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In the far northwestern corner of the United States lies the vast landscape of Alaska. Renowned for its rugged wilderness, towering mountains, and icy fjords, Alaska offers an adventurous lifestyle for those seeking it. Cities like Anchorage, with its urban amenities amidst stunning natural surroundings, and Juneau, the picturesque capital nestled amid mountains and glaciers, exemplify life in Alaska. However, living in Alaska does present its own unique challenges. In this ApartmentGuide article, we’ll outline the pros and cons of living in Alaska, helping you decide if the “Last Frontier” state is right for you.

Renting in Alaska snapshot

1. Pro: Stunning natural beauty

Alaska’s landscapes offer breathtaking views that include towering mountains, expansive forests, and pristine waterways. Residents can enjoy outdoor activities like hiking in Denali National Park or kayaking among glaciers in Kenai Fjords National Park, immersing themselves in nature. Whether it’s witnessing the northern lights or encountering majestic wildlife like bears and whales in their natural habitats, Alaska offers unparalleled experiences.

2. Con: Extreme weather conditions

Alaska is known for its extreme weather conditions, ranging from frigid temperatures in the winter to intense storms and high winds. For instance, parts of the state can experience temperatures dropping below -50°F during the coldest months, posing risks of frostbite and hypothermia. Coastal areas face the brunt of severe storms, with the Bering Sea experiencing powerful winter storms known as “Bering Bombs,” characterized by hurricane-force winds and heavy snowfall.

3. Pro: Unique wildlife experiences

Alaska offers unparalleled wildlife experiences, with diverse ecosystems providing habitats for a wide range of species. Visitors can witness majestic creatures like grizzly bears fishing for salmon at Brooks Falls in Katmai National Park or marvel at pods of orcas swimming along the Inside Passage. Additionally, Alaska’s remote wilderness areas offer opportunities for wildlife enthusiasts to observe rare and iconic species.

4. Con: Geographic isolation

Many areas in Alaska are remote and can only be accessed by plane or boat, leading to a sense of isolation from the rest of the country. This can also result in higher costs for goods and services due to transportation challenges. Cities like Unalaska is a great example where you’ll need to take either a ferry or plane to reach it.

5. Pro: Northern lights

Alaska offers prime viewing opportunities for the mesmerizing aurora borealis, or northern lights, thanks to its proximity to the Earth’s magnetic pole. Visitors and residents alike can witness the dancing ribbons of colorful light illuminating the night sky, especially during the winter months. Popular viewing spots include Fairbanks, Denali National Park, and remote areas away from city lights.

6. Con: Harsh driving conditions

Alaska’s harsh winter conditions create challenging driving environments, with icy roads and snowstorms posing significant hazards to motorists. Drivers must navigate treacherous conditions, particularly in rural and remote areas where road maintenance may be limited.

7. Pro: No state income or sales tax

Alaska stands out as one of the few states in the U.S. with no state income or sales tax, offering residents significant financial savings. This unique tax structure allows Alaskans to keep more of their income and enjoy lower overall tax burdens compared to residents of other states.

8. Con: High cost of living

Despite the absence of state income and sales tax, the cost of living in Alaska is high due to the expense of transporting goods to the state. This affects prices for groceries, utilities, and other essentials, making daily life more expensive. To take this into perspective, Alaska has the highest food prices in the nation as well as healthcare costs. If you’re planning a move to this state, you’ll want to make sure to budget in these factors.

9. Pro: Vibrant indigenous cultures

Alaska is rich in indigenous cultures, with a significant portion of its population belonging to Native Alaskan communities. This cultural diversity is celebrated through various festivals, arts, and traditional practices, enriching the state’s cultural landscape. The Festival of Native Arts in Fairbanks is a great example as it provides cultural education through traditional dance, art and music.

10. Con: Limited job opportunities

The job market in Alaska is heavily dependent on industries like oil, fishing, and tourism, which can be susceptible to economic fluctuations. This can lead to limited job opportunities in other sectors, affecting employment prospects for residents.

11. Pro: Outdoor recreational opportunities

Alaska’s vast and varied landscapes provide unparalleled outdoor recreational opportunities for adventurers of all kinds. Whether it’s hiking through Denali National Park, fishing in world-class rivers, or skiing down pristine slopes, Alaska offers endless possibilities for outdoor enthusiasts.

12. Con: Winter darkness

Alaska experiences long periods of darkness during the winter months, especially in northern towns such as Utqiaġvik, which can be challenging for residents adjusting to reduced daylight hours. The lack of sunlight can affect mood and energy levels, potentially leading to feelings of seasonal affective disorder (SAD) for some individuals. Additionally, the prolonged darkness can impact daily activities and outdoor recreation, requiring adaptation and resilience during the winter season.

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

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Missouri’s scenic landscapes, from the rolling Ozark Mountains to the expansive plains along the Mississippi River, offer a diverse array of natural beauty. Cities like St. Louis, with its iconic Gateway Arch and vibrant cultural scene, and Kansas City, renowned for its jazz heritage and barbecue, provide distinct living experiences. However, every state faces its challenges. In this ApartmentGuide article, we’ll examine the pros and cons of living in Missouri, helping you gain insight into what awaits you.

Renting in Missouri snapshot

1. Pro: Rich cultural heritage

Missouri’s rich cultural heritage is evident in its diverse array of traditions, music, and cuisine. For example, the vibrant jazz scene in Kansas City harkens back to the city’s heyday as a hub for jazz legends like Charlie Parker and Count Basie. In St. Louis, the historic architecture of neighborhoods like Soulard and The Hill reflect the city’s immigrant past and vibrant cultural identity.

2. Con: Weather extremes in the winter

3. Pro: Affordable cost of living

4. Con: Limited public transportation options

Missouri grapples with limited transportation options, particularly outside major urban centers. Cities like Kirkwood is a great example, with a transit score of 22, meaning almost all errands require a car. Rural areas often lack comprehensive public transportation systems, necessitating reliance on personal vehicles for commuting and travel. This transportation gap can pose challenges for individuals without access to a car, impacting mobility and access to essential services.

5. Pro: Outdoor recreation

Missouri’s natural beauty extends far beyond its famous landmarks, encompassing diverse ecosystems and scenic vistas throughout the state. The Ozark Mountains, with their rugged terrain and lush forests, offer unparalleled opportunities for outdoor adventure, from rock climbing to cave exploring. Meanwhile, the majestic Missouri River winds its way through the landscape, providing idyllic settings for boating, kayaking, and birdwatching along its banks.

6. Con: High humidity

7. Pro: Delicious food

Missouri’s food scene is a blend of traditional barbecue, farm-to-table restaurants, and international cuisine. Kansas City, for example, is renowned for its barbecue, offering a variety of styles and flavors that attract food enthusiasts from all over. These barbecue traditions draw food lovers from all over to savor its mouthwatering ribs, brisket, and burnt ends.

8. Con: High allergy risks

Missouri’s fluctuating climate and diverse landscapes contribute to high allergy risks for residents and visitors. Pollen levels can soar during the spring and fall seasons, triggering allergies for those sensitive to environmental allergens. Additionally, mold spores thrive in the state’s humid conditions, posing further challenges for individuals prone to respiratory issues.

9. Pro: Fall foliage

Missouri’s fall foliage transforms the landscape into a breathtaking mix of stunning hues, painting the scenery with shades of crimson, gold, and amber. Places like the Shaw Nature Reserve and the Katy Trail burst into color, offering picturesque settings for leisurely strolls or scenic drives. Witnessing the stunning spectacle of autumn foliage against the backdrop of Missouri’s rolling hills is a great way to take in Missouri.

10. Con: Natural disasters

Missouri is prone to various natural disasters, including tornadoes, floods, and severe storms, which can pose significant risks to residents and communities. The state’s location in the Tornado Alley puts it at heightened vulnerability to tornado outbreaks, particularly during the spring and summer months.

11. Pro: Central location

Missouri’s central location in the United States offers residents convenient access to neighboring states and major cities in all directions. Whether you’re planning a weekend getaway to Chicago, a road trip to the Rocky Mountains, or a visit to the bustling metropolis of Nashville, Missouri’s strategic position makes travel easy and efficient.

12. Con: Insects and pests

Missouri’s warm and humid climate provides an ideal habitat for a variety of insects and pests, including mosquitoes, ticks, and stink bugs, which can be nuisances for residents, especially during the summer months. The prevalence of these pests can lead to discomfort and pose health risks, such as transmitting diseases like West Nile virus and Lyme disease.

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

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Renting in Nevada snapshot

1. Pro: Scenic landscapes

Whether you’re seeking the adrenaline rush of hiking through the Red Rock Canyon or the tranquility of kayaking along the crystal-clear waters of the Colorado River, Nevada delivers an array of outdoor experiences that cater to every adventurer’s desire. Moreover, the state’s vast expanses of desert terrain provide the perfect backdrop for stargazing under the clear night skies or embarking on off-road expeditions through rugged terrain.

2. Con: Water scarcity

Water scarcity is a significant issue in Nevada, particularly in densely populated areas like Las Vegas. The state’s reliance on the Colorado River and underground aquifers means that water conservation measures are a part of daily life.

3. Pro: Entertainment and leisure

Nevada is home to Las Vegas, the entertainment capital of the world. Attracting millions each year, residents and visitors can enjoy world-class shows, dining, and nightlife any day of the week. Beyond Las Vegas, cities like Carson City, the state capital, provide those with a rich history evident in museums like the Nevada State Museum. Additionally, smaller towns and communities throughout Nevada offer their own unique charm.

4. Con: Extreme heat

Summers in Nevada can be brutally hot, with temperatures often soaring above 100 degrees Fahrenheit. This extreme heat can be uncomfortable and necessitates high energy costs due to air conditioning needs. If you’re moving to the state, you’ll need time to adjust to these soaring temperatures.

5. Pro: No state income tax

Nevada is one of the few states that does not impose a state income tax, allowing residents to keep more of their earnings. This financial benefit is a significant draw for people moving to the state. The absence of a state income tax in Nevada not only attracts individuals seeking to maximize their earnings but also appeals to businesses looking to establish operations in a tax-friendly environment.

6. Con: Limited public transportation

Outside of the major urban centers, Nevada’s public transportation options are limited. This can make it challenging for those without personal vehicles to navigate the state, especially in rural areas. For instance, Spring Valley has a transit score of 38, indicating that most errands require a car.

7. Pro: Proximity to natural wonders

Nevada’s proximity to natural wonders such as the Grand Canyon, Lake Tahoe, and Death Valley providing residents unparalleled opportunities for outdoor exploration and adventure. Whether it’s hiking through majestic canyons, skiing on pristine slopes, or marveling at breathtaking landscapes, living in Nevada means easy access to some of the most iconic natural destinations in the country.

8. Con: High tourism traffic

Nevada’s high tourism traffic, particularly in cities like Las Vegas, can lead to congestion on roads, crowded public spaces, and increased noise pollution for residents. Additionally, the influx of tourists may result in higher demand for goods and services, potentially driving up prices for everyday essentials.

9. Pro: Minimal rain throughout the year

Nevada’s status as the least rainy state in the U.S. offers residents a predominantly dry climate with abundant sunshine, ideal for outdoor activities and recreation year-round. The low rainfall levels contribute to a lower risk of weather-related disruptions and natural disasters such as flooding, making it a more stable environment to live in.

10. Con: Air quality issues

Nevada’s air quality issues, particularly in urban areas like Las Vegas, can pose health risks due to elevated levels of pollution from vehicle emissions, industrial activities, and natural dust. Prolonged exposure to poor air quality may exacerbate respiratory conditions and contribute to long-term health concerns for residents.

11. Pro: Relatively low cost of living

12. Con: Risk of natural disasters

Nevada faces a range of natural disasters, including earthquakes, flash floods, and wildfires, which pose risks to residents and property. The state’s proximity to seismic zones increases the potential for earthquakes, with recent tremors reminding residents of the ongoing seismic activity. Additionally, flash floods, especially common in desert regions, can occur suddenly during heavy rainstorms.

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

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From the shimmering lakes of the Boundary Waters to the expansive prairies of the Minnesota River Valley, Minnesota is waiting to be explored. Its cities, such as the vibrant Minneapolis with its thriving arts scene and the historic streets of St. Paul, offers a lively urban lifestyle. However, living in Minnesota comes with its own set of challenges. In this ApartmentGuide article, we’ll delve into both the pros and cons of residing in the Land of 10,000 Lakes, providing insights to help you navigate life in this Midwestern state.

Renting in Minnesota snapshot

1. Pro: Vibrant arts and culture scene

Minnesota’s arts and culture scene should not be missed as it includes the iconic Walker Art Center and the Minneapolis Sculpture Garden, showcasing a diverse array of contemporary art installations and outdoor sculptures. The state’s commitment to the arts is also evident in its numerous theaters and music venues, such as the historic Guthrie Theater and the renowned Orchestra Hall, offering world-class performances ranging from classical music to cutting-edge theater productions.

2. Con: Harsh winters

Minnesota is known for its brutally cold winters, with temperatures often plummeting well below freezing. The state experiences heavy snowfall, making daily commutes challenging and increasing the risk of accidents. The cold season can extend for several months, significantly affecting outdoor activities, so if you’re moving to this state, you’ll want to take precautions in the winter.

3. Pro: Abundant natural beauty

The state has an impressive array of natural landscapes, from the lush forests and scenic trails of the Boundary Waters Canoe Area Wilderness to the dramatic cliffs along the North Shore of Lake Superior. These natural attractions offer endless opportunities for outdoor activities such as hiking, fishing, and canoeing, which attracts many visitors each year.

4. Con: Mosquitoes in summer

During the warmer months, Minnesota earns its nickname “The Land of 10,000 Lakes” and, unfortunately, “The Land of 10,000 Mosquitoes.” The state’s abundant waterways and humid climate create an ideal breeding ground for mosquitoes, which can detract from the enjoyment of outdoor summer activities.

5. Pro: Great infrastructure

Minnesota has the best infrastructure in the country with well-maintained roads, bridges, and public transportation systems that facilitate efficient travel and commuting. The state’s commitment to infrastructure development is evident in its investment in transportation projects, including light rail systems and bike lanes, enhancing connectivity and accessibility for residents.

6. Con: Rural isolation

Minnesota’s rural areas can experience a sense of isolation due to their distance from urban centers and limited access to amenities and services. Residents in these areas may face challenges in accessing healthcare, education, and employment opportunities, leading to feelings of disconnect and isolation.

7. Pro: Thriving job market

Minnesota’s economy is robust, with a thriving job market across various sectors, including healthcare, education, and technology. The state’s unemployment rate is typically lower than the national average, reflecting the abundance of job opportunities for residents.

8. Con: Traffic congestion in urban areas

Urban areas in Minnesota, particularly in Minneapolis and St. Paul which experiences significant traffic congestion, especially during rush hours. This can lead to longer commute times and increased stress for residents who work in or around these metropolitan areas.

9. Pro: Friendly community

Minnesota is known for its friendly residents and strong sense of community, which is evident in the state’s vibrant neighborhoods and active community organizations. From neighborhood block parties to volunteer-driven initiatives, Minnesotans come together to support one another and build lasting connections. Additionally, the state’s rich cultural heritage is celebrated through events like the Minnesota State Fair.

10. Con: Limited public transportation options

Outside of the major urban centers, Minnesota offers limited public transportation options, making it difficult for those without personal vehicles to navigate the state. This can be particularly challenging in rural areas, where distances between destinations are greater. For instance, Richfield has a transit score of 46 meaning most errands require a car.

11. Pro: Health and wellness focus

Minnesota places a strong emphasis on health and wellness, with numerous parks, trails, and community centers promoting active lifestyles and outdoor recreation. From the picturesque trails along the North Shore of Lake Superior to the urban green spaces like the Chain of Lakes in Minneapolis, residents have ample opportunities to stay active and enjoy nature.

12. Con: Allergies

The state’s diverse flora and fauna, while contributing to its natural beauty, can also exacerbate allergies for many residents. Seasonal allergies, particularly in the spring and fall, can be a significant concern for those sensitive to pollen and other allergens.

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

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In the heart of the American South, Mississippi exudes a charm and richness deeply rooted in its history, culture, and natural beauty. Known as the “Magnolia State,” it beckons with its lush landscapes, winding rivers, and warm hospitality. Its cities, such as the historic streets of Natchez and the bustling capital of Jackson, offer a blend of Southern charm and contemporary living. In this ApartmentGuide article, we’ll dive into the pros and cons of living in Mississippi, providing insights to help you navigate life in this unique state.

Renting in Mississippi snapshot

1. Pro: Rich cultural heritage

Mississippi’s rich cultural heritage is deeply rooted in its vibrant music scene, including the birthplace of blues and rock ‘n’ roll legends such as B.B. King and Elvis Presley. The state’s literary legacy shines with luminaries like William Faulkner and Eudora Welty, who drew inspiration from its landscapes and people. Additionally, Mississippi’s diverse culinary traditions, blending Southern, Creole, and Native American influences, offer a flavorful tapestry of dishes unique to the region.

2. Con: Weather extremes

Mississippi’s climate can be characterized by its high humidity and frequent thunderstorms, contributing to its reputation for experiencing extreme weather conditions. Tornadoes pose a significant threat, particularly during the spring months, with the state falling within the infamous “Tornado Alley” region of the United States. Moreover, the state is susceptible to tropical storms and hurricanes, which can bring heavy rainfall, flooding, and strong winds, impacting communities along the Gulf Coast.

3. Pro: Affordable cost of living

With one of the lowest costs of living in the United States, Mississippi offers an appealing choice for those seeking to maximize their budget. Housing, groceries, and utilities come at notably lower prices compared to the national average. Even in Jackson, the state’s largest city, living expenses remain significantly more affordable, with a median home sale price of $85,000 and a one-bedroom apartment renting for $900.

4. Con: Limited job opportunities

Limited job opportunities in Mississippi can present challenges for residents seeking employment, particularly in certain industries and rural areas. The state’s economy is heavily reliant on sectors such as agriculture, manufacturing, and healthcare, which may not always offer a wide range of career options.

5. Pro: Natural beauty and outdoor activities

With picturesque landscapes ranging from lush forests to serene rivers and expansive coastlines along the Gulf of Mexico, there’s a lot to uncover in Mississippi. Outdoor enthusiasts can enjoy a plethora of recreational activities, including hiking, fishing, boating, and birdwatching in the state’s numerous parks, wildlife refuges, and scenic trails. The diverse ecosystems provide opportunities for residents to immerse themselves in nature and enjoy a fulfilling lifestyle.

6. Con: Limited public transportation

Mississippi’s public transportation infrastructure is relatively limited, with many areas relying heavily on personal vehicles for transportation. The city of Jackson may have bus systems, but the transit score is 18, meaning coverage can be sparse and schedules infrequent compared to more densely populated areas.

7. Pro: Warm community and hospitality

Mississippi’s reputation for warm hospitality and friendly communities extends beyond mere politeness; it embodies a genuine sense of belonging. Whether it’s sharing a meal with neighbors, participating in local events, or simply striking up a conversation, the welcoming atmosphere in Mississippi creates strong bonds and lasting friendships.

8. Con: Heat and humidity

Mississippi’s climate is characterized by its high temperatures and humidity, particularly during the summer months, often leading to sweltering conditions. With average summer highs in the upper 80s to low 90s Fahrenheit and humidity levels frequently exceeding 70%, the oppressive heat can be challenging to endure.

9. Pro: Vibrant culinary scene

Mississippi’s culinary scene is a delight, featuring soul food, seafood, and barbecue. The state’s rich agricultural heritage influences its cuisine, with local specialties like catfish, sweet potatoes, and pecan pie celebrated in local eateries and festivals like the Crawfish Cook-Off.

10. Con: Infrastructure concerns

Mississippi’s infrastructure confronts significant hurdles, encompassing aging roads and bridges alongside sparse public transportation networks. Particularly in rural regions, the shortcomings in infrastructure can lead to insufficient access to critical services such as healthcare and education. Reflecting these concerns, Mississippi received a discouraging D+ grade on its 2020 infrastructure report card.

11. Pro: Historic architecture

Mississippi is adorned with an array of historic architecture, such as the picturesque Victorian homes of the Columbus Historic District, and the grandeur of the Old Capitol Museum in Jackson, a stunning example of Greek Revival architecture. These iconic structures stand as enduring symbols of Mississippi’s rich history and cultural legacy, inviting visitors to step back in time and marvel at the architectural craftsmanship of eras gone by.

12. Con: Mosquitoes and ticks

Mississippi’s warm and humid climate creates an ideal environment for various insects, including mosquitoes and ticks, which can be a nuisance for residents. During the summer months, swarms of mosquitoes can make outdoor activities uncomfortable, while encounters with ticks pose potential health risks. You’ll want to take the necessary precautions when moving to this state.

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

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Michigan has a beautiful array of landscapes, ranging from the Great Lakes’ expansive shores to the lush forests of the Upper Peninsula. Its cities, like Grand Rapids with its craft brewery scene and Ann Arbor as a vibrant center of education and innovation, present diverse living environments. However, navigating life in Michigan has its hurdles. In this ApartmentGuide article, we’ll uncover the pros and cons of calling the Great Lakes State home, giving you insights on whether you’ll want to call this state home.

Renting in Michigan snapshot

1. Pro: Rich cultural heritage

Michigan’s cultural heritage is deeply rooted in its history, from the Motown Museum in Detroit that showcases the city’s musical legacy to the numerous festivals celebrating its diverse communities like the East Lansing Film Festival. Along with festivals, the state’s history of innovation and manufacturing, particularly in the automotive industry, is displayed in museums like The Henry Ford in Dearborn.

2. Con: Harsh winters

Michigan experiences extreme winters with heavy snowfall and below freezing temperatures, particularly in the Upper Peninsula. This weather can lead to difficult driving conditions, increased heating costs, and the need for regular snow removal, impacting daily life during the winter months.

3. Pro: Abundant natural beauty

The state is home to stunning natural landscapes, including the Great Lakes, over 100 state parks, and thousands of miles of beaches. Places like Sleeping Bear Dunes National Lakeshore and Pictured Rocks National Seashore offer breathtaking views and a plethora of outdoor activities such as hiking, fishing, and camping.

4. Con: Summer humidity

Michigan ranks among the states with some of the highest humidity levels in the nation. Humidity can lead to discomfort and exacerbate existing health conditions for some residents. The combination of heat and humidity can make outdoor activities feel more oppressive and challenging. Additionally, increased humidity can contribute to issues like mold growth and indoor air quality concerns in homes and buildings.

5. Pro: Vibrant arts and music scene

Michigan boasts a vibrant arts and music scene, with Detroit known as the birthplace of Motown music. The state hosts numerous art fairs, music festivals like the Detroit Jazz Festival, and live performances throughout the year, reflecting its rich cultural diversity and artistic talent.

6. Con: Infrastructure concerns

Infrastructure in some parts of Michigan, including roads and bridges, requires significant improvement. The state has faced challenges with aging infrastructure due to climate change, leading to concerns over safety and the need for extensive repairs and upgrades. This can pose as a challenge to residents who commute.

7. Pro: Educational opportunities

Michigan is home to prestigious universities and colleges, including the University of Michigan and Michigan State University. These institutions offer a wide range of programs and contribute to research, innovation, and the state’s educational landscape.

8. Con:  Unpredictable weather

Michigan’s weather is famously erratic, with residents often experiencing dramatic shifts in temperature and sudden weather changes. From unexpected snowstorms in April to heatwaves in October, predicting the weather can be a challenge. This variability can impact daily life, requiring residents to be prepared for a wide range of conditions throughout the year.

9. Pro: Sports and recreation

Michigan is a haven for sports enthusiasts, hosting professional teams like the Detroit Lions and Detroit Tigers, as well as offering numerous recreational activities such as boating, fishing, and skiing. The state’s diverse landscapes provide the perfect backdrop for a wide range of outdoor adventures.

10. Con: Seasonal allergies

Michigan’s lush natural landscape brings with it seasonal allergies, with pollen levels often peaking during the spring and summer months. For allergy sufferers, this can mean dealing with symptoms like sneezing, itchy eyes, and congestion. While the state’s beauty is undeniable, those prone to allergies may need to take precautions during peak pollen seasons to minimize discomfort.

11. Pro: The Great Lakes

Michigan’s proximity to Lake Huron, Lake Michigan, Lake Superior and Lake Erie offer residents unparalleled access to recreational opportunities, including swimming, boating, and fishing. The vast expanses of freshwater provide not only stunning natural beauty but also opportunities for water-based activities year-round.

12. Con: Limited public transportation

Outside of major cities, Michigan’s public transportation options are often limited, leaving residents reliant on personal vehicles for commuting and travel. In fact, in Ferndale, the transit score is 13, meaning the city is car-dependent where almost all errands require a car. This lack of comprehensive public transit infrastructure can pose challenges for those without access to cars, particularly in rural areas.

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

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Home Equity Processing, Del and Non-Del, TPO, Rate Reset Products; Government Program Updates

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Home Equity Processing, Del and Non-Del, TPO, Rate Reset Products; Government Program Updates

By:
Rob Chrisman

Fri, Apr 12 2024, 11:24 AM

When I win the lottery, I am going to buy one of these to heat my blankets at home. Of course, that would mean that I will have to start playing the lottery, so until then I’ll just have to rely on my cat Myrtle to prep things. Just because you own a home, doesn’t mean you’re wealthy; some homeowners live in poverty. A LendingTree analysis shows that more than 3 million families who live in owner-occupied homes in the U.S. earn incomes below the poverty threshold for their family. 7.4 million families across the nation earn incomes below their poverty threshold… nearly 9 percent living in poverty! Of the families in poverty, 41 percent live in owner-occupied housing units and 59 percent live in renter-occupied housing units. Montana, Vermont, and Idaho have the largest share of impoverished families living in owner-occupied homes, 55 percent on average. New York, Connecticut, and New Jersey have the smallest share of impoverished families living in owner-occupied homes at 29 percent on average. (If you want to dig into what “poverty” means, here you go.) (Found here after 8:30AM ET, this week’s podcasts are sponsored by PHH Mortgage. From subservicing to correspondent lending, MSR/co-issue transactions, portfolio retention, reverse mortgages, and commercial servicing, PHH has solutions for the entire mortgage lifecycle. Hear an interview with MCT’s Phil Rasori on the current state of the capital markets and the “holy grail” for pricing technology.)

Lender and Broker Products, Software, and Services

Orion Lending has revamped its HyperTrack training program to now offer both scheduled and on-demand training! Orion’s recent Down Payment Assistance (DPA) session covered the newest enhancements to their proprietary Boost DPA program, including Forgivable Seconds, 1/0 & 2/1 Buydowns, and High Balance options. Wait… what, you weren’t one of the 150+ registrants for that session?? From best practices on how to service more borrowers using DPA in this competitive landscape to learning about all other Orion Loan programs, (and the amazing STAR Portal!) HyperTrack is here to support you! No need to miss out on anything Orion has to offer going forward, it’s on demand, when you need it! Visit here to hyper speed your business!

ACES Q3 2023 Mortgage QC Trends Report Finds Critical Defect Rate Declines for Fourth Consecutive Quarter: Despite mortgage interest rates and volume concerns, critical defect rates have maintained a downward trend, ending the quarter at 1.67 percent. Summary of Findings include the overall critical defect rate declined 2.91 percent ending the quarter at 1.67 percent, defects in Credit & Liabilities categories increased for the 3rd straight quarter, income/employment continues to lead all defect categories, and defect share increased across all loan types except conventional. “While fewer loans may afford lenders the opportunity to intensify their focus on quality, it’s clear that maintaining high standards amidst market fluctuations remains paramount. The persistence of this trend underscores the industry’s adaptability and dedication to ensuring the integrity of lending practices.”- ACES Executive Vice President Nick Volpe. Read the Report

“The Arizona sun isn’t the only thing heating up. Total Expert is bringing the hottest tech in retail mortgage to HousingWire The Gathering 2024! The Total Expert team will be on-site to show you how we can help make the most of every opportunity as the market looks to rebound in 2024 and beyond. Three ways to connect with us at the show: stop by our kiosk to grab some pickleball swag; catch our Founder & CEO Joe Welu’s session on The Modern Marketing Strategy in Retail Lending during the Vanguard Forum in Salon A-G, Monday at 4:15 p.m.; and grab a drink on us at the Pickleball viewing party at 3:00 p.m. on Tuesday. Schedule a meeting to connect with us at the show.”

“Rocket Pro TPO is hosting a special edition Pro Talks event during the week of the 2024 NFL Draft in Detroit, MI. On April 24th, 2024, at 2PM ET tune in virtually to hear from Mike Fawaz, Executive Vice President of Rocket Pro TPO, and featured guest Kirk Herbstreit, a renowned sports analyst known for his insightful commentary on ESPN’s College GameDay and Thursday Night Football on Prime. Herbstreit will explore the parallels between the sports and business worlds, offering his take on strategy, teamwork and what it takes for professionals, athletes, and business alike, to succeed. Don’t miss this opportunity to gain unique perspectives from Kirk Herbstreit. Sign up now for this special edition of Pro Talks! For more information, contact Rocket Pro TPO today!”

Want to cut your home equity origination times down from 45 days to as few as 5 days? Heading to the MeridianLink User Forum in Nashville later this month? FirstClose, the fintech provider of one-of-a-kind home equity workflow solutions for mortgage and home equity lenders nationwide, is proud to be a Platinum sponsor of this year’s event. Lenders using FirstClose Equity have experienced a 35 percent increase in online applications, a 25 percent increase in pull-through and a 77 percent reduction in time to close from application to funding. So if you’re looking to up your “equity game” or get into the space, schedule a meeting with us at the show so we can discuss your home equity needs.

FINOFR (formerly Rate Reset) launched its patented Reset technology with Vantage West Credit Union. What is a Reset? A “Reset” eliminates the process of a refinance and can be completed by the homeowner in 90 seconds. FINOFR has forever changed Mortgage Banking (for the better) solving mortgage retention. FINOFR has a 90 percent retention rate and has completed over 22,000 Resets with over $22 billion in volume. If you own portfolio mortgage loans, and want to see a demo, contact Foster Kelly.

“The Mortgage Bankers Association Secondary & Capital Markets Conference Expo is nearly a month away. Have you scheduled time to meet with Spring EQ Correspondent Lending? Contact Joe Garcia or Rick Martinez today and meet with them during the conference at the Times Square EDITION Hotel! Spring EQ Correspondent is offering delegated and non-delegated options to qualified correspondent sellers, with maximum premiums paid up to 3 percent. The need for home equity solutions is surging among borrowers, so make sure your business is prepared to meet this demand by partnering with the experts in home equity at Spring EQ. Interested in a correspondent partnership? Click here. We look forward to seeing you in New York City!”

Government Lending News

USDA Rural Development Bulletin discusses GUS changes and updates to HB-1-3555, Chapters 8, 12, and 15. Additionally, the bulletin announces revisions to technical Handbook-1-3555, Chapters 8, 12, and 15. These changes became effective upon the recent issuance of a Procedure Notice (PN).

FHA published extensions to its temporary regulatory waiver and related Single Family Housing Policy Handbook 4000.1 waiver, which allow mortgagees to utilize alternative methods for conducting meetings with borrowers in accordance with FHA’s early default intervention requirements. These alternatives provide practical and useful methods for conducting meetings with borrowers while ensuring they still receive needed information directly from their mortgage servicer.

Pursuant to APM 17-06 and Chapter 3, Part 21 §B(1) Ginnie Mae monitors its counterparties portfolios to ensure Ginnie Mae Issuers meet acceptable risk parameters. Ginnie Mae has observed increased prepayment activity in some elements of its program. Ginnie Mae posted reminders to Issuers in Ginnie Mae News and Notes on prepayment activity monitoring.

Speaking of Ginnie, Ginnie Mae’s mortgage-backed securities (MBS) portfolio outstanding grew to $2.56 trillion in March, including $32.4 billion of total MBS issuance, leading to $12.5 billion of net growth. March’s new MBS issuance supports the financing of more than 101,000 households, including more than 45,000 first-time homebuyers. Approximately 68 percent of the March MBS issuance reflects new mortgages that support home purchases because refinance activity remained low due to higher interest rates. More information is available in this Ginnie Mae Press Release.

Capital Markets

It has certainly been a rough week for those hoping for relief from high rates. After March consumer prices caused a CPI-inspired selloff on Wednesday, it was much the same story again yesterday as investors continued to walk back the timing of Fed rate cuts. Inflation at the wholesale level rose 0.2 percent in March and 2.1 percent year-over-year, according to the Producer Price Index. Even with the smaller than expected month-over-month increases, the headline PPI rate accelerated from 1.6 percent in February while core PPI accelerated to 2.4 percent from 2.1 percent.

Bond traders are bracing for a potential rise in 10-year Treasury yields beyond 5 percent, as the scenario of no rate cuts by the Fed this year looks increasingly possible. Pricing in Fed Funds futures now implies less than a one-in-five chance that the Fed will cut rates by a quarter point in June. Prior to Wednesday’s CPI report, pricing implied more than a 50 percent chance of a June rate cut. Richmond Fed President Barkin said yesterday that recent inflation figures raise questions and that he is reluctant to declare victory over inflation. New York Fed President Williams said that he expects inflation to move closer to 2.0 percent in 2025, but that there’s no need to ease in the “very near term.”

March import and export prices kicked off today’s calendar (expectations were for both to increase 0.7 percent versus 0.3 percent and 0.8 percent previously) but are totally overshadowed by the CPI and PPI data this week. Later today brings preliminary April Michigan sentiment (which includes forward-looking inflation expectations), and remarks from multiple Fed speakers.

Bank earnings also kick off with JP Morgan, Citigroup, and Wells Fargo reporting before the open along with BlackRock and State Street Wall Street is expecting a subdued earnings season as global growth picks up. A solid domestic economy is expected to fuel a rise in profit growth for S&P 500 companies, and strong margins from big tech will be a key driver. We begin the day with Agency MBS prices better than Thursday by about .125, the 10-year yielding 4.52 after closing yesterday at 4.58 percent, and the 2-year yielding 4.91.

Employment

“A non-QM investor is seeking to hire for a Capital Markets Strategy role responsible for growing our market share with existing originator clients by leveraging the firm’s capital markets and product development capabilities. The ideal candidate will have 5-10+ years of experience at a non-agency investor or experience as a senior capital markets or product development professional within an originator. Remote or New York City based. The company is rapidly growing and currently purchasing ~$3bn/yr. across Non-QM, DSCR and 2nd liens.” Interested parties should send a confidential note to Chrisman LLC’s Anjelica Nixt for forwarding.

“While competitors have struggled to keep their doors open, Sierra Pacific Wholesale’s team has continued to grow. This last quarter, our Wholesale Channel welcomed 8 new Account Executives including Jason Wood, Sharlee Stemmons, Fay Hoffman, Denise Tully, Jeff Dolby, Steve Munster, Greg Neidhart, and Melanie Rocha. We also hired industry veteran Jonathan McCash as Regional Vice President – TPO Sales East. These new additions have brought a wealth of mortgage experience and align with the core values that are foundational to the ONE Sierra company culture. From cutting-edge technology and full-service operational support to a corporate commitment to continual growth, we equip our employees with the tools and resources they need to be successful in any market. If you’re an Account Executive looking for an opportunity to work with some of the best leadership in Wholesale today, send a note to Rob Saunders (EVP – TPO Production).”

Since 1902, OceanFirst Bank has believed in supporting and growing the local communities it serves. Initially, the focus was helping neighbors realize the dream of owning a home. Now, the Bank is fulfilling those dreams and assisting families with all of their financial needs during every stage of life. OceanFirst is a $13.5 billion regional bank providing financial services throughout New Jersey and in the metropolitan markets of Philadelphia, New York, Baltimore, and Boston. Recently, OceanFirst was recognized as being one of the best regional banks in the country by Newsweek. Thus, making the Bank a great place for top producing Loan Officers to take their careers to new levels. Contact John Costa, Senior Vice President and Head of Mortgage Sales or dial 609.444.6121 for this exciting opportunity.

FDIC | Equal Housing Lender | Equal Opportunity Employer.

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Source: mortgagenewsdaily.com