roommate

Apache is functioning normally

Taking the hassle out of renting.

From searching for the perfect apartment to making it your own, every step of the apartment-hunting journey brings anticipation and the thrill of creating a space that reflects your unique personality and aspirations.

When determining the apartment that’s the right fit for your lifestyle and preferences, understanding what you can afford is a huge first step. This is overwhelming when considering all the financial factors of how much you make, how much you want to save, your debts and your desired city’s cost of living.

Remove the complication of calculating

The Rent Calculator is your one-stop place for determining the best apartment, all factors considered.

  1. Determine the location of where you’re apartment hunting.
  2. Enter your ideal number of beds
  3. Put in your pre-tax income
  4. Calculate your monthly expenses or a rough estimate

After you enter this information the Rent Calculator will calculate options for you based on spending 30 percent of your income. The calculator pulls three options for you, where you can explore apartments where you’d live on a budget, live comfortably and live luxuriously. It’s up to you, depending on your style, saving method and desired amenities what apartment category is the best fit for you.

Salary and rent affordability examples

50k salary

On $50,000 a year, you’re making $4,167 gross per month. Taking 30 percent of that, you are able to afford up to $1,250 per month in rent.

75k salary

On $75,000 a year, you’re making $6,250 gross per month. Taking 30 percent of that, you are able to afford up to $1,875 per month in rent.

100k salary

On $100,000 a year, you’re making $8,333 gross per month. Taking 30 percent of that, you are able to afford up to $2,500 per month in rent.

125k salary

On $125,000 a year, you’re making $10,417 gross per month. Taking 30 percent of that, you are able to afford up to $3,125 per month in rent.

Fun facts about rent

Learn a little more about who’s renting. How old are they? Do they room up with anyone? See where you fall into the statistics.

What does the average person spend on rent?

While rent prices in the U.S. vary greatly by region, the national median rent as of December 2022 was $2,007.

Many people choose to live with roommates to save money on rent. However, if you choose to live with others, it’s important to be clear on how much rent each roommate will be paying.

What percentage of people have a roommate?

Nearly half of renters are rooming with someone. Most renters in one of our conducted surveys (49.8 percent) lived with one roommate. Another 24.8 percent lived in two-roommate households.

What is the average age and salary of renters?

The typical U.S. renter is 39 years old, has never been married, with at least four years of college education and has a median annual income of $42,500.

Renting made easy

This rent calculator removes the overwhelming calculations, thoughts and considerations that fill a renter’s head when apartment hunting. In simplifying this process by swiftly providing accurate and tailored rent estimates, the burden on renters disappears and allows them to make informed decisions with ease. Find your dream apartment today!

*Disclaimer: This calculator displays an approximation of how much rent you can afford based on your location, income and debt. Real numbers may vary based on your lifestyle and fixed expenses.

Source: rent.com

Apache is functioning normally

Starting the journey to find your dream apartment is an exciting time. Figuring out your budget and what apartment fits best into your life is an important first step. By calculating how much rent you can afford, you can explore a range of apartments and find the perfect one that fits your preferences and budget.

Utilizing a rent calculator

This rent calculator will help you find an apartment within your budget. Tell us where you’d like to live, how many bedrooms you’re looking for and your annual income (before taxes). Then we’ll crunch the numbers to help you find a new home you can afford.

How much rent can you afford?

Most finance experts would recommend paying no more than 30 percent of gross (before tax) monthly income for rent. Another target is to spend no more than 50 percent of net income (after taxes) on rent, utilities and all other monthly living expenses. However, there is no one-size-fits-all model, and the best way to decide is to write out exactly how much you earn, how much you spend on living expenses and how much you want to save for the future.

The 50-20-30 rule is a recommendation for how to spend percentages of your after-tax income. According to this rule, you should put 50 percent towards “needs” (rent, bills, groceries and the like), 20 percent towards savings and 30 percent towards “wants,” like shopping, hobbies, traveling and going out to eat.

What is the difference between net income and gross income when calculating rent affordability?

It is recommended to consider net income rather than gross income, as tax rates vary depending on factors like state, city, income level and family size (dependents). While gross income is easier to calculate, using net income provides an accurate evaluation of what you can afford.

How do I tackle budgeting?

Rent: To save up without knowing the exact amount of rent, a general rule of thumb is to set aside 30 percent of your paycheck. However, if you know the precise rent amount, it’s better to deduct the exact sum from each paycheck. For instance, if you receive your pay every two weeks, subtract half of your monthly rent payment from each paycheck.

50k salary

On $50,000 a year, you’re making $4,167 gross per month. Taking 30 percent of that, you are able to afford up to $1,250 per month in rent.

75k salary

On $75,000 a year, you’re making $6,250 gross per month. Taking 30 percent of that, you are able to afford up to $1,875 per month in rent.

100k salary

On $100,000 a year, you’re making $8,333 gross per month. Taking 30 percent of that, you are able to afford up to $2,500 per month in rent.

125k salary

On $125,000 a year, you’re making $10,417 gross per month. Taking 30% of that, you are able to afford up to $3,125 per month in rent.

Utilities and other expenses: Utility costs can really vary. It’s helpful to review your bills from the past three months and calculate the average cost of each bill, including electricity, gas, water and internet. Add up the total average cost of these expenses and divide it by the number of paychecks you receive per month. This will give you an idea of how much to set aside from each paycheck.

How do I handle splitting rent with roommates?

While splitting the rent 50-50 may seem fair and straightforward, it may not be the best for everyone. For instance, if one roommate has a substantially bigger bedroom, it may be reasonable for them to pay a slightly higher rate. In any case, it’s important to have an open discussion with your roommate before moving in and document your decision in a roommate agreement to avoid any potential conflicts in the future.

Starting the apartment search off right

Calculating how much rent you can afford before embarking on your apartment search is essential. While it may be easy to get carried away, calculating beforehand helps set realistic expectations, enable better planning, ensure financial security and empowers you to make smart choices.

Ready to start your apartment hunt? Search here.

Source: apartmentguide.com

Apache is functioning normally

Austin-based rent reporting fintech Boom announced on Wednesday that it has raised $4.5 million in a seed round to improve user experience, expand its product offerings and market its app to customers. 

The seed round was led by Chicago-based venture capital fund Starting Line, followed by Clocktower Technology Ventures, Company Ventures, Gilgamesh Ventures, and Plaid co-founders William Hockey and Zachary Perret. This latest round of funding follows a $800,000 pre-seed round. 

“We’re gonna do three things with the resources: improve the core product of rent reporting; launch a couple of new products in the pipeline; and go to market, as we haven’t done any consumer and landlord marketing,” Rob Whiting, CEO and co-founder, said in an interview.  

Boom’s app was launched in late 2021 to allow users to build credit using rent payments, which are typically their largest monthly expense. Boom reports the information to the three credit bureaus: Experian, Equifax and TransUnion. 

Subscribers pay $24 a year for the app services, and customers link the app to their bank accounts so that the rent payments will be verified every month. While Boom does not work with users that have “handshake” rent agreements, it can verify whether customers pay rent to a relative, friend or roommate by checking wire transfers and the lease agreement, for example.   

According to the company, users see an average increase of 28 points to their credit scores within two weeks of using the app when making their rent payments accordingly. The company says it’s offering its core product at a price 70% lower than its competitors. 

Boom says it has between 15,000 and 20,000 subscribers and has attracted partnerships with major industry players such as Progressive, Apartment List, and national property management companies.

On-time rent payments have become another piece of the mortgage underwriting process in the U.S. over the last two years. 

In September 2021, Fannie Mae incorporated customers’ rent payments into its underwriting system, known as Desktop Underwriter. Freddie Mac adopted the same initiative in June 2022. 

A study by the Urban Institute found that Black households have the most to gain by including rent payments in mortgage underwriting.

Source: housingwire.com

Apache is functioning normally

Hello! Today, I have a great article from JT. JT has a great story about how he was down to his last dollars living in a hostel, to hitting his retirement number just a little over a decade later. If you’re looking for another great retirement article, I also recommend How This 28 Year Old Retired With $2.25 Million. Below is his article on how to retire in your 30s. Enjoy!

Have you ever seen a grown man ugly cry?  Our faces scrunch up like a squeezed sponge, wringing the water from our eyes.  Our shoulders shake uncontrollably.  We gurgle out a noise that’s a cross between a laughing hyena and a grunt.  We’re not pretty.

It was 2000.  I was ugly crying on the bed of the Spanish Harlem hostel where I was living, down to my last dollars.  Months earlier, I graduated college, sold my car, and drove from Los Angeles to New York City with sunny West Coast optimism.  Then after months of getting rejected from job after job after job, reality blew in like an East Coast blizzard.

They say, “New York City:  If you can make it here, you can make it anywhere.”  For those of us who have tried, it can feel more like, “Since I can’t make it here, I can’t make it anywhere.”

I wasn’t crying because I failed.  I was ugly crying because I thought I was a failure.

And yet, a little over a decade later, I hit my retirement number.  So what happened between the tears of sadness and the tears of joy?  I’ll tell you exactly what I did to hit my retirement number in my 30s.

Related articles on how to retire in your 30s:

What is Your “Retirement Number?”

First, let me define what I mean by retirement number. It’s not just sitting under an umbrella on a faraway beach sipping fruity cocktails (although that would be nice!).  It’s simply the point where if you were to quit working, you could still cover your basic needs.  Basically?  It’s when going to work is a choice.

You might find out, like I did, that you actually want to keep working.  The best part of reaching your retirement number isn’t money, it’s agency. It’s the ability to spend your time the way you choose — unless you have little ones like I do waking you up at 6:00am every morning!

Sound pretty good?  Here are my 6 steps to find out your retirement number and how to reach it.  I’ll spend more time on the first 2 because they are the foundation for the remaining 4 steps.  The math might seem a little intimidating at first, but if you write it down on paper, you’ll find that it’s not too bad.  As you’ll see, you don’t have to be a math or money genius to retire early!

The 6 Steps to Retire in Your 30s:

Budget to a Balance Sheet:

When many of us think about our finances, we focus on what’s called the “income statement.”  As a result, the budgets you see are most often just an income statement, like this:

Understanding your savings amount is a good starting point, but it’s where most people stop.  Instead, use it as a starting point.  The savings amount from your income statement is there to help make your “balance sheet,” which is just a fancy way of understanding what you have and what you owe.  It will take some time go gather up your statements, but it’s not harder to make than your income statement. 

Your balance sheet is basically:

Your savings amount flows into your “What You Have” bucket since that savings is now what’s called an “asset.”  Think of it like when you eat cashews and have several left in your bowl.  You’d go and put the remaining cashews back into the bulk container.  Those cashews just went from leftovers to future snack.

Next, add your investment account balances to your “What You Have” bucket.  Don’t include your car, house, jewelry, or any other physical things unless you actually plan to sell them within a year.  You’re trying to figure out all your “What You Haves” that can be used to fund your living expenses, and last I checked, biting into your steering wheel wasn’t all that filling.

“What You Owe” is your credit cards, student loans, mortgage, and that loan you took out from your uncle.  The technical term for these is “liabilities.”  So, once you organize your information, you basically have your balance sheet.  You’ll see in the next steps why having a good grasp of both your income statement and your balance sheet is so important.

Know Your Retirement Math:

A study by financial planner William Bengen found that if you withdraw 4% a year, your money would last you at least 30 years if you had a 50/50 portfolio of stocks and bonds.  Others have found that most of the time (although on a 60/40 stock/bond portfolio), you would actually end up with more than when you started.

Bengen got to this 4% rate by back testing the withdrawal rate that would have worked even through the Great Depression, basically taking the worst case scenario in history.

The 4% withdrawal rate is a helpful guide for knowing how much to withdraw, but not very helpful to let you know how much you should have to withdraw from.  To find that, you’ll need to convert it into a goal.  We’ll start with the 4% withdrawal equation:

But that’s not a goal.  It’s basically where you are today if you were to try to retire early.  To convert it into a goal, you’ll need to do some mathematical jujitsu with the equation above (not to worry, I did it for you!).  It’s the same equation, but I’ve mixed it in a blender to make it more helpful:   

If you look carefully, I just reversed the “retirement withdrawal” equation.  I changed the “retirement withdrawal” to “living expenses” and inverted the 4% to make it 25.  By doing this, you can get to your “Retirement Number” goal. 

You might be thinking 25 times your expenses is a big, scary number.  It can seem unreachable.  But, I’m excited to show you how it can work in your favor.  To do that, turn the “25 times” into the ratio:

When you look at it as a ratio, you can see the power of reducing your expenses.  For every $1 you shave off of annual expenses, you’ll need $25 less in your “What You Have” bucket to hit your retirement number.  To illustrate how powerful this is, let’s look at an example:  Say you spend $35,000 a year but shaved off $4,000 in expenses.  Take a look at what happens:

If you put your money into the stock market, you might get the historical 7% annual returns.  Your account might get bigger.  But it also might get smaller.  But if you cut expenses, you’re guaranteed to get a 2,500% return!  ($4,000 savings x 2,500% = $100,000 effect on your retirement number)

Isn’t math fun?

You’ll notice I’ve only focused on “What You Have,” so why did I want you to know your entire balance sheet?  It’s a little circular, but I think you’ll get it one you think about how the income statement and balance sheet talk to each other:

Reducing your expensive “What You Owe” (like credit cards) items on your balance sheet leads to…

Lower expenses on your income statement, which leads to…

Higher savings on your income statement, which leads to…

Increasing your “What You Have” on your balance sheet, which leads to…

Hitting your retirement number sooner!

So don’t ignore your “What You Owe” number.  The sooner you get rid of your high interest rate ones like credit cards, the sooner you can hit your goal.

Alright, so how are we going to apply this to our actual lives?

(Do you wish you knew how to do this when you were younger?  Would you like to teach it to your child?  I’ll show you how teaching your children about money can be fun, fast, and easy starting here.  Download the FREE Guide to Helping Your Child Start Their First Business and you’ll also get access to a FREE course on how to get your finances in shape for early retirement!)

Make As Much As You Can:

I know — you’re shocked!

Even though it’s basic, let’s take a moment and think through the implications of what this means.  It means that if you’re serious about retiring early, you don’t work for passion.  You work for money.  If Goldman Sachs is offering you a job but you’d really rather be glassblowing, take the Goldman job, hang in for as long as you can, then retire early and spend the rest of your life glassblowing.  Till the ground now so that you can enjoy the fruit of your harvest later.

As for me, I persisted and eventually found myself at a hedge fund that allowed me to stay in New York City.  But most of us don’t have the opportunity to immediately get a six figure job.  What then? 

Side hustle.

Michelle has 65 Ways to Earn Extra Money.  There should be at least one that tickles your fancy.  Remember, you are trying to increase your income so you can increase your savings so you can increase your “What You Have.” 

So that I could extend my runway until I could get a full-time job, I worked as a sales associate at Banana Republic.  When I finally did land a full-time job, much to my friends’ puzzlement, I kept my sales associate job and turned it into a side hustle.  (Imagine how mortified my boss at the financial firm where I worked felt when she ran into me at Banana Republic!).  My balance sheet thanked me, as it helped me quickly pay off my “What You Owe” items, including student debt.

Change Your Spending Mindset:

Change your default question from “What can I afford?” to “What can I withstand?”  Often times, when we get an upgrade in pay, we too often automatically think we need an upgrade in lifestyle.  Why default to this assumption?

Let’s say you just got a promotion that is paying you $5,000 more a year.  You’re tired of asking your roommate clean up her dishes.  Your car is fine, but basic.  You think about how hard you’ve been working and how you deserve your own place and a new car. 

We’ve all felt this tug to spend more.  But as we’ve seen in step 2, the ability to minimize your spending is the most powerful thing you can do to reach your retirement number. 

Even though I was making six figures, I lived with roommates in non-prime areas of Manhattan until I got married.  I never had a doorman.  I hardly took cabs.  I stayed in and cooked most nights.  Within a few years, I paid off $15,000 of school debt and started building up my net worth.

Invest (Almost) Everything:

Saving is not the same as investing.  Saving is the act of putting money away for a rainy day.  Investing is putting money to work.  In fact, if you simply save without investing, you actually lose money due to inflation.

After you’ve saved enough for 3 to 6 months of living expenses, invest the rest.  The S&P 500 has historically returned 7% a year, after inflation.  Meanwhile, the average annual salary raise has been around 3%.  This difference is huge!  It means that at a certain point, your investments will actually start making more than what you’re saving per year.  Then, with enough time, it will actually start making more than your entire annual salary!

Basically, you’re trying to shift your finances from the picture on the left to the picture on the right.

Now, the last step can be tricky, but greases the path to your goal.

Move to a Lower Cost Area:

This is the trickiest part but also has the most potential to get you to your early retirement goal. An easier way to do this is finding an employer that also has a location where you want to be. For the East Coast, that’s either moving from Manhattan to a borough like Queens or transferring to another city like Philadelphia or Stamford.  On the West Coast, it’s like moving from San Francisco to Portland.  (Or, for the ultimate move, live in an RV and see the entire country like Michelle!)

A few years ago, I moved to Philadelphia while keeping my New York City salary.  In so doing, I significantly reduced my housing expense by thousands of dollars…every month. With that one move, because I reduced my biggest expense, my wife was able to stay at home with our 3 children.  In other words, it allowed my wife to retire (although her work as a SAHM is much more challenging than mine!).  At the same time, I was still able to accelerate our retirement timeline by decades!

So, if reducing your expenses is the most powerful thing you can do to reach your retirement number, cutting your housing expense is the most powerful thing you can do to reach your expense reduction goal.

But Can You Really Hit Your Retirement Number Before 40? 

Let’s put all six steps together. 

You’ll see that it can be done without making six figures.  Let’s say you make $50,000 out of college and have a side hustle that makes you an extra $12,000 a year (I based this on the 20-25 hours a week I worked at Banana Republic while keeping my full-time job).  Also, you live with a roommate and pack lunches most days a week and only occasionally eat out for dinner.

  • Your salary and expenses each increase 3% a year, which is in line with historical inflation.
  • Your investments earn 7%, which is the historical S&P 500 return above inflation.
  • At ages 28 and 34 you get a promotion, getting a $5,000 bump in salary each time.
  • Your first promotion at 28 gave you more responsibilities, so you decided to quit your side hustle.

At age 34, you move to a lower cost part of town, reducing your living expenses by 15% over the prior year (yes, it’s possible – I saved more than this moving from Manhattan to Philadelphia).

As you can see, by the time you’re 39, you could withdraw almost $43,000 a year.  So, if you were this person and quit your job at 39, you’d have enough to cover living expenses and taxes until social security kicks in. 

As you can see, it’s possible even if you don’t have a big salary.  So the real question is not “can you?” but “do you?”  Do you have the desire to transfer the math into your actual lifestyle?  Do you put in the effort to create the habits to sustain this level of investing for almost 2 decades even when life throws you curve balls (which will happen)?  Do you set aside time and energy to start a side hustle even when your friends are going out and having fun without you?  Do you say “no” to the tug to spend more and that desire to show the world how successful you are by the clothes you wear or car you drive?

If you do, then the only thing between you and achieving that goal is…you. 

A Different Cry:

Several years ago, I had a different moment while sitting down.  This time, I was looking at my balance sheet and realized that I had surpassed my retirement number.  There was no blubbering this time, just a calm lightness.  I felt liberated.  From then on, every day I walked into work was because it was my choice. 

The funny thing?  I realized I wanted to keep working because I was still having fun.  For now.  My 67 year old boss just retired.  Instead of the joy and excitement you would’ve expected, he had a lot of fear about how he was going to fill the rest of his days.  Do you want this fate?  You work so hard for so long that when you do have financial freedom, you’re either too old or too set in your routine to experience all the things you used to want to do. 

For someone working toward a single purpose for so long, it’s actually challenging to not have a big goal anymore.  And the time to figure out what else to do is while you’re still employed.  This is why I started Just Making Cents so that I could still have purpose and projects of my own choosing, and to have greater impact on people’s lives.

And that’s when life gets really fun.

Author bio: JT is passionate about viewing money differently, having spent over 15 years on Wall Street.  He writes about money from the perspective of faith and as a father of 3 spunky kids. 

Are you interested in learning how to retire early? Why or why not?

Related Posts

<!–

–>

Source: makingsenseofcents.com

Apache is functioning normally

Click the image to view the full infographic!

For college seniors, the spring season means looking forward to graduation – and life beyond the college campus.

To help college graduates as they look both for work and a new place to live, Apartment Guide consulted with Indeed, the number one job site worldwide, to bring together information to match the perfect apartment with the right job.

[find-an-apartment]

Together, Indeed and Apartment Guide have researched the top cities with the most entry-level job openings, along with average rents for one and two bedroom apartments in these cities.

Here’s the list.

Top Ten Cities for Most Entry-Level Job Openings*

1.    Washington, D.C.:

  • 2-bedroom average rent: $1,755, average sq. ft: 985
  • 1-bedroom average rent: $1,402, average sq. ft: 705

2.    New York, NY:

  • 2-bedroom average rent: $2,067, average sq. ft.: 1,014
  • 1-bedroom average rent: $1,611, average sq. ft.: 722

3.    Houston, TX:

  • 2-bedroom average rent: $1,121, average sq. ft.: 1,024
  • 1-bedroom average rent: $854, average sq. ft.: 660

4.    Chicago, IL:

  • 2-bedroom average rent: $1,318, average sq. ft.: 990
  • 1-bedroom average rent: $1,013, average sq. ft.: 700

5.    San Francisco, CA:

  • 2-bedroom average rent: $2,337, average sq. ft.: 946
  • 1-bedroom average rent: $1,864, average sq. ft.: 663

6.    Dallas, TX:

  • 2-bedroom average rent: $1,100, average sq. ft.: 1,024
  • 1-bedroom average rent: $822, average sq. ft.: 673

7.    Austin, TX:

  • 2-bedroom average rent: $1,191, average sq. ft.: 1,006
  • 1-bedroom average rent: $947, average sq. ft.: 655

8.    Los Angeles, CA:

  • 2-bedroom average rent: $2,011, average sq. ft.: 1,013
  • 1-bedroom average rent: $1,566, average sq. ft.: 693

9.    Atlanta, GA:

  • 2-bedroom average rent: $962, average sq. ft.: 1,103
  • 1-bedroom average rent: $795, average sq. ft.: 746

10.  Phoenix, AZ:

  • 2-bedroom average rent: $831, average sq. ft.: 967
  • 1-bedroom average rent: $703, average sq. ft.: 705

A renting conundrum for the new graduate
So these are the great cities where the most jobs are available, but can a recent graduate – and new employee – realistically afford to live in them?

Here’s the rub for the entry-level employee: overall, these metros are on the expensive side. All but two of these major cities cost over a grand to rent a two bedroom apartment, on average – and in two, the cost is over two thousand a month.

There are trade-offs, of course, between having a little more space and how much more you’ll pay in rent for that space. Note the difference in rents and square footage between one and two bedroom apartments in these cities.

An often-quoted rule of thumb is to try to keep the rent within 30 percent of overall income. For recent grads starting out in new careers, these rents and the overall cost of living in these places might present a real challenge to this goal, at least in the short term. That said, these are also amazing cities to live in. They offer a great quality of life, IF you can afford it!

There’s also the roommate solution. When you can split the rent, you and a roommate can experience a more expensive city together without breaking the bank. You might even choose to focus your search on cities where the rent is more affordable. In Atlanta, splitting a rent of just under one thousand a month makes this great Southern capital a reasonable place to pay for an apartment. For another cheaper, warm weather option, consider Phoenix.

A little support at home
As you’re starting a new life around a new job in, perhaps, a new city, you deserve some support. After all, just moving to a new place is stressful enough. Apartment communities that offer helpful amenities can make settling in a little easier.

Many apartment communities offer services key to new professionals. A full-time Business Center can be an invaluable backup to a home office. A friendly space with shared wi-fi on-site can make connecting feel like more of a shared experience. Communities which offer electronic rent payment make that monthly responsibility a little easier to take care of.

All of these amenities and more can be searched via ApartmentGuide.com to help you find the right apartment for your needs, straight out of college.

*Methodology: Indeed.com looked at their job posting data and determined these cities based on the number of postings per city associated with an Indeed.com search for “entry level” in March 2014. Apartment Guide looked at their internal listing data to determine the average rent and square feet for both a one-bedroom and two-bedroom apartment in these locations.

Embed This Image On Your Site (copy code below):

Apache is functioning normally

The first of the month means it’s time, once again, to pay the rent.

While there’s a powerful incentive to remember — and some fairly painful consequences if you forget – you can set yourself up for success with a few suggestions.

When you forget…

The rent is generally due the first day of the month, for most renters – and the typical landlord holds hard and fast to that requirement. If you’re late, then extra fees and a certified or cashier’s check, which carries yet another fee, just might be in your future.

Luckily, there are ways to help yourself remember to pay the rent on time.

Automate your rent payment

The simplest effort might be to set up a recurring payment to get funds from your bank to your landlord on time each month. Use a rent service to help you keep the first of the month foremost in your mind by setting an automatic, recurring payment. Remember it is a must, however, that adequate funds to cover the rent are available in your account before a service makes the rent transfer transaction.

Prioritize (and organize) your bill paying

When you establish your own organized system for keeping up with your financial responsibilities, you are much more likely to remember one of the most important of those debts.

Try separating paper bills in a central spot where you place newly-received bills each day as your return with the daily mail. The key is to prioritize this step EVERY DAY! You can schedule your recurring bills based on when they are due, remembering also when you get paid.

The rent — typically one of the largest single expenses for many people — is a bill you must accommodate at the same time each month. Luckily for your planning purposes, the rate is usually set for the year and doesn’t fluctuate!

You might also consider an app like Check to help you manage your finances from your mobile device.

Enlist some memory help

If you live with others – girlfriend, boyfriend, roommate, family member – why not team up to help each other remember the rent? Two or more heads may be better than one when it comes to showing up with the money.

Set electronic or physical reminders

If you carry a smartphone or even a basic cell phone, you can likely set a monthly reminder to jog your memory when the times comes around to pay the rent. Set a schedule on your personal or work calendar, the one associated with an email address you check without fail each day. If that falls through, stick a sign on your door or near wherever you keep your keys.

Write your own “rent reminder” theme song

You might even compose your own little ditty, a paean to rent payment. The genre of music seems important: a little blues might fit the spirit. After all, Tom Petty has an apartment song.

Five hundred, twenty-five thousand, six hundred… payments?  Anyone?

Photo credit: Shutterstock / Microstock Man

Apache is functioning normally

As an Amazon Associate I earn from qualifying purchases.

Finding an apartment in DC within your budget can be a challenge. While splitting the rent with a roommate is one way to save some cash ….at some point you need a bit more privacy and a place to call your own.  Studios are the perfect answer, a smaller footprint means a lower rent payment. We searched the current inventory and found these 7 studio apartments for less than $1500.  What you sacrifice in square footage, these apartments make up for in charm, location and value!

1380 Fort Stevens Apartments

1380 Fort Stevens Drive, NW
Washington, DC 20011

Apt #B — $1125

Located in the Brightwood neighborhood, 1380 Ft. Stevens boast comfort and affordability. Spacious one and two bedrooms apartment homes with updated kitchens and baths. Less than a five minute walk from your front door you can find over 15 casual dining options including Julia’s Empanadas, Serengeti Restaurant, and Sabor Restaurant. When it’s time to head to the grocery, Safeway is only .4 of a mile down the road. Commuting is a breeze with bus routes 52, 53, 54, E2, E3, E4, S1, S2, and S4 stopping right outside the property.

Chatham Courts Apartments

1707 Columbia Road, NW
Washington, DC 20009

Aparment #411 — $1445

Feel the pulse of the city in the center of Adams Morgan, outside the hustle and bustle of the thriving city awaits. Inside Chatham Courts find a quiet serenity from the moment you come in the front door, you will know you’ve found somewhere special. At Chatham Court, you will find apartments with spacious closets, remodeled kitchens, high ceilings, over sized floor plans, and hardwood floors that make a dramatic impression. The building is conveniently located within easy walking distance to the heart of Adams Morgan.

Cortland Apartments

1760 Euclid St, NW
Washington, DC 20009

Apartment #207 — $1130

Come to the Cortland Apartments in Adams Morgan; you’ll find your choice of affordable studio, one-bedroom, and two bedroom apartments for rent in Washington, DC. These large apartments in one of Washington, DC’s most popular neighborhoods, offer multiple closets, foyers, beautiful hardwood floors, and large windows to welcome in natural light. The building is conveniently located one block from a Safeway grocery store, Starbucks, and countless dining options. In addition to Adams Morgan’s active social scene, The Cortland’s location is enhanced by its convenience. Living here means you are within walking distance of Dupont Circle, Woodley Park, and U Street metro.

Hampton Courts

2013 New Hampshire Ave NW
Washington, DC 20009

Apartment #405 — $1331

Constructed in 1926, Hampton Courts has the elegant appeal of the early 20th-century architecture. The building is equipped with two elevators, a controlled intercom entrance, and a laundry room with a card payment system. The studio, one, and two bedroom apartments at Hampton Courts has updated appliances and spacious floor plans. All utilities are included in your rent, so no need to worry yourself about additional bills. The U Street Metro Station is three blocks away and provides access to the yellow and green lines. Zipcar and car2go vehicles, as well as Capital Bikeshare bicycles, are just a block from the building giving you endless means of transportation. The Saturday Farmer’s Market, Yes Organic Market, Trader Joes, Vida Fitness and several yoga studios are all a few blocks away from your front door. Come and explore the city living in Hampton Courts.

Hilltop House

1475 Euclid St NW
Washington, DC 20009

Apartment #503 — $1425

Hilltop House is a hidden jewel of the Adams Morgan neighborhood. This community offers studio and one-bedroom apartments for rent. Each apartment has large windows and breakfast bars; creating a cheerful, open, and bright atmosphere. To keep apartment living and budgeting easy, all utilities are included with your rent. Hilltop House faces Meridian Hill Park, where residents may take in a variety of social and cultural events. Every Sunday the park is activate with kickball leagues, yoga classes, Frisbee sessions, and drum circles. Just a couple of blocks from the Hilltop House apartment community is the Columbia Heights Metro station with access to both the green and yellow like. Hilltop House Apartments have the perfect location to take in all that Washington, DC has to offer.

Meridian Park Apartments

2445 15th Street, NW
Washington, DC 20009

Apartment #112 — $1399

Enhance your interaction with your home and its surroundings. Meridian Park offers spacious and affordable studios, one and two bedrooms apartment homes for rent. Featuring updated kitchens with stainless steel appliances, new cabinets, and countertops. The neighborhood is comprised of iconic Meridian Hill Park on its western boundary, booming 14th Street Corridor in the neighborhood’s core, legendary U Street corridor to the south, and row house lined streets lined in-between. Meridian Park is just a quick walk from the Columbia Heights Metro station. Your key to the city is here.

The Foreland

23 2nd  Street, NE
Washington, DC 20002

Apartment #11 — $1215

Everyday living is made comfortable and effortless at The Foreland. You can look forward to a convenient location, shopping, and a multitude of dining options. The units are equipped with hardwood floors and ample closet space. Multiple windows in each apartment provide ample amounts of natural lighting. The community is located directly across the street from the Supreme Court building and within walking distance of Capitol South Metro, the National Mall, Capitol Hill, and Union Station. Convenience and comfort are guaranteed at The Foreland.WC Smith embraces the belief that great customer service is our best amenity. Living at the Foreland means experiencing a higher level of service. Our service team is available 24 hours a day and you can access your resident account online any time; day or night. Discover classic charms and modern conveniences of the Foreland, located in the Capitol Hill neighborhood of Washington, DC.

Amazon and the Amazon logo are trademarks of Amazon.com, Inc, or its affiliates. Rental providers will not refuse to rent a rental unit to a person because the person will provide the rental payment, in whole or in part, through a voucher for rental housing assistance provided by the District or federal government.


Also published on Medium.

%%youtubomatic_0_0%%

Source: blog.apartminty.com

Apache is functioning normally

As rent prices continue to soar all over the country, you may be finding yourself entering your first real estate search.

You’re not alone. According to the National Association of Realtors, millennials are ending their leases and buying homes in large numbers. Those in their late 20’s to early 30’s now make up the fastest-growing segment of buyers today. But how to even shop for a home these days?

First-time buyers might remember being dragged to Sunday open houses with their looky-loo parents, but those days are gone. Everything is online, and many real estate apps have sprung up to help buyers find their dream homes.

The 7 Best Home Buying Apps

  • Zillow: Best for overall use
  • Trulia: Best for community insight
  • Homesnap: Best for convenience
  • Redfin: Best for multilevel support
  • Rocket Homes: Best for one-stop shop
  • Realtor.com: Best for reliability
  • Homes.com: Best for quicking listing updates

Best Home Buying Apps at a Glance

App Best For Details Key Feature
Zillow Overall usability Virtual tours Push notifications SEE DETAILS
Realtor.com Reliability 3D tours Detailed descriptions SEE DETAILS
Trulia Community insight 34 map overlays 30M neighborhood reviews SEE DETAILS
Rocket Homes One-stop shop Agents/lenders links Area trend reports SEE DETAILS
Homesnap Convenience High-definition photos Optimized for mobile SEE DETAILS
Redfin Multilevel support User-friendly interface Calculates mortgage/fees SEE DETAILS
Homes.com Quick listing updates Home showings via Zoom Mortgage calculator SEE DETAILS

Zillow


Pro

  • Between for-sale-by-owner and official properties, it provides users access to over 135 million property listings.


Con

  • The “Zestimate” algorithm uses tax records to produce home value estimates, which sometimes are inaccurate.

The Zillow house-hunting app app is the most downloaded real estate app on the Apple store and Google Play — and for good reason. Its database constantly updates and has 36 million users monthly. You can set up push notifications for new real estate listings that meet your search criteria so you’ll never miss out on your potential dream home.

The app allows you to filter real estate listings by price, ZIP code, square footage, must-have features and more. You can even coordinate your search with a partner or roommate by tagging home features and sharing your favorites.

Zillow provides 3-D tours and a scheduling feature to set up an in-person tour. One of its best features is self tours of Zillow-owned homes, a feature available in some markets that allows house hunters to stop by the property at their convenience and simply unlock the house with the app.

Newly added to the Zillow app is a “natural-language search” tool, which responds to user questions in direct fashion, rather than requiring users to type multiple search questions to get to where they want to go.

Realtor.com


Pro

  • It’s the official search portal for the National Association of Realtors, meaning its updates are the most accurate.


Con

  • ​​Clicking on “contact agent” will not go to the listing agent, but instead to a local real estate agent who has paid for this lead service.

Realtor.com is one of the best home buying apps out there for on-market listings. Being the official search portal for the National Association of Realtors means you can trust the home listings that pop up in your search. The data is directly mined from the MLS (multiple listing service) and refreshes every 15 minutes.

The search features include a wide variety of filters and provides the most detailed real estate listing descriptions, which include things like crime rates, school ratings, property tax and history of home value estimates — even things like the neighborhood noise levels or whether a home is in a FEMA flood zone.

Because the app updates so often, setting up push notifications means you’ll quickly know when a new property hits the local market. You’ll also have the power of the “Sign Snap” tool in your pocket the next time you drive by a “for sale” sign. All you have to do is take a photo and Realtor.com pulls all of the home’s details instantly.

Trulia


Pro

  • Shows names and contact information for listing agents, so users know who they would be working with for each listing.


Con

  • You’re prompted to call or email the listing agent on any property you view, which can get in the way of casual browsing.

Acquired by Zillow in 2015, Trulia has access to most of Zillow’s database of over 135 million active listings and has become one of the best real estate apps. What sets it apart is the focus on community insight provided by those who are located in the area you are searching. You’ll not only get details on the property, but information on what it’s like to live in that specific neighborhood.

You’ll be alerted about price reductions and upcoming open houses, and the app will recommend new listings. Insights sourced straight from locals and 34 neighborhood map overlays offer details on commute times, nearby businesses, crime rates, nearby schools, and more.

Two other features added in 2018 distinguishes the Trulia app from others. “What locals say” and “local legal protections,” combine local feedback and public data to provide information about what a neighborhood is like, from level of dog-friendliness, day-in-the-life details, and even how folks decorate for the holidays.

You’ll also be able to see whether there is legislation in the area to protect against discrimination for gender identity or sexual orientation in employment, housing or public accommodations.

Rocket Homes


Pro

  • Lets you access your TransUnion credit report, which is updated every week.


Con

  • ​​Does not provide a home value estimate.

Similar to Trulia, Rocket Homes puts an emphasis on getting to know your soon-to-be neighborhood, but from a market statistics perspective.

This real estate knowledge will come in handy when searching for a home. You can compare properties in the area, seeing how long they’ve been on the market and what they sold for. If you’re not planning on living in your first home forever, this will help give you an idea of what kind of return on investment you can expect from your purchase in the future.

Rocket Homes is a product of Quicken Loans, giving you the opportunity to shop for homes from new and updated listings and have access to lending services all in one place.

This real estate app also helps you stay on track when it comes to some of the more boring parts of purchasing a home, like tracking your credit score. Rocket Homes gives you access to a free TransUnion credit report that is updated frequently, so you know exactly where you stand before starting the mortgage application process.

Homesnap


Pro

  • Get extensive details on a home just by snapping a photo of it.


Con

  • Lack of coverage in some areas; Homesnap must partner with individual multiple listing services.

The Homesnap real estate app is perfect for the on-the-go house hunter. You can simply snap a photo of a home and get all of the data available. This feature means you have real-time connection to your local multiple listing service from the road.

If you choose to search from the comfort of your home instead, the Homesnap app allows you to search for open houses by date, and even provides live-broadcast, virtual showings if you want to avoid mingling with other buyers in person.

You can collaborate with your real estate agent through a built-in private messaging function that automatically saves your listings for quick reference. Like most real estate apps, you have a ton of customizable filters for efficient searching, and will be provided with up to date information about the home and neighborhood like commute times, satellite photos and more.

Redfin


Pro

  • Updates every five minutes so you never miss a new listing.


Con

  • ​​If you don’t live in one of the 90 U.S. and Canada markets where Redfin has agents, you won’t be able to connect with one.

Redfin’s out-of-the-box-business model combines the convenience of a high-performance app and the expertise you can only get by working with a real estate agent directly. Because Redfin is also a brokerage firm, you’ll have access to their top-quality real estate agents.

Working with a real estate agent gives you more in-depth market insights so you can make smart home buying decisions. And through the “Hot Homes” feature you’ll know which homes are more likely to sell fast so you don’t miss your chance of putting in an offer while house hunting.

Redfin also recently updated its data on climate risk, school ratings and neighborhood amenities.

Homes.com


Pro

  • Most of 2020 was spent updating the speed and user-friendliness of the app.


Con

  • ​​Limited information on neighborhood and demographic data.

The Homes.com app is partnered with the MLS to bring you quality leads on your home buying search. The app offers a plethora of filter criteria like the other apps, such as square footage, ZIP code, number of bedrooms and bathrooms, but has an emphasis on lifestyle. Not only will you find the best house, but in the neighborhood that’s right for you.

The exclamation icon makes it easy to spot new real estate listings when scrolling through your search results. You also have the option to “favorite” or “block” certain properties in your feed so you can revisit the ones you love and eliminate the ones you don’t.

The mortgage calculator on Homes.com includes specific financing options like FHA (Federal Housing Administration) loans and special rates for active military members or retired veterans.

Frequently Asked Questions (FAQs) About Home Buying Apps

There’s a lot of home buying apps to pick from when you are seriously or even casually looking for a home. We’ve rounded up answers to some of the most common questions about home buying apps.

Which App is Best for Buying a House?

The best app for buying a house is the one that fits your needs. But Zillow is the most popular because it does a lot of things right, including allowing users to filter information by price, ZIP code, square footage, must-have features and more. Zillow also lists for-sale-by-owner homes. Zillow is the most downloaded real estate app on the Apple store and Google Play. It gets a 4.7 rating out of 5 from 475K reviews on Google Play. In the Apple App store, more than 6 million reviews get Zillow a 4.8 rating.

What are Home Buying Apps?

Home buying apps are mobile tools accessible on various digital devices that let users see listings to buy, sell or rent a property. Different apps have unique features but all of them include multiple photos of properties, prices, property tax and loan information and the ability to connect with real estate professionals.

Home buying apps provide many benefits to users because of their national coverage and even global offerings. Users can see maps and learn about neighborhoods, too. Best of all, they are free.

How Accurate are Home Buying Apps?

Because home buying apps take information from various sources, there will always be a margin of error in valuations. Estimated values are made from information gathered from county and tax assessor records, multiple listing services and real estate companies. 

For properties on the market, the apps should have accurate asking prices or rental amounts. Where there is more variation is on property estimates, including for properties not on the market. You should consider these ballpark figures and not 100% accurate especially in a hot market when prices are jumping seemingly daily.. The apps are a good place to start but most people follow that information with a call to a real estate professional.

What is the Best House Hunting Site?

Zillow is the best overall site with its massive listing bank while Realtor.com is tops for reliable information. Trulia is excellent if you want more information about the community around a home. Homesnap is tops for photos and it is optimized well for mobile. If you want to connect with a Realtor, check out Redfin and if you want a direct line to a lending service, Rocket Homes may be the right pick for you.

Which App is Better: Zillow or Redfin?

Zillow edges out Redfin because of its massive reach. Redfin is not available in every market. However, Redfin is a brokerage which connects directly to the massive database of real estate listings commonly called MLS. Zillow does not do that. Zillow allows for sale by owner listings and Redfin does not.

What is the Most Popular Real Estate Website?

Zillow is the leading real estate website with more than 36 million unique visitors a month and about 135 million live listings. Trulia, which Zillow has owned since 2015, comes in second with 23 million unique visitors. Zillow was founded in Seattle in 2006 and claims to be the most accurate at price estimates, called ‘Zestimates” though there are lots of claims otherwise. 

The Bottom Line About Home-Buying Apps

As you can see, if you’re ready to break up with your landlord, calculate what down payment you can afford and start your journey to home ownership, you have plenty of house-hunting apps to take advantage of.

Along with all the other details involved in this adventure, it may take some trial and error to find the app that hones in on your specific house-hunting search criteria. But it’s worth spending the time if it helps you get everything you want in your first home.

Contributor Tiffany Beyer is a social media coordinator and marketer specializing based in St. Petersburg, Florida. She specializes in real estate and lifestyle issues stories. Freelancer Kent McDill contributed to this post. 

<!–

–>

Source: thepennyhoarder.com

Apache is functioning normally

In one week, my sister will be moving back in with us.

She’s joining us in Colorado so that she can do a little more traveling while having a safe place to store her stuff. She won’t be with us full-time, as she mainly plans on using our home as a home base so that she can travel more. However, she will be with us some of the time and she will be paying rent for when she is actually with us.

Related article: We’re Moving To Fruita, Colorado! And My Moving Bucket List.

I’m excited to have her move back in. We’ve missed her, it will be nice to have our dog sitter back (I’m not going to lie, this will be amazing), and the little extra money will be nice.

While renting a room in your house most likely will not make you rich, it may earn you a good amount of side income. I know of a few people who rent out many rooms in their home and have been able to pay off their home completely due to this.

There are many things to think about if you are interested in renting out a room in your house. It’s not an easy decision and will require some thought. Some people love the extra cash that renting a room in your house brings, while others just aren’t meant to live with others.

Side note: This post is about renting a room in your house on a long-term basis. If you are interested in renting out a spare room on a short-term basis (such as for vacations), I highly recommend you check out Airbnb. I know people who are making thousands of dollars a month by renting out rooms on this site!

Related: 12 Passive Income Ideas That Will Let You Enjoy Life More

Below is what you need to know when renting out a room in your house for extra money.

Check to make sure you can start renting out a room in your house.

Before you spend any more time, you should always make sure that you can actually rent out a spare room in your home. If you are unsure, it might be a good idea to check with laws in your town as some towns are a little picky when it comes to rentals.

If you are renting your home from someone else, then it’s always wise to ask for your landlord’s permission. They might want a new contract written up or they might even say no.

If you live in a neighborhood that’s in a homeowners association, sometimes they don’t allow renters either. It’s very wise to check with your HOA as well so that you don’t get fined.

Research before you set a monthly rent.

Setting a price for your rental can be a hard part of this process. I highly suggest that you do your research before you assign a random number on your spare room. I say this because if you price it too low, then you may actually end up costing yourself money in the end (due to wear and tear, utility bills, etc.).

Also, if you price it too high then no one may be interested.

You can determine the price of your room rental mainly by checking comparables. You can check what other spare rooms are going for in your area, what extras they may be offering, whether there is a private bathroom included or not, and more.

One thing you will have to determine is whether you will include utilities in your rental rate, or if you will split all bills with your new roommate.

For me, I like to just make it easy and include it. However, you may lose money if your new roommate is wasteful when it comes to electricity, water, etc. By splitting utilities, your roommate will most likely be more mindful of what they are using.

Advertise that you are renting out a room in your house.

There are many places where you can advertise your rental. You can put a sign on your front lawn, advertise in a newspaper, or place an ad online on a website such as Craigslist.

Everyone and everything is online now, so posting your ad online will most likely be your best choice.

Always be honest with what you list in your advertisement. You should be honest about how big the room is, what rooms come with the agreement, if there is a separate entrance, and more. Also, be sure to include pictures of what is included.

Interview possible roommates.

You should never just take any random person when renting out a room in your house. Always conduct interviews just like you would if you were renting out your whole home.

Conducting interviews is important because you can learn more about the possible roommate, weed out any crazy people, and determine if the two of you will get along. You will be living within feet of them, so this is a very wise step to take.

You can also do a background check if you would like as well. After all, you will be living with them!

Always set rules when renting a room in your house.

Before your new roommate moves in, it is always a great idea to talk about (you may even want to create a contract) the many things that people fight about once they move in together. This can help prevent arguments.

Some of the things you may want to talk about include:

  • Can they have friends over? What about a party or a BBQ? What about sleepovers?
  • What noise level is allowed?
  • Who cleans the home?
  • What area or areas are off limits?
  • When is rent due?
  • Who buys things like toilet paper and trash bags?
  • Will food be shared? Sometimes when renting a room in your house, food is shared. I don’t think this is common though.

Would you ever think about renting out a room in your house for extra money? Why or why not?

Related Posts

<!–

–>

Source: makingsenseofcents.com