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Multifamily property has the power to generate cash flow and build wealth. Yet it also has the power to drain you of your free time and become the biggest money pit of your life.

If you’re looking to buy a multifamily property and avoid common headaches, you have your research cut out for you.

What Is a Multifamily Property?

Multifamily property consists of multiple units in a single building. This includes duplexes, triplexes, fourplexes, condominium buildings, student housing, apartment complexes, age-restricted communities, low-income housing, and townhomes. The units in a full multifamily housing property must have separate entrances, kitchens, bathrooms, and utility meters.

Multifamily property investing has declined in the year ending November 2023, due in part to concerns about interest rates, but multifamily properties are still a popular investment vehicle. There’s a reason that individual investors gravitate toward two- to four-unit properties, other than ease of management. Residential loans of 30 years with a fixed rate are available for properties with one to four dwelling units. FHA, VA, and USDA loans are available for those properties if they are owner-occupied.

For five or more units, a commercial loan is required. Commercial loans usually come with a higher down payment requirement, higher interest rate, and a shorter term, meaning significantly higher mortgage payments.
💡 Quick Tip: With SoFi, it takes just minutes to view your rate for a home loan online.

First-time homebuyers can
prequalify for a SoFi mortgage loan,
with as little as 3% down.

Why Buy a Multifamily Property?

Buying a multifamily home can jump-start your own real estate portfolio and investment portfolio. Here’s how.

Recommended: First-Time Homebuyer Guide

Income From Flipping

Multifamily homes can be improved and then resold for a profit, or ”flipped.” Buying a multifamily property, remodeling, and then reselling can be even more profitable than flipping single-family homes because as you remodel, you can increase rents.

Once you increase rents, the property becomes more valuable, both in terms of monthly income, cash flow and overall worth.

The ‘BRRRR’ Method

BRRRR stands for buy, rehab, rent, refinance, repeat. An investor buys a property, renovates it, and rents out the newly refurbished units for more money. After that, they can refinance the property to take out extra cash to buy a new property to renovate.

This method works well with larger multifamily properties because the rehabbing of multiple units can be done while other units that are not being renovated can still bring in some income.

Cash Flow

Multifamily homes were designed for cash flow. Space and amenities are optimized to bring in money for the investor. On the other hand, single-family homes are designed for comfort. The added space of a single-family home may not bring as high of a return as a multifamily property.

Quick Portfolio Expansion

Buying multifamily properties allows investors to acquire multiple units with one transaction, so they may have a favorite in the single-family vs. multifamily comparison. Additionally, investing in multifamily properties can allow an investor to quickly generate income, which could be enough to acquire more properties.

Reduced Risk

A multifamily property lessens risk exposure. When you have single-family homes, vacancies have a bigger effect on your monthly cash flow. With one or more multifamily properties, the risk is spread across a number of properties. In other words, there are units still rented that can help cover the costs of the units that are vacant.

Analyzing the Investment Potential of a Multifamily Property

Investors can use a number of methods to determine if it makes sense to buy a multifamily property or not. Here are some of the most common calculations you can use to make that determination for yourself.

Cash Flow

In real estate investing, cash flow is money that’s generated by the property and money spent on the property. Positive cash flow means income exceeds expenses. You could also call it profit.

Investors have differing amounts that they consider acceptable. Some real estate investors bank on the appreciation of the property instead of the amount of cash flow.

The 1% Rule

The 1% rule states that the gross rents should be 1% or more of the purchase price. The 1% rule is hard to apply in high-income areas where the purchase price of a property is high relative to the rents it generates.

Gross Rent Multiplier

The gross rent multiplier (GRM) is a ratio: the fair market value of a property divided by its gross annual rents. It doesn’t take expenses into consideration and is meant to be a simple calculation to determine if a property is worth exploring further. If you’re comparing two properties for purchase, the one with the lower GRM may be the better investment.

Cash on Cash Return

The cash on cash return is the annual amount earned compared with the amount of cash invested. It’s expressed as a formula: annual net cash flow divided by cash investment. This is helpful for investors who want to know how much cash is brought in by their cash investment each year.

Capitalization Rate

The capitalization rate, or cap rate, is the amount of net operating income divided by the purchase price. This number indicates how long it will take to get back all your money in an investment.

Recommended: What Is Cap Rate and How Do You Calculate It?

Internal Rate of Return

The IRR measures the rate of return over an amount of time. It takes into account both cash flow and expected appreciation.

Recommended: Mortgage Payment Calculator

How to Buy a Multifamily Property

You may be able to use 75% of documented rental income to help finance mortgage interest on your loan. And again, multifamily homes with four or fewer units can be financed more traditionally, while five or more units require a commercial mortgage.

Getting preapproved for a mortgage for your multifamily investment property is one of the best things you can do to get started. After a mortgage officer has examined your finances and greenlighted an amount, you can go shopping for your multifamily investment properties.

Find a Multifamily Home

To narrow your search for a new multifamily property here, you’ll want to decide what it is you’re looking for. Keep a few of these factors in mind:

•   Location: Do you have an area that you have expertise in? Are you going to manage the property yourself? These are some questions you’ll want to ask yourself to determine if you can buy a multifamily property near or far.

•   Price range: After you’ve looked at where you want to potentially invest, you’ll get a good sense of what properties will cost by looking at real estate listings. Keep in mind that you can count 75% of documented rents toward the purchase price for many loan types, so the price you’ll be looking at will be much different than if you were looking for a single-family home.

•   Type of property: Are you looking for a fourplex or an apartment complex? Duplex or 55+ community? There are a lot of choices to make between different property types and whether or not they’ll bring you a profit.

•   Profit potential: Are you looking to invest for appreciation or cash flow? Many properties with a lower price tag in the Midwest may be better for cash flow, while properties on the West Coast may appreciate more. Take a look at both and decide on your investment strategy.

•   Condition: Do you have the resources and team in place to take on a multifamily property that needs a lot of work? Or would you rather have something turnkey? You’ll want to be sure you know what resources you can commit to the project before you get in over your head.

Choose a Loan

The type of rental property used may determine what type of loan you’re able to get. If this is your first rental, you may want to consider living in one of the units so you can qualify for owner-occupied financing, which usually comes with lower rates and down payment requirements.

Choose a lender that can answer your questions about mortgages.

Make an Offer and Close

Working with a real estate agent, you’ll submit a competitive offer for the property you’ve chosen. Some buyers use cash to make the most competitive offer, while others need financing.

Renovate and Get Ready for Your Tenants

No matter what class of property you buy, the rental units will almost always require some work. Whether it’s a simple clean or a major renovation, these things are both tax-deductible and will improve the value, not to mention rentability, of your property.

Create a Management Plan

To make sure you’re running a business, and it’s not running you, you need to have a solid plan in place for how the rentals will be managed. How are repairs going to be taken care of? What’s your process when a rental turns over? How are you going to keep up with laws and ordinances?

Having a plan helps. Even so, you’ll learn as you go and will need to adjust this plan.
💡 Quick Tip: One answer to rising house prices is a jumbo loan. Apply for a jumbo loan online with SoFi, and you could finance up to $2.5 million with as little as 10% down. Get preapproved and you’ll be prepared to compete in a hot market.

The Takeaway

How to buy a multifamily property? Do your research and choose a property that you’ll have the ability to finance and manage. Investing in rental properties and multifamily investing is not easy, but it can generate cash flow and create family wealth.

Looking for an affordable option for a home mortgage loan? SoFi can help: We offer low down payments (as little as 3% – 5%*) with our competitive and flexible home mortgage loans. Plus, applying is extra convenient: It’s online, with access to one-on-one help.

SoFi Mortgages: simple, smart, and so affordable.

FAQ

Is buying a multifamily property a good investment?

Finding a multifamily property that is a good investment will depend on the investor’s analysis of the property. This can include the price, condition, gross rent multiplier, capitalization rate, and a number of other factors that will make renting the units successful.

What are the different kinds of multifamily properties?

•   Duplexes, triplexes, fourplexes

•   Townhouses

•   Apartment buildings

•   Condominiums

•   Bungalow courts

•   Mixed-use buildings

•   Student housing

•   Age-restricted housing units

•   Low-income housing units

What is the best way to finance a multifamily home?

Some would argue that an FHA loan with 3.5% down is one of the best ways to finance a home with up to four units. The owner must live in one of the units to qualify for this type of financing.

Photo credit: iStock/Andrey Sayfutdinov

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

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

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

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¹FHA loans are subject to unique terms and conditions established by FHA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. FHA loans require an Upfront Mortgage Insurance Premium (UFMIP), which may be financed or paid at closing, in addition to monthly Mortgage Insurance Premiums (MIP). Maximum loan amounts vary by county. The minimum FHA mortgage down payment is 3.5% for those who qualify financially for a primary purchase. SoFi is not affiliated with any government agency.

†Veterans, Service members, and members of the National Guard or Reserve may be eligible for a loan guaranteed by the U.S. Department of Veterans Affairs. VA loans are subject to unique terms and conditions established by VA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. VA loans typically require a one-time funding fee except as may be exempted by VA guidelines. The fee may be financed or paid at closing. The amount of the fee depends on the type of loan, the total amount of the loan, and, depending on loan type, prior use of VA eligibility and down payment amount. The VA funding fee is typically non-refundable. SoFi is not affiliated with any government agency.

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Source: sofi.com

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Have you ever asked yourself, “Should I move to Omaha, NE?” If you’re considering it, you’re looking at a city that’s a blend of unique culture and quiet, friendly neighborhoods. Living in Omaha means experiencing the warmth of a community that values connection. From the bustling Old Market district with its cobblestone streets to the tranquil paths along the Missouri River, Omaha offers a one-of-a-kind lifestyle that balances urban convenience with natural beauty. In this article, we’ll dive into the pros and cons of living in Omaha to help you figure out if this city is the right fit for you. Let’s explore together.

Omaha at a Glance

Walk Score: 48 | Bike Score: 42 | Transit Score: 24

Median Sale Price: $266,500 | Average Rent for 1-Bedroom Apartment: $1,155

Omaha neighborhoods | Houses for rent in Omaha | apartments for rent in Omaha | Homes for sale in Omaha

Pro: Rich cultural scene

Omaha boasts a vibrant cultural scene that’s both diverse and engaging. From the renowned Omaha Community Playhouse, the largest community theater in the U.S., to the annual Omaha Blues, Jazz, & Gospel Festival, the city offers a plethora of artistic and musical events. The Joslyn Art Museum showcases an impressive collection of both permanent and traveling exhibits. This cultural richness provides residents with an array of activities and experiences unique to the city.

Con: Limited public transportation

With a Transit Score of 24, one of the challenges of living in Omaha is the limited public transportation options. While the city has a bus system, the routes and frequencies may not cater to everyone’s needs, especially those living outside the central areas. This situation often necessitates owning a car to navigate the city efficiently, which can add to one’s cost of living through car payments, insurance, and maintenance expenses.

Pro: Thriving job market

Omaha’s economy is robust, with a thriving job market that’s attractive to people across various industries. Home to five Fortune 500 companies, including Berkshire Hathaway, Union Pacific Railroad, and Mutual of Omaha, the city offers ample employment opportunities. Additionally, Omaha’s startup scene is growing, supported by a strong ecosystem of investors and incubators. This economic diversity makes Omaha an appealing place for career growth and stability.

Con: Weather extremes

Residents of Omaha experience the full spectrum of seasonal changes, from hot, humid summers to cold, snowy winters. While the changing seasons can be beautiful, they also present challenges. Summers can see temperatures soaring above 90 degrees Fahrenheit, requiring reliance on air conditioning. Conversely, winters can be brutally cold, with significant snowfall and ice. This often necessitates a robust winter wardrobe and potentially impacts daily commutes. These weather extremes can affect outdoor activities and overall comfort.

Pro: Exceptional educational opportunities

Omaha is home to a number of highly regarded educational institutions. Creighton University and the University of Nebraska at Omaha offer top-tier higher education with a variety of programs. The city also boasts a strong public school system, with several schools receiving high rankings at both state and national levels.

Con: High property taxes

One downside to living in Omaha is the relatively high property taxes. Nebraska ranks among the states with the highest property tax rates, which can significantly impact homeowners. These taxes contribute to the overall cost of living and can be a burden for homeowners on a fixed income or those budgeting carefully.

Pro: Green spaces and recreation

Omaha is rich in green spaces and recreational opportunities, making it an ideal city for outdoor enthusiasts. The city’s crown jewel, Lauritzen Gardens, offers a tranquil escape with its botanical center and beautiful landscapes. Zorinsky Lake Park provides a haven for fishing, boating, and hiking. Moreover, the city’s commitment to maintaining and expanding its parks ensures that locals have ample space for leisure and outdoor activities.

Con: Geographical isolation

Despite its many amenities, Omaha’s geographical location in the Midwest can feel isolating to some. The city is several hours away from other major metropolitan areas, which can limit access to larger cultural and recreational events. This isolation can also impact travel plans, as flights to and from Omaha might not offer as many direct routes as those in coastal cities. For those used to a more connected urban environment, this can be a significant adjustment.

Pro: Community engagement and volunteerism

Omaha has a strong sense of community, with high levels of engagement and volunteerism. The city hosts the annual Berkshire Hathaway shareholders meeting, which not only attracts global attention but also fosters a sense of pride and participation among locals. Numerous nonprofits and community organizations offer opportunities for residents to get involved, making it easy to make a difference. This community spirit is a defining characteristic of Omaha, enhancing the city’s livability.

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.

Source: rent.com

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In the heart of the Peach State, Atlanta, GA, combines history, modernity, and Southern hospitality. Landmarks such as the Georgia Aquarium, the World of Coca-Cola, and the Martin Luther King Jr. National Historic Site showcase what the city has to offer its 500,000 residents.

In Atlanta, the average rent for a one-bedroom apartment is $1,857, meaning there are apartments for every budget. But if you’re looking to live in Atlanta’s popular areas, it might cost you more. If that sounds like you, ApartmentGuide can help. We’ve gathered a list of the most expensive neighborhoods in Atlanta to rent an apartment in this year.

13 Expensive Neighborhoods in Atlanta, GA

From Reynoldstown to East Atlanta, there are many Atlanta neighborhoods to consider renting in if you’re looking to be in the heart of the city. You can also find plenty of luxury apartments in the neighborhoods below.

1. Reynoldstown
2. East Atlanta
3. Midtown
4. West Highlands
5. Cabbagetown
6. Old Fourth Ward
7. Inman Park
8. Northeast Atlanta
9. Atlantic Station
10. Lenox
11. North Buckhead
12. Home Park
13. Buckhead

Read on to see what each neighborhood has to offer its residents.

1. Reynoldstown

Average 1-bedroom rent: $2,442
Apartments for rent in Reynoldstown

Reynoldstown is the most expensive neighborhood in Atlanta, as the average rent for a one-bedroom unit is $2,442. There are plenty of reasons why this neighborhood draws residents. Reynoldstown is home to attractions like the Atlanta BeltLine and The Eastern. This historic neighborhood is close to popular areas like Inman Park, Cabbagetown, and Sweet Auburn, making it a prime location to explore the city. If you’re looking for a taste of the neighborhood, there are a variety of local restaurants to explore, like Muchacho, La Semilla, and ParkGrounds, showcasing Atlanta’s food scene. For renters living in Atlanta without a car, the Inman Park/Reynoldstown subway station is in the area.

2. East Atlanta

Average 1-bedroom rent: $2,400
Apartments for rent in East Atlanta

East Atlanta is a bustling area that’s adjacent to Reynoldstown. This beautiful neighborhood is near lots of attractions like Walker Park and DeKalb Memorial Park. East Atlanta is well-known for its charming shops and cafes along Flat Shoals Avenue and Glenwood Avenue, like The Earl, Argosy, and Flatiron Bar and Grill. The average rent for one-bedroom apartments is $2,400, which is about $600 above the city’s average, making it a pricier neighborhood. However, East Atlanta’s artsy vibe and amenities may be worth it.

3. Midtown

Average 1-bedroom rent: $2,263
Apartments for rent in Midtown

With an average one-bedroom rent of $2,263, Midtown is the third most expensive neighborhood in Atlanta. This neighborhood has plenty of historic homes in styles like Victorian and Craftsman, as well as properties with picturesque views of the cityscape. You can find countless museums and landmarks like the Margaret Mitchell House, the Fox Theatre, MODA, and the High Museum of Art. Midtown is also near the highway and MARTA stops, making it a convenient location for commuters. If you’re looking for a relaxing afternoon, you can find Piedmont Park and the Midtown Historic District in the area.

Learn more about the Midtown neighborhood in Atlanta.

4. West Highlands

Average 1-bedroom rent: $2,250
Apartments for rent in West Highlands

West Highlands is the next most expensive neighborhood in Atlanta. This neighborhood is located a little farther outside the Downtown Atlanta area, but it’s still close to the US 278 highway, making it easy for commuters. West Highlands has plenty of trails like Proctor Creek Greenway and Westside Park.

5. Cabbagetown

Average 1-bedroom rent: $2,200
Apartments for rent in Cabbagetown

Just about 2 miles from Downtown, Cabbagetown is a stellar neighborhood if you want to live close to Downtown. While more expensive, the perks of living in Cabbagetown may help offset the costs. For example, you can live in Atlanta without a car as Cabbagetown is near bus routes. You can also walk to attractions like the Krog Street Tunnel and the Krog Street Market. This artsy neighborhood has plenty of restaurants and bars to check out, such as Agave and Petit Chou.

Learn more about the Cabbagetown neighborhood in Atlanta.

6. Old Fourth Ward

Average 1-bedroom rent: $2,127
Apartments for rent in Old Fourth Ward

Next up is Old Fourth Ward, the sixth most expensive neighborhood in Atlanta. Old Fourth Ward is full of history and charm with tree-lined streets, historic buildings, and museums, like Ponce City Market and the Birth Home of Martin Luther King, Jr. This area also has plenty of parks, restaurants, and attractions, so you’ll have lots to explore. Make sure to enjoy the outdoors at Historic Fourth Ward Park or grab a meal at one of the neighborhood restaurants, like Thumbs Up Diner or Bomb Biscuit Atlanta. It’s no wonder the rents are above Atlanta’s average.

Learn more about the Old Fourth Ward neighborhood in Atlanta.

7. Inman Park

Average 1-bedroom rent: $2,111
Apartments for rent in Inman Park

Located east of Old Fourth Ward, Inman Park is the next neighborhood on our list. Inman Park has a friendly atmosphere and vibrant feeling, with plenty of local cafes and restaurants along North Highland Avenue, such as Barcelona Wine Bar and Sotto Sotto. You can also check out some of Inman Park’s green spaces, like Springvale Park and the Eastside BeltLine. Make sure to explore landmarks like Krog Street Market and the Jimmy Carter Presidential Library and Museum, or explore the neighborhood’s Victorian-style homes.

Learn more about the Inman Park neighborhood in Atlanta.

8. Northeast Atlanta

Average 1-bedroom rent: $2,082
Apartments for rent in Northeast Atlanta

Northeast Atlanta takes the eighth spot on our list of most expensive neighborhoods in Atlanta. The average rent for a one-bedroom unit is roughly $200 more than the city’s average. Northeast Atlanta is a great option to consider if you’re looking to be near attractions like Piedmont Park, which is home to the Atlanta Botanical Garden and the Meadow, Morningside Nature Park, or the Midtown neighborhood. Northeast Atlanta is also close to some of the most affordable neighborhoods in Atlanta.

9. Atlantic Station

Average 1-bedroom rent: $1,961
Apartments for rent in Atlantic Station

A well-loved Atlanta neighborhood, Atlantic Station is the next area. Atlantic Station is home to the Atlantic Station shopping center and IKEA, meaning there are plenty of places to shop. You’ll find several landmarks in the area, like the Millennium Gate Museum and the Museum of Illusions – Atlanta, so make sure to explore the area’s charm. If you need to commute to work, there are a few bus stops in the area.

10. Lenox

Average 1-bedroom rent: $1,960
Apartments for rent in Lenox

The tenth most expensive neighborhood in Atlanta is Lenox, located in northern Atlanta. This area has a vibrant feeling with its popular restaurants and upscale shops at the Lenox Square Mall. You can find the Sloomoo Institute and LEGO Discovery Center Atlanta, providing residents with lots of opportunities to enjoy their neighborhood. If you’re a renter commuting into the city, it’s easy since the Buckhead MARTA line stops in Lenox.

11. North Buckhead

Average 1-bedroom rent: $1,959
Apartments for rent in North Buckhead

Number 11 on our list is North Buckhead, just north of Lenox. It’s a fantastic area if you’re looking for a neighborhood with lots of shopping areas, parks, and restaurants. For example, you can find plenty of cozy cafes and lively restaurants, like Bistro Niko, South City Kitchen Buckhead, and Buttermilk Kitchen. North Buckhead is also close to parks like Chastain Park and the Blue Heron Nature Preserve.

12. Home Park

Average 1-bedroom rent: $1,901
Apartments for rent in Home Park

Taking the 12th spot is Home Park. The average rent for a one-bedroom apartment is $1,901, compared to the city’s average of $1,857, so it’s only a little more expensive. This neighborhood is close to other popular neighborhoods like Atlantic Station and Midtown. Home Park’s expensive rent may be offset by its famous attractions like Georgia Tech, Terminal West, The Painted Duck, and the Atlantic Station shopping center. The convenience of these activities might be worth it to move to the neighborhood.

13. Buckhead

Average 1-bedroom rent: $1,882
Apartments for rent in Buckhead

Buckhead is the last on our list of most expensive neighborhoods to live in Atlanta. The Buckhead neighborhood is a popular area to consider living in Atlanta, well-known for its luxurious atmosphere, stunning properties, and the Greek-Revival Governor’s mansion. With attractions like Lenox Square, Phipps Plaza, and the Buckhead Theater, there are many reasons this expensive area may be for you. Be sure to check out Chastain Park and the Atlanta History Center to get the most out of the area. You can also explore the charming streets of local bars and restaurants like Peachtree Road and Roswell Road.

Learn more about the Buckhead neighborhood in Atlanta.

Methodology: Whether a neighborhood has an average 1-bedroom rent price over the city’s average. Average rental data from Rent.com in March 2024.

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Many people have student loan debt today… and lots of it. Americans owe a whopping $1.77 trillion (including federal and private loans), and the average balance is over $40,000.

Whether you’ve just received notice of your student debt for the first time or have been paying it down for years, it can be hard to live with a loan balance hanging over you. And it can be challenging to fit student loan payments into your budget. So, how do you live (and thrive) with the payments and the stress of student loan debt?

Keep reading, for starters. This guide will help you understand student loan debt solutions, how student debt impacts your financial situation, and how to budget well when you have student loans. You’ll also learn strategies for avoiding default and maintaining a healthy lifestyle. While it may feel tough right now, student debt doesn’t define you, and you can get through this.

Understanding Student Loan Debt

Your student loans can affect your financial present and your future. Right now, you might find it hard to make regular payments from month to month. Carrying student loan debt over time can also have a significant impact.

The Impact of Student Loans on Your Financial Future

Student loan debt could affect the following areas:

•  Your ability to qualify for a loan, such as a home loan, due to student loans affecting your debt-to-income ratio (DTI) — DTI is the relationship between your debt and income

•  Your ability to save for retirement

•  Your credit score (if you fail to make on-time student loan payments)

•  Your net worth (the value of the assets you own, minus your liabilities)

•  Your marriage or family life, possibly delaying your plans

Different Types of Student Loan Repayment Plans

As you focus on minimizing the impact that student loans have on your finances, it can be wise to consider the different types of student loan repayment plans. For federal student loans, they include fixed repayment plans:

Standard Repayment Plan: The Standard Repayment plan is a federal fixed repayment plan option. In this plan, you repay your loans for up to 10 years, or between 10 and 30 years for consolidation loans. (Consolidation loans mean converting your federal student loans into one payment.)

Graduated Repayment Plan: The Graduated Repayment plan begins with lower payments and increases every two years. You can make payments for up to 10 years, or between 10 to 30 years for consolidation loans.

Extended Repayment Plan: The Extended Repayment plan allows you to repay your loans over an extended period. You make payments over 25 years with this plan, which for many people is a valuable student loan debt solution.

Student loan servicers also offer income-based repayment, including the following plans:

•  Saving on a Valuable Education (SAVE); the SAVE Plan replaces the REPAYE program.

•  Pay as You Earn (PAYE)

•  Income-Based Repayment (IBR)

•  Income-Contingent Repayment (ICR)

Each option has different features, but generally, after you make payments for a certain number of months, the government will forgive the remaining balance.

Consider using the Federal Student Aid Loan Simulator to help you estimate your monthly student loan payments, which can help you find a loan repayment option that meets your needs and goals. You might find a program that feels like less of a financial stretch for you.
💡 Quick Tip: Some student loan refinance lenders offer no fees, saving borrowers money.

Take control of your student loans.
Ditch student loan debt for good.

Create a Budget to Manage Student Loan Debt

Another helpful step when you are dealing with student loan debt is to find a budget that works well for you. There are many different types of budgets out there, and likely more than one could help you create a realistic plan that leaves room for some fun little splurges now and then. Most budgets involve the following steps:

1.   Write down your monthly income. How much do you bring in per month? This doesn’t necessarily just apply to your salary — include alimony, freelancing (like dog-walking or driving a rideshare), dividends, and other income you make.

2.   Write down your monthly expenses. What types of expenses do you have during the month, including your student loan payments? How much are you spending on a car loan, rent, or mortgage payment? What about utilities, insurance, clothing, and entertainment?

3.   Subtract your expenses from your income. This is a good way to calculate whether you lose money through your expenses or whether you have enough income to cover your expenses.

4.   Create a budget. Develop a budget so you know how much you should spend each month, plus the expenses you can’t get around, including food, shelter, and, yes, student loan payments. You might try the popular 50/30/20 budget, which has you allocate 50% on your take-home pay to the needs in life (which includes minimum loan payments); 30% to the wants in life (dining out, gym memberships, travel…the fun stuff); and 20% to saving. When you are repaying student loans, that last 20% may need to be allocated to debt for a while. And that 30% towards wants might have to face a bit of belt-tightening, too.

Strategies for Avoiding Default on Student Loans

If you fail to make payments on student loans, you may default on them. The level of default depends on the type of loan you receive.

Why is defaulting on student loans a big deal? And how does defaulting on student loans affect your financial picture? Here are details:

•  Your entire unpaid balance, with student loan interest, becomes due.

•  You no longer receive deferment or forbearance, and you also lose eligibility for other benefits, including repayment plan options.

•  You cannot receive additional federal student loans.

•  Credit bureaus will hear about the default, which can lower your credit score and take years to repair.

•  You may not be able to purchase or sell assets (such as real estate).

•  The government may withhold your tax refunds or federal benefits.

•  You may suffer from wage garnishment, meaning your employer directs some of your pay to your student loan debt. In addition, you may be liable for attorney and collection fees associated with the process.

Yes, this can be frightening to think about, but remember that there are ways to move forward and avoid these scenarios. Among the solutions to student loan debt can be staying organized, managing what you owe, and keeping track of loan payments.You might use a tracking system such as Google Docs to keep track of your payments, or set up alerts in your phone. There are also apps and websites available to help you keep up-to-date on where you stand with your student loan debt and your payments due.

Let lenders know when you change your address so they don’t lose track of you and you lose track of your loans. You can also consider consolidating your federal student loans so you have just one simple payment to make each month. Keep in mind, though, these two points:

•  When you refinance federal student loans with a private loan, you forfeit access to federal benefits and protections, such as deferment and forbearance.

•  If you refinance for an extended term, you may lower your monthly payment but pay more interest over the life of the loan.

Utilize Resources for Managing Student Loan Debt

Here are some resources that may help you manage your student loan debt better:

•  Ask your student loan servicer for more information about solutions to student debt. They may help you learn more about smart ways to pay off student loans.

•  Tools and apps can help you track and manage student loans, often offering financial literacy and debt management educational resources. Test out a few options for solutions for student loan debt:

◦  DebtPayoffPlanner.com

◦  Chipper.app

◦  Changed at gochanged.com

•  If you are still feeling overwhelmed by your student debt, know that you don’t have to tough it out. Explore talking with a credit counselor who has expertise in the area of student loans. You might contact the National Foundation for Credit Counseling (NFCC) to start. Beware potential scammers who charge money upfront and/or promise to make your debt disappear with no strings attached.

Maintain a Healthy Financial Lifestyle with Student Loan Debt

You may at times feel frustrated or worse with the fact that you have student loans to pay back. Plenty of people do. But remember that this is a phase you are moving through, akin to paying down a mortgage on a house or a car loan.

Spend some time and energy on what you might call financial selfcare. Building a healthy financial lifestyle starts with taking time to establish your money goals. It can make sense to start in the short-term with what you want to accomplish regarding your student loans. For example, you may want to put these solutions to student debt in your sights:

•  Put together a budget

•  Balance student loan payments with other financial goals

•  Build an emergency fund while repaying student loan

•  Strategize to build your credit score with on-time student loan payments

•  Consider ways to make your student loans more manageable, as outlined above.

If you think you might want to pay off your student loans quickly, you can apply any additional funds available and use either the debt snowball (where you pay off the smallest student loan first) or debt avalanche methods (where you pay off the student loan with the highest interest rate first). Once you pay those off, you move to the loan that has the next-largest balance or interest rate, respectively.

You can then move on to longer-term goals, and build your financial literacy as you learn about, say, how to save for a down payment on a house or your retirement. Debt can be stressful, but remember that there is a long road ahead of you. There’s time to eliminate your student loans and put your other plans in motion. In other words, with some time and energy invested, you’ve got this.

The Takeaway

Having student debt can be stressful, but it’s important to remember that living with student loan debt doesn’t have to crush your dreams and plans. Millions of people work to pay off their loans every month. You have options in terms of how you budget your funds, how you repay your loans, and whether or not to look into refinancing, forgiveness, and other ways to deal with your debt.

Looking to lower your monthly student loan payment? Refinancing may be one way to do it — by extending your loan term, getting a lower interest rate than what you currently have, or both. (Please note that refinancing federal loans makes them ineligible for federal forgiveness and protections. Also, lengthening your loan term may mean paying more in interest over the life of the loan.) SoFi student loan refinancing offers flexible terms that fit your budget.

With SoFi, refinancing is fast, easy, and all online. We offer competitive fixed and variable rates.

FAQ

How do you cope with student loans?

The first step in managing student loan debt is not to ignore it; that could hurt your credit score and force you to pay penalties and fees. Understand your loans — are they federal or private student loans? What is your current payment structure? Learn everything you can, and research the many repayment options you likely have. Also, explore different budgeting methods to take control of your finances. Meet with a reputable nonprofit credit counselor if you feel you’d benefit from further support.

What is the average student debt?

The current average balance per person for student loans is about $40,500.

How do people live on student loans?

Having a comfortable lifestyle while still making student loan payments is possible. However, budgeting well is important, so you know how much you can allocate toward expenses and areas of your life.

Photo credit: iStock/Rockaa

SoFi Student Loan Refinance
If you are a federal student loan borrower, you should consider all of your repayment opportunities including the opportunity to refinance your student loan debt at a lower APR or to extend your term to achieve a lower monthly payment. Please note that once you refinance federal student loans you will no longer be eligible for current or future flexible payment options available to federal loan borrowers, including but not limited to income-based repayment plans or extended repayment plans.

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

Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.

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

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

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

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Source: sofi.com

Apache is functioning normally

Have you ever thought, “Should I move to Arlington, TX?” Living in Arlington means you’re never far from an adventure, whether it’s catching a football game, riding a roller coaster, or enjoying the great outdoors at one of the city’s many parks. Arlington stands out for its unique blend of suburban comfort and urban excitement, making it a great place to call home. In this article, we’ll dive into the pros and cons of living in Arlington to help you figure out if this city matches your lifestyle. Let’s jump in. 

Arlington at a Glance

Walk Score: 38 | Bike Score: 40 | Transit Score: 0

Median Sale Price: $325,000 | Average Rent for 1-Bedroom Apartment: $1,140

Arlington neighborhoods | Houses for rent in Arlington | Apartments for rent in Arlington | Homes for sale in Arlington

Pro: Exciting sports culture

Arlington, stands out with its rich sports culture, home to the Dallas Cowboys and Texas Rangers. The presence of AT&T Stadium and Globe Life Park ensures residents have access to world-class sporting events year-round. This not only boosts the local economy but also fosters a strong sense of community among fans. The excitement of game days is palpable, making it a thrilling place to live for sports enthusiasts.

Con: Limited public transportation

One significant drawback of living in Arlington is the limited public transportation options. Unlike other cities of its size, Arlington lacks a comprehensive public transit system, making it challenging for those without personal vehicles to navigate the city. This limitation affects daily commutes, access to amenities, and overall mobility, potentially increasing residents’ reliance on cars and contributing to traffic congestion.

Pro: Plenty of entertainment options

Arlington is not just about sports; it’s also a hub for entertainment and leisure activities. With attractions like Six Flags Over Texas and Hurricane Harbor, residents and visitors alike have access to some of the best amusement parks in the country. The city also boasts beautiful parks and Lake Arlington, offering outdoor activities such as hiking, boating, and fishing.

Con: Hot and humid summers

The climate in Arlington can be a downside, especially during the summer months when temperatures soar and humidity levels rise. These conditions can be uncomfortable and limit outdoor activities, particularly in July and August. Residents often find themselves seeking relief indoors, which can lead to higher energy bills due to the increased use of air conditioning.

Pro: Thriving economy

Arlington’s economy is robust, driven by sectors such as entertainment, manufacturing, and education. The presence of major employers, including General Motors and the University of Texas at Arlington, provides a wealth of job opportunities for locals. This economic diversity not only supports a strong job market but also contributes to the city’s overall prosperity and growth.

Con: Seasonal allergies

A significant concern for many Arlington residents is the high prevalence of seasonal allergies. The city’s location in North Texas, combined with its vegetation and climate, contributes to challenging conditions for individuals sensitive to pollen and other allergens. Seasonal allergies can impact quality of life, especially during peak pollen seasons in the spring and fall.

Pro: Proximity to other major cities

One of Arlington’s greatest advantages is its strategic location between Dallas and Fort Worth, offering residents easy access to the amenities and job markets of two major cities. This proximity allows for a suburban lifestyle while enjoying the benefits of urban living, including cultural events, museums, and airports. It’s the best of both worlds for those who work in the city but prefer a quieter home life.

Con: Urban sprawl

Arlington’s rapid growth has led to sprawling suburban neighborhoods and commercial areas. This has resulted in increased traffic congestion and longer commute times for residents. For example, major highways and thoroughfares, such as Interstate 20 and Interstate 30, experience heavy traffic congestion during peak hours, leading to delays and frustration for commuters. Additionally, the proliferation of strip malls and commercial developments along major roadways contributes to the spread-out nature of the city, making it less walkable and pedestrian-friendly.

Pro: Community engagement and volunteerism

Arlington is known for its strong sense of community and active volunteerism. Numerous organizations and initiatives focus on improving the city and helping its residents, from environmental clean-ups to food drives. For example, the city holds an annual “Arlington Cares” community service day, where residents come together to volunteer for projects such as neighborhood cleanups, park beautification, and food drives.

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.

Source: rent.com

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Explore the diverse landscapes and cultural richness of Illinois, affectionately known as the “Land of Lincoln.” From the cityscape of Chicago to the tranquil expanses of rural farmland, the state has something that caters to various lifestyles. However, living in Illinois presents its own challenges, including the high taxes and traffic congestion in urban areas. In this ApartmentGuide article, we’ll examine the pros and cons of living in Illinois, providing you with valuable insights into life in the “Land of Lincoln.”

Renting in Illinois snapshot

Population 12,549,689
Avg. studio rent $1,309 per month
Avg. one-bedroom rent $1,544 per month
Avg. two-bedroom rent $1,928 per month
Most affordable cities to rent in Illinois Mattoon, Herrin, Charleston
Most walkable cities in Illinois Oak Park, Chicago, Evanston

1. Pro: Diverse job opportunities

Illinois has a diverse economy that provides residents with a wide range of job opportunities across various industries. Cities like Chicago serve as major hubs for finance, technology, healthcare, and manufacturing, offering employment prospects for professionals with diverse skill sets. Additionally, Illinois is home to numerous Fortune 500 companies, including Boeing, Caterpillar, and Archer Daniels Midland, which contribute to the state’s robust job market.

2. Con: Severe winters

The harsh winters in Illinois bring bone-chilling temperatures and heavy snowfall, posing challenges for residents in commuting and daily activities. The bitter cold often leads to increased heating costs and potential hazards such as icy roads and frostbite. For those unaccustomed to such extreme weather, the long winter months can be a significant drawback to living in Illinois.

3. Pro: Access to great education

Illinois is renowned for its prestigious educational institutions, giving residents access to world-class education at all levels. Universities like the University of Chicago, Northwestern University, and the University of Illinois at Urbana-Champaign, provide an exceptional academic program and research opportunities.

4. Con: High taxes

Illinois is known for its relatively high taxes, including property taxes and income taxes, which can place a significant financial burden on residents. For instance, Illinois is ranked number 9 in the nation for highest taxes. These taxes often contribute to the state’s overall cost of living, making it a less attractive place to live.

5. Pro: Strong sports culture

Chicago, in particular, is home to iconic sports franchises such as the Chicago Cubs, Chicago White Sox, Chicago Bulls, and Chicago Bears, fostering a sense of community and pride among residents. Outside of Chicago, Illinois offers a diverse range of sports and recreational activities. Cities like Peoria are known for their rich baseball history, with the Peoria Chiefs providing entertainment for fans.

6. Con: Traffic congestion

Traffic congestion is a prevalent issue in Illinois, particularly in urban areas like Chicago, where gridlock during rush hours is a common frustration for commuters. The heavy traffic not only leads to longer commute times but also contributes to increased air pollution and fuel consumption, impacting both the environment and residents’ quality of life.

7. Pro: Diverse culinary scene

Illinois’ diverse population contributes to a vibrant culinary scene, offering residents a wide array of dining options to suit every palate and preference. From trendy bistros to cozy cafes, Evanston offers an array of dining options ranging from global fusion cuisine to locally sourced farm-to-table fare. Larger cities like Chicago are renowned for their diverse and innovative food scene, with Michelin-starred restaurants, ethnic eateries, and local favorites lining the streets. From deep-dish pizza and Chicago-style hot dogs, Illinois has various options sure to cater to your cravings.

8. Con: Poor air quality in some metros

Chicago often experience poor air quality due to factors such as vehicle emissions and industrial activities, which can exacerbate respiratory issues and decrease overall well-being. Additionally, agricultural runoff from the state’s extensive farmlands can contribute to water pollution, impacting both ecosystems and public health.

9. Pro: Vibrant arts and music scene

Illinois boasts a vibrant arts and music scene, with numerous theaters, galleries, and performance venues showcasing local and international talent. Chicago’s theater district, home to iconic institutions like the Goodman Theatre and Steppenwolf Theatre Company, offers residents a rich cultural experience with world-class productions and performances. Additionally, cities like Champaign-Urbana contribute to the state’s scene with Krannert Center for the Performing Arts and the University of Illinois’ renowned School of Music.

10. Con: Natural disaster risk

Illinois faces natural disaster risks, including tornadoes that can wreak havoc across the state, such as the devastating tornado outbreak in 2013 that caused significant damage in communities like Washington and Coal City. The state’s proximity to the New Madrid Fault Zone also poses a seismic risk, with the potential for earthquakes to occur, although less frequent than tornadoes.

11. Pro: Affordable housing options

Illinois provides a range of affordable housing options, especially in suburban and rural areas surrounding major urban centers such as Chicago. Cities like Rockford and Springfield exemplify this affordability, offering residents access to reasonably priced homes and apartments. For instance, in Rockford, the median home sale price stands at $152,000, while the average rent for a one-bedroom apartment is $837, making it an attractive option for those seeking affordable housing in the state.

12. Con: Crowded tourist seasons

Illinois experiences crowded tourist seasons, particularly in popular destinations like Chicago, where attractions such as Navy Pier and Millennium Park draw large crowds throughout the year. The influx of tourists can lead to congested streets, longer wait times at restaurants and attractions, and increased competition for housing and parking spaces, impacting the daily lives of residents.

Methodology : The population data is from the United States Census Bureau, walkable cities are from Walk Score, and rental data is from ApartmentGuide.

Source: apartmentguide.com

Apache is functioning normally

Colorado Springs is renowned for its natural beauty, laid back lifestyle, and friendly community. Living in Colorado Springs means experiencing the beauty of all four seasons, from snowy winters perfect for skiing and snowboarding, to warm summers ideal for camping and fishing. So, if you’ve been asking yourself, “Should I move to Colorado Springs, CO?” you’re in the right place. In this article, we’ll dive into the pros and cons of making Colorado Springs your home to help you decide if it’s the right fit for you. Let’s get started.

Colorado Springs at a Glance

Walk Score: 36 | Bike Score: 45| Transit Score: 19

Median Sale Price: $440,000 | Average Rent for 1-Bedroom Apartment: $1,520

Colorado Springs neighborhoods | Houses for rent in Colorado Springs | apartments for rent in Colorado Springs | Homes for sale in Colorado Springs

Pro: Thriving arts and cultural scene

Colorado Springs is home to a vibrant arts and cultural scene. The city has numerous galleries, theaters, and museums that celebrate both local and international talent. The Colorado Springs Fine Arts Center and the Pikes Peak Center for the Performing Arts are just two examples of venues that offer a diverse array of performances and exhibitions.

Con: Variable weather conditions

The weather in Colorado Springs can be unpredictable, with sudden changes that can catch residents off guard. While the city enjoys over 300 days of sunshine a year, it also experiences its share of snow, hail, and rapid temperature fluctuations. This variability can make planning outdoor activities challenging and requires residents to be prepared for anything. The winter months, in particular, can see heavy snowfall, impacting travel and daily life.

Pro: Stunning natural beauty

Colorado Springs is located at the foot of the majestic Pikes Peak, offering breathtaking views that are hard to find elsewhere. The city is surrounded by natural wonders, including the Garden of the Gods with its iconic red rock formations. Residents enjoy easy access to hiking, biking, and outdoor adventures right in their backyard. This connection to nature enhances the quality of life for those who live here, making it a coveted location for nature lovers.

Con: High altitude

Located at an elevation of over 6,000 feet, Colorado Springs’ high altitude can be a challenge for new residents and visitors. The thin air can sometimes lead to altitude sickness, affecting one’s energy levels and overall health. It often takes time to acclimate to the elevation, which can be particularly tough for those moving from lower altitudes. This aspect can impact athletic performance and daily activities until one’s body adjusts.

Pro: Growing economy

Colorado Springs has a growing economy, with a focus on the aerospace and defense industries, technology, and tourism. This economic growth has led to an increase in job opportunities, attracting individuals from various career fields. The city’s economic development is supported by a proactive local government and a community that values innovation and entrepreneurship.

Con: Rising cost of living

The cost of living in Colorado Springs is on the rise since becoming more popular. In fact, the cost of living in Colorado Springs is 8% higher than the national average. Real estate prices have increased, making it more challenging for some first-time homebuyers and renters. While still more affordable than some major cities, the trend towards higher living costs could pose a problem for those on a tight budget or looking to move to the area.

Pro: Pet-friendly city

Colorado Springs is an incredibly pet-friendly city, with numerous parks, trails, and open spaces where pets are welcome. Many restaurants and businesses also cater to pet owners, allowing dogs in outdoor areas. This pet-friendly attitude is evident in the city’s numerous dog parks and pet events, including the Colorado Springs Pet Expo. The city’s devotion to pets makes it a great place for anyone who loves animals to call home.

Con: Limited nightlife

Compared to larger cities, Colorado Springs has a more subdued nightlife. While there are certainly bars, restaurants, and events to enjoy, those seeking a vibrant club scene might find the options limited. This quieter nightlife aligns with the city’s overall laid-back atmosphere but may be a drawback for those who prefer a bustling night out on the town.

The sense of community in Colorado Springs is strong, with friendly neighborhoods and an array of community events throughout the year. From local farmers’ markets to festivals celebrating the city’s culture and history, there’s a genuine camaraderie among locals. This community spirit makes it easy for newcomers to feel welcome and quickly become part of the city’s social fabric.

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.

Source: rent.com

Apache is functioning normally

Living with family members can be both a comforting and challenging experience, especially when those family members happen to be siblings. As adults, the dynamics change, and considerations extend beyond just familial bonds. When siblings decide to live together and potentially invest jointly, a unique set of opportunities and obstacles arise. Let’s delve into the pros and cons of such an arrangement.

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Pros

  1. Shared Financial Responsibilities: Pooling resources with siblings can ease the burden of financial responsibilities. Whether it’s splitting rent, utilities, or groceries, dividing costs can lead to significant savings for all parties involved.
  2. Greater Purchasing Power: When siblings join forces to invest, they can leverage their combined financial resources to access opportunities that might be out of reach individually. This could include purchasing a larger property, investing in stocks, or starting a business together.
  3. Built-In Support System: Living with siblings means having a built-in support system readily available. Whether it’s help with chores, emotional support during tough times, or simply having someone to share a meal with, the presence of siblings can provide a sense of comfort and security.
  4. Shared Goals and Values: Siblings often share similar upbringings, values, and life goals, which can facilitate smoother decision-making processes when it comes to investments and lifestyle choices. Aligning on common objectives can lead to a more cohesive living and investing experience.
  5. Potential for Long-Term Wealth Building: By combining resources and investing strategically, siblings can work towards building long-term wealth for themselves and future generations. Real estate investments, for example, can appreciate over time, providing a valuable asset for the family.

Cons

  1. Conflict and Tension: Living with siblings can sometimes lead to conflicts over finances, household responsibilities, or personal space. Differing lifestyles and personalities may clash, potentially causing tension within the household and complicating investment decisions.
  2. Dependency Issues: Dependence on siblings for financial support or decision-making can hinder individual autonomy and personal growth. It’s essential to strike a balance between mutual support and independence to avoid feelings of resentment or overreliance.
  3. Risk of Financial Disputes: Entering into joint investments with siblings carries the risk of financial disputes and disagreements. Differences in risk tolerance, investment preferences, or future plans may lead to conflicts regarding asset management and distribution of profits.
  4. Limited Privacy: Sharing a living space with siblings means sacrificing some level of privacy. While it can foster closeness and bonding, it may also restrict personal freedom and make it challenging to carve out individual spaces within the home.
  5. Uncertain Future Dynamics: Life is unpredictable, and circumstances can change over time. Siblings may experience shifts in career paths, relationships, or financial situations that impact their living arrangements and investment plans. Anticipating and adapting to these changes requires open communication and flexibility.

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Apache is functioning normally

Welcoming a new addition to the family is an exciting and joyous occasion, and preparing a nursery is often one of the most anticipated tasks for expectant parents. The nursery is not just a room; it’s a sanctuary where your little one will spend countless hours sleeping, playing, and growing during their formative years. Curating the perfect nursery involves thoughtful consideration of both functionality and aesthetics. Check out these nursery decor ideas from experts to see curated recommendations.

Nursery decor: Tips and tricks to test out

“A nursery should spark calm,” Taylor Clarke, mom and founder of Amborella Organics seed-bearing lollipops. “We do this with earth-toned colors, living plants, and objects like a star-shaped plush that remind us how magical this time of life is.” As we dive into other expert opinions on curating the perfect nursery, Clarke reminds us to not forget the magic of this stage of life.

Establish your vision

Before diving into decorating, take some time to envision the atmosphere you want to create. Consider themes, color schemes, and overall ambiance. When it comes to a theme or color palette, Bowy Lou recommends choosing something that resonates with you. “Whether it’s a nature-inspired theme, a classic color scheme, or a whimsical motif, this will guide your choices in furniture, decorations, and textiles,” the Bowy Lou team recommends. “Additionally, if you’re looking to save money, you might be able to keep an eye out on online reselling platforms such as Facebook Marketplace or thrift shops to begin gathering or collecting items that meet your aesthetic.”

Choose a calming color palette and utilize natural materials

Selecting the right color palette sets the tone for the entire room. “Opt for soft, neutral hues like pastel blues, greens, creams, light grays, or gentle yellows to create a calming atmosphere conducive to relaxation, sleep, and independent play,” Karri Bowen-Poole, founder and CEO of Smart Playrooms and Project Playroom recommends.

Ashley Morrisey with Western Sky Photography recommends considering your preferences when selecting a color palette. “You may have heard there are colors that make a room bright or enhance specific feelings, so it would make sense to choose those that add to the calm, soothing environment you want,” Morrisey begins, “but, it’s equally as true that choosing colors you love will help make the room a space you’ll enjoy spending lots of time in with your baby, and let’s be honest, you’ve got a lot of future diaper changes, feedings, play times, and bedtimes in this room.”

Embrace nature-inspired elements as well, to bring an element of texture to the room. “Incorporating furniture and decor made from natural materials like wood and cotton will evoke a sense of warmth and comfort while also minimizing exposure to harsh chemicals,” Bowen-Poole suggests. Consider adding potted plants or a small indoor garden to purify the air and further create a calming, nature-inspired environment.

Frankie Wallace, owner of LoveFrankieArt.com, echoes the importance of a balance between colors and natural elements. “Opt for soft, neutral colors such as taupe or soft grey, and choose patterns that are subtle and gentle, like small polka dots, stripes, or delicate floral prints. These create a serene atmosphere without overwhelming your baby’s delicate senses, and are also calming for parents too,” Wallace notes. “Nature-inspired accents like potted plants, botanical prints, or nature-themed wall decals are also great to incorporate. Nature has a calming effect and can help create a peaceful atmosphere in the nursery.”

Invest in quality furniture

Key furniture pieces like a crib, changing table, and storage units are essential for a functional nursery. “Incorporating vintage or heirloom pieces such as a solid wood dresser passed down from a relative, or one with a marble top discovered at an antique shop will have lasting design power over many store-bought dressers,” Darcy Oliver, founder of Darcy Oliver Design recommends. “The dresser can also act as a changing station for your baby, so be mindful of a size that could accommodate a changing pad.”

Convertible furniture, such as cribs that transform into toddler beds, offers long-term value and versatility. “Searching for the perfect crib may seem like a daunting task, but I recommend buying this item new or fairly new for safety reasons,” Oliver recommends.

Prioritize safety

Safety should be a top priority when designing a nursery. Ensure that furniture meets safety standards, anchor heavy items to the wall to prevent tipping, and eliminate any potential hazards such as loose cords or small objects that could pose a choking risk.

A comfortable crib mattress and soft, breathable bedding are essential for promoting safe and restful sleep. Choose bedding made from organic materials and avoid heavy blankets or pillows, as they can increase the risk of Sudden Infant Death Syndrome (SIDS).

Add personal touches

Infuse the nursery with personal touches that reflect your style and values, like name-centric decor. Name decor is also an easy way to make the room feel personalized. “Monogramming the space above your baby’s bed is a popular design concept. The monogram makes their room even more personalized and their own,” Sara from Lizz and Roo notes. “Similar to a monogram, framing their name above their bed is a great personalization to have for them to make their room their own.”

“I remember when my son was about to be born – all of a sudden I wanted to clean and organize my house and create the perfect nursery. I posted this random information on Facebook, and immediately a consensus was formed: I was “nesting,” Crystal Waddell, president of Collage and Wood shares.

“Over the years, as my company has grown, we serve mothers all over the world who want to personalize the walls for their new baby. And when I say I get it, you now know, I totally get it. Think custom lettering, themed wooden cutouts, or your baby’s name in a giant script font, these items create that perfect personalized space for your baby and help you meet your nesting needs.”

Consider sensory stimulation

Stimulate your baby’s senses with visually engaging elements like mobiles, wall decals, and textured rugs. Soft lighting, such as dimmable lamps or string lights, creates a cozy atmosphere conducive to relaxation.

Leave room to grow

Remember that your baby will grow quickly, and their needs will evolve over time. “If the nursery will eventually morph into your child’s room, having the flexibility to change the room into the next stage is key,” Sandra Gordon, owner of Baby Products Mom, notes. “That next stage could be in a year or so when your baby-turned-toddler-turned-preschooler starts to have an opinion. Ideally, for a convertible nursery, you should be able to lift anything babyish, such as artwork, out of the room.
In other words, keep babyish items off permanent surfaces, such as pink or blue walls or carpets. But if the room will be a dedicated nursery for years to come (for your next babies), go ahead and baby-ify all you want.”

Fariha Nasir, with Pennies for a Fortune, echoes the sentiment of keeping the future in mind. “Focus on sourcing high-quality pieces that will grow with the child. Same with seating – furniture that’s marketed as nursery furniture like rockers and gliders isn’t always great quality. Getting a stylish yet comfortable armchair with a separate ottoman will provide the same comfort and functionality,” Nasir shares. “That nursing chair can later be part of a reading corner for the room in the future.”

Incorporate functionality into your nursery decor

Babies come with a lot of stuff, from diapers and clothes to toys and books. Maximize storage space with bins, baskets, shelves, and closets to keep essentials organized and easily accessible. “In small spaces, floor space is a precious commodity so get things off the floor wherever you can,” Lisa Janvrin, with Janvrin and Co, suggests. “This means installing storage and lighting on the walls. There are tons of options for floating bookshelves, side tables, and plug-in wall sconces that are adorable and functional.”

In terms of nap and nighttime routines, nightlights or dimmers can also help create a soothing atmosphere when darkness is important, Kristeen Waddell notes. “Lack of lighting is everything. Invest in blackout curtains to regulate light and promote better sleep, especially during daytime naps. However, you will want a nice overhead light for play, too,” Waddell shares.

Choose soft flooring options

Opt for soft flooring materials like carpet or area rugs to provide a comfortable and safe surface for your baby to crawl and play. “A soft rug is a must-have for tummy time and a cozy place for baby to explore the world,” Caitlin De Lay notes. “Functional pieces will grow with your child and create a calming space to bring the baby home; plus, they can all double as design accents.” Choose rugs with low pile or natural fibers that are easy to clean and hypoallergenic to minimize the risk of allergies.

Design a nursing nook

“There needs to be comfortable seating for nursing a baby, with a footstool,” Medina King, creative director of MK Kids Interiors says. “This could be in the form of a stylish rocker or a comfortable armchair with a pouffe. Parents will spend a lot of time nursing and comforting babies in the early days of their lives, so it’s important to design it around the needs and comfort of the family and parents taking care of the baby.”

Lucy Bowman, with LucyJoHome.com, agrees, noting the importance of paying the nursery proper attention. “Nurseries are a place of rest and sweet memories and deserve attention,” Bowman shares. “The perfect nursery will have a comfortable and beautiful chair for parent and child to bond.”

Don’t be afraid to get creative with nursery decor ideas

Photographer, Kristal Bean, recommends adding an accent wall for a creative touch. “You’re not limited to just a different color for an accent wall — there are endless gorgeous wallpaper and large wall decal options, too,” Bean shares. “This is a simple way to customize the nursery, and you can probably get it done over a weekend. If you’ve already fallen in love with the wall color in your baby’s room, but you’re dying to add a little something extra to the space, wallpaper on the ceiling is an unforgettable touch.”

Savanna Nave, owner of SavannaBrooke.com, reminds to not forget flair and interest. “Add interest and character by either using wallpaper, a wall treatment (board & batten), patterned curtains, or a statement rug. All of these areas are a great way to incorporate color and a fun pattern,” Nave suggests. “When adding flair, stick to your style while also making the room baby-friendly and functional. If your style is boho, incorporate some of those features into the room.”

Consider soundproofing as part of your nursery decor

Minimize disruptions and create a peaceful environment for both you and your baby by soundproofing the nursery. Install heavy curtains or sound-absorbing panels to dampen outside noise, and consider using a white noise machine to mask any sudden sounds that could disturb your baby’s sleep.

Crafting a sanctuary for you and your little one

“As the parent, you will be spending a lot of time in that room with your baby”, Nina Spears, co-founder and editor-in-chief of baby chick, explains. “In the nursery, there needs to be a designated space for the baby to sleep, to feed, and to be changed. But, make a space in the room where you can rest with the baby and enjoy, too. This room should be a space that you love, it brings you joy and makes you feel calm. Your baby won’t care what it looks like, so make it functional and comfortable for you too.”

Curating and creating the perfect nursery is a labor of love that involves careful planning, creativity, and attention to detail. By following these guidelines and infusing your unique style and personality into the design, you can create a serene sanctuary where your little one can thrive and flourish. After all, there’s nothing more rewarding than seeing your baby surrounded by a space that is as beautiful and nurturing as they are.

Source: rent.com