Welcome to the charming city of Binghamton, NY. With its rich industrial heritage, vibrant arts scene, and stunning natural landscapes, Binghamton offers a unique blend of urban amenities and small-town charm. So whether you’re searching for the perfect apartment in downtown Binghamton or eyeing a cozy farmhouse in the surrounding area, you’ve come to the right place.
In this Apartment Guide article, we’ll cut to the chase, breaking down the pros and cons of moving to Binghamton. Let’s get started and see what awaits in this picturesque city nestled in the heart of upstate New York.
Pro: Affordable cost of living
Binghamton offers a relatively affordable cost of living compared to other cities in New York state. The average rent in spring 2024 is only around $1,000 for an apartment. Housing costs, including home buying prices, are reasonable, allowing residents to enjoy a comfortable lifestyle without breaking the bank. This makes Binghamton an attractive option for anyone looking to stretch their budget while still enjoying the amenities of a city.
Con: Limited public transportation options
Binghamton has limited public transit coverage compared to larger cities. There is bus service within the city but it is not extensive. Busses are also available to travel between Binghamton and other cities in the area such as Albany, Buffalo, and New York City. However, the lack of robust public transport within Binghamton itself can pose challenges for residents who rely on public transportation for their daily commutes.
Pro: Rich cultural heritage
Binghamton boasts a rich cultural heritage, with a strong emphasis on the arts and history. The city is home to several museums, art galleries, and cultural institutions that showcase the region’s diverse heritage. The Bundy Museum, Phelps Mansion and Roberson Museum and Science Center are especially beloved. Residents can immerse themselves in local art, music, and theater, as well as explore the city’s historical landmarks and architecture, providing a deep sense of cultural appreciation and community pride.
Con: Harsh winters
Binghamton experiences harsh winters with heavy snowfall and cold temperatures, which can be challenging for residents who are not accustomed to extreme weather conditions. Snow removal and road maintenance become significant concerns during the winter months, impacting daily routines and travel logistics.
Pro: Outdoor recreational opportunities
Surrounded by natural beauty, Binghamton offers abundant outdoor recreational opportunities. The Ganondagan Hiking Trails are a highlight. They allow hikers to learn about the history of the area on three different themed hiking trails. Residents also enjoy trekking, biking, and picnicking in the nearby state parks and nature reserves. Confluence Park, at the intersection of the Susquehanna and Chanango Rivers, is a well-loved location for a stroll on nice days. The city’s proximity to the Finger Lakes region also provides access to water-based activities such as boating, fishing, and swimming, making it an ideal location for nature enthusiasts and outdoor adventurers.
Con: Healthcare access
Access to specialized healthcare services and medical facilities may be limited in Binghamton, requiring residents to travel to neighboring cities for certain medical treatments and healthcare needs. This can create logistical challenges and impact the overall accessibility of healthcare resources within the local community.
Pro: Diverse dining scene
Binghamton’s diverse dining scene offers a wide range of culinary experiences, from cozy cafes and family-owned eateries to upscale restaurants and international cuisine. Food enthusiasts can savor a variety of flavors and dishes, including farm-to-table fare, ethnic delicacies, and innovative gastronomic creations, making the city a haven for foodies and those who appreciate culinary diversity. Residents love The Grove for casual eats and live music. For special occasions, Remlik’s serves gorgeous meals in a historic home.
Con: Limited job opportunities
While Binghamton offers a lower cost of living, the city also has limited job opportunities compared to larger metropolitan areas. Employment options may be more restricted, especially in certain industries, requiring residents to carefully consider their career prospects and potential for professional growth within the local job market. Major employers in the area include Lockheed Martin and Binghamton University.
Pro: Strong sense of community
Binghamton fosters a strong sense of community, with residents actively engaging in local events, volunteer opportunities, and neighborhood initiatives. The city’s close-knit neighborhoods and friendly atmosphere create a supportive and inclusive environment, where individuals can form meaningful connections and contribute to the overall well-being of the community.
Con: Seasonal fluctuations
Binghamton experiences distinct seasonal fluctuations, with hot and humid summers followed by cold and snowy winters. These weather extremes can pose challenges for residents, impacting outdoor activities, energy costs, and overall comfort levels throughout the year.
Pro: Access to higher education
Binghamton provides residents with access to quality higher education institutions. Binghamton University and SUNY Broome Community College are both located in the city. Students and lifelong learners can take advantage of academic and cultural resources, as well as attend lectures, performances, and events that enrich the intellectual and social fabric of the city.
Con: Urban sprawl and traffic congestion
Binghamton experiences urban sprawl and traffic congestion in certain areas, particularly during peak commuting hours. The city’s infrastructure and roadways may become congested, leading to longer travel times and potential frustrations for residents navigating through busy urban corridors.
Pro: Convenient transportation options
Binghamton offers convenient transportation options within the city such as bike lanes, and pedestrian-friendly pathways. The city’s accessibility allows residents to navigate the urban landscape and connect with neighboring communities, enhancing overall mobility and connectivity.
Have you been asking yourself, “Should I move to Chattanooga?” Located along the Tennessee River and surrounded by picturesque mountains, Chattanooga offers a blend of natural beauty, thriving cultural scene, and Southern charm. But is it the right fit for you? Before you start packing boxes, let’s take a closer look. In this article, we’ll dive into the pros and cons of living in this city to help you decide if the Scenic City should be your next home. Let’s jump in.
Chattanooga at a Glance
Walk Score: 29 | Bike Score: 35 | Transit Score: 18
Median Sale Price: $316,000 | Average Rent for 1-Bedroom Apartment: $1,400
Chattanooga neighborhoods | Houses for rent in Chattanooga | Apartments for rent in Chattanooga | Homes for sale in Chattanooga
Pro: Scenic beauty and outdoor activities
Chattanooga is renowned for its breathtaking natural scenery. The city is surrounded by mountains and waterways, offering endless outdoor activities. From hiking on Lookout Mountain to kayaking on the Tennessee River, residents have ample opportunities to enjoy nature. The iconic Walnut Street Bridge, one of the world’s longest pedestrian bridges, provides stunning views and a unique walking experience.
Con: Limited public transportation options
With a Transit Score of 18, the city’s public transportation system is not as developed as in larger metropolitan areas. While there are buses and a free electric shuttle in the downtown area, options are limited, especially outside the city center. This can make it challenging for those without personal vehicles to navigate the city efficiently.
Pro: Affordable cost of living
Chattanooga offers an affordable cost of living that’s 9% lower than the national average. Additionally, housing prices are relatively low with a median sale price about $100,000 less than the national average. This allows many locals to afford a comfortable lifestyle without the financial strain experienced in larger urban centers. This affordability extends to groceries, utilities, and entertainment, making it an attractive place to live for many.
Con: Traffic congestion
Despite its moderate size, Chattanooga faces traffic congestion, especially during rush hours. Although the city’s infrastructure tries to keep up with the growing population, major roads and intersections often see heavy traffic. This is particularly evident on the I-24 corridor, which is notorious for traffic jams.
Pro: Exceptional internet speed
Chattanooga is known as the “Gig City” for its ultra-fast internet. The city was one of the first in the U.S. to offer 1 Gbps internet speeds citywide. This makes it an attractive location for tech companies and remote workers seeking reliable and fast internet connectivity, fostering a growing tech community.
Con: Air quality concerns
In the past, Chattanooga has faced challenges with air quality. Industrial activity and vehicle emissions contributed to pollution, which was exacerbated by the city’s geographical location in a valley. Today, pollution and wildfire smoke can lead to smoggy conditions, particularly in the summer months. This is something to consider for those with respiratory conditions or any one concerned with air quality levels.
Pro: Community spirit and friendliness
Chattanooga is often praised for its strong sense of community and the friendliness of its locals. Neighborhoods host regular events, fostering a sense of belonging and togetherness. One specific example is the annual Riverbend Festival, a multi-day event that brings people from across the city together to enjoy live music, food vendors, and fun activities. This welcoming atmosphere makes it easy for newcomers to integrate and form lasting connections, enhancing the overall quality of life.
Con: Seasonal weather extremes
Chattanooga experiences a wide range of weather conditions, from hot, humid summers to occasionally cold winters. The summer heat can be intense, making outdoor activities uncomfortable during peak daytime hours. Winter brings its own challenges, with sporadic snowfall and ice that the city is often unprepared for.
Pro: Rich history and heritage
The city has a rich historical heritage, from its critical role in the Civil War to the famous Chattanooga Choo Choo. There are plenty of museums, historical sites, and monuments scattered throughout the city offering residents and visitors the opportunity to take a deep dive into the past. This historical richness adds a unique layer to the city’s cultural fabric.
Con: Limited nightlife options
For those seeking a bustling nightlife, Chattanooga might fall short. While there are bars, live music venues, and restaurants, the options are more limited compared to larger cities. The nightlife scene tends to be quieter and more subdued, which might not meet the expectations of all residents.
Pro: Thriving arts scene
The city boasts a vibrant arts scene that caters to a variety of tastes. The Hunter Museum of American Art displays a remarkable collection, while the Chattanooga Symphony and Opera provide high-quality musical performances. The Bluff View Art District offers galleries, shops, and cafes in a picturesque setting, making art accessible to everyone.
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.
SEATTLE — Mortgage rates, now hitting 7%, are putting heavy pressure on potential homebuyers.
According to Bankrate Analyst Alex Gailey, it may be time to rent rather than buy.
“A housing shortage, rising home prices, and high mortgage rates are tipping the housing market in favor of renting, at least in the short term, all across the country,” said Gailey.
A new Bankrate study reveals the Seattle metro area ranks third in the nation as the least affordable area to buy versus rent. Only Silicon Valley and the Bay Area are more expensive.
“You see home prices really high in Seattle, well above the national median sale price. In Seattle, the median sale price of a home is roughly around $800,000. That compares to the national median sale price, which is closer to $400,000. And so, that really makes a huge difference in the monthly mortgage payment you’re making,” said Gailey.
The Seattle-Tacoma-Bellevue area has the third-largest gap between renting and buying costs, with the average rent in the area at nearly $2,200 a month, while the typical mortgage payment is over $4,900. That’s a buy-to-rent ratio of 125%.
Gailey’s advice: If you want to buy right now you should make sure you’re in it for the long haul.
“Time in the housing market is more important than trying to time the housing market,” said Gailey.
While affordability is one of the main obstacles for aspiring homeowners, if you can afford it, then buying is a smart financial choice in the long term.
In Washington state, on average, you need a combined income of $150,000 annually to afford to buy, and more than half of aspiring homeowners say they can’t get there.
Rental rates in the area are high as well but more comparable to the national average. The average rental unit prices at $2,200, compared to a national average of about $1,950.
Lowered down payment requirements for multifamily homes
As you may already know, last November, Fannie Mae made a notable policy change. Effective from the weekend after November 18, 2023, it began accepting 5% down payments for owner-occupied 2-, 3-, and 4-unit homes. This marked a departure from the previous multifamily financing requirement of 15-25% down payments for duplexes, triplexes, and four-plexes.
This new option presents a great opportunity for individuals looking to invest in multifamily homes while also enjoying the benefits of homeownership. Prospective owner-landlords can now afford these properties more easily, thanks to the reduced down payment requirement by Fannie Mae.
Check your home buying options. Start here
Expanded financing choices and easier approvals for multifamily homes
The policy change applies to standard purchases, no-cash-out refinances, HomeReady, and HomeStyle Renovation loans for owner-occupied transactions. This means that first-time buyers and individuals seeking to offset high mortgage payments can take advantage of Fannie Mae’s more accessible financing options.
The maximum loan amount allowed for these 2-4 unit properties is set at $1,396,800, ensuring that larger and more expensive properties can be purchased with flexibility. Additionally, the elimination of the FHA self-sufficiency test for 3-4 unit properties means that buyers will face fewer hurdles when seeking pre-approval for these types of multifamily homes.
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Taking advantage of Fannie Mae’s policy change
Mortgage loan borrowers interested in taking advantage of this opportunity can apply now, as the changes are already in place within Fannie Mae’s system since November 18, 2023. Now that the new policy is live, potential buyers should take immediate action, ensuring all essential documentation is in order.
For owner-occupant landlords, this policy shift represents a significant opportunity to reduce mortgage payments by leveraging rental income. The ability to make a smaller down payment not only makes multifamily homes more accessible, but it also allows home buyers to gain valuable landlord experience, as they have the opportunity to collect rent from other units while simultaneously building equity in their own property.
Fannie Mae’s move to lower the down payment requirements for multifamily homes is a promising step towards improving access to credit and affordable rental housing. With this progressive policy change, the dream of owning a multifamily home while generating rental income is becoming more attainable for mortgage loan borrowers.
Time to make a move? Let us find the right mortgage for you
With its stunning waterfront, diverse cultural scene, and renowned festivals, Rochester offers a unique blend of urban excitement and natural beauty.
Welcome to the charming city of Rochester, NY, where the Genesee River flows and history comes to life. Residents here enjoy a rich tapestry of arts and culture, from the George Eastman Museum to the Memorial Art Gallery. So whether you’re searching for the perfect apartment in downtown Rochester or eyeing a peaceful house in the suburbs, you’ve come to the right place.
In this Apartment Guide article, we’ll cut to the chase, breaking down the pros and cons of moving to Rochester. Let’s get started and see what awaits in this vibrant city by the water.
Pro: Rich cultural heritage
Rochester boasts a rich cultural heritage, with a strong emphasis on arts, music, and history. The city is home to the renowned Eastman School of Music and the George Eastman Museum, offering residents access to world-class performances and exhibitions. Additionally, the Memorial Art Gallery and the Rochester Museum & Science Center provide ample opportunities for cultural enrichment and exploration.
Con: Limited public transportation options
Rochester has limited public transportation options, which can pose challenges for residents who rely on public transit for their daily commute or travel needs. The city’s public transportation system is not as extensive as in larger metropolitan areas, making it less convenient for those who prefer not to drive or own a vehicle. This limitation can impact accessibility and mobility for certain individuals.
Pro: Affordable cost of living
One of the major pros of living in Rochester is its affordable cost of living. Housing prices are relatively low compared to other major cities, making it an attractive option for those looking to purchase a home or rent an apartment. The overall affordability of the city allows residents to enjoy a comfortable lifestyle without breaking the bank.
Con: Harsh winters
One of the major drawbacks of living in Rochester is its harsh winters, characterized by heavy snowfall and cold temperatures. The city experiences long and challenging winter seasons, which can be a deterrent for individuals who prefer milder climates. Residents must be prepared for inclement weather and the associated inconveniences that come with the winter months.
Pro: Strong sense of community
Rochester is known for its strong sense of community, with residents actively participating in local events and initiatives. The city’s neighborhoods are close-knit, fostering a supportive and inclusive environment for individuals and families. Community organizations and volunteer opportunities abound, providing avenues for residents to connect and make a positive impact.
Con: Job market competitiveness
The job market in Rochester can be competitive, particularly in certain industries. While the city is home to a variety of businesses and organizations, job opportunities may be more limited compared to larger urban centers.
Pro: Access to outdoor recreation
With its proximity to the Finger Lakes region and numerous parks and trails, Rochester offers ample opportunities for outdoor recreation. Residents can enjoy activities such as hiking, biking, and boating, as well as seasonal events like apple picking and wine tours. The city’s natural beauty and outdoor amenities contribute to a high quality of life for outdoor enthusiasts.
Con: Seasonal allergies and weather-related health concerns
Rochester residents may experience seasonal allergies and weather-related health concerns, particularly during the spring and summer months. Pollen levels can be high, leading to discomfort for individuals with allergies or respiratory issues. Additionally, extreme weather conditions such as humidity and temperature fluctuations can impact overall health and wellness for some residents.
Pro: Diverse culinary scene
Rochester boasts a diverse culinary scene, with a wide range of dining options to suit every palate. From farm-to-table eateries and ethnic restaurants to food trucks and local breweries, the city offers a vibrant and eclectic food culture. Residents can indulge in delicious cuisine while supporting local businesses and experiencing the city’s gastronomic diversity. Good Luck and Nosh are two popular restaurants in the Rochester area.
Con: Limited nightlife options
Rochester has a more limited nightlife scene compared to larger cities, with fewer options for late-night entertainment and socializing. While the city offers a variety of dining and cultural experiences, the nightlife may not be as vibrant or diverse as in other metropolitan areas.
Pro: Educational opportunities
Rochester is home to several esteemed educational institutions, including the University of Rochester and the Rochester Institute of Technology. The city’s academic landscape provides residents with access to lifelong learning opportunities, cultural events, and intellectual stimulation. Additionally, the presence of top-tier schools contributes to the city’s overall vibrancy and intellectual capital.
Con: Urban sprawl and traffic congestion
Rochester faces challenges related to urban sprawl and traffic congestion, particularly during peak commuting hours. The city’s infrastructure and road systems may experience congestion, leading to longer commute times and potential frustration for residents.
Pro: Thriving arts and music scene
Rochester has a thriving arts and music scene, with numerous galleries, performance venues, and music festivals throughout the year. The city’s creative community is vibrant and diverse, offering residents a wide array of artistic experiences and cultural expressions. From local art walks to live music performances, Rochester provides a dynamic and enriching environment for art and music enthusiasts.
The information provided on this website does not, and is not intended to, act as legal, financial or credit advice. See Lexington Law’s editorial disclosure for more information.
Key takeaways:
Debt-to-income (DTI) ratio is a personal finance metric representing the percentage of a person’s monthly income spent on debt payments.
Most lenders like to see a DTI of between 36 and 43 percent.
A low DTI will help you get approved for loans and qualify for better terms.
You likely know that having good credit will improve your chances of being approved for a loan. However, credit alone is certainly not the only factor lenders review when making loan decisions. The larger the loan amount, the more the lender will scrutinize the applicant, which is why applying for a mortgage can be such an intense and time-consuming adventure.
DTI ratio is a very important factor when a lender is deciding whether to approve someone for a large loan, especially a mortgage. Every lender has its own DTI requirements, but according to the CFPB, the general rule of thumb is that a person’s total debt payments should stay below 36 to 43 percent of that person’s monthly income.
How to calculate your debt-to-income ratio
Your debt-to-income ratio helps a lender decide whether you have enough room in your budget to cover a new loan payment. Here’s how to calculate debt-to-income ratio:
Step 1: Total all your monthly debts
The first step is to total all your monthly debt payments, including:
Mortgage loans (or rent)
Auto loans
Student loans
Personal loans
Minimum credit card payments
Alimony, child support and other financial judgments
Note: Don’t include other monthly expenses such as groceries, insurance, gas, etc.
Step 2: Calculate your gross monthly income
Next, calculate your gross monthly income. This is how much you make per year, before taxes and other deductions, divided by 12 months. Make sure to include the following sources of income:
Salaries and wages
Freelance earnings
Bonuses and tips
Alimony and child support
Social Security
Pensions
Investment income
Step 3: Divide your total debt by your gross monthly income
The final DTI is found by taking the total of all debt payments and dividing it by the gross monthly income. Here’s an example calculation:
A person’s monthly debt payments total $2,150. This includes $1,000 mortgage + $600 auto + $200 student loan + $350 credit cards.
The person has a salary of $90,000 which, divided by 12 months, equals $7,500 gross income per month.
Total debt of $2,150 divided by a monthly gross income of $7,500 equals a DTI of 29 percent.
Front-end vs. back-end DTI
Every lender is free to develop (within the confines of federal civil rights laws) its own lending standards and calculations to decide whether a person is a qualified loan applicant. Lenders can pick and choose which types of expenses to include in their DTI calculation. The two most common calculations for DTI are called front-end and back-end.
A front-end DTI calculation includes only housing-related expenses, such as the mortgage payment plus the monthly home insurance payment. So, it represents just the percent of monthly income used for housing expenses.
A back-end DTI calculation includes all monthly debt payments (mortgage, auto, credit card, etc.), like in the example above. This is the most commonly used DTI calculation as it provides the most holistic picture of a person’s debt situation.
What DTI do lenders look for?
Each lender has its own requirements for potential loan applicants, so there’s no way to confidently say what DTI number is needed to get a loan. Also, your debt-to-income ratio is just one factor that’ll be taken into consideration, along with your credit score, credit history, down payment size, presence of cosigners, cost of living in the area, type of mortgage and other factors.
In general, the lower your DTI, the better. Lenders love to see you have plenty of room in your monthly budget to absorb the new loan payment while still having money left over for monthly living expenses and emergencies.
Common DTI ranges are as follows:
A back-end DTI below 36 percent likely means you have a healthy and manageable debt load.
Lenders will often tolerate a DTI between 36 and 43 percent, as these are the most common DTI ranges in America.
Under the right circumstances, some lenders may consider a DTI of 44 to 49 percent.
If you have a back-end DTI of 50 percent or more, the chances of being approved for a loan are very slim. A DTI that high sets off alarm bells that you’re dangerously close to being unable to pay all your bills.
Does DTI affect credit score?
No, your DTI doesn’t impact your credit score. The credit reporting companies don’t keep a record of your income, so there’s no way for them to incorporate income into the scores they produce.
However, your credit health is heavily impacted by a similar but different calculation called the credit utilization ratio. This measurement is calculated by totaling all revolving credit balances (the amount you’ve actually spent using your credit cards) and dividing it by your credit limits (the maximum amount lenders will let you spend using the cards).
Example: Let’s say you have a credit card with a $3,000 balance and a $10,000 maximum. Divide the balance by the maximum, and you’ll have a credit utilization ratio of 30 percent on that card. Individuals suffering financial hardship often max out their cards, causing very high credit utilization ratios. This is something you want to avoid, if possible.
How to lower your DTI
Having a healthy DTI (generally below 36 percent) is important if you want to qualify for a loan, especially a mortgage. A healthy DTI also means you have a monthly budget that’s better prepared to cover living expenses and emergencies. In theory, lowering your DTI is a fairly straightforward concept: you need to increase your income or lower your debt (or both).
Increase your income
This option for improving your DTI is perhaps easier said than done. Increasing your income requires you to get a raise, get a new job or get a second job. If you find a way to increase your income, make sure it’s sustainable over the long term—are you really going to be able to work 70 hours a week for the next 30 years to afford that mortgage? Try to be realistic about your expectations for yourself.
Reduce your debt
Paying down your existing debt is the healthiest option for improving your DTI. Not only will your chances of being approved for a loan increase, but you’ll also enjoy having extra spending money in your monthly budget.
Identify the bad debt in your life and make a concerted effort to pay more than your minimum payment each month. Consider temporarily taking on a second job and using the extra money to pay off existing loans. Another excellent option is to reduce the interest rates on your existing loans by consolidating your debt.
Learn more about financial topics with Lexington Law Firm
Understanding and improving your debt-to-income ratio can be a complex and confusing task. Lexington Law Firm is here to help you by providing a variety of articles related to various financial topics. We also offer a free credit assessment that’ll include your credit score and credit repair recommendations.
Note: Articles have only been reviewed by the indicated attorney, not written by them. The information provided on this website does not, and is not intended to, act as legal, financial or credit advice; instead, it is for general informational purposes only. Use of, and access to, this website or any of the links or resources contained within the site do not create an attorney-client or fiduciary relationship between the reader, user, or browser and website owner, authors, reviewers, contributors, contributing firms, or their respective agents or employers.
Have you been thinking, “Should I move to Charleston”? Known for its rich history, charming architecture, and Southern hospitality, Charleston has been capturing the hearts of people for centuries. But before you start packing your bags, it’s essential to weigh the pros and cons of calling this coastal gem home. In this article, we’ll dive into everything Charleston, exploring its unique culture, lifestyle offerings, and potential challenges to help you decide if the Holy City is the right move for you.
Charleston at a Glance
Walk Score: 40 | Bike Score: 50 | Transit Score: 24
Median Sale Price: $560,000 | Average Rent for 1-Bedroom Apartment: $1,500
Charleston neighborhoods | Houses for rent in Charleston | Apartments for rent in Charleston | Homes for sale in Charleston
Pro: Beautiful historic architecture
Charleston is renowned for its well-preserved historic architecture. The city’s Rainbow Row is a testament to this, offering a colorful glimpse into 18th-century life. Walking tours around the Battery showcase historic homes that have stood the test of time. These structures provide a unique backdrop for the city, attracting history buffs and architecture enthusiasts alike. The city is like a living museum, where every corner tells a story.
Con: Humidity and heat
The summer climate in Charleston can be a significant drawback. The combination of high temperatures and intense humidity makes outdoor activities challenging. This weather can be particularly oppressive in July and August, where it’s not uncommon for the heat index to soar. Many people find air conditioning a necessity, not a luxury, affecting both comfort and utility bills.
Pro: Thriving culinary scene
Charleston’s culinary scene is a major attraction. The city boasts an impressive array of dining options, from traditional Southern comfort food to innovative seafood dishes. Restaurants like Husk and FIG have received national acclaim, putting Charleston on the map for foodies. The annual Charleston Wine + Food Festival further highlights the city’s gastronomic prowess, drawing chefs and food enthusiasts from around the globe.
Con: Seasonal allergy concerns
For those sensitive to pollen, Charleston can be challenging, especially in the spring. The city’s abundant greenery and floral blooms, while beautiful, contribute to high pollen counts. This can lead to uncomfortable allergy symptoms for many residents. The high humidity levels also promote mold growth, which can exacerbate allergies and respiratory issues, making it a significant concern for some.
Pro: Beach proximity
Living in Charleston means being just a short drive away from some of the most beautiful beaches on the East Coast. Folly Beach, Sullivan’s Island, and Isle of Palms offer residents and visitors a chance to enjoy sandy shores and ocean waves. These beaches are perfect for a variety of activities, from surfing and swimming to simply soaking up the sun. It’s a coastal lifestyle that’s hard to beat.
Con: Risk of flooding
Located on the coast, Charleston faces an extreme risk of flooding, especially during hurricane season. The city’s low-lying areas are particularly vulnerable, with heavy rains often leading to street flooding and sometimes, property damage. Efforts to improve drainage and infrastructure are ongoing, but the threat remains a significant concern for residents, impacting both daily life and insurance costs.
Pro: Cultural events and festivals
Charleston is a hub for cultural events and festivals throughout the year. The Spoleto Festival USA, for example, is an internationally recognized arts festival that transforms the city into a dynamic stage for performers from around the world. There are also numerous other events, such as the Charleston International Film Festival, that celebrate the arts, music, and culture, providing endless entertainment and enrichment opportunities for residents.
Con: Limited public transportation
With a Transit Score of 24, many find the public transportation system lacking in Charleston. The CARTA bus service covers the city, but routes and frequencies may not meet everyone’s needs. This limitation affects daily commutes and accessibility to certain areas, emphasizing the need for personal transportation or reliance on ride-sharing services.
Charleston is often praised for its friendly and welcoming community. The city embodies a strong sense of Southern hospitality, where neighbors are quick to offer a smile or a helping hand. This warm atmosphere makes it easy for newcomers to feel at home. Community events, from local farmers’ markets to neighborhood block parties, foster a sense of belonging and togetherness.
Con: Seasonal tourists
While tourism boosts Charleston’s economy, the influx of visitors during peak seasons can be overwhelming. Popular areas like King Street and the Historic District become crowded, making it difficult to navigate and enjoy the city’s amenities. The demand from tourists can also lead to higher prices in restaurants and shops, further impacting locals’ daily lives.
Pro: Access to outdoor recreation
Charleston offers a plethora of outdoor recreation opportunities. The city’s parks, such as James Island County Park, provide spaces for hiking, biking, and picnicking. Water sports enthusiasts can enjoy kayaking and paddle boarding in the many rivers and inlets. The mild climate for most of the year supports an active lifestyle, encouraging locals to explore the natural beauty surrounding them.
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.
Miami is known for its beautiful beaches, diverse culture, and top-notch nightlife. From the iconic Art Deco architecture of South Beach to the bustling atmosphere of Little Havana, Miami offers a unique blend of history and modernity. Residents can enjoy year-round sunshine, world-class dining, and a thriving arts scene. Whether you’re drawn to the laid-back atmosphere of Coconut Grove or the high-energy atmosphere of Downtown, this city always has something to explore. With its dynamic atmosphere, it’s no wonder so many people ask themselves, “Should I move to Miami?” In this article, we’ll discuss the pros and cons of living in Miami to help you decide if it’s the right place for you. Let’s jump in.
Miami at a Glance
Walk Score: 77 | Bike Score: 64 | Transit Score: 57
Median Sale Price: $601,500 | Average Rent for 1-Bedroom Apartment: $2,770
Miami neighborhoods | Houses for rent in Miami | Apartments for rent in Miami | Homes for sale in Miami
Pro: Access to world-renowned beaches
Miami’s beaches are among its most significant attractions, drawing millions of visitors each year. South Beach, known for its energetic atmosphere and crystal-clear waters, is a perfect example. These beaches are not only ideal for sunbathing and swimming but also offer a plethora of water sports activities. The year-round warm weather ensures the beaches are always a go-to option for relaxation and entertainment.
Con: High cost of living
The cost of living in Miami is 17% higher than the national average. Additionally, the median sale price of a home is about $150,000 above the national average. Rent and real estate prices in neighborhoods near downtown are particularly steep, and even everyday expenses like groceries and transportation can add up. This high cost of living can make it challenging for the some residents to afford living in this area.
Pro: Dynamic nightlife
Miami is renowned for its dynamic and diverse nightlife. From world-class nightclubs and beach bars in South Beach to more laid-back live music venues in Wynwood, the city offers an array of options for nighttime entertainment. Miami’s nightlife is a draw for both locals and tourists, providing a lively scene that’s alive and bustling until the early hours of the morning. This atmosphere is a key aspect of Miami’s identity, reflecting its energetic and vibrant spirit.
Con: Vulnerability to climate change
Miami is on the frontline of climate change. It facing significant threats from rising sea levels and increased frequency of extreme weather events. The city’s geographical location makes it particularly susceptible to hurricanes, which can cause widespread damage and disruption. Additionally, the rising sea levels pose a long-term threat to Miami’s coastal areas. These issues can potentially impact property values and lead to increased insurance costs. These environmental challenges are a growing concern for many residents and policymakers alike.
Pro: Culinary diversity
Miami’s culinary scene is a reflection of its multicultural population. The city is particularly renowned for its Cuban, Haitian, and Latin American food, providing an authentic taste of these cultures. From high-end restaurants to street food vendors, Miami’s food landscape is vibrant and diverse, ensuring that there is something to satisfy every palate. This culinary diversity is a testament to Miami’s melting pot of cultures, making it a paradise for food lovers.
Con: Seasonal crowds
While Miami’s popularity as a tourist destination is a boon for the local economy, it can also lead to overcrowding. The influx of visitors can strain local resources and infrastructure, leading to crowded beaches, longer waits at restaurants, and increased traffic. For locals, this seasonal surge can detract from the city’s livability, making it difficult to enjoy the very attractions that make Miami appealing.
Pro: International business hub
Miami serves as a critical gateway for international business, particularly between the United States and Latin America. Its strategic geographic location, coupled with a multilingual workforce, makes it an attractive location for multinational corporations and startups alike. The city hosts several international trade shows and conferences, further cementing its status as a global business hub. This international focus not only boosts the local economy but also provides residents with unique job opportunities and cultural experiences.
Con: High insurance costs
Due to its vulnerability to hurricanes and flooding, Florida faces the highest home insurance costs in the United States. Furthermore, homeowners and renters alike must contend with steep premiums for property and flood insurance, significantly adding to the cost of living. These high insurance costs can be a financial burden for many, affecting affordability and the overall desirability of living in Miami.
Pro: Outdoor activities and recreation
Miami’s warm climate and natural beauty offer endless opportunities for outdoor activities and recreation. From boating and fishing in the crystal-clear waters of Biscayne Bay to golfing at one of the many scenic courses, there’s no shortage of ways to enjoy the great outdoors. The city also boasts numerous parks and green spaces, such as the Everglades National Park, providing a haven for wildlife enthusiasts and nature lovers. Miami’s commitment to outdoor living enhances the quality of life for its residents, making it an ideal place for those who love to stay active.
Con: Noise pollution
With its bustling nightlife, busy streets, and ongoing construction, Miami can be a noisy place to live. The sound of traffic, music, and crowds can be a constant presence in many parts of the city, particularly in more densely populated or tourist-heavy areas. This noise pollution can be a nuisance for some and may make it difficult to find peace and quiet. For those seeking a more tranquil living environment, the constant buzz of the city might be a significant drawback.
Pro: Exciting cultural scene
Miami’s cultural scene is as diverse as its population, offering an array of activities and events that cater to a wide range of interests. The city is famous for its lively arts district, Wynwood, known for its street art, galleries, and art festivals. Additionally, Miami hosts numerous cultural festivals throughout the year, including the renowned Calle Ocho Festival, which celebrates Cuban culture. This rich cultural tapestry provides residents and visitors with endless opportunities to explore and engage with the arts and culture.
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.
The information provided on this website does not, and is not intended to, act as legal, financial or credit advice. See Lexington Law’s editorial disclosure for more information.
Ask your property manager to report utilities or utilize a third-party reporting service to have your utility bill payments, such as electricity and water, reflected on your credit report.
Most landlords and utility companies don’t report your utility payments to the credit bureaus, so they don’t typically impact your credit. However, if your payments are in default or delinquent, the debt will likely be reported to one or all of the three major credit bureaus and negatively affect your credit.
While credit accounts, like credit cards, automatically appear on your credit report, utilities such as water and gas are becoming more easy to report.
You can now add the following utility bills to your credit report:
Rent
Electricity
Water
Gas
Phone and internet
Including your utilities and rent in your credit report can be an effective strategy for building credit if you consistently make on-time payments. In this guide, you’ll learn how to add utilities to your credit report and alternative ways to build your credit.
Table of contents:
Ask your property manager to report payments
Ask your leasing company or property manager about their ability to report utilities to credit bureaus. Some property managers utilize rent reporting services that report on rent payments, utility payments or both.
Some property managers will automatically enroll their renters in a reporting service when they sign their leases. Alternatively, it might be optional, and the renter may request to be enrolled in the service. Depending on the type of service and whether payments require verification, they may be free of charge or require an enrollment fee for renters.
Utilize a third-party reporting service
Alternatively, you can independently use a rent-reporting service. If your property manager doesn’t utilize such a service, there are tenant-only rent-reporting services you can enroll in.
To report your payments, you’ll likely need verification from your property manager. There may be additional fees associated with using a third-party service. You’ll need to pay an additional fee to utilize the service. Options for alternative credit reporting services include Experian Boost® and ExtraCredit from Credit.com®. These services allow users to provide credit bureaus with additional financial information by linking their bank accounts to their credit profile.
When adding your utilities to your credit report, consider your payment habits. If you can’t consistently pay your utility bills on time, using a reporting service may not be the best option for building your credit.
How can utility bills hurt your credit score?
If you use a reporting service and then fail to pay your utility payments on time, your payment history, which affects 35 percent of your FICO® score, will be negatively affected.
Additionally, if you miss enough payments on any utility account, the company can consider it delinquent and send it to collections.
The collection account will then become part of your credit file and will likely negatively impact your credit health. Collections and missed payments are considered derogatory marks and can stay on your credit report for up to seven years.
While paying the collection debt won’t remove the derogatory mark from your credit file early, we recommend settling the debt as soon as possible to avoid accumulating additional fees.
Alternative ways to build your credit
There are alternative routes to consider aside from including your utility bills in your report to build credit. Below are a few recommendations we suggest for building credit.
Credit builder loans
Credit builder loans allow borrowers to build a credit history or improve their credit score. With a credit builder loan, your payments go toward a savings account until the loan term ends. These payments are typically reported to the credit bureaus, demonstrating that you’re a reliable borrower and improving your credit and history.
When selecting a credit builder loan, it’s crucial to choose a realistic loan amount that you know you’ll be able to afford. You must complete the loan payments on time to see a positive impact on your credit history and to avoid penalties.
Credit cards
Credit cards are another convenient method to begin building credit, as payments are automatically reported to the credit bureaus. If you have bad or little credit history, consider applying for a secured credit card.
Unlike traditional credit cards, a secured credit card is backed by a cash deposit, which acts as collateral in case of a missed payment. You can improve your credit by using the card responsibly, maintaining low credit utilization and making timely payments.
Add a cosigner
If you’re having difficulty getting approved for a credit card due to a lack of credit history, consider adding a cosigner to your credit card application. A cosigner is considered equally responsible for any card utilization and accrued debt.
Having a cosigner signals lower risk to the lender, increasing the chance of approval. However, any missed payments will negatively impact both your credit and your cosigner’s.
FAQ
Below are commonly asked questions about how utility bills affect credit scores and are reported to credit bureaus.
Can I add utilities to Equifax or Experian?
Typically, utility bills aren’t automatically reported to Equifax® or Experian® by your utility provider or property manager. However, you may utilize a reporting service through your property manager or independently to add them to your credit history. Doing so can demonstrate positive financial behavior and potentially improve your credit.
How do I add rent and bills to my credit report?
You can include your rent and bills in your credit report through a reporting service. These services are either tenant-only or managed by property managers. Check to see if your property manager utilizes a reporting service. If they do, ask to be added to the service to report your rent and utility payments to the credit bureaus.
If they do not use one, consider using a tenant-only reporting service. Keep in mind that there is likely a fee associated with using the service. Lexington Law Firm offers assistance in repairing your credit, providing services ranging from obtaining a free credit assessment to addressing errors on your credit reports. Take the first step toward improving your credit by signing up today.
Note: Articles have only been reviewed by the indicated attorney, not written by them. The information provided on this website does not, and is not intended to, act as legal, financial or credit advice; instead, it is for general informational purposes only. Use of, and access to, this website or any of the links or resources contained within the site do not create an attorney-client or fiduciary relationship between the reader, user, or browser and website owner, authors, reviewers, contributors, contributing firms, or their respective agents or employers.
The information provided on this website does not, and is not intended to, act as legal, financial or credit advice. See Lexington Law’s editorial disclosure for more information.
Learning how to build credit as a student is important so you’re ready for life after graduation. Focus on building healthy credit habits—paying bills on time, keeping your credit utilization low and avoiding common credit mistakes.
While the government considers you an adult at 18, many people consider graduating college and starting their first job as the first real marker of adulthood. However, adulthood comes with responsibilities, many of which require a credit score—putting utilities in your name, renting your first apartment, putting car insurance in your name and even buying a car.
Read on to learn about some of the ways you can build credit as a student so you can graduate college with a degree and healthy credit.
Become an authorized user on a credit card
For many students, the first step to building credit is using a credit card to build credit. Unfortunately, it can be challenging to get a credit card if you don’t have any credit.
Often, a person’s first credit card isn’t actually theirs. Instead, they become an authorized user on someone else’s credit card. An authorized user is someone who is added to another person’s credit card account with full spending privileges. Responsibility for paying the credit card bill will still belong to the primary cardholder, who is usually a parent, close friend or relative.
The advantages to being an authorized user don’t end with being able to use the card like it’s your own. You also piggyback credit because the credit card’s account and payment histories are added to your credit report. This extends the length of your credit history, builds your payment history and increases the amount of credit available to you, which should all help improve your credit.
If you want to ask someone to make you an authorized user on their account, make sure they have a good credit history. You don’t want to be added as an authorized user to a primary cardholder who doesn’t pay their bills on time, since that would hurt your credit more than help it.
Open a student credit card
If you can’t become an authorized user on someone’s credit card, you can open a student credit card instead. A student credit card is a type of credit card specifically geared for students looking to build credit.
Often, the only difference between a traditional credit card and a student credit card is that they have a lower credit limit. Some also offer rewards for students, such as incentives for good grades and other cashback and rewards offers.
Open a secured credit card
Another type of credit card to consider as a student is a secured credit card. With this type of credit card, you make a deposit to cover your credit limit, which minimizes the risk to the issuer. As a result, credit card issuers are more likely to offer credit to someone with no or low credit.
As you use the credit card and pay your bill on time, you’ll build credit and eventually graduate to an unsecured credit card.
Develop healthy credit habits
College is full of great experiences, but the costs can add up quickly, and being financially responsible can be challenging. Throw in access to credit for the first time, and it’s easy to see why many students struggle with credit initially.
While students may want to take advantage of that new credit limit, it’s important to use your credit card wisely. Only use it for emergencies or small, regular expenses that you have the cash to pay for. These actions seem small, but they will establish the skills you need to keep your credit high throughout your life.
From the moment you have your new credit card, do the following:
Keep your balance low. This keeps your credit utilization rate low, which is one of the factors impacting your credit health. Experts recommend only using 30 percent or less of your credit limit. An easy way to stick to this is to use your credit card for small, regular purchases each month. For example, put all your subscription services on your credit card or only use it for gas. This habit will also prevent you from overspending or spending money you don’t have on nonnecessities.
Pay your balance each month. While you are only required to pay off the minimum balance each month, you’ll owe interest on the unpaid balance. The interest is applied to your balance, which can hurt your credit utilization rate, not to mention cost you more over time. Get in the habit now of paying off your entire balance every month.
Avoid opening too many accounts. Don’t open too many credit cards at once. New credit can damage your credit score, and having too many credit cards can make it harder to monitor your spending.
Take out a credit builder loan
Your credit mix, or the types of credit you have, play a role in your credit score. So, just having a credit card may not be enough to build credit quickly—you need other types of debt. Instead of taking out a loan for a car you don’t need, consider a credit builder loan.
The sole purpose of a credit builder loan is to build credit, so you won’t get money to put toward something else. Instead, the bank will put the money you’re borrowing into a savings account. You’ll make regular payments to repay the loan, and once you’ve satisfied the loan terms, the money in the savings account is yours.
Get a cosigner
When you’re starting to build credit, it may be difficult to get lenders to let you borrow money on your own. You can add a cosigner, someone with a better credit history than you who agrees to take responsibility for the loan if you miss payments. The cosigner minimizes the risk to the lender, making them more likely to lend to you.
As long as you make your monthly payments on time, you can build your credit history and payment history with a cosigner.
Get credit for rent and utility payments
Usually, only credit cards and installment loans such as a student loan or car loan affect your credit. Monthly bills like rent, utilities, and cell phones won’t appear on your credit report unless they’re delinquent.
A few programs and services enable you to add some of your monthly bills to your credit report to track on-time payments and build your credit. For example, ExtraCredit® is a program that reports utility and cell phone bills to credit bureaus, and rent reporting services will add your rent payment history to your credit report.
Only add these bills to your credit report if you pay them on time. Adding them to your credit report and then missing payments will hurt your credit more than help it. Be aware that some of these programs and services may charge a fee.
Think carefully about your student loans
Student loans seem to be a fact of modern life, with over 43.5 million Americans carrying $1.7 trillion in student loan debt. While the exact amount varies, the average student graduate has more than $37,000 in student loan debt.
Using your loan as income might be necessary, but if you can help it, only take out enough to cover your education expenses. Look into work-study or student aid options as alternatives to an oversized loan.
Monitor your accounts carefully
Keep an eye on your accounts to protect yourself from identity theft. By monitoring your account using the credit card app, you can shut down the card as soon as you see fraudulent activity, preventing the problem from escalating.
If you are the victim of identity fraud, you can remove fraud from your credit account.
Check your credit report annually
Experts recommend that you check your credit report and score annually or more often to ensure they’re accurate. AnnualCreditReport.com will give you one free credit report from each of the three credit bureaus at least once every 12 months (currently, you can see your credit reports once a week!).
You can sign up for credit monitoring services if you want to review your credit report more often than once a year. Keep in mind that building credit takes time, and even though you may be able to check your credit score every 14 days with some services, it will still take time to see results.
Avoid these common credit mistakes
Being a student means learning, and so does building credit. You’ll want to keep the five factors that impact your credit in mind when making decisions. Those five factors are:
Payment history: 35 percent
Amounts owed: 30 percent
Length of credit history: 15 percent
Credit mix: 10 percent
New credit: 10 percent
While mistakes are part of the learning process, you’ll want to avoid these common credit mistakes to avoid long-term consequences to your credit.
Mistake #1: Waiting too long to start building credit
Credit factor: Payment history
Most experts agree that the best time to start building credit is at age 18. The length of your credit history determines 15 percent of your FICO credit score. If you start building credit at 18, you’ll have around four years of credit history by the time you graduate and need to start putting bills and loans in your name.
Mistake #2: Using your credit card for nonessentials
Credit factor: Amounts owed
When you don’t see the physical money you’re spending, it can be easy to lose track of your spending and spend more money than you have. Avoid this by limiting credit card purchases to essential items only. Use it to pay for groceries and gas, not expensive vacations.
Mistake #3: Maxing out your credit cards
Credit factor: Amounts owed
Maxing out your credit cards hurts your credit utilization rate. The less money you carry from month to month, the better it is for your credit.
If you have a low credit limit, you can avoid maxing out your card by paying more often than the monthly payment due date. For example, if you buy gas and groceries over the weekend, check your balance on your credit card app a few days later and pay it off.
Mistake #4: Missing payments
Credit factor: Payment history
If you aren’t used to them, remembering to pay monthly payments at first might be rough. But you want to avoid late payments at all costs because they can hurt your credit for up to seven years.
Avoid missing payments by setting up automatic payments or calendar reminders on your phone. If you missed the payment because it didn’t line up with your paycheck and you didn’t have the money, you may be able to change your payment date with the credit card company.
Mistake #5: Closing accounts too soon
Credit factor: Length of credit history
If you open a student or secured credit card and graduate with a traditional credit card, it might be tempting to close those other accounts. But if you don’t have any additional credit beyond those initial credit cards, closing them can actually hurt your credit health by minimizing the length of your credit history.
Instead of closing them and opening new credit cards, see if your credit card issuer can convert the student or secured credit card account to a traditional one. That way, you can keep the account active and preserve the length of your credit history.
If you can’t convert the account, hold onto it and make a small purchase every month to keep it active. After you’ve had the new credit card for a while, you can cancel your initial credit cards.
Mistake #6: Taking out too much credit
Credit factor: Amounts owed
Just because someone offers you credit doesn’t mean you should take it. Sometimes lenders offer more money than you need because they make money off your interest payments. When considering credit offers, look carefully at monthly payments and consider your budget. Only take out credit for the amount you need and can reasonably afford to pay back each month.
For example, when you apply for an auto loan for your first car after college, the lender might preapprove you for $20,000. Run the numbers and ensure that’s a monthly payment you can afford. You’ll probably find that you can only comfortably afford to borrow a lower amount.
FAQ
Here are some answers to common questions about how you can build credit as a student.
How long does it take for a student to build credit?
Typically, it takes about six months to a year to build up some credit. Your exact timeline may vary based on your specific situation and how responsible you are with credit-building techniques like a student credit card.
How can a college student build credit with no income?
Usually, you’ll need income to qualify for credit, but there are a few ways around it. You can use a cosigner for a loan or ask someone to add you as an authorized user to their credit card. As an authorized user, you won’t have to make any payments with your credit card to get the card put on your credit report.
Trust Lexington Law Firm to fight for your credit
Building credit is tough—it’s hard to build from scratch but frustratingly easy to damage. Don’t let a lack of credit or a few credit mistakes destroy your confidence. The credit repair team at Lexington Law Firm could help you challenge inaccuracies affecting your credit. Learn more about our services to see how we can help.
Note: Articles have only been reviewed by the indicated attorney, not written by them. The information provided on this website does not, and is not intended to, act as legal, financial or credit advice; instead, it is for general informational purposes only. Use of, and access to, this website or any of the links or resources contained within the site do not create an attorney-client or fiduciary relationship between the reader, user, or browser and website owner, authors, reviewers, contributors, contributing firms, or their respective agents or employers.