I’ve heard this argument many times, whether in real life or on social media. That if you hold a mortgage (or two), you don’t actually OWN your house.
The logic is that the bank/lender is the one that truly owns the property because they lent you the money to purchase the property.
And you must pay them each month for the right to continue living in the home. If you don’t, they have the right to repossess the property via the foreclosure process.
On top of that, many home buyers only put down 3-5%, meaning borrowers technically own very little and owe a whole lot to the bank.
So is it true that mortgage holders don’t actually own their homes?
You Still Own Things That Have Loans Attached
While there’s some logic to the idea that a home with loans attached isn’t truly owned, it’s a pretty abstract thought.
Sure, one can argue that if you have a mortgage, it means you only OWN the portion that is paid off.
For example, if you bought a house for $500,000 and put down 20%, you’ve only got $100,000 in ownership, also known as home equity.
When people refer to equity, it means the part of your real estate that is paid off, or simply the present value minus any outstanding liens.
Over time, this same $500,000 property will likely appreciate in value, and the loan will be paid down.
This means ownership will increase as time goes on and with each monthly payment, with a portion going toward the principal balance.
But it starts to become a matter of semantics for what ownership truly is. And it doesn’t serve much purpose to question it.
Homeowners Refi Their Properties and Still Own Them
Take another example. A property is owned free and clear, meaning there isn’t a mortgage. Then the borrower decides to apply for a cash out refinance.
Their property is worth $1,000,000 and they decide to pull out $400,000 to use for other expenses.
Does this mean they owned their home and now they don’t own their home? No, that would be a silly thought.
It simply means they had no loans on their property and now they have a loan. And that their equity fell from $1 million to $600,000.
What is does mean is they’ll have to make monthly mortgage payments to a bank or lender until the loan is paid off.
And it does mean they’ll receive less proceeds if they decide to sell the property (since they’ll need to repay the loan balance in the process).
But it doesn’t change the fact that the property is still in their name and owned by them.
Certain Rules Do Apply If You Have a Mortgage
While I don’t buy into the you don’t own it if you have a mortgage argument, there are some rules that apply if you’ve got a home loan.
For one, hazard insurance is compulsory. Since the lender does have a financial interest in your property (via that big mortgage), they want protection.
This means an insurance policy to protect them if something happens to it. They assume you won’t pay off their loan if the house is destroyed.
So they require insurance to shield themselves from any big losses.
If you happened to own your property free and clear, you could technically forgo the insurance requirement.
Would you though? Probably not unless the property was worth next to nothing.
The lender may also have restrictions if you wish to put the property into a trust, because again, they have an interest in the home.
Rich People Often Take Out Mortgages Even Though They Don’t Need Them
One more thing to consider when it comes to mortgages and ownership.
It’s very common for the ultra-rich to take out mortgages on the homes they OWN, even if they’ve got the money to pay them off in full.
Ultimately, mortgages are a cheap form of financing (even if mortgage rates are no longer at record lows).
This provides opportunity for the wealthy to leverage their property to generate bigger profits elsewhere.
There are countless examples. Back in 2011, Facebook founder Mark Zuckerberg took out a $5.95 million mortgage on his $7 million Palo Alto, California home purchase.
We all know we could have paid all cash for the home, but he chose not to. Probably because the loan was set at 1.75% and it wouldn’t take much to beat that rate of return.
Remember, a mortgage can be viewed as an investment and its interest rate as the rate of return.
So if you have a 3% mortgage and a typical savings account pays 5%, you could already be ahead by not paying it off early.
Other examples include Jay-Z and Beyoncé’s $52.8 million-dollar mortgage on their Bel Air home.
And Warren Buffett arguing that it was a great time to take out a long-term mortgage in 2013 when rates were at historic lows.
Ultimately, a home loan is just a financial vehicle that can be used by a borrower to allocate money elsewhere.
It doesn’t mean they don’t own their home. It simply means they prefer to borrow instead of paying off their property, which arguably is an illiquid investment.
At the end of the day, this myth is often perpetuated by people who prefer to rent instead of buy.
There’s not a lot of truth to it, and it really only serves to make homeownership look less attractive than it really is.
Inside: Learn what 15 an hour is how much a year, month, and day. Plus tips to budget your money. Don’t miss the ways to increase your income.
You’re probably wondering if I made $15 a year, how much do I truly make? What will that add up to over the course of the year? Is $15 a living wage?
Is this wage something that I can actually live on? Or do I need to find ways that I can increase my hourly wage?
In this post, we’re going to detail exactly what $15 an hour is how much a year. Also, we are going to break it down to know how much is made per month, bi-weekly, per week, and daily.
That will help you immensely with how you spend your money. Because too many times the hard-earned cash is brought home, but there is no actual plan for how to spend that money.
By taking a step ahead and making a plan for the money, you are better able to decide how you want to live, make sure that you put your money goals first, and not just living paycheck to paycheck struggling to survive.
The ultimate goal with money success is to be wise with how you spend your money.
If that is something you want to do, then keep reading. You are in the right place.
$15 an Hour is How Much a Year?
When we ran all of our numbers to figure out how much is $15 per hour is as an annual salary, we used the average working day of 40 hours a week.
40 hours x 52 weeks x $15 = $31,200
$31,200 is the gross annual salary with a $15 per hour wage.
As of June 2023, the average hourly wage is $33.58 (source).
Let’s breakdown how that number is calculated.
Typically, the average work week is 40 hours and you can work 52 weeks a year. Take 40 hours times 52 weeks and that equals 2,080 working hours. Then, multiply the hourly salary of $15 times 2,080 working hours and the result is $31,200.
That number is the gross income before taxes, insurance, 401K or anything else is taken out. Net income is how much you deposit into your bank account.
That is just above the $30000 salary, which is a lower starter salary, but well below where you want to start about a $35000 salary.
Work Part Time?
But you may think, oh wait, I’m only working part time. So if you’re working part time, the assumption is working 20 hours a week at $15 an hour.
Only 20 hours per week. Then, take 20 hours times 52 weeks and that equals 1,040 working hours. Then, multiply the hourly salary of $15 times 1,040 working hours and the result is $15,600.
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How Much is $15 Per Month?
On average, the monthly amount would average $2,600.
Annual Amount of $31,200 ÷ 12 months = $2,600 per month
Since some months have more days and fewer days like February, you can expect months with more days to have a bigger paycheck. Also, this can be heavily influenced by how often you are paid on and on which days you get paid.
Work Part Time?
Only 20 hours per week. Then, the monthly amount would average $1,300.
How Much is $15 per Hour Per Week
This is a great number to know! How much do I make each week? When I roll out of bed and do my job, what can I expect to make at the end of the week?
Once again, the assumption is 40 hours worked.
40 hours x $15 = $600 per week.
Work Part Time?
Only 20 hours per week. Then, the weekly amount would be $300.
How Much is $15 per Hour Bi-Weekly
For this calculation, take the average weekly pay of $600 and double it.
$600 per week x 2 = $1,200
Also, the other way to calculate this is:
40 hours x 2 weeks x $15 an hour = $1,200.
Work Part Time?
Only 20 hours per week. Then, the bi-weekly amount would be $600.
How Much is $15 Per Hour Per Day
This depends on how many hours you work in a day. For this example, we are going to use an eight hour work day.
8 hours x $15 per hour = $120 per day.
If you work 10 hours a day for four days, then you would make $150 per day. (10 hours x $15 per hour)
Work Part Time?
Only 4 hours per day. Then, the daily amount would be $60.
$15 Per Hour is…
$15 per Hour – Full Time
Total Income
Yearly Salary (52 weeks)
$31,200
Yearly Salary (50 weeks)
$30,000
Monthly Wage (173 hours)
$2,600
Weekly Wage (40 Hours)
$600
Bi-Weekly Wage (80 Hours)
$1,200
Daily Wage (8 Hours)
$120
Net Estimated Monthly Income
$1,985
**These are assumptions based off simple scenarios.
Paid Time Off Earning 15 Dollars an Hour
Does your employer offer paid time off?
As an hourly employee, you may or may not get paid time off.
So, here are the scenarios for both cases.
For general purposes, we are going to assume you work 40 hours per week over the course of the year.
Case # 1 – With Paid Time Off
Most hourly employees get two weeks of paid time off which is equivalent to 2 weeks of paid time off.
In this case, you would make $31,200 per year.
This is the same as the example above for an annual salary making $15 per hour.
Case #2 – No Paid Time Off
Unfortunately, not all employers offer paid time off to their hourly employees. While that is unfortunate, it is best to plan for less income.
Life happens. There will be times you need to take time off for numerous of reasons – sick time, handling an emergency, or even vacation.
So, let’s assume you take 2 weeks off without paid time off.
That means you would only work 50 weeks of the year instead of all 52 weeks. Take 40 hours times 50 weeks and that equals 2,000 working hours. Then, multiply the hourly salary of $15 times 2,000 working hours and the result is $30,000.
40 hours x 50 weeks x $15 = $30,000
You would average $120 per working day and nothing when you don’t work.
$15 an Hour is How Much a year After Taxes
Let’s be honest… Taxes can take up a big chunk of your paycheck. Thus, you need to know how taxes can affect your hourly wage.
Also, every single person’s tax situation is different.
On the basic level, let’s assume a 12% federal tax rate and a 4% state rate. Plus a percentage is taken out for Social Security and Medicare (FICA) of 7.65%.
Gross Annual Salary: $31,200
Federal Taxes of 12%: $3,744
State Taxes of 4%: $1,248
Social Security and Medicare of 7.65%: $2,387
$15 an Hour per Year after Taxes: $23,821
This would be your net annual salary after taxes.
To turn that back into an hourly wage, the assumption is working 2,080 hours.
$23,821 ÷ 2,080 hours = $11.45 per hour
After estimated taxes and FICA, you are netting $11.45 an hour. That is $3.55 an hour less than what you planned.
This is a very highlighted example and can vary greatly depending on your personal situation. Therefore, here is a great tool to help you figure out how much your net paycheck would be.
Plus budgeting on a just over $11 an hour wage is much different.
$15 an hour Salary Calculator
Now, you get to figure out how much you make based on your hours worked or if you make a wage between $15.01-15.99.
This is super helpful if you make $15.25 or $15.35.
You are probably wondering can I live on my own making 15 dollars an hour? How much rent can you afford on 15 an hour?
Using our Cents Plan Formula, this is the best case scenario on how to budget your $15 per hour paycheck.
When using these percentages, it is best to use net income because taxes must be paid.
In this example, we calculated $15 an hour was $11.45 after taxes. That would average $1,985 per month.
According to the Cents Plan Formula, here is the high level view of a $15 per hour budget:
Basic Expenses of 50% = $992.55
Save Money of 20% = $397.02
Give Money of 10% = $198.51
Fun Spending of 20% = $397.02
Debt of 0% = $0
Obviously, that is not doable for everyone when living so close to minimum wage. So, you have to be strategic in ways to decrease your basic expenses and debt. Then, it will allow you more money to save and fun money.
To further break down an example budget of $15 per hour, then using the ideal household percentages is extremely helpful.
recommended budget percentages based on $15 per hour wage:
Category
Ideal Percentages
Sample Monthly Budget
Giving
10%
$130
Savings
15-25%
$312
Housing
20-30%
$780
Utilities
4-7%
$130
Groceries
5-12%
$208
Clothing
1-4%
$26
Transportation
4-10%
$104
Medical
5-12%
$130
Life Insurance
1%
$13
Education
1-4%
$26
Personal
2-7%
$48
Recreation / Entertainment
3-8%
$78
Debts
0% – Goal
$0
Government Tax (including Income Taxes, Social Security & Medicare)
15-25%
$615
Total Gross Income
$2,600
**In this budget, prioritization was given to basic expenses. Thus, some categories like giving and saving were less.
A great way to lower your transportation costs is to buy a beater car.
Can I Live off $15 Per Hour?
Living off close to minimum wage can be a very difficult situation.
Is it doable? Absolutely.
You just have to be wiser (or frugal) with your money and how you spend the hard-earned cash you have been blessed with.
A lot of times when people are making under near the minimum wage mark or slightly above, they feel like they are in this constant cycle that they can never keep up. They are not good enough to make more money. Feeling like they are constantly struggling to keep up with bills and expenses. And things just keep adding on top.
You need to do is change your money mindset.
This is what you say to yourself… Okay, this is my season of life right now. I have aspirations and goals to change how much I make, but for now, I am going to make sure that I am able to live on my 15 dollar per hour. No going into to debt for me.
In the next section, we will dig into ways to increase your income, but for now, is it possible to live on $15 an hour?
Yes, you can do it, and as you can see it is possible with the sample budget of $15 per hour.
Living in a higher cost of living area would be more difficult. So, you may have to get a little creative. For example, you might have to have a roommate. Move to a lower cost of living area where rent is cheaper.
Also, you must evaluate your “fun spending” items. Many of those expenses are not mandatory and will break your budget. You can find plenty of free things to do without spending money.
5 Ways to Increase Your Hourly Wage
This right here is the most important section of this post.
You need to figure out ways to increase your hourly income because I’m going to tell you…you deserve more. You do a good job and your value is higher than what your employers pay you.
Even an increase of 50 cents to $15.50 will add up over the year. Even better $16 an hour! The goal is $20 an hour or more!
1. Ask for a Raise
The first thing to do is ask for a raise. Walk right in and ask for a raise because you never know what the answer will be until you ask.
If you want the best tips on how specifically to ask for a raise and what the average wage is for somebody doing your job, then check out this book. In this book, the author gives you the exact way to increase your income. The purchase is worth it or go down to the library and check that book out.
2. Look for A New Job
Another way to increase your hourly wage is to look for a new job. Maybe a completely new industry.
It might be a total change for you, but many times, if you want to change your financial situation, then that starts with a career change. Maybe you’re stressed out at work. Making $15 an hour is too much for you and you’re not able to enjoy life, maybe changing jobs and finding another job may increase your pay, but it will also increase your quality of life.
3. Find a New Career
Because of student loans, too many employees feel like they are stuck in the career field they chose. They feel sucked into the job that they don’t like or have the potential they thought it would.
For many years, I was in the same situation until I decided to do a complete career change. I am glad I did. I have the flexibility that I needed in my life to do what I wanted when I needed to do it. Plus I am able to enjoy my entrepreneurial spirit.
4. Find Alternative Ways to Make Money
In today’s society, you need to find ways to make more money. Period.
There is no way to get around it. You need to find additional income outside a traditional nine to five position or typical 40 hour a week job. You will reach a point where you are maxed on what you can make in your current position or title. There may be some advancement to move forward, but in many cases, there just is not much room for growth.
So, you need to find side hustle – another way to make money.
Do something that you enjoy, turn your hobby into a way to make money, turn something that you naturally do, and help others into a service business. In today’s society, the sky is the limit on how you can earn a freelancing income.
There are so many legit ways to make 300 dollars fast today!
5. Earn Passive Income
The last way to increase your hourly wage is to start earning passive income.
This can be from a variety of ways including the stock market, real estate, online courses, book sales, etc. This is where the differentiation between struggling financially and being financially sound happens.
By earning money passively, you are able to do the things that you enjoy doing and not be loaded down, with having a job that you need to work, and a place that you have to go to. And you still make money doing nothing.
Here is an example:
You can start a brokerage account and start trading stocks for $50. You need to learn and take the one and only investing class I recommend. Learn how the market works, watch videos, and practice in a simulator before you start using your own money.
One gentleman started with $5,000 in his trading account and now has well over $36,000 in a year. Just from practice and being consistent, he has learned that passive income is the way for him to increase his income and also not be a slave to his job.
Tips to Live on $15 an Hour
In this last section, grasp these tips on how to live on $15 an hour. On our site, you can find lots of money saving tips to help stretch your income further.
Here are the most important tips to live on $15 an hour. Highlight these!
1. Spend Less Than You Make
First, you must learn to spend less than you make.
If not you will be caught in the debt cycle and that is not where you want to be. You will be consistently living paycheck to paycheck.
In order to break that dreadful cycle, it means your expenses must be less than your income.
And when I say income, it’s not the $15 an hour. As we talked about earlier in the post, there are taxes. The amount of taxes taken out of your paycheck is called your net income which is $15 an hour minus all the taxes, FICA, Social Security, and Medicare are taken out. That is your net income.
So, your net income has to be less than your gross income.
2. Living Below Your Means
You need to be happy. And living on less can actually make you happier. Studies prove that less is better.
Finding contentment in life is one thing that is a struggle for most.
We are driven to want the new shiny toy, the thing next door, the stuff your friend or family member got. Our society has trained you that you need these things as well.
Have you ever taken a step back and looked at you really need?
Once you are able to find contentment with life, then you are going to be set for the long term with your finances.
Here is our story on owning less stuff. We have been happier since.
3. Make Saving Money Fun
You need to make saving money fun.
Save money with the popular 100 envelope challenge.
It could be participating in a no spend challenge for the month.
Start a billionaire morning routine to build a wealth mindset.
Maybe changing your habits and not picking up takeout and planning meals.
Whatever it is challenge yourself.
Find new ways of saving money and have fun with it.
Even better, get your family and kids involved in the challenge to save money. Tell them the reason why you are saving money and this is what you are doing.
Here are things to do with no money. Free activities without costing you a dime. That is an amazing resource for you and you will never be bored.
And you will learn a lot of things in life you can do for free. Personally, some of the best ones are getting outside and enjoying some fresh air.
4. Make More Money
If you want if you do not settle for less, then find ways to make more money. If you want more out of life, then increase your income.
You need to be an advocate for yourself.
Find ways to make more money.
It could be a side hustle, a second job, asking for a raise, going to school to change careers, or picking up extra hours.
Whatever path you take, that’s fine. Just find ways to make more money. Period.
5. No State Taxes
Paying taxes is one option to increase what you take home in each paycheck.
These are the states that don’t pay state income taxes on wages:
Alaska
Florida
Nevada
New Hampshire
South Dakota
Tennessee
Texas
Washington
Wyoming
It is very interesting if you take into account the amount of state taxes paid compared to a state with income taxes.
Also, if you live in one of the higher taxed states, then you may want to reconsider moving to a lower cost of living area. The higher taxes income tax states include California, Hawaii, New Jersey, Oregon, Minnesota, District of Columbia, New York, Vermont, Iowa, and Wisconsin. These states tax income somewhere between 7.65% – 13.3%.
6. Stick to a Budget
You need to learn how to start a budget. We have tons of budgeting resources for you.
While creating a budget is great, you need to learn how to use one.
You do not have to budget down to every last penny.
You need to make sure your expenses are less than your income and that you are creating sinking funds for those irregular expenses.
Budget Help:
7. Pay Off Debt Quickly
The amount that you pay interest on debt is absolutely absurd.
Unfortunately, that is how many of these companies make their money is from the interest you pay on debt.
If you are paying 5% to even 20-21% or higher, you need to find ways to lower that debt quickly.
Here’s a debt calculator to help you. Figure out your debt free date.
Make that paying off debt fast is your target and main focus. I can tell you from personal experience, that it was not until we paid off our debt that we finally rounded the corner financially. Once our debt was paid off, we could finally be able to save money. Set money aside in separate bank accounts and pay for cash for things.
It took us working hard to pay off debt. We needed persistence and patience while we had setbacks in our debt free journey.
Jobs that Pay $15 an Hour
You can find jobs that pay $15 per hour. Polish up that resume, cover letter, and interview skills.
Job Search Hint: Always send a written follow-up thank you note for your interview. That will help you get noticed and remembered.
First, look at the cities that require a minimum wage in their cities. That is the best place to start to find jobs that are going to pay higher than the federal minimum wage rate. Many of the cities are moving towards this model so, target and look for jobs in those areas.
Possible Ideas:
Customer service representatives
Paraeducators at schools
Warehouse workers
Retail workers
Cashiers
Housekeeper
Delivery Drivers
Overnight Stockers
Companies that pay more than $15 per hour:
L.L. Bean
Chick-Fil-A
Panera Bread
Torchy Tacos
McDonald’s
Five Guys
Costco
Wayfair
Amazon
Many grocery stores
Best Buy
Target
Wells Fargo
Disney World
Disney Land
Bank of America
JP Morgan
Cigna
Aetna
Maybe working as a virtual assistant with no experience is right for you??
$15 Per Hour Annual Salary
In this post, we detailed 15 an hour is how much a year. Plus all of the variables that can impact your net income. This is something that you can live off.
How much is 15 dollars an hour annually…
$31,200
In this post, we highlighted ways to increase your income as well as tips for living off your wage.
Use the sample budget as a starting point with your expenses.
You will have to be savvy and wise with your hard-earned income. But, with a plan, anything is possible!
Now, find low stress jobs that don’t need a degree and pay well!
Know someone else that needs this, too? Then, please share!!
Did the post resonate with you?
More importantly, did I answer the questions you have about this topic? Let me know in the comments if I can help in some other way!
Your comments are not just welcomed; they’re an integral part of our community. Let’s continue the conversation and explore how these ideas align with your journey towards Money Bliss.
You can typically remove yourself from a joint bank account, but financial institutions’ policies on this may vary. It’s wise to check with your bank about how to separate yourself from a shared account.
Joint bank accounts can work well for many banking customers. Spouses may find it easier to budget together with a joint bank account, and parents may open a bank account with a child to help them learn how to manage their money. But what happens when you no longer want to be on the joint bank account?
Read on to learn more about your options.
What Is a Joint Bank Account?
A joint bank account is a checking or savings account that is shared between two or more people. Each person has full access to the money, meaning they can withdraw, deposit, and spend funds without having to get the other account holder’s approval.
The account holders are equally liable for the checking or savings account, including any debts and fees it incurs. For instance, if the account goes into overdraft, the joint account will incur fees, even if only one party was responsible.
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Reasons to Remove Yourself From a Joint Bank Account
As time passes, joint account holders may no longer need or want to share an account. Here are a few reasons why someone would want to remove themselves from a joint account.
Separation or Divorce
When breaking up with a partner or divorcing a spouse, you’ll likely want total control of your own money.
That means you’ll need to close any joint bank accounts (and joint credit cards) and start anew — or simply remove yourself from the account and start your own while your ex maintains the existing account, if allowed by the bank.
End of Business Partnership
If you and a business partner are closing your enterprise and going your separate ways, you will want to shut down your business checking account and/or business savings account. If you’re stepping down from the business but the partner is going to continue running it, it might be possible to remove your name from the account rather than close it completely.
Child Getting Their Own Account
Some parents may choose to be a joint account holder on their child’s first bank account. This can help parents teach a child about money management and monitor financial decisions closely. When children go to college, this can be an easy way to ensure they have enough money for food, rent, books, and other expenses.
But at a certain point, it makes sense for a parent to remove themself from the child’s checking account.
Reduction of Financial Ties
There are other specific scenarios where joint account holders may want to sever their financial ties. For instance, if the other account holder (non-spouse) is being sued, you may want to remove them from the account to protect the assets. Removing someone else from a joint account, however, typically requires that individual’s consent and may depend on bank policy or state law.
Steps to Remove Yourself From a Joint Bank Account
In terms of how to remove yourself from a joint bank account, some banks will allow one party to exit, often with the other person’s consent. Other banks, however, may require the account to be closed in full, rather than remove a single account holder.
Assuming your bank allows you to remove yourself from the joint account and you have alerted the other account holder(s), here are the steps you’ll typically need to follow:
Request Account Closure or Complete Paperwork
The first step to removing yourself from a joint bank account is reading your bank’s policy or reaching out to a customer service representative to understand the process. In some cases, the bank may simply require you to close the account entirely. State laws and individual bank policies typically require all joint bank account holders to approve the closure before you can move forward.
In the event that the bank will let you remove your name from a joint account, follow the bank’s guidelines, which may require one or both individuals to visit a local branch or fill out a form online.
Pay Fees
Before a joint account can be closed, a bank will require you to pay any outstanding fees. But in the case of simply removing yourself from a joint account but keeping it open in the other account holder’s name, you should work out if you’re responsible for paying off any account debts before taking yourself off the account.
Withdraw Remaining Funds
You and the joint account holder should review the current balance and determine how much, if any, of the funds you should withdraw for yourself. This will need to be addressed whether you are closing the account or removing your name from the joint bank account.
You won’t have access to withdraw money once your name is taken off, so make sure you know how to withdraw money from any checking account and savings account you share before moving forward.
Required Documentation
Your bank will spell out specific documentation required when removing yourself from a joint bank account. Typically, you will need to provide:
• Proof of identification
• Proof of account ownership, like a bank statement and debit card
• Written approval from the other joint account holder(s), as noted above
Recommended: Should Married Couples Have Joint Bank Accounts?
Issues to Be Aware Of
When removing yourself from a joint bank account (or closing the account entirely, if the bank doesn’t allow a single account holder to remove themselves), there are a few things you’ll want to consider.
Outstanding Checks and Automatic Payments
If you’ve written any checks or have any transactions that are currently processing, you’ll want to make sure those go through before you withdraw your portion of the funds from the account. Similarly, if you have automatic bill payments set up, you’ll need to switch these to your new bank account before removing yourself.
Otherwise, the remaining joint account holder will inadvertently pay your next set of bills. Or, if the joint account needs to be closed, you could wind up with a slew of returned (unpaid) payments.
Direct Deposits
Similarly, if you have direct deposit set up with your employer or a government entity (such as for Social Security benefits or tax refunds), make sure you redirect those to your new bank account. This ensures you don’t miss any money sent to you.
Remaining Account Holder Approval
Before taking yourself off a joint bank account, you’ll need to let the other account holder know. Banks that allow one account holder to take their name off the account may require you to submit written approval from the other account holder or might even require that all parties visit a local branch in person.
Potential Bank Fees
Your bank may charge a fee to remove your name from a joint bank account. When speaking with a bank representative about the process, ask about these fees so you know what to expect.
Alternative to Removal
If a bank does not allow you to remove your name from a joint bank account for some reason, the main alternative is to close the account altogether. You’ll need the consent of all account holders to close the account.
You can follow the steps for how to close a joint bank account if this is the route you need to take.
The Takeaway
Opening a joint bank account can add flexibility for people with shared financial goals and responsibilities. However, there may come a time when you no longer want to be on a joint bank account. While some banks may permit you to remove one of the account holders, others may require that you close the account entirely, with each joint member then opening their own new account, if they like.
Looking for a new bank account, whether solo or joint?
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Better banking is here with SoFi, NerdWallet’s 2024 winner for Best Checking Account Overall.* Enjoy up to 4.60% APY on SoFi Checking and Savings.
FAQ
Can one person remove themselves from a joint bank account?
Some banks may allow one person to remove themself from a joint bank account, but there are typically clear guidelines for how to go about this. That may include written permission from the other account holder. In some scenarios, banks and credit unions may require that the account be closed and each person start fresh on their own.
Do I have to notify the other person on the account?
If you plan to remove yourself from a joint bank account, you need to let the other person know. In fact, banks that allow you to remove your name from a joint account without closing it may require written permission from the other account holder.
What if other owners don’t approve the removal?
If you would like to be removed from a joint bank account but the other account holder won’t approve, work with your financial institution to determine the next steps, as they may vary from bank to bank and state to state. Sharing money can be hard enough, but when account holders aren’t seeing eye to eye, things can get tricky.
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SoFi members with direct deposit activity can earn 4.60% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. Direct Deposit means a recurring deposit of regular income to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government benefit payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Direct Deposit”) via the Automated Clearing House (“ACH”) Network during a 30-day Evaluation Period (as defined below). Deposits that are not from an employer or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, or are non-recurring in nature (e.g., IRS tax refunds), do not constitute Direct Deposit activity. There is no minimum Direct Deposit amount required to qualify for the stated interest rate.
As an alternative to direct deposit, SoFi members with Qualifying Deposits can earn 4.60% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Qualifying Deposits means one or more deposits that, in the aggregate, are equal to or greater than $5,000 to an account holder’s SoFi Checking and Savings account (“Qualifying Deposits”) during a 30-day Evaluation Period (as defined below). Qualifying Deposits only include those deposits from the following eligible sources: (i) ACH transfers, (ii) inbound wire transfers, (iii) peer-to-peer transfers (i.e., external transfers from PayPal, Venmo, etc. and internal peer-to-peer transfers from a SoFi account belonging to another account holder), (iv) check deposits, (v) instant funding to your SoFi Bank Debit Card, (vi) push payments to your SoFi Bank Debit Card, and (vii) cash deposits. Qualifying Deposits do not include: (i) transfers between an account holder’s Checking account, Savings account, and/or Vaults; (ii) interest payments; (iii) bonuses issued by SoFi Bank or its affiliates; or (iv) credits, reversals, and refunds from SoFi Bank, N.A. (“SoFi Bank”) or from a merchant.
SoFi Bank shall, in its sole discretion, assess each account holder’s Direct Deposit activity and Qualifying Deposits throughout each 30-Day Evaluation Period to determine the applicability of rates and may request additional documentation for verification of eligibility. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the “30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Upon receiving a Direct Deposit or $5,000 in Qualifying Deposits to your account, you will begin earning 4.60% APY on savings balances (including Vaults) and 0.50% on checking balances on or before the following calendar day. You will continue to earn these APYs for (i) the remainder of the current 30-Day Evaluation Period and through the end of the subsequent 30-Day Evaluation Period and (ii) any following 30-day Evaluation Periods during which SoFi Bank determines you to have Direct Deposit activity or $5,000 in Qualifying Deposits without interruption.
SoFi Bank reserves the right to grant a grace period to account holders following a change in Direct Deposit activity or Qualifying Deposits activity before adjusting rates. If SoFi Bank grants you a grace period, the dates for such grace period will be reflected on the APY Details page of your account. If SoFi Bank determines that you did not have Direct Deposit activity or $5,000 in Qualifying Deposits during the current 30-day Evaluation Period and, if applicable, the grace period, then you will begin earning the rates earned by account holders without either Direct Deposit or Qualifying Deposits until you have Direct Deposit activity or $5,000 in Qualifying Deposits in a subsequent 30-Day Evaluation Period. For the avoidance of doubt, an account holder with both Direct Deposit activity and Qualifying Deposits will earn the rates earned by account holders with Direct Deposit.
Members without either Direct Deposit activity or Qualifying Deposits, as determined by SoFi Bank, during a 30-Day Evaluation Period and, if applicable, the grace period, will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances.
Interest rates are variable and subject to change at any time. These rates are current as of 10/24/2023. There is no minimum balance requirement. Additional information can be found at https://www.sofi.com/legal/banking-rate-sheet.
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In the era of remote work, having a functional and inspiring home office has become more important than ever. However, not everyone has the luxury of a spacious room to dedicate solely to work.
Designing a home office in a small space can be challenging, but with the right strategies, it’s entirely possible to create an efficient and comfortable workspace, whether that’s in your apartment in Orlando, your rental home in New York, or your home in San Francisco. Here are some tips, tricks, and ideas to help you maximize your small space and design a home office that boosts productivity and enhances well-being.
Create the perfect home office in a small space
“Make small changes at a time, test it to see what works, and adjust accordingly. Start small and build up, and keep a wishlist of desired products or features that you can iterate towards, little by little,” states Jose Munoz. “It’s important to remember that the setup will never be perfect or finished. No matter how much you improve it, you will see someone else’s setup and think, ‘Oh, I wish I had that.’ Enjoy the process, make it unique, and work for you.”
1. Choose the right spot
The first step in designing a small home office is finding the right spot. This could be a corner in your living room, a nook under the stairs, or even a closet. The key is to choose a location that minimizes distractions, offers enough privacy for focused work, and inspires you and your work.
“To me, the most important thing about a home office is to make it inviting, bright, and inspiring!” Katie Gardner with The Occassio Collective shares. “Pick the room with the most windows for plenty of daylight.”
2. Optimize vertical space
When floor space is limited, look up. Marcy with The Unpopular Mom recommends taking advantage of vertical space to in turn save space. “Create a space that will help to increase your productivity, your focus, and your drive,” Marcy shares. “Floating shelves can help save space and give more options when selecting your workspace.” By using vertical space, you can choose corners for office spaces. “Build a desk into the nook in the corner of the room, as little work nooks can be a very productive area,” Marcy explains.
3. Multifunctional furniture
In small spaces, furniture needs to be multifunctional. “Create a dual-purpose room to carve out an office space in your home,” Dawn Stewart with Crafidly recommends. “Any room can pull double duty without looking overstuffed with the right furniture and storage. A fold-out desk and a chic sideboard cabinet for storage may be all you need to add an office nook to your family room or bedroom.”
Multifunctional furniture is important for saving space too. “For a small home office, especially when working remotely, choose furniture that saves space and serves multiple purposes,” echoes Nguyen Le, marketing lead for Esevel Marketing. “Pick a small desk with built-in storage to keep your items organized. Consider a wall-mounted desk to free up floor space and make the room feel bigger. Use a foldable chair that you can store away when not in use. Add wall shelves to keep your workspace tidy and efficient. These tips help you stay organized and productive in a small space.”
4. Declutter, organize, and keep it simple
It’s especially important to not overcrowd the space, especially when crafting a small home office. “After working from home for the last six years, the biggest workspace realization I’ve had is that simplicity creates productivity,” Abby Flynn notes. “If you’re anything like me, you’ve been tempted to walk down the office supply aisle and purchase every little knick-knack and organizer for your home office. (It’s tax-deductible, right?!) But at the end of the day, a clean, simplistic home office with a few key pieces that inspire you will actually help you to do your best work,” Flynn explains.
In the same vein, a clutter-free workspace is essential for productivity. “In a small space, less is more,” Brittney Gaddis notes. “We find that clutter makes it difficult to think creatively. Stick with a clean space without a lot of knickknacks. If you are one to like lots of things, find organized ways to house them, such as on shelving around your office space that get them out of the way.”
Nikki Cox echoes this sentiment sharing that intentionality behind your office design assists in keeping your space clutter-free. “In my opinion, the most important thing you can do when decorating a small office space is to declutter what you are planning on putting in there,” Cox explains. “Intentionally choosing items that will add value to your workspace and omitting those that don’t. This alone will significantly reduce the need for lots of elaborate storage solutions and allow you to focus on creating systems for the things that truly matter.”
5. Tech-savvy solutions
Incorporate technology that saves space and improves efficiency. Wireless devices, such as a keyboard and mouse, can reduce cable clutter. A compact printer or an all-in-one device can save valuable desk space as well.
6. Creative storage solutions
Think outside the box when it comes to storage. “If your home office is short on square footage, think of your wall space as the backdrop to a storage haven,” The Working Stay at Home Mom recommends. “There are hundreds of clever wall storage solutions available that can help keep your workspace looking organized and stylish. However, keep in mind that the area in your peripheral vision should be free of clutter when looking at your screen. Too much visual stimulation can lead to a loss of focus and ultimately trample on your productivity.”
7. Flexible layouts
Flexibility is key in a small home office. Opt for furniture on wheels or lightweight pieces that can be easily rearranged. This allows you to adapt your workspace as your needs change.
“Working in a smaller space like an RV has taught me the value of optimizing every inch,” shares Tina Goyzueta. “I set up an outdoor tent equipped with a comfortable chair and table, creating a perfect workspace in nature’s embrace. Additionally, I rely on a versatile lap desk that allows me to work from virtually anywhere, be it inside the RV or while enjoying the great outdoors,” Goyzueta notes. “This flexibility not only boosts my productivity but also ensures I have a refreshing change of scenery whenever I need it.”
8. Don’t sacrifice style
There’s no reason you can’t make the most of a small office while keeping it a space tailored to you and your preferences. “Create a focal point with your desk space, allowing any adjacent zones to complement it in usability and design,” Jennifer with Our Blog Life shares. “Focus on functional items that double as decor, investing in items that solve an organizational problem while adding to your aesthetic. Add houseplants wherever you can — the benefits are endless.”
Crafting your perfect small-space home office
Designing a home office in a small space requires creativity and careful planning, but it’s entirely achievable. By using multifunctional furniture, keeping the area organized, and getting creative with storage solutions, you can create a workspace that is both functional and inspiring. With these expert tips, tricks, and ideas, you can transform even the smallest corner of your home into a thriving workspace.
Wesley Masters works on Redfin’s stellar Content Marketing team as a content writing specialist. She has been with Rent. since 2023 and her previous experiences include non-profit communications, graphic design, and content creation. Wesley lives in Atlanta, GA, and loves outdoor walks, hanging out with her loved ones, and finding new recipes to try on Pinterest. Her ideal home is a brownstone with contemporary interiors.
The vibrant city of New Orleans, Louisiana, is known for its rich culture, delicious cuisine, and lively music scene. If you’re looking to rent an apartment in New Orleans, you’ll find that the average rent for a one-bedroom apartment is $1,709. Whether you’re a local or new to the city, ApartmentGuide has gathered a list of the most expensive New Orleans neighborhoods to rent an apartment in this year.
12 Most Expensive Neighborhoods in New Orleans
From the picturesque Bayou St. John to the bustling streets of the Central Business District, there are plenty of charming neighborhoods in New Orleans where the average rent is $1,709. Whether you’re looking for a cozy home to rent in NOLa or wondering where to live in the city, read on to find out what neighborhoods made the list.
1. Bayou St. John 2. Warehouse District 3. Garden District 4. Esplanade Ridge Historic District 5. Central City 6. French Quarter 7. Irish Channel 8. Faubourg Lafayette 9. Mid-City 10. Gert Town 11. Algiers Point 12. Central Business District
Let’s jump in and see what these neighborhoods have to offer.
1. Bayou St. John
Average 1-bedroom rent: $2,800 Apartments for rent in Bayou St. John
Bayou St. John is the most expensive neighborhood in the Big Easy, as the average rent for a one-bedroom unit is $2,800. There are plenty of reasons why this neighborhood draws residents. The area is home to beautiful parks like City Park, which offers sprawling green spaces, ancient oak trees, and attractions such as the New Orleans Museum of Art and the Botanical Garden. Local establishments, such as Cafe Degas, provide residents with unique dining experiences featuring French-inspired cuisine in an intimate setting. The neighborhood’s proximity to the historic Bayou itself allows for various recreational activities, including kayaking and paddleboarding, enhancing its appeal. Architecturally, Bayou St. John boasts a mix of elegant Creole cottages, stately Greek Revival homes, and meticulously restored early 20th-century residences. Additionally, the strong sense of community and frequent neighborhood events, like the Bayou Boogaloo festival, further enrich the living experience, making Bayou St. John the most coveted and costly neighborhoods in New Orleans according to our data.
2. Warehouse District
Average 1-bedroom rent: $2,400 Apartments for rent in Warehouse District
Warehouse District is a bustling area that’s west of downtown New Orleans. This area is known for its beautifully preserved industrial architecture, featuring converted warehouses that now house luxurious lofts, condos, and art galleries. Local establishments such as the renowned Ogden Museum of Southern Art and the Contemporary Arts Center provide residents with a rich array of cultural experiences. The neighborhood is also home to notable dining spots like Cochon, which offers inventive Cajun cuisine in a stylish setting. The lush Lafayette Square Park hosts numerous festivals and concerts, enhancing the neighborhood’s appeal.
3. Garden District
Average 1-bedroom rent: $2,000 Apartments for rent in Garden District
With an average one-bedroom rent of $2,000, Garden District is the third most expensive neighborhood in New Orleans. The area is nationally renowned for its stunning architecture, featuring well-preserved antebellum mansions, classic Greek Revival, and Italianate homes, which attract both history enthusiasts and affluent buyers. Local parks like Coliseum Square Park offer residents beautifully landscaped green spaces for relaxation and community events. The neighborhood is also home to unique establishments such as Commander’s Palace, a famous upscale restaurant known for its Creole cuisine, and the Rink Shopping Center, which houses eclectic boutiques and local art galleries. Additionally, the proximity to renowned attractions like the St. Charles Avenue streetcar line and Lafayette Cemetery No. 1 enhances the neighborhood’s allure.
4. Esplanade Ridge Historic District
Average 1-bedroom rent: $2,000 Apartments for rent in Esplanade Ridge Historic District
Esplanade Ridge Historic District is the next most expensive neighborhood in New Orleans. The area is renowned for its stunning collection of Creole townhouses, Victorian mansions, and historic cottages, which showcase intricate ironwork, lush gardens, and grand facades. Local establishments like Café Degas, a charming French bistro, and the iconic Fair Grounds Race Course, which hosts the annual New Orleans Jazz & Heritage Festival, add to the neighborhood’s allure. The district is also home to scenic parks such as the lush City Park, offering vast green spaces, picturesque lagoons, and the New Orleans Museum of Art.
5. Central City
Average 1-bedroom rent: $1,929 Apartments for rent in Central City
Although the neighborhood is not as famous as the Garden District or French Quarter, Central City is a beloved NOLa neighborhood. The area is home to several notable local establishments, such as the Ashe Cultural Arts Center, which hosts various performances, exhibitions, and community events celebrating African-American culture. Its proximity to attractions like the historic Saenger Theatre, where residents can enjoy Broadway shows and concerts, adds to its appeal. The area boasts beautiful parks like Coliseum Square Park, offering green spaces for relaxation and community gatherings. Central City is well-connected by public transportation, including the iconic St. Charles Streetcar, making commuting convenient for residents. Architecturally, Central City features a mix of historic Creole cottages, Greek Revival townhouses, and newly renovated modern homes, providing a diverse range of housing styles.
6. French Quarter
Average 1-bedroom rent: $1,900 Apartments for rent in French Quarter
Next up is French Quarter, the sixth most expensive neighborhood in New Orleans. French Quarter is full of history and charm with its iconic architecture, historic buildings, and museums. This area is renowned for its distinctive architecture, featuring elegant Creole townhouses with intricate ironwork balconies, historic cottages, and luxurious apartments, offering residents a unique and aesthetically pleasing living environment. Jackson Square, a historic park and vibrant gathering place, adds significant value with its beautifully landscaped grounds, iconic statue of Andrew Jackson, and stunning views of St. Louis Cathedral. Local establishments like the renowned Café du Monde, which serves world-famous beignets and coffee, and the vibrant Frenchmen Street, known for its live music venues and local art markets, contribute to the area’s lively and desirable atmosphere. The French Quarter’s rich array of attractions, including the historic Bourbon Street, the New Orleans Jazz Museum, and numerous art galleries and museums, make it a cultural hotspot. Moreover, the neighborhood’s convenient transportation options, such as the historic streetcar lines and easy walkability, provide residents with excellent connectivity and accessibility.
7. Irish Channel
Average 1-bedroom rent: $1,895 Apartments for rent in Irish Channel
Nestled in the curve of the Mississippi River, Irish Channel is the next neighborhood on our list. The area is known for its beautiful parks, such as the lush and scenic Coliseum Square, which offers green spaces, fountains, and a tranquil escape within the city. The neighborhood is home to several renowned local establishments, including Parasol’s, a beloved spot for po’boys and other classic New Orleans fare. Architecturally, the Irish Channel boasts a mix of charming Creole cottages, historic shotgun houses, and beautifully restored Victorian homes, which contribute to its unique and appealing streetscape. Transportation options in the Irish Channel are convenient, with easy access to the St. Charles Avenue streetcar line and several bus routes, making it simple for residents to commute to other parts of the city. Architecturally, the Irish Channel boasts a mix of charming Creole cottages, historic shotgun houses, and beautifully restored Victorian homes, which contribute to its unique and appealing streetscape. The area’s rich architectural diversity attracts those who appreciate the historical and aesthetic value of well-preserved homes. Additionally, its close proximity to major attractions such as the Garden District and Magazine Street, which is lined with boutique shops, galleries, and cafes, further enhances its appeal.
8. Faubourg Lafayette
Average 1-bedroom rent: $1,850 Apartments for rent in Faubourg Lafayette
Faubourg Lafayette takes the eighth spot on our list of most expensive neighborhoods in New Orleans. Also known as the 10th ward, this neighborhood is bordered on the west by Calliope St. and highway 90. Local establishments such as The Rusty Nail, a popular bar with a vibrant atmosphere and unique cocktails, and Maypop, a renowned restaurant offering innovative Southern cuisine, contribute to the area’s appeal. Faubourg Lafayette’s proximity to attractions like the Contemporary Arts Center and the Ogden Museum of Southern Art adds cultural value and entertainment options. The neighborhood’s transportation options are also notable, with convenient access to the St. Charles Avenue streetcar, providing easy connectivity to other parts of the city. Architecturally, Faubourg Lafayette boasts a mix of stunning 19th-century Creole cottages, elegant Greek Revival homes, and meticulously restored townhouses, which enhance the neighborhood’s charm and desirability,
9. Mid-city
Average 1-bedroom rent: $1,847 Apartments for rent in Mid-city
A well-loved New Orleans neighborhood, Mid-city is the next area. The neighborhood is known for its vibrant local scene, with popular establishments like The Bayou Beer Garden and the award-winning restaurant Katie’s, which offers classic New Orleans dishes in a lively atmosphere. Mid-City is also home to the iconic Lafitte Greenway, a beautifully designed urban trail perfect for walking, biking, and enjoying the outdoors. The area boasts cultural attractions like the New Orleans Museum of Art and the sprawling City Park, which features botanical gardens, a sculpture garden, and numerous recreational facilities. Additionally, the neighborhood’s architectural charm, with its mix of historic shotgun houses and charming bungalows, along with the convenience of being centrally located with easy access to public transportation, makes Mid-City a dynamic and attractive place to live.
10. Gert Town
Average 1-bedroom rent: $1,818 Apartments for rent in Gert Town
The tenth most expensive neighborhood in New Orleans is Gert Town. The neighborhood is home to the iconic Blue Plate Artist Lofts, a creative hub that provides affordable housing for artists and fosters a vibrant arts scene. Gert Town is also known for its proximity to Xavier University of Louisiana, which brings a youthful energy and a variety of cultural events to the area. Residents enjoy easy access to the popular Gert Town Pool and Recreation Center, a local gathering spot offering swimming facilities and community programs. The neighborhood’s rich musical heritage is celebrated through local venues and community events, making it a lively and engaging place to live. Additionally, Gert Town boasts a mix of charming bungalows and historic homes.
11. Algiers Point
Average 1-bedroom rent: $1,775 Apartments for rent in Algiers Point
Algiers Point is a charming and historic neighborhood known for its unique character and vibrant community. One of its standout features is the stunning view of the New Orleans skyline from Algiers Point Levee Park, where residents can enjoy leisurely walks and picturesque sunsets along the Mississippi River. Local establishments such as the Old Point Bar offer live music in a laid-back atmosphere, providing a taste of the city’s rich musical heritage. The Cita Dennis Hubbell Library, housed in a beautifully preserved historic building, serves as a community hub with various programs and events. Transportation is convenient with the Algiers Ferry, offering a scenic and quick ride to the French Quarter.
12. Central Business District
Average 1-bedroom rent: $1,750 Apartments for rent in Central Business District
Taking the 12th spot is Central Business District. The average rent for a one-bedroom apartment is $1,750, compared to the city’s average of $1,636. Residents enjoy proximity to Lafayette Square, a historic park that hosts free concerts and festivals, providing a green oasis amidst the bustling city. The CBD is home to numerous notable establishments such as the iconic Orpheum Theater, known for its stunning architecture and live performances, and the elegant Sazerac Bar, which serves classic New Orleans cocktails. The neighborhood is also a hub for transportation, with easy access to streetcars and buses that connect residents to various parts of the city. Architecturally, the CBD features a mix of historic buildings with ornate facades and modern high-rise condos, offering diverse housing options that cater to different tastes and lifestyles.
Methodology: Whether a neighborhood has an average 1-bedroom rent price over the city’s average. Average rental data from Rent.com in June 2024.
New Mexico, the “Land of Enchantment,” is where the beauty of the desert meets a tapestry of cultures. The state is famous for its stunning landscapes, lively arts scene, and distinctive green chile cuisine. But what else is New Mexico known for? Whether you’re considering renting a home in Albuquerque, looking to settle into a charming apartment in Santa Fe, or just planning a visit, you’ll soon find that New Mexico has much more to offer than meets the eye. In this article, we’ll uncover the hidden gems and iconic features that make New Mexico a state that’s truly unique and why so many are proud to call it home. Let’s dive in.
1. White Sands National Park
New Mexico is home to the stunning White Sands National Park, featuring 275 square miles of glistening white gypsum dunes. This unique landscape offers people the chance to hike, sled, and picnic among the rolling dunes. The park also hosts the annual White Sands Balloon Invitational, where colorful hot air balloons float over the dazzling white sands. This surreal environment provides a one-of-a-kind experience that showcases the natural beauty of New Mexico.
2. Carlsbad Caverns National Park
Carlsbad Caverns National Park features over 119 known caves, formed by sulfuric acid dissolving the surrounding limestone. The park’s most famous attraction, the Big Room, is one of the largest underground chambers in North America. Visitors can explore the caverns on self-guided tours or watch the evening bat flight program.
3. Albuquerque International Balloon Fiesta
The Albuquerque International Balloon Fiesta is the world’s largest hot air balloon festival, held annually in October. This spectacular event attracts balloonists and spectators from around the globe, with hundreds of balloons taking to the skies. The mass ascensions, special shapes rodeo, and nighttime balloon glows create a magical atmosphere.
4. Green chile cuisine
New Mexico is famous for its green chile cuisine, a staple in the state’s culinary tradition. The Hatch Chile Festival celebrates this iconic ingredient with cooking contests, chile roasting, and food stalls offering everything from green chile stew to chile-infused ice cream. Local restaurants, such as The Shed in Santa Fe, are renowned for their green chile dishes. This spicy delight is a must-try for anyone in New Mexico.
5. Chaco Culture National Historical Park
Chaco Culture National Historical Park preserves the remnants of an ancient civilization that thrived in the region between AD 900 and 1150. The park’s impressive ruins, such as Pueblo Bonito, showcase the architectural and astronomical achievements of the Chacoan people. Guided tours and night sky programs offer insights into this complex society. Chaco Canyon’s historical significance provides a deep connection to New Mexico’s ancient past.
6. Roswell UFO incident
Roswell is famous for the 1947 UFO incident, where an alleged extraterrestrial spacecraft crashed near the town. The International UFO Museum and Research Center in Roswell gives patrons the opportunity to explore the mystery with exhibits and information on the event. The annual Roswell UFO Festival celebrates this extraterrestrial legacy with costume contests, parades, and guest speakers. Roswell’s unique association with UFOs makes it a fascinating destination for curious minds.
Fun facts New Mexico is famous for
Official state question: New Mexico is the only state with an official state question: “Red or green?” This refers to the choice between red or green chile sauce, highlighting the state’s love for its flavorful cuisine
Santa Fe is the oldest capital city: Santa Fe, founded in 1610, is the oldest state capital in the United States.
Roswell’s alien streetlights: In Roswell, you’ll find streetlights shaped like alien heads, a playful nod to the town’s famous UFO incident.
7. Taos Pueblo
Taos Pueblo, a UNESCO World Heritage Site, is one of the oldest continuously inhabited communities in the United States. The adobe structures, some dating back over 1,000 years, are still home to the Taos people. Visitors can tour the pueblo, learn about its history, and purchase traditional crafts from local artisans.
8. Bandelier National Monument
Bandelier National Monument preserves the ancient cliff dwellings and structures of the Ancestral Puebloans. The park’s trails lead visitors through Frijoles Canyon, where they can explore kivas, petroglyphs, and the Alcove House, a large ceremonial cave. The combination of archaeological sites and stunning natural scenery provides a glimpse into the lives of the area’s early inhabitants.
9. Turquoise Trail National Scenic Byway
The Turquoise Trail National Scenic Byway connects Albuquerque and Santa Fe, offering a picturesque drive through the heart of New Mexico’s mining history. The route passes through charming towns like Madrid and Los Cerrillos, known for their art galleries, shops, and historical landmarks. Passerby can explore old mines, hike scenic trails, and enjoy panoramic views of the Sandia Mountains.
10. Very Large Array radio telescope
The Very Large Array (VLA) is one of the world’s premier astronomical radio observatories, located on the Plains of San Agustin. The array’s 27 radio antennas, each 82 feet in diameter, are used to observe celestial phenomena such as black holes and distant galaxies. Visitors can tour the facility and learn about its contributions to astronomy. The VLA’s cutting-edge research and striking visuals make it a standout scientific landmark worth visiting.
11. Petroglyph National Monument
Petroglyph National Monument in Albuquerque preserves one of North America’s largest collections of petroglyphs, with over 20,000 images carved into volcanic rock by Native Americans and early Spanish settlers. The park offers several hiking trails where people can view these ancient symbols and learn about their historical and cultural significance. The monument’s blend of natural beauty and archaeological importance provides a unique insight into New Mexico’s rich heritage.
Jenna is a Midwest native who enjoys writing about home improvement projects and local insights. When she’s not working, you can find her cooking, crocheting, or backpacking with her fiancé.
Jacksonville, Florida, is a city known for its vibrant culture, stunning coastline, and diverse communities. Within its sprawling landscape, several neighborhoods stand out for their luxurious amenities, prime locations, and high-end real estate. If you’re looking to rent an apartment in Jacksonville and are curious about the most expensive neighborhoods, we’ve gathered a list of the most expensive Jacksonville neighborhoods to rent an apartment this year. These exclusive enclaves offer residents a unique blend of upscale living and proximity to Jacksonville’s finest dining, shopping, and entertainment options. Whether nestled along the picturesque waterfront or within gated communities, these neighborhoods represent the pinnacle of affluent living in the city.
13 Most Expensive Neighborhoods in Jacksonville
From the picturesque Sandalwood to the mid-century neighborhood of Ortega Hills, there several neighborhoods in Jacksonville where the average rent is higher than the city’s average of $1,343 for a 1 bedroom apartment. Whether you’re looking for an airy home to rent in Jacksonville or wondering where to live in the city, read on to find out what neighborhoods made the list.
1. Sandalwood 2. Brooklyn 3. San Marco 4. Golden Glades – The Woods 5. Windy Hill 6. Bay Meadows 7. Southeast Jacksonville 8. Secret Cove 9. Mandarin Station – Losco 10. Southside 11. Chimney Lakes 12. Deerwood 13. Ortega Hills
Let’s jump in and see what these neighborhoods have to offer.
1. Sandalwood
Average 1-bedroom rent: $2,208 Apartments for rent in Sandalwood
Sandalwood is the most expensive neighborhood in Jacksonville, as the average rent for a one-bedroom unit is $2,208. The neighborhood is a friendly area known for its suburban feel and convenient amenities. It offers a variety of housing options, including single-family homes, townhouses, and apartments. Residents have access to ample shopping and dining options, with nearby St. Johns Town Center providing a mix of major retailers, boutique shops, and diverse restaurants. The area is also home to several parks and recreational facilities, such as the Sandalwood Canal Park, which features sports fields, playgrounds, and walking trails. Additionally, Sandalwood is well-regarded for its schools and community-oriented atmosphere.
2. Brooklyn
Average 1-bedroom rent: $2,093 Apartments for rent in Brooklyn
The Brooklyn neighborhood is a vibrant and rapidly developing area known for its blend of historic charm and modern amenities. Located near downtown, Brooklyn offers residents easy access to the city’s core while maintaining a unique neighborhood feel. The area is characterized by a mix of historic homes and new apartment complexes, providing a range of housing options for renters and homeowners alike. Brooklyn is also home to the bustling Brooklyn Station on Riverside, a shopping and dining hub featuring popular spots like The Bearded Pig BBQ and Burrito Gallery. Additionally, the neighborhood boasts several parks, such as Brooklyn Park and Unity Plaza, which offer green spaces and community events, making it an attractive location for those seeking a dynamic urban lifestyle with a sense of community. The average rent for one-bedroom apartments is $2,093, which is about $600 above the city’s average, making it a pricier neighborhood. However, Brooklyn’s charm and amenities are definitely worth it.
3. San Marco
Average 1-bedroom rent: $1,966 Apartments for rent in San Marco
With an average one-bedroom rent of $1,966, San Marco is the third most expensive neighborhood in Jacksonville. The area boasts a blend of Mediterranean and early 20th-century architecture, with many beautifully preserved homes and tree-lined streets. Residents enjoy a variety of shopping and dining options like the popular Bistro AIX and Taverna on San Marco Boulevard. San Marco is also home to several parks, including the scenic Riverfront Park, offering stunning views of the St. Johns River. The neighborhood’s combination of cultural attractions, such as the historic San Marco Theatre, and its close-knit community make it an appealing place for renters of all ages.
4. Golden Glades – The Woods
Average 1-bedroom rent: $1,860 Apartments for rent in Golden Glades – The Woods
Golden Glades – The Woods is known for its serene, suburban atmosphere and well-maintained community spaces. It offers a blend of natural beauty and modern amenities, making it an attractive choice for renters. The neighborhood features a variety of shopping options, with convenient access to stores and services along Beach Boulevard and nearby shopping centers. Dining options are plentiful, with local favorites offering everything from casual eateries to more upscale dining experiences. Residents can enjoy outdoor activities at nearby parks like the Castaway Island Preserve, which offers trails, picnic areas, and stunning views of the Intracoastal Waterway.
5. Windy Hill
Average 1-bedroom rent: $1,763 Apartments for rent in Windy Hill
Next up on our list, Windy Hill is a diverse and dynamic community known for its convenient location and suburban amenities. It offers a variety of shopping options, with St. Johns Town Center nearby, providing residents with access to major retailers, dining establishments, and entertainment venues. The dining scene includes popular local spots like Cantina Louie for Mexican cuisine and Seven Bridges Grille & Brewery for American fare and craft beers. Windy Hill is home to several parks and recreational facilities, such as Windy Hill Park, which features playgrounds, sports fields, and picnic areas. Architecturally, the neighborhood boasts a mix of mid-century homes, modern single-family houses, and contemporary apartment complexes, catering to a wide range of rental preferences and lifestyles.
6. Bay Meadows
Average 1-bedroom rent: $1,687 Apartments for rent in Bay Meadows
Next up is Bay Meadows, the sixth most expensive neighborhood in Jacksonville. The area features a variety of shopping options, including the nearby St. Johns Town Center, which offers a mix of major retailers, boutiques, and dining establishments. Residents enjoy a diverse dining scene with popular spots like Cantina Laredo for Mexican cuisine. The neighborhood is also home to several parks and green spaces, such as the peaceful Baymeadows Regional Park, which provides recreational facilities and walking trails.
7. Southeast Jacksonville
Average 1-bedroom rent: $1,630 Apartments for rent in Southeast Jacksonville
Appropriately located south and east of downtown, Southeast Jacksonville has a friendly atmosphere and community-feeling, with plenty of local cafes and restaurants along Baymeadows Road. Dining in the area is diverse, with everything from upscale restaurants like The Capital Grille to casual eateries like Metro Diner. The neighborhood also boasts several parks, such as the scenic Losco Regional Park, providing ample opportunities for outdoor recreation and family activities.
8. Secret Cove
Average 1-bedroom rent: $1,550 Apartments for rent in Secret Cove
Secret Cove takes the eighth spot on our list of most expensive neighborhoods in Jacksonville. The average rent for a one-bedroom unit is roughly $300 more than the city’s average. The area is characterized by well-maintained single-family homes, often featuring spacious yards and mature trees, providing a suburban feel within the city. Secret Cove also boasts several parks and recreational areas, including the scenic Brackridge Park, which offers walking trails, playgrounds, and sports facilities. The neighborhood’s combination of quiet streets, green spaces, and proximity to amenities makes it a desirable location for renters and homeowners at all stages of life.
9. Mandarin Station – Losco
Average 1-bedroom rent: $1,525 Apartments for rent in Mandarin Station – Losco
A well-loved Jacksonville neighborhood, Mandarin Station – Losco is the next area. This area boasts a mix of single-family homes and townhouses, often set on spacious lots with lush landscaping. Residents enjoy convenient access to shopping and dining options, with the nearby Mandarin Corners Shopping Center and various local restaurants offering a range of cuisines. The neighborhood is also close to several parks, such as Losco Regional Park, which features sports fields, playgrounds, and picnic areas. With its blend of residential comfort, amenities, and green spaces, Mandarin Station – Losco is an attractive choice for those seeking a peaceful yet well-connected place to live in Jacksonville.
10. Southside
Average 1-bedroom rent: $1,499 Apartments for rent in Southside
The tenth most expensive neighborhood in Jacksonville is Southside. This area has a vibrant feeling with its popular restaurants and quirky shops. With easy access to major highways like I-95 and JTB, commuting to downtown Jacksonville or the beaches is a breeze. The area is a shopper’s paradise, featuring the St. Johns Town Center, which offers an array of high-end retailers, dining options, and entertainment venues. For those who enjoy outdoor activities, the neighborhood boasts several parks and golf courses, such as the Deerwood Country Club and the nearby Brackridge Park. Additionally, Southside’s diverse housing options, ranging from modern apartments to upscale single-family homes, cater to a variety of lifestyles and preferences
11. Chimney Lakes
Average 1-bedroom rent: $1,477 Apartments for rent in Chimney Lakes
Number 11 on our list is Chimney Lakes. Residents here enjoy easy access to the expansive Oakleaf Town Center, which features a variety of shops, restaurants, and entertainment options. The neighborhood is home to highly-rated schools such as Chimney Lakes Elementary. Outdoor enthusiasts appreciate the nearby Westside Regional Park, offering ample green space, trails, and recreational facilities. Chimney Lakes’ mix of affordable housing options, from cozy single-family homes to modern townhouses, provides a range of choices for prospective residents.
12. Deerwood
Average 1-bedroom rent: $1,415 Apartments for rent in Deerwood
Taking the 12th spot is Deerwood. The Deerwood neighborhood is known for its upscale, tranquil atmosphere and well-maintained, lush landscapes. As a gated community, it offers a sense of security and exclusivity, appealing to both families and professionals. The area also boasts several parks and recreational facilities, including golf courses, tennis courts, and walking trails, providing ample opportunities for outdoor activities. Architecturally, Deerwood showcases a variety of housing styles, from elegant single-family homes to luxurious townhouses, making it a desirable place to live for those seeking a blend of comfort and convenience.
13. Ortega Hills
Average 1-bedroom rent: $1,414 Apartments for rent in Ortega Hills
Lucky 13 on our list is Ortega Hills, a charming and quiet neighborhood known for its friendly atmosphere and scenic surroundings. Located near the St. Johns River, it offers beautiful waterfront views and a peaceful residential environment. The neighborhood features a mix of mid-century homes and more modern constructions, providing a variety of architectural styles. Ortega Hills is also close to several parks, such as Tillie K. Fowler Regional Park, which offers trails, playgrounds, and picnic areas. Additionally, residents enjoy convenient access to shopping and dining options, with various local shops and restaurants just a short drive away, making it a comfortable and pleasant place to live.
Methodology: Whether a neighborhood has an average 1-bedroom rent price over the city’s average. Average rental data from Rent.com in June 2024.
Jacksonville, Florida, is a city known for its vibrant culture, stunning coastline, and diverse communities. Within its sprawling landscape, several neighborhoods stand out for their luxurious amenities, prime locations, and high-end real estate. If you’re looking to rent an apartment in Jacksonville and are curious about the most expensive neighborhoods, we’ve gathered a list of the most expensive Jacksonville neighborhoods to rent an apartment this year. These exclusive enclaves offer residents a unique blend of upscale living and proximity to Jacksonville’s finest dining, shopping, and entertainment options. Whether nestled along the picturesque waterfront or within gated communities, these neighborhoods represent the pinnacle of affluent living in the city.
13 Most Expensive Neighborhoods in Jacksonville
From the picturesque Sandalwood to the mid-century neighborhood of Ortega Hills, there several neighborhoods in Jacksonville where the average rent is higher than the city’s average of $1,343 for a 1 bedroom apartment. Whether you’re looking for an airy home to rent in Jacksonville or wondering where to live in the city, read on to find out what neighborhoods made the list.
1. Sandalwood 2. Brooklyn 3. San Marco 4. Golden Glades – The Woods 5. Windy Hill 6. Bay Meadows 7. Southeast Jacksonville 8. Secret Cove 9. Mandarin Station – Losco 10. Southside 11. Chimney Lakes 12. Deerwood 13. Ortega Hills
Let’s jump in and see what these neighborhoods have to offer.
1. Sandalwood
Average 1-bedroom rent: $2,208 Apartments for rent in Sandalwood
Sandalwood is the most expensive neighborhood in Jacksonville, as the average rent for a one-bedroom unit is $2,208. The neighborhood is a friendly area known for its suburban feel and convenient amenities. It offers a variety of housing options, including single-family homes, townhouses, and apartments. Residents have access to ample shopping and dining options, with nearby St. Johns Town Center providing a mix of major retailers, boutique shops, and diverse restaurants. The area is also home to several parks and recreational facilities, such as the Sandalwood Canal Park, which features sports fields, playgrounds, and walking trails. Additionally, Sandalwood is well-regarded for its schools and community-oriented atmosphere.
2. Brooklyn
Average 1-bedroom rent: $2,093 Apartments for rent in Brooklyn
The Brooklyn neighborhood is a vibrant and rapidly developing area known for its blend of historic charm and modern amenities. Located near downtown, Brooklyn offers residents easy access to the city’s core while maintaining a unique neighborhood feel. The area is characterized by a mix of historic homes and new apartment complexes, providing a range of housing options for renters and homeowners alike. Brooklyn is also home to the bustling Brooklyn Station on Riverside, a shopping and dining hub featuring popular spots like The Bearded Pig BBQ and Burrito Gallery. Additionally, the neighborhood boasts several parks, such as Brooklyn Park and Unity Plaza, which offer green spaces and community events, making it an attractive location for those seeking a dynamic urban lifestyle with a sense of community. The average rent for one-bedroom apartments is $2,093, which is about $600 above the city’s average, making it a pricier neighborhood. However, Brooklyn’s charm and amenities are definitely worth it.
3. San Marco
Average 1-bedroom rent: $1,966 Apartments for rent in San Marco
With an average one-bedroom rent of $1,966, San Marco is the third most expensive neighborhood in Jacksonville. The area boasts a blend of Mediterranean and early 20th-century architecture, with many beautifully preserved homes and tree-lined streets. Residents enjoy a variety of shopping and dining options like the popular Bistro AIX and Taverna on San Marco Boulevard. San Marco is also home to several parks, including the scenic Riverfront Park, offering stunning views of the St. Johns River. The neighborhood’s combination of cultural attractions, such as the historic San Marco Theatre, and its close-knit community make it an appealing place for renters of all ages.
4. Golden Glades – The Woods
Average 1-bedroom rent: $1,860 Apartments for rent in Golden Glades – The Woods
Golden Glades – The Woods is known for its serene, suburban atmosphere and well-maintained community spaces. It offers a blend of natural beauty and modern amenities, making it an attractive choice for renters. The neighborhood features a variety of shopping options, with convenient access to stores and services along Beach Boulevard and nearby shopping centers. Dining options are plentiful, with local favorites offering everything from casual eateries to more upscale dining experiences. Residents can enjoy outdoor activities at nearby parks like the Castaway Island Preserve, which offers trails, picnic areas, and stunning views of the Intracoastal Waterway.
5. Windy Hill
Average 1-bedroom rent: $1,763 Apartments for rent in Windy Hill
Next up on our list, Windy Hill is a diverse and dynamic community known for its convenient location and suburban amenities. It offers a variety of shopping options, with St. Johns Town Center nearby, providing residents with access to major retailers, dining establishments, and entertainment venues. The dining scene includes popular local spots like Cantina Louie for Mexican cuisine and Seven Bridges Grille & Brewery for American fare and craft beers. Windy Hill is home to several parks and recreational facilities, such as Windy Hill Park, which features playgrounds, sports fields, and picnic areas. Architecturally, the neighborhood boasts a mix of mid-century homes, modern single-family houses, and contemporary apartment complexes, catering to a wide range of rental preferences and lifestyles.
6. Bay Meadows
Average 1-bedroom rent: $1,687 Apartments for rent in Bay Meadows
Next up is Bay Meadows, the sixth most expensive neighborhood in Jacksonville. The area features a variety of shopping options, including the nearby St. Johns Town Center, which offers a mix of major retailers, boutiques, and dining establishments. Residents enjoy a diverse dining scene with popular spots like Cantina Laredo for Mexican cuisine. The neighborhood is also home to several parks and green spaces, such as the peaceful Baymeadows Regional Park, which provides recreational facilities and walking trails.
7. Southeast Jacksonville
Average 1-bedroom rent: $1,630 Apartments for rent in Southeast Jacksonville
Appropriately located south and east of downtown, Southeast Jacksonville has a friendly atmosphere and community-feeling, with plenty of local cafes and restaurants along Baymeadows Road. Dining in the area is diverse, with everything from upscale restaurants like The Capital Grille to casual eateries like Metro Diner. The neighborhood also boasts several parks, such as the scenic Losco Regional Park, providing ample opportunities for outdoor recreation and family activities.
8. Secret Cove
Average 1-bedroom rent: $1,550 Apartments for rent in Secret Cove
Secret Cove takes the eighth spot on our list of most expensive neighborhoods in Jacksonville. The average rent for a one-bedroom unit is roughly $300 more than the city’s average. The area is characterized by well-maintained single-family homes, often featuring spacious yards and mature trees, providing a suburban feel within the city. Secret Cove also boasts several parks and recreational areas, including the scenic Brackridge Park, which offers walking trails, playgrounds, and sports facilities. The neighborhood’s combination of quiet streets, green spaces, and proximity to amenities makes it a desirable location for renters and homeowners at all stages of life.
9. Mandarin Station – Losco
Average 1-bedroom rent: $1,525 Apartments for rent in Mandarin Station – Losco
A well-loved Jacksonville neighborhood, Mandarin Station – Losco is the next area. This area boasts a mix of single-family homes and townhouses, often set on spacious lots with lush landscaping. Residents enjoy convenient access to shopping and dining options, with the nearby Mandarin Corners Shopping Center and various local restaurants offering a range of cuisines. The neighborhood is also close to several parks, such as Losco Regional Park, which features sports fields, playgrounds, and picnic areas. With its blend of residential comfort, amenities, and green spaces, Mandarin Station – Losco is an attractive choice for those seeking a peaceful yet well-connected place to live in Jacksonville.
10. Southside
Average 1-bedroom rent: $1,499 Apartments for rent in Southside
The tenth most expensive neighborhood in Jacksonville is Southside. This area has a vibrant feeling with its popular restaurants and quirky shops. With easy access to major highways like I-95 and JTB, commuting to downtown Jacksonville or the beaches is a breeze. The area is a shopper’s paradise, featuring the St. Johns Town Center, which offers an array of high-end retailers, dining options, and entertainment venues. For those who enjoy outdoor activities, the neighborhood boasts several parks and golf courses, such as the Deerwood Country Club and the nearby Brackridge Park. Additionally, Southside’s diverse housing options, ranging from modern apartments to upscale single-family homes, cater to a variety of lifestyles and preferences
11. Chimney Lakes
Average 1-bedroom rent: $1,477 Apartments for rent in Chimney Lakes
Number 11 on our list is Chimney Lakes. Residents here enjoy easy access to the expansive Oakleaf Town Center, which features a variety of shops, restaurants, and entertainment options. The neighborhood is home to highly-rated schools such as Chimney Lakes Elementary. Outdoor enthusiasts appreciate the nearby Westside Regional Park, offering ample green space, trails, and recreational facilities. Chimney Lakes’ mix of affordable housing options, from cozy single-family homes to modern townhouses, provides a range of choices for prospective residents.
12. Deerwood
Average 1-bedroom rent: $1,415 Apartments for rent in Deerwood
Taking the 12th spot is Deerwood. The Deerwood neighborhood is known for its upscale, tranquil atmosphere and well-maintained, lush landscapes. As a gated community, it offers a sense of security and exclusivity, appealing to both families and professionals. The area also boasts several parks and recreational facilities, including golf courses, tennis courts, and walking trails, providing ample opportunities for outdoor activities. Architecturally, Deerwood showcases a variety of housing styles, from elegant single-family homes to luxurious townhouses, making it a desirable place to live for those seeking a blend of comfort and convenience.
13. Ortega Hills
Average 1-bedroom rent: $1,414 Apartments for rent in Ortega Hills
Lucky 13 on our list is Ortega Hills, a charming and quiet neighborhood known for its friendly atmosphere and scenic surroundings. Located near the St. Johns River, it offers beautiful waterfront views and a peaceful residential environment. The neighborhood features a mix of mid-century homes and more modern constructions, providing a variety of architectural styles. Ortega Hills is also close to several parks, such as Tillie K. Fowler Regional Park, which offers trails, playgrounds, and picnic areas. Additionally, residents enjoy convenient access to shopping and dining options, with various local shops and restaurants just a short drive away, making it a comfortable and pleasant place to live.
Methodology: Whether a neighborhood has an average 1-bedroom rent price over the city’s average. Average rental data from Rent.com in June 2024.
Mortgage rates may be dropping, but buyers aren’t convinced it’s the right time to buy. (iStock )
There’s good and bad news for mortgage rates this week. The good news is rates have continued their slow downward trend, averaging 6.87% on 30-year, fixed-rate mortgages, Freddie Mac reported.
Although this is promising, lowering interest rates is far from the norm. Last week, 30-year mortgages had average rates of 6.95%. However, compared to a year ago when rates averaged 6.67%, this week and last week’s rates are still relatively high. Still, any improvement is better than nothing.
“Mortgage rates fell for the third straight week following signs of cooling inflation and market expectations of a future Fed rate cut,” Freddie Mac Chief Economist Sam Khater explained. “These lower mortgage rates coupled with the gradually improving housing supply bodes well for the housing market. Aspiring homeowners should remember it’s important to shop around for the best mortgage rate as they can vary widely between lenders.”
On top of 30-year rates, 15-year mortgage rates also dipped this week, but still remain above the 6% mark. Interest rates for 15-year fixed-rate mortgages averaged 6.13%, down slightly from last week when they averaged 6.17%.
If you think you’re ready to shop around for a home loan, consider using Credible to help you easily compare interest rates from multiple lenders in minutes.
MOST HOMEOWNERS WOULD RATHER REMODEL THEIR HOME THAN BUY ANOTHER HOME: STUDY
Average Americans must put down over $100,000 to afford monthly mortgage payment
Down payment requirements are increasing across the country for the average prospective homebuyer. Households making a middle class income must put down $127,750 on an average priced home to realistically afford the monthly payments, according to a Zillow study.
This down payment is equivalent to about 35.4% of a $360,000 dollar home, which is the price of a typical U.S. home. A down payment of this size helps buyers pay no more than 30% of their income on mortgage payments.
Just five years ago, many households could afford monthly mortgage payments without paying any down payment for their new home.
“Down payments have always been important, but even more so today,” Zillow Chief Economist Skylar Olsen said. “With so few available, buyers may have to wait even longer for the right home to hit the market, especially now that buyers can afford less. Mortgage rate movements during that time could make the difference between affording that home and not.”
To save up the necessary down payment, it would take many households making a median income, 12 years to save. This assumes putting 10% of their income aside — an unlikely reality for many facing skyrocketing costs in all areas of their lives.
“Saving enough is a tall task without outside help — a gift from family or perhaps a stock windfall,” Olsen said. “To make the finances work, some folks are making a big move across the country, co-buying or buying a home with an extra room to rent out. Down payment assistance is another great resource that is too often overlooked.”
A site like Credible can let you view multiple mortgage lenders and provide you with personalized rates within just minutes, all without impacting your credit.
MILLENNIALS MOST LIKELY TO UNLOCK LOW MORTGAGE RATE TO MOVE: FREDDIE MAC
Desire to buy a home hits an all-time low for prospective buyers
Interest may be lower to a small degree, but prospective buyers don’t seem to be ready to dive back into the buying market. Fannie Mae’s Home Purchase Sentiment Index dropped 2.5 points in May to 69.4, signaling that buyers don’t have positive attitudes about buying at the moment.
This drop puts the index at an all-time low. In May, only 14% of consumers believed it’s a good time to buy a new home, down from 20% in April. Consumers still think affordability will remain difficult for most buyers, at least for the foreseeable future.
“Consumer sentiment toward housing declined from its recent plateau, as an increasing share of consumers struggle to find the positives in the current housing market,” said Doug Duncan, Fannie Mae senior vice president and chief economist. “While many respondents expressed optimism at the beginning of the year that mortgage rates would decline, that simply hasn’t happened, and current sentiment reflects pent-up frustration with the overall lack of purchase affordability.
“This is most clearly evidenced by our ‘good time to buy’ component falling to a new survey low this month. On the other hand, homeowners’ perception of home-selling conditions declined only slightly and remains largely positive after a steady increase over the last few months,” Duncan said.
To see if you qualify for a mortgage based on your current credit score and salary, consider visiting Credible, where you can compare multiple mortgage lenders at once.
FREDDIE MAC PROPOSES PRODUCT TO HELP HOMEOWNERS TAP HOME EQUITY WITHOUT LOSING RECORD LOW MORTGAGE RATES
Have a finance-related question, but don’t know who to ask? Email The Credible Money Expert at [email protected] and your question might be answered by Credible in our Money Expert column.
The City of Fountains, Kansas City, MO, is known for its vibrant arts scene, delicious barbecue, and rich history. With a population of about 495,000 residents, Kansas City offers a variety of neighborhoods to explore. If you’re looking to rent an apartment in Kansas City, you’ll find that the average rent for a one-bedroom apartment is $1,257. Whether you’re a local or new to the area, ApartmentGuide has compiled a list of the most expensive Kansas City neighborhoods to rent an apartment in this year.
9 Most Expensive Neighborhoods in Kansas City
From the bustling River Market to the charming West Plaza, there are plenty of amazing neighborhoods in Kansas City. Whether you’re looking for a cozy home to rent in Kansas City or wondering where to live in the city, read on to find out what areas made the list.
1. Downtown Kansas City 2. Old Westport 3. Plaza Westport 4. River Market 5. Barry Harbor 6. Volker 7. Crossroads 8. North Hyde Park 9. New Mark
Let’s jump in and see what these neighborhoods have to offer.
1. Downtown Kansas City
Average 1-bedroom rent: $1,995 Apartments for rent in Downtown Kansas City
Downtown is the most expensive neighborhood in Kansas City, as the average rent for a one-bedroom unit is $1,995. There are plenty of reasons why this neighborhood attracts renters. The Power & Light District is a major draw, offering an array of shopping, dining, and nightlife venues in a lively setting. Food enthusiasts can enjoy iconic BBQ joints like Arthur Bryant’s as well as upscale dining at establishments like The Majestic Restaurant. The area is also home to significant cultural attractions such as the Kauffman Center for the Performing Arts and the National World War I Museum and Memorial. Downtown’s blend of historic architecture and modern high-rises provides a diverse range of living spaces, making it an appealing choice for renters.
2. Old Westport
Average 1-bedroom rent: $1,908 Apartments for rent in Old Westport
Old Westport is a historic neighborhood celebrated for its lively atmosphere and rich heritage. Known for its vibrant nightlife, the area is filled with popular bars, live music venues, and eclectic dining options such as Beer Kitchen. Shoppers can explore unique boutiques and vintage stores, adding to the neighborhood’s distinctive charm. Westport’s green spaces, like Westport Commons and Mill Creek Park, provide residents with places to relax and enjoy outdoor activities. Architecturally, Old Westport features a mix of preserved 19th-century buildings and contemporary residences, offering renters a variety of unique living spaces.
3. Plaza Westport
Average 1-bedroom rent: $1,895 Apartments for rent in Plaza Westport
With an average one-bedroom rent of $1,895, Plaza Westport is the third most expensive neighborhood in Kansas City. The Plaza Westport neighborhood is a vibrant area known for its lively mix of shopping, dining, and entertainment options. The Country Club Plaza, with its Spanish-inspired architecture, offers an upscale shopping experience featuring high-end retailers and chic boutiques. Dining in Plaza Westport is a culinary delight, with popular spots like Gram & Dun serving modern American cuisine and JJ’s Restaurant offering an extensive wine list and fine dining. Nearby parks such as Mill Creek Park provide green spaces for relaxation and outdoor activities.
4. River Market
Average 1-bedroom rent: $1,491 Apartments for rent in River Market
River Market is the next most expensive neighborhood in Kansas City. The area known for its historic charm and vibrant community atmosphere. It is home to the City Market, one of the largest and longest-running public farmers’ markets in the Midwest, offering fresh produce, local goods, and international cuisine. Residents and visitors enjoy a variety of dining options, from casual eateries to upscale spots like Blue Nile Café, offering Ethiopian dishes. The neighborhood features picturesque green spaces such as Berkley Riverfront Park, providing scenic views and recreational opportunities along the Missouri River. Architecturally, River Market boasts a mix of historic lofts, modern apartments, and charming townhomes, making it an attractive choice for renters seeking a dynamic urban living experience.
5. Barry Harbor
Average 1-bedroom rent: $1,470 Apartments for rent in Barry Harbor
While more expensive, the perks of living in Barry Harbor may offset the costs. The area offers convenient shopping options at the nearby Barrywoods Crossing, featuring a variety of retail stores and dining establishments. Residents enjoy local dining favorites like Margarita’s North, known for its delicious Mexican cuisine, and 54th Street Grill & Bar, offering a diverse menu in a relaxed setting. Outdoor enthusiasts appreciate the neighborhood’s proximity to parks such as the expansive Tiffany Hills Park, which provides walking trails, sports fields, and playgrounds.
6. Volker
Average 1-bedroom rent: $1,464 Apartments for rent in Volker
Next up is Volker, the sixth most expensive neighborhood in Kansas City. Volker is celebrated for its eclectic charm and vibrant community feel, making it a favorite among renters. Known for its tree-lined streets and historic homes, Volker offers a picturesque residential setting. Renters will find a variety of shopping and dining options, with popular spots like the 39th Street West district featuring unique boutiques and eateries such as Q39, known for its award-winning BBQ. The nearby Roanoke Park provides ample green space for outdoor activities and relaxation. Architecturally, Volker boasts a mix of early 20th-century bungalows and Craftsman-style homes, along with modern apartment complexes.
7. Crossroads
Average 1-bedroom rent: $1,422 Apartments for rent in Crossroads
The Crossroads neighborhood is a vibrant arts district renowned for its creative energy and eclectic mix of galleries, studios, and performance spaces. Renters will find a variety of dining options, from gourmet restaurants to trendy cafes such as Thou Mayest Coffee Roasters. The area is also home to First Fridays, a monthly event that transforms the neighborhood into a lively street fair with art exhibits, food trucks, and live music. For outdoor enthusiasts, the nearby Kauffman Legacy Park offers green space for relaxation and recreation. Architecturally, Crossroads features a blend of historic warehouses converted into stylish lofts and modern apartment buildings, providing unique and attractive living options.
8. North Hyde Park
Average 1-bedroom rent: $1,412 Apartments for rent in North Hyde Park
North Hyde Park takes the eighth spot on our list of most expensive neighborhoods in Kansas City. The average rent for a one-bedroom unit is roughly $100 more than the city’s average. North Hyde Park is known for its tree-lined streets, historic homes, and close-knit community feel. Renters will find a variety of housing options, from charming early 20th-century houses to modern apartments, reflecting the neighborhood’s rich architectural heritage. Shopping is convenient with local boutiques and nearby retail centers, while the dining scene includes popular spots like Meshuggah Bagels and The Russell, offering delightful culinary experiences. The neighborhood is also home to several parks, such as Hyde Park, which provides green spaces, playgrounds, and a community garden for residents to enjoy. With its blend of historic charm and modern amenities, North Hyde Park is an attractive choice for those looking to rent in a vibrant and welcoming community.
9. New Mark
Average 1-bedroom rent: $1,324 Apartments for rent in New Mark
The tenth most expensive neighborhood in Kansas City is New Mark. This area has a vibrant feeling with its popular restaurants and quirky shops. You can find parks like New Mark Park and the Shoal Creek Trail, perfect for enjoying a sunny day in Kansas City. Renters will find convenient shopping options at nearby Barrywoods Crossing, which features a variety of retail stores and dining establishments. Local dining favorites include Jose Pepper’s for delicious Mexican cuisine and Nick and Jake’s for American comfort food. Outdoor enthusiasts will appreciate the proximity to parks like Anne Garney Park, which offers scenic walking trails and recreational facilities.
Methodology: Whether a neighborhood has an average 1-bedroom rent price over the city’s average. Average rental data from Rent.com in June 2024.