rents and house payments are comparable, buying a house requires upfront costs that far exceed a security deposit. These upfront homebuying costs, including the down payment and closing costs, can easily run into the tens of thousands of dollars.

Saving for these costs can take years of sacrifice, setting aside money that could otherwise go toward retirement or other long-term financial goals — or fun stuff, such as travel. It boils down to what you value, and if your heart isn’t really in it, homeownership might not be worth those sacrifices for the time being.

2. You don’t want to feel tied down

Owning a home makes it more cumbersome to move when you receive a job offer or simply desire a change of scenery. If you’re uncertain of where you want to live long-term, it can be difficult (and costly) to commit to a mortgage. The 75% of renters who say renting suits their lifestyle better than owning would likely nod their heads to this.

There’s no hard-and-fast rule regarding the age at which you should “put down roots.” There’s really no rule at all. If you prefer the flexibility of shorter-term commitments or want to experience many locations before choosing a favorite, renting can give you that.

3. Homeownership requires more ongoing work

Generally, homeowners are advised to set aside 1% to 4% of their home’s value each year for ongoing maintenance costs. The maintenance and repairs of a rental home, on the other hand, are largely left up to the landlord. While the service quality may vary, it rarely comes at an additional cost to the renter. And this isn’t lost on those tenants: 55% of renters prefer renting to all of the expenses and effort of homeownership, according to the survey.

While DIY trends have grown significantly over the years — through popular culture on television and social media, and later through necessity during the early pandemic — not everyone wants to invest in the tools and time necessary to maintain their own home. And those homeowners who choose not to would otherwise have to do the work of hiring someone, another dreadful task.

4. You’re not convinced it’s a good investment

Well over half (59%) of renters don’t believe buying a home in the current market is a smart investment, according to the survey. Real estate investments, like most investments, don’t come with guaranteed returns. Even if you get a deal on a house and make improvements with the goal of selling it at a profit, things outside of your control (e.g., the economy, a pandemic, etc.) can have a significant impact on the outcome.

About one-third (34%) of renters are embarrassed to admit they rent instead of owning their home, but they don’t need to be. People who lease vehicles likely aren’t ashamed of their choice. Renting a home can be a perfectly logical decision, made after weighing the costs, benefits and how one option simply fits your life better.

Source: nerdwallet.com

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In recent years, the real estate landscape has undergone a profound transformation, marked by the popularity of build-to-rent homes. This innovative housing model, conceived for rental purposes, has emerged as a trend that not only caught the eye of industry stakeholders but has also redefined the expectations of both landlords and tenants.

In this deep dive, we will unravel the foundation of build-to-rent homes, comb through its growth path from its inception, evaluate its current status and think about the potentially far-reaching impact it may exert on the rental market.

Understanding build-to-rent homes

Build-to-rent homes represent a departure from conventional real estate development, as they are residential properties designed and constructed with the sole purpose of being rented out rather than sold. These purpose-built developments often manifest as part of larger rental communities, strategically incorporating an array of amenities and services to elevate the overall living experience for tenants.

What characterizes build-to-rent homes?

The terms “build to rent,” “built to rent,” “BFR” and “B2R” are interchangeable, all denoting properties constructed explicitly for long-term rentals. Rather than being purchased from other owners, these homes are constructed by owners with the specific intent of catering to tenants.

These properties can be owned by individuals or managed by companies, particularly within build-to-rent communities. The variety of build-to-rent homes includes single-family dwellings on standard-sized lots, small lot homes with closer proximity, duplexes featuring two attached units, triplexes with three attached units and row homes and a series of side-by-side houses sharing a common wall.

The origins of the trend

The roots of the build-to-rent trend delve into the need to adapt to the changing dynamics of the housing market. Factors such as urbanization, a shifting preference for flexibility among millennials and young professionals and a heightened desire for a convenient and hassle-free lifestyle contributed to the initial emergence of this trend. Its early development stages can be traced back to the early 2010s, witnessing a significant surge in build-to-rent developments that were crafted in response to the needs of the housing market.

The evolution of build-to-rent

The evolution of build-to-rent homes is intertwined with the broader socioeconomic shifts shaping our cities and communities. As urbanization accelerated, there was a demand for housing solutions that catered to the dynamic lifestyles of individuals seeking convenience, flexibility and a sense of community. The traditional model of homeownership faced challenges in meeting these evolving needs, paving the way for the rise of build-to-rent homes.

These purpose-built developments were conceived as more than just housing units; they aimed to create entire communities tailored to the modern renter’s lifestyle. Developers, typically a property management company, envisioned amenities like those of apartment buildings like fitness centers, swimming pools, communal spaces, co-working areas and on-site services to foster a sense of belonging and convenience within these rental communities. The objective was not merely to provide shelter but to curate an enhanced living experience that rivaled traditional single-family rentals.

Current status and popularity

As we cross the threshold from 2023 into 2024, the build-to-rent trend continues to gain momentum, asserting itself as a prominent player in the real estate domain. Investors and developers, discerning the potential for stable returns in the rental sector, have propelled a surge in construction projects exclusively dedicated to build-to-rent properties. The demand for such homes spans a diverse demographic spectrum, encompassing young professionals, families and retirees, all of whom are drawn to the benefits that build-to-rent communities offer.

The surge in popularity is not only a result of demographic shifts but also indicative of changing attitudes towards homeownership. The younger generations, in particular, are increasingly valuing flexibility and experience over the long-term commitment of owning a home. The advantages of build-to-rent properties, such as communal living, shared amenities and hassle-free maintenance, align seamlessly with these changing preferences.

Impact on landlords

Build-to-rent homes have ushered a shift for landlords, presenting a host of advantages that extend beyond the traditional rental model. One of the most significant benefits is the higher renewal rate. Tenants, appreciating the convenience and plethora of amenities provided in these purpose-built communities, are more inclined to renew their leases. This not only ensures a stable income stream for landlords but also fosters a sense of community and stability within these rental developments.

The streamlined management of build-to-rent properties is another boon for landlords. Centralized management, often facilitated by professional property management companies, allows for more efficient operations. From maintenance and security to community events and amenities, the integrated approach reduces the burden on individual landlords, contributing to a smoother and more sustainable rental model.

Furthermore, the scalability of build-to-rent developments provides investors with the opportunity to diversify their portfolios. The ability to own and manage multiple units within a single community or across various locations enhances the potential for economies of scale and mitigates risks associated with individual property management.

Impact on tenants

Tenants, the primary beneficiaries of the build-to-rent paradigm, stand to gain numerous advantages from choosing these purpose-built homes. These properties are meticulously designed with tenant needs in mind, offering an array of amenities such as fitness centers, communal space and on-site maintenance services. The emphasis on privacy is a notable characteristic, often achieved through detached or well-insulated units, setting build-to-rent homes apart from traditional rental options and providing tenants with a more comfortable and private living experience.

The communal aspect of build-to-rent living is a significant draw for tenants: This living experience aligns with the social preferences of modern renters, particularly the younger demographic, who prioritize connections and experiences over isolated living. The flexible lease terms offered by build-to-rent developments also cater to the transient nature of contemporary lifestyles. With the option for shorter leases and the absence of the burdensome responsibilities associated with homeownership, tenants can embrace a lifestyle characterized by mobility and adaptability.

Looking ahead at the future of single-family homes

As we cast our gaze into the future, the build-to-rent trend is poised to continue shaping the housing landscape in profound ways. The flexibility, convenience and community-oriented features of these developments are likely to attract an even broader spectrum of renters.

Moreover, advancements in sustainable and smart building technologies hold the promise of further enhancing the appeal of build-to-rent homes, making them a sustainable and forward-thinking choice for both landlords and tenants.

The integration of green building practices, energy-efficient technologies, and smart home solutions align with the growing emphasis on sustainability in the real estate sector. These innovations not only contribute to environmental conservation but also offer cost-saving benefits for both landlords and tenants. As society becomes more conscious of its ecological footprint, the incorporation of sustainable practices in build-to-rent developments positions it as a responsible and future-ready housing solution.

The confluence of these trends is not merely a fad; rather, it signifies a redefinition of how we conceptualize and experience rental housing. The integration of these elements is set to leave an major mark on the housing market, influencing its trajectory for years to come.

Looking for a place to rent, whether build-to-rent or something different. Check out our available apartments and houses for rent here.

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A sprawling 26.72-acre property nestled along the serene banks of the Wicomico River in Eden, Maryland has recently landed on the market — with a bang.

Listed at $2,690,000, it’s currently the priciest home listed for sale in the entire Wicomico County, surpassed only by a Delmar, MD empty lot (spanning over 40 acres) that’s looking to fetch $3.9 million.

Whitney Elliott with the Salisbury office of Coldwell Banker Realty in the Mid-Atlantic holds the listing.

The expansive Eden, MD property is anchored by an 8,252-square-foot estate that blends traditional charm with modern luxury and offers a rare opportunity to own a piece of riverside paradise — complete with a two-story observatory.

Photo credit: Svetlana Leahy / Coldwell Banker

Built in 1988, this 4-bedroom, 4-bathroom home sits on a sprawling 26.72-acre plot, boasting 700 feet of waterfront complete with a private dock and two lifts, including one with deep water access.

Photo credit: Svetlana Leahy / Coldwell Banker

The estate’s exterior is matched by its equally impressive interior, starting with a grand foyer and an elegant winding staircase that invites you into a world where modern conveniences meet classic design.

The heart of the home is its gourmet kitchen, a caterer’s dream equipped with top-tier appliances from GE Professional, Viking, and ILVE, and a sizable butcher block countertop.

Photo credit: Svetlana Leahy / Coldwell Banker
Photo credit: Svetlana Leahy / Coldwell Banker
Photo credit: Svetlana Leahy / Coldwell Banker
Photo credit: Svetlana Leahy / Coldwell Banker
Photo credit: Svetlana Leahy / Coldwell Banker
Photo credit: Svetlana Leahy / Coldwell Banker

The first-level primary suite offers waterfront views and luxurious comfort, while the house’s elevator provides convenient access to the upper levels.

Entertainment is a key feature of this property.

A bar and game room set the stage for social gatherings, and a 3,000-bottle wine cellar ensures a well-stocked selection for any occasion. For movie enthusiasts, the in-home theater, complete with a 10-foot screen and custom acoustics, provides an immersive cinematic experience.

Photo credit: Svetlana Leahy / Coldwell Banker
Photo credit: Svetlana Leahy / Coldwell Banker

Perhaps the most striking feature of this Eden property is its custom two-story observatory.

With a climate-controlled interior, this observatory houses a high-end telescope, leveraging advanced technology for an unparalleled stargazing experience.

Photo credit: Svetlana Leahy / Coldwell Banker

Speaking of technology, the Eden, Maryland house has plenty of smart home features throughout — including a whole-home audio and lighting system, extensive ethernet connections, and a comprehensive home security system, ensuring both comfort and safety for its residents and guests.

The property doesn’t just impress with its luxury finishes; it also incorporates efficient living solutions. Various heating sources, including geothermal and liquid propane, are used throughout the estate.

The two wood-burning fireplaces add a cozy touch to the modern amenities.

When it comes to its outdoor appeal, the sky’s the limit. With well over 26 acres of land in an idyllic location, there’s plenty to do on the property, and future owners will enjoy a private dock with two lifts, including one with deep water access.

Photo credit: Svetlana Leahy / Coldwell Banker

With so many intricate details, this Eden estate on the Wicomico River is more than just a house; it’s a lifestyle offering. From its sprawling river views to the unique observatory, it represents a blend of luxury, technology, and natural beauty rarely found in the real estate market.

This property promises a living experience that is as grand as it is intimate, a perfect sanctuary for those who appreciate the finer things in life, with the universe just a gaze away.

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Source: fancypantshomes.com

Apache is functioning normally

Full of historic buildings and Victorian and Craftsman homes, Nob Hill exudes an air of classic Portland style and sophistication. But it’s also one of the Rose City’s trendiest spots for shopping and dining, especially along NW 23rd — or Trendy-Third — Avenue. From the latest must-try restaurants to charming local boutiques, there’s always something to see and do. And if you live in the area, home is just a quick walk or bus ride away along quiet, tree-lined streets. If you want to set down roots in one of Portland’s eternally-iconic neighborhoods, Nob Hill is the spot.

Where is Nob Hill located in Portland?

Nob Hill is in Northwest Portland, with the West Hills to the west and the Pearl to the east. For those unfamiliar with Portland’s topography, Northwest Portland is on the west bank of the Willamette River. Also known as the Alphabet District, Nob Hill is generally defined as stretching north-south from West Burnside St. to NW Thurman, and east-west from NW 20th to 23rd Avenues.

The area ZIP code is 97210, which also encompasses the overall Northwest neighborhood and the base of the West Hills.

Source: Rent.

Sure, the area is highly walkable, but what about public transit? How expensive is it since many of the buildings are so historic? There are lots of factors to consider when choosing a new neighborhood. Here are some stats about Nob Hill:

  • Studio average rent: $1,680
  • One-bedroom average rent: $2,165
  • Two-bedroom average rent: $3,062
  • Walk score: 95.86
  • Bike score: 91.04
  • Transit score: 81.90

Living in Nob Hill

Choosing Nob Hill as your home means you get big-city fun in a communal, neighborly package. You can easily walk or bike to some of Portland’s best shopping, dining and cultural offerings. But you also feel well-connected to your community. It’s the best of both worlds!

Walking and biking

As you can see above, Nob Hill boasts of incredibly high walking and cycling scores. As an extremely pedestrian and cyclist-friendly city, Portland drivers are very aware of their surroundings.

Local laws are also very geared toward pedestrian and cyclist safety and right of way. So you can feel safe and secure walking and biking around your own neighborhood.

Photo source: Oregon Trail Recovery Project

Public transportation

Although Nob Hill is easily walkable and many residents choose to walk or bike around, there is still great mass transit available.

TriMet bus Line 15 offers a straight shot down NW 23rd. Another convenient transit option is the Portland Streetcar, whose North/South Loop connects the north end of Nob Hill to Downtown.

Walking or using mass transit are also the main ways of getting around as finding parking is difficult. I-405 is also just a few blocks off Nob Hill, connecting to I-5 toward Seattle or heading south into central Oregon.

Education

Many young people choose Nob Hill for the happening lifestyle. But the peaceful neighborhoods and large Craftsman-style homes are great for families, and there are some highly-rated schools in the area. Chapman Elementary School and the Metropolitan Learning Center are well-regarded, as well as Lincoln High School.

Safety

Overall, Nob Hill is a very safe neighborhood.

Both local forums and third-party reviewers rank it as a safe place, with violent crimes like assault ranking incredibly low or nonexistent. There are some issues with theft and burglary, which is an issue many parts of Portland have been grappling with. But overall, residents report feeling safe and secure.

Recreation

Nob Hill is a fantastic area if you enjoy spending time outdoors. There are several clean and lush city parks nearby like Wallace Park, where you can exercise, walk your dog or relax. And Forest Park, which has tons of trails, is easily accessible via Lower Macleay Park.

Source: Rent. / The Celine

Dining

Nob Hill is one of Portland’s best districts for dining, and foodies here have a field day.

From breakfast to nightcaps, there’s always an occasion for dining out. Start off the day at Pine State Biscuits for their breakfast biscuit sammies, and get coffee from Barista or Good Coffee.

For lunch and dinner, you have your pick of anything from sushi to seasonal Pacific Northwest fare. And drinks-wise, there are awesome spots like Bar Diane, a chic wine bar, and Southland Whiskey Kitchen.

10 things to do in Nob Hill

Homebodies, beware: you’ll never want a stay indoors life when you live in Nob Hill. Whether popping out for a coffee, bar-hopping or browsing local shops, there’s always something fun to do.

  1. Dive into Portland’s famous weird vibes at the Freakybuttrue Peculiarium and Museum with its collection of the bizarre and strange.
  2. Enjoy al fresco dining Portland-style at the Nob Hill Food Carts, with its diverse offerings from ramen to burgers.
  3. Dine at top-notch restaurants and eateries like Bamboo Sushi, Grassa and Salt & Straw.
  4. Say goodbye to store-bought bread; get all your loaves from the iconic Ken’s Artisan Bakery.
  5. Go for a hike in nearby Forest Park, which has over 70 miles of trails, to enjoy some time in nature.
  6. Shop locally-made goods and handicrafts at shops like Tender Loving Empire, and find your fave national retail brands like LUSH and Williams-Sonoma.
  7. Take in a movie at Cinema 21, a neighborhood treasure that showcases classic, indie and arthouse films.
  8. Go for a stroll around the neighborhood to admire the many historic buildings and houses.
  9. Break out for your best karaoke song at VoiceBox, which boasts of private karaoke booths and now offers virtual karaoke during the pandemic.
  10. Move over, craft beer; Portland’s distilling scene is booming, as you’ll discover visiting and tasting at NW distilleries like Bull Run and Aria Portland Dry Gin.

Finding an apartment in Nob Hill

Ready to live that hip Northwest Portland lifestyle? Check out what apartments are available in Nob Hill! Even if Nob Hill itself isn’t your top choice, then check out the other apartments for rent and homes for sale in Portland.

Rent prices are based on a rolling weighted average from Apartment Guide and Rent.’s multifamily rental property inventory of one-bedroom apartments in March 2021 and go back for one year. Our team uses a weighted average formula that more accurately represents price availability for each individual 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.

Zoe Baillargeon is an award-winning writer and journalist based in Portland, Oregon, where she covers a variety of beats including travel, food and drink, lifestyle and culture for outlets like Apartment Guide, Rent., AFAR.com, Fodor’s, The Manual, Matador Network and more. In her free time, she enjoys traveling, hiking, reading and spoiling her cat.

Source: rent.com

Apache is functioning normally

To rent or not to rent? That is a very personal question: This rent vs. buy calculator can help.

Both the cost of rent and U.S. home prices soared during the pandemic. After historically high home prices and rising mortgage interest rates in 2023,  the rent vs. buy calculator now favors renters for the first time in decades. But just barely.

Paying a mortgage builds home equity. That’s the difference between the current value of the home and the amount of money paid in, minus any liens on the property. When a homebuyer sells, they pocket any surplus, after expenses. For years, home ownership has been a way to build individual and generational wealth.

Paying rent doesn’t build equity. But that doesn’t mean it’s a waste of money, despite what some financial gurus might try to tell you. Home prices are high and the availability of affordable properties hit an all-time low in 2023. So renting is a smarter financial decision for many U.S. residents right now.

The rent vs. buy calculator

Personal finances and the national housing market aren’t the only things to consider. The rent vs. buy calculator includes many variables. They vary from person to person and year to year.

Age, lifestyle, career outlook and financial risk tolerance matter. Where you want to live both factor into the decision. Take a look at Redfin’s rent vs. buy calculator to evaluate which option makes more sense for you.

Reasons to rent in 2024

Many renters will benefit from extending their lease into 2024. Here are six reasons why renting is a good choice right now.

Renting is more affordable in most markets

Redfin reports that buying a home costs 25 percent more than renting in 2023. In fact, last year was the most expensive year for home prices in Redfin’s records. A buyer making the country’s median wage would need to pay 41.4 percent of their income for a home. That’s well above the 30 percent recommended by experts.

Record high home prices were only part of the issue. High interest rates and low inventory kept home prices elevated through the end of 2023

In contrast, nationwide rent prices actually fell late last year. According to the December Rent Report, rent prices dropped .57 percent month-over-month. Rates were also down 2.09 percent from December 2022.

In cities, the price difference between buying and renting is even steeper. It was more expensive to buy a home than to rent one in all but four major metropolitan areas in May 2023.

Renting costs less upfront

Purchasing a home is a major financial investment. Buyers typically need a 20 percent down payment to secure a mortgage. When housing stock is low, they may also need to offer more than the asking price. They might also need to compete in bidding wars or be able to pay a percentage in cash to secure the house they want.

Renting is more cost-effective for many. A typical apartment lease includes a security deposit. Rents get this security deposit back when they move out if there’s no damage, outstanding fees or rent owed. Fees for parking spaces or having pets in the apartment added. A rent calculator can help determine your budget.

Fewer monthly costs

It’s usually cheaper month to month as well. Business Insider reports that U.S. homeowners pay a median of $2,690 each year in property taxes. Property taxes, mortgage interest and home repair costs are tax deductible. But these costs add up.

Renter’s insurance is almost always cheaper than homeowner’s insurance. NerdWallet states that the average price for renter’s insurance in the United States is $148 a year. That breaks down to just $12 per month. The same outlet reports that homeowner’s insurance typically costs $1,820 a year. Rates vary state to state.

A lease may also include some (or all) utilities. This means fewer bills to pay and a more predictable household budget.

No repairs or maintenance

A homeowner has to pay for emergency expenses like a broken water heater or a new roof out of their own pocket. They also have to file their own insurance claims. Then they need to make any necessary repairs – or hire professionals to do so. But renters can pass these responsibilities on to their landlord or property manager.

In addition, renters don’t need to stress about lawn care, landscaping, or snow removal either. That saves a lot of time, stress, and money over the course of a lease.

As a bonus, many rentals offer communal amenities. These can include workspaces and lobbies, rooftop patios and grills, pools and playgrounds. Residents can also enjoy perks like gyms, dog wash stations or bike storage. Residents get all the benefits without membership fees or maintenance.

Renting is flexible

Building home equity is an investment with higher upfront costs. So experts recommend that residents stay in their home for at least five years to break even. But high housing costs and high interest rates mean that reaching the break-even point may take even longer.

To recoup their investment, homeowners need to commit to staying in one place for years. Homes usually appreciate in value, but there’s no guarantee homeowners will turn a profit..

Renting is best for people who need flexibility. Applying for a mortgage requires a stable job and regular and predictable paychecks.

People planning a major career change may be better off renting for now. The same goes for people facing job insecurity. Going back to school, retirement or caregiving can also influence income. A renter can re-evaluate before signing a year-long lease. Homeowners are tied to a 15- or 30-year mortgage.

You can try before you buy

Renting is a great way to explore different neighborhoods, home types and amenities. Location is the one thing about a home that buyers can’t change. So it’s smart to rent in a neighborhood before committing to a mortgage. Or you could experiment with the best of both worlds with a rent-to-own home.

Renting can also allow residents to experience different house types. They can experience living in apartments, townhomes, duplexes and single-family homes).

Reasons to buy in 2024

Renting is a smart option for many. But there are certain instances when the rent or buy calculator favors purchasing a home instead.

More homes mean lower prices for buyers

Housing experts say that the number of homes available will increase in 2024. More housing stock means home prices could tick downward. That’s a plus for buyers.

Lawrence Yun, National Association of Realtors (NAR) chief economist, predicts that 1.48 million new housing projects will begin in 2024. That number includes 1.04 million single-family units.

Interest rates should stabilize or drop

Mortgage interest rates have been holding steady for the last several weeks. Rates hovered around the 7 percent mark for 30-year fixed rate mortgages and just over 6 percent for 15-year fixed rate mortgages. That’s down from last year’s high.

“Many of the factors that made 2023 the least affordable year for homebuying on record are easing,” said Redfin Senior Economist Elijah de la Campa. “Mortgage rates are under 7 percent for the first time in months, home price growth is slowing as lower rates prompt more people to list their homes, and overall inflation continues to cool. We’ll likely see a jump in home purchases in the new year as buyers take advantage of lower mortgage rates and more listings after the holidays.”

But it’s important to note that these available properties are at the high end of the market. Affordable housing numbers remain historically low.

More options in key metros and affordable markets

More housing stock and lower interest rates will help push home prices lower. Housing experts predict certain markets will rebound first.

“Metro markets in southern states will likely outperform others due to faster job increases,” says Yun, NAR chief economist. “While markets in the Midwest will experience gains from being in the most affordable region.”

The takeaway

Choosing whether to rent or buy is a personal decision that depends on many factors. For many U.S. residents, renting is a more affordable and flexible option right now, but investing in a home is never a bad idea.

Check out houses and apartments for rent.

Looking to buy? See homes for sale here.

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