Buying a house in the great state of Oklahoma, such as in the beautiful cities of Oklahoma city and Tulsa, is an exciting and significant step for homebuyers, but it comes with its fair share of complexities, particularly when it comes to understanding the ins and outs of home inspections. Ensuring a thorough home inspection is crucial when you’re in the process of purchasing a property in Oklahoma. This Redfin guide aims to shed light on the importance of home inspections in Oklahoma and provide valuable expert insights for potential homebuyers. Let’s delve into the key aspects you should consider.
Why should you get a home inspection in Oklahoma?
Getting a comprehensive home inspection in Oklahoma is a vital step for several compelling reasons. As perhaps the largest investment you’ll make in your lifetime, a home demands careful assessment to guarantee a sound investment. A home inspection holds immense value. Not only does it allow you to identify potential issues within the property, but it’s also a means to uncover critical safety hazards that could affect you and your loved ones. Moreover, a skilled home inspector can guide you on essential maintenance tasks, ensuring the longevity and efficiency of your home’s systems.
Are there any specialized inspections that Oklahoma buyers should consider?
There are certain specialized inspections that buyers should consider. For instance, Oklahoma homes built before the 1950s were painted with lead based paint. If you happen to be buying an old house a lead paint inspection becomes imperative. This inspection reveals areas with lead paint, allowing you to take necessary precautions during future renovations. You should even consider evaluations for radon and termite infestations.
Are home inspections required in Oklahoma?
While not mandatory, obtaining a home inspection in Oklahoma is highly recommended, especially for the buyer’s peace of mind and financial protection. While the state doesn’t impose a requirement for home inspections, certain lenders might stipulate it as part of the mortgage process. Regardless of whether you’re considering an existing home or a newly constructed one, a home inspection offers insights that can significantly impact your decision-making.
How much does a home inspection cost in Oklahoma?
The cost of a home inspection in Oklahoma varies based on factors such as the type of home, its size, foundation type, age of the home, and other various circumstances. Inspections for single-family homes might fall between $200 to $400.
Can you sell a house in Oklahoma without an inspection?
Selling a house in Oklahoma without a home inspection is permissible. However, many buyers in the state opt for inspections as part of their due diligence process to ensure they have a clear understanding of the property’s condition. While sellers aren’t obligated to conduct pre-sale inspections, undertaking such inspections can help address significant issues that might deter potential buyers. Providing a comprehensive inspection report to potential buyers can also alleviate concerns and potentially influence their decision not to pursue an independent inspection.
Expert advice for Oklahoma buyers before they get a home inspection
“An important factor I make sure to look for when inspecting a home is any foundation red flag, specifically red dirt,” says MK Home Inspections “In many parts of Oklahoma, the presence of red dirt and expansive soil is common. To identify potential foundation damage, it’s crucial to undergo a professional inspection before buying a home.”
“HVAC systems and water heaters have a relatively short life span in relation to a home (typically 11-13 years for an AC condensing unit and water heater). Furnaces tend to last longer (up to 25 years and longer). The old adage seems to hold true that, ‘they don’t make them like they used to.’ It’s not unusual for us to inspect a home with a 20 year old or older water heater and a Furnace as old as 40 years,” shares Home Run Inspections, LLC.
“Environmental concerns have added to HVAC costs as refrigerants (the lifeblood of the systems) are continually being replaced with more environmentally friendly versions. There are still a lot of HVAC systems out there with R-22 refrigerant, which is now north of $200 per pound if you can find it at all. Manufacturing of R-22 refrigerant stopped in 2010, so you will find it in equipment that is only 12 years old.
Word to the wise, read your inspection report carefully. Pay particular attention to the age of big ticket items like the Water Heater and the HVAC. It may all be working fine on the day of the inspection and not show up as an issue in the report, but in the near future one or more of these aged systems may break down and become a big expense.”
Courtesy of Home Run Inspections, LLC
“Recently when inspecting a water heater I discovered that the Temperature and Pressure Relief (TPR) valve was plugged off. Likely an occupant with no knowledge of the purpose of the valve inserted the plug to stop a leak, unknowingly creating a safety hazard. I’ve reported on many (TPR) valves that were lacking discharge piping, this was the first one I’ve found with a plug,” says Highpoint Inspections.
“Water expands when heated which transforms into steam, which takes up more space. If this pressure isn’t adequately regulated and exceeds the tank’s capacity, the tank can burst, leading to an explosion. While the chance of a water heater exploding is low statistically, the potential for harm is significant, from property damage to serious injuries or even fatalities. A properly plumbed TPR valve stands as a sentinel, preventing potential overpressure disasters.”
Courtesy of Highpoint Inspections
Oklahoma home inspection: the bottom line
Purchasing a home is a significant decision that warrants careful consideration. Prior to finalizing the purchase of your ideal home in Oklahoma, a thorough home inspection is your ticket to peace of mind. By ensuring that you’re well-informed about the property’s condition, you’re setting the stage for a confident and secure investment.
Homeownership is a hallmark of the American Dream; it’s one of the few paths to building generational wealth and achieving financial freedom. Unfortunately, for many, it can feel like a pipedream.
According to a recent report from the U.S. Census, the homeownership rate has dropped to 63.1%, its lowest rate since 1970. Moreover, the outlook for individuals from minority communities is even more bleak. Based on a report from the National Association of Realtors in 2021, the homeownership rate among Black homeowners (43.6%) and Hispanic homeowners (50.6%) significantly lagged behind Asian homeowners (62.8%) and white homeowners (72.7%).
Much of the gap can be attributed to historical policies and practices, such as redlining, that prevented minorities from buying homes in certain areas, regardless of income level. As a result, individuals from underserved communities were denied the same wealth-generating opportunities. While many of those policies and practices are now illegal, homeownership still feels unattainable for some consumers.
Increasing the homeownership rate — particularly among diverse communities — is a marker of progress for our country. Closing the gap is paramount to uplifting individuals and households from underserved communities. We have a responsibility as a mortgage and financial services industry to drive meaningful change and create a more equitable path to homeownership.
Driving homeownership change requires resolve and education
While there are programs designed to create a path to homeownership for low- and moderate-income families, some of these programs haven’t gone far enough. For example, some families may be able to access down-payment assistance through non-profits and lenders, however, those families frequently need more financial assistance to maintain and remain in their homes over the course of many years. Without the additional help, some families may lose their homes.
Quite frankly, providing access to financial resources is only part of the homeownership equation.
Based on a recent Experian survey comparing the experiences of Black, Hispanic and white consumers, one barrier for Black and Hispanic consumers aspiring to become homeowners is not knowing where to start. In addition, 58% of Black and Hispanic consumers who were denied a mortgage do not know what they need to do to get approved in the future.
There’s a tremendous opportunity for mortgage lenders, non-profits and other financial services participants to redefine our financial inclusion efforts. In addition to addressing financial hurdles, we need to tackle some of the other barriers to closing the homeownership gap, including financial education. This could mean examining the types of questions individuals have about certain products or services, or meeting with community leaders to better understand the challenges that underserved communities are facing.
Individuals and households from underserved communities welcome the opportunity to learn about basic financial concepts, including how to navigate the housing market. Listening to the challenges they encounter, and imparting knowledge is how the mortgage industry can help them prepare to become homeowners.
For example, HomeFree-USA’s “Fast Track to Homeownership” program gets renters ready for mortgage approval and homeownership. Its intermediary network oversees 53 affiliated community and faith-based housing counseling agencies across the nation.
Financial educational resources, such as tips for building and maintaining good credit, that is customized to each community, coupled with classes that provide individuals with financial knowledge and access to tools, can help them to boost their credit score and grow the overall homeownership rate. Even something as fundamental as understanding the various tax refunds for homeowners who are eligible can make a huge impact on new homebuyers.
Inclusion cannot happen in a vacuum. Closing the homeownership gap among diverse populations requires a long-term vision and commitment from stakeholders across the financial services community. Providing access to financial assistance and the knowledge to navigate the housing market better prepares consumers to become first-time homeowners, and more importantly, to begin building generational wealth.
Wil Lewis is the global chief diversity, equity, inclusion and talent acquisition officer for Experian. Gwen Garnett is the executive director for HomeFree-USA.
A physician assistant (PA) is a medical professional who handles a variety of key responsibilities. According to the American Academy of Physician Assistants, these include:
• Diagnosing illnesses • Developing and overseeing treatment plans • Prescribing medications • Serving as the principal healthcare provider for many patients
Gaining the skills necessary to take on these medical responsibilities involves a master’s degree level of education, as well as:
• A bachelor’s degree • Courses in basic and behavioral sciences as prerequisites • An average of 3,000+ hours of direct patient contact • More than 2,000 hours of clinical rotations (beyond classroom instruction)
With all of those educational requirements, it’s natural to wonder about the physician assistant program cost.
PA Program Cost
The Physician Assistant Life collated information from these three key resources to arrive at average costs for the 2023-2024 application cycle: the American Academy of Physician Assistants (AAPA), The Physician Assistant Education Association (PAEA), and a recent NCCPA Statistical Report. What they found:
• The average cost of a 27-month resident PA program (including public and private) is $95,165. • The average cost of a 27-month PA program (including public and private) for nonresident students is $103,660. • The average total resident tuition and nonresident tuition were higher for PA programs from private institutions than for those from public institutions. • There was a 4% to 7% increase in the average total resident tuition for public and private institutions. 💡 Quick Tip: When shopping for a private student loan lender, look for benefits that help lower your monthly payment.
Paying Physician Assistant Program Costs
After making the decision to become a physician assistant, it then becomes time to figure out how to pay for the PA program.
By the time someone reaches this point in their education, they are probably already aware of the Free Application for Federal Student Aid (FAFSA®) process that allows them to be considered for federal student aid. Often (but not always), by the time that someone is ready to fill out the FAFSA for PA school, they will be considered an independent student, someone who no longer needs to include parental financial information in the application.
Federal Student Aid
The results of the FAFSA application will determine eligibility for federal aid including:
• Federal student loans • Federal grants • Federal work-study options
Federal loans can be a popular way to pay physician assistant program costs for several reasons, including the fact that payments:
• Can be deferred until after graduation • Can sometimes qualify a student for tax deductions • May come with the potential for loan forgiveness
The types of federal loans available for graduate students are slightly different from those available to undergraduate students. The borrowing ceiling is higher but interest rates typically are as well. PA students may qualify for a Direct PLUS Loan if enrolled at least half time without any adverse credit history.
Federal Grants and Work Study Programs
Federal grants don’t need to be repaid. Here is a list of federal grants , their program details, and the amount that can be awarded.
PA students may also be eligible for work-study based on the FAFSA. Typically, students need to apply for these jobs, often ones at the university. Besides helping PA students to earn money, these jobs could be in the medical field, which can help students gain valuable experience.
University Help
Students can check to see what grants, scholarships, and/or fellowships their university offers by contacting the financial aid office. Some institutions use the FAFSA information to determine eligibility, while others have their own applications. Awards can range from a small grant to the amount of the full tuition. Check out deadlines for school-specific financial aid to meet them successfully.
More About Grants and Fellowships
Scholarships are available through the federal government, as well as through states, non-profit agencies, organizations, companies, and more. In general, these are merit based and don’t require repayment. (By contrast, grants are typically need-based.)
There are numerous grants and scholarships that are specifically designed to help with PA program costs. As just one example, the Physician Assistant Foundation has provided more than $2.3 million in scholarships to more than 1,400 future PAs. Requirements include:
• Being a student member of the American Academy of Physician Assistants (AAPA) • Attending a PA program that is ARC-PA-accredited • Completing at least one quarter or semester in PA studies • Being in good standing, academically • Being enrolled in a PA program during the application cycle
Grants to cover PA program costs can get more niche, such as Association of Physician Assistants in Oncology’s APAO Student Scholarship . Requirements include:
• Being an APPA member or applicant who is in the last year of an ARC-PA-accredited program • Being in the clinical phase, having already completed or nearly completed basic science courses • Not receiving a PA Foundation or other specialty organization scholarship • Having a strong interest in the oncology field; clinical rotation in an oncology speciality is strong encouraged • Having a minimum GPA of 3.0
As another example, Physician Assistants Orthopaedic Surgery, Inc. offers the annual Susan Lindahl Memorial Scholarship , providing four $5,000 scholarships each year.
Members of the National Guard may qualify for the Medical Professional Officer Accession Bonus (OAB). To find state scholarships and grants, contact the appropriate state’s Department of Education . If a parent died in Iraq or Afghanistan while in military service, a federal grant may be available.
There are also state-specific PA scholarships, such as those offered by the California Academy of Physician Assistants (CAPA). Student members of CAPA can be eligible for one of five different $2,000 scholarships.
It may help to look for opportunities from where the student’s bachelor’s degree was obtained. For example, if you are a member of a fraternity or sorority, there may be scholarships available to cover PA program costs.
In addition, student athletes who attended an NCAA institution could qualify for the NCAA Postgraduate Scholarship , with up to 126 of them awarded each year. Student-athletes must excel both academically and athletically and be in at least the last year of intercollegiate-level competition. Non-renewable scholarships of $10,000 are provided three times annually (corresponding with sports seasons of fall, winter, and spring) with 21 available for women and 21 for men during each sports season.
Fellowships
Graduate fellowships usually require that a student study, work, or research in the PA field, which means that they can gain useful experience while also earning money for the physician assistant program costs.
To find opportunities, talk to your university’s financial aid department or reach out to non-profit agencies connected to the PA field. The application process can be rigorous but can also be quite worthwhile.
Additional Ideas to Consider
When determining what PA school will cost, you’ll want to factor in any federal funding options (loans, grants, and scholarships), university help, and other grants, scholarships, and fellowships you may be eligible for. You’ll next need to consider what, if any, gaps in funding are left.
Ways to cover that gap can include employer tuition reimbursement, becoming an in-state resident, becoming a resident advisor (RA), working as a teaching assistant (TA), and private student loans. Here’s a closer look at each.
Employer Tuition Reimbursement
Some employers reimburse employees for a certain part of their education costs. It can be worth checking what is available, how to apply, and what constraints might exist. A company might, for example, only reimburse funds for certain degrees or they may require that a student receiving reimbursement stay at the company for a predetermined amount of time.
Some employers may provide employees with professional development funding. If so, you may want to find out whether this be used towards PA program costs.
In-State Resident
You can often save a significant sum of money by attending a public university in the state where you live. Each state determines residency in different ways. So if you’re thinking about relocating to take advantage of in-state residency savings, check to see what residency requirements are. Some states mandate one year of full-time residency while others may require three.
Resident Advisor
RAs help new students get settled into dorm life and are compensated for their work. This usually includes part, if not all, of their room and board; perhaps a meal plan; and sometimes a reduction in tuition. Plus, RAs typically can get their own room, which can make studying easier (although this job does come with plenty of responsibilities and interruptions). How much an RA is compensated varies by university.
Teacher Assistant
This can involve prep work for teaching, organizing lab work, conducting research, grading papers, and more. Payment can come in the form of reduced tuition or a stipend. Besides helping with PA program costs, being a teaching assistant can provide experience in the field and allow students to network with industry experts. 💡 Quick Tip: Need a private student loan to cover your school bills? Because approval for a private student loan is based on creditworthiness, a cosigner may help a student get loan approval and a lower rate.
Private Student Loans
If additional funds are needed, private graduate student loans can help. Private student loans are available through private lenders, including banks, credit unions, and online lenders. Rates and terms vary, depending on the lender. Generally, borrowers (or cosigners) who have strong credit qualify for the lowest rates.
Keep in mind, though, that private loans may not offer the borrower protections — like income-based repayment plans and deferment or forbearance — that automatically come with federal student loans. But if you are looking for supplemental funding for your PA program, private student loans may be worth looking into.
If you’ve exhausted all federal student aid options, no-fee private student loans from SoFi can help you pay for school. The online application process is easy, and you can see rates and terms in just minutes. Repayment plans are flexible, so you can find an option that works for your financial plan and budget.
Cover up to 100% of school-certified costs including tuition, books, supplies, room and board, and transportation with a private student loan from SoFi.
SoFi Loan Products SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.
SoFi Private Student Loans Please borrow responsibly. SoFi Private Student Loans are not a substitute for federal loans, grants, and work-study programs. You should exhaust all your federal student aid options before you consider any private loans, including ours. Read our FAQs.
SoFi Private Student Loans are subject to program terms and restrictions, and applicants must meet SoFi’s eligibility and underwriting requirements. See SoFi.com/eligibility-criteria for more information. To view payment examples, click here. SoFi reserves the right to modify eligibility criteria at any time. This information is subject to change.
External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.
From fishing and boating to hiking a glacier, Alaska is an outdoor enthusiast’s wonderland. What’s even better, you never have to enjoy this natural beauty alone. The bears, eagles, moose, whales and salmon, among other wildlife, are ever-present to keep you company.
Alaska is a unique and beautiful place, that although sparsely populated, offers plenty of opportunities. But, living so far from the rest of the country can present some unexpectedly high costs. Even with the Permanent Fund Dividend of more than $1,000 per year, can your budget handle Alaska’s cost of living? Let’s find out by looking at a few key components of your average expense list.
Alaska housing prices
Cities in Alaska primarily exceed the national average when it comes to housing. Not all are crazy high, but those that offer more modern amenities, like shopping malls and movie theaters, will most likely cost you more, on average. Each of the ones on our list is part of the best places to live in Alaska, even with higher-than-average housing prices.
Anchorage
Big by Alaska standards, Anchorage probably feels more like an American city than other spots in Alaska. Its size helps. Here, you’ll find the busiest airport in the state, University of Alaska students and plenty of museums, restaurants and breweries.
Housing in Anchorage is 41.5 percent above the national average, but most prices are holding steady. Home prices rose 8.9 percent compared to last year. The median home price in Anchorage is currently $385,000.
Fairbanks
Attracting a lot of students and families, Fairbanks is Alaska’s second-biggest city. It also experiences 24 hours of daylight, or the Midnight Sun, in the summer. Housing prices here are only slightly above the national average at 3.2 percent. This keeps rent and housing costs at a relatively reasonable rate even if prices rise year-over-year.
The average rent for a one-bedroom apartment is $700 per month, and a two-bedroom will cost $1,600, up a whopping 60 percent from last year.
Median home prices have risen 38.1 percent over last year, but are still sitting on the lower end when compared to other cities across the country. The median sale price in Fairbanks is $285,000.
Juneau
The sweet city of Juneau is Alaska’s capital, so it’s full of government jobs. A popular cruise ship port, Juneau also brings in a lot of tourists. With a robust downtown, for such a small town, there’s plenty to do here, which may explain why housing is 40.1 percent above the national average.
People want to live in Juneau when they’re considering calling Alaska home, but there’s still plenty of value in renting here. The average apartment rent is $1,300 per month for a two-bedroom, compared to the average home price of $665,000.
Food prices
Another cost of living in Alaska is food. Given the limited number of restaurants throughout the state, Alaskans spend a little bit more, on average, on groceries. Their average monthly grocery bill ranges between $300 and $333. Of course, they’re buying all the delicious seafood and game meat considered staple foods in the state. Items like salmon and crab pulled right from the water, and reindeer, moose and caribou are as local as you can get.
Overall, food prices throughout sit above the national average by quite a bit.
Fairbanks is 22.1 percent above the national average
Anchorage is 26 percent above the national average
Juneau is 38.8 percent above the national average
These higher prices are also reflected in meals out. A typical three-course meal for two is $90 in Fairbanks, $75 in Anchorage and $54 in Juneau. It’s interesting to note, though, that the city with the least expensive food prices will cost you 17 percent more for a night out than the most expensive city for food on our list.
Utility prices
Electricity is the big utility in Alaska, and on average, monthly bills are pretty high. Juneau and Anchorage will cost you just over $100 per month, but in Fairbanks, average electric bills hit as high as $225.
Overall, utility prices in Alaska break down like this:
Anchorage is 20.5 percent above the national average
Juneau is 32.6 percent above the national average
Fairbanks is 109.2 percent above the national average
There are multiple sources generating electricity in Alaska, including natural gas and hydropower. In fact, rivers in Alaska offer some of the best hydroelectric power in the U.S. The state also has energy-producing capabilities through wind energy along the coast, and its many volcanic fields may lead to a source of geothermal energy.
Transportation prices
Although across the state, you’ll find a low walk score overall, most cities have highly walkable areas, especially those along the coast that cater to cruise ships. Some cities, weather permitting, provide for decent biking, but public transportation and your own car are pretty necessary.
When compared to the rest of the country, cities in Alaska all have transportation prices higher than the national average.
Fairbanks is 9.2 percent above the national average
Anchorage is 14.5 percent above the national average
Juneau is 17.3 percent above the national average
Not necessarily as high as other aspects that contribute to your overall cost of living, most cities supplement the cost of owning a car by providing adequate public transportation.
MACS in Fairbanks
The Metropolitan Area Commuter System or MACS in Fairbanks is a bus system consisting of eight routes. It focuses on the urban areas, North Pole, Farmers Loop and the airport.
You can purchase a single-way fare, if you’ve got the cash, for $1.50, but it’s much easier to go with a $ 3.00-day pass or a $40 monthly pass. The monthly passes are only good in the calendar year in which they’re purchased.
Muni in Anchorage
In Anchorage, the Muni system gets broken down by route type. You’ve got:
Frequent routes
Standard routes
Neighborhood routes
Commuter routes
They’re all pretty self-explanatory based on their name, so if you live close to the city center, you’re most likely using those frequent routes to get around town. A single-way fare on Muni is also cash only at $2.00. A day pass will cost you $5.00, and a monthly pass is $60.
Capital Transit in Juneau
Fifteen bus routes that come together to circle the city of Juneau make up Capital Transit. They hook around the University of Alaska at one end, and go slightly past the downtown area at the other, making a variety of stops in between.
A single-way fare, again cash only, is $2.00, but you can save some money and buy a $40 monthly pass, instead.
Healthcare prices
The cost of living in Alaska for healthcare is higher than anywhere else in the country. This impacts prices for medical visits, as well as medications.
Juneau is 49.4 percent above the national average
Fairbanks is 52.7 percent above the national average
Anchorage is 53.2 percent above the national average
Looking at the average cost of a doctor’s visit, all three of these cities are within $10 of each other regarding cost. It makes sense considering how close they rank in relation to their city-wide averages for healthcare, as well. The average trip to the doctor’s in Juneau is $227.67.
Goods and services costs
Consisting of all the things you like to have in your life, but don’t require to survive, goods and services can quickly suck up a large portion of your monthly budget. Understanding average pricing in this area can really help you create realistic expectations for your cost of living in a state like Alaska.
Juneau is 5.4 percent above the national average
Fairbanks is 18.4 percent above the national average
Anchorage is 24.5 percent above the national average
To see how this plays out in a few line items, check out this chart of key goods and services.
Vet bills may average out so high across the state thanks to a large number of working dogs in Alaska. Yes, people keep them as pets, but you’ve got sled dogs, working outside in the cold, as well.
Childcare costs
Another service people frequently need at some point in their lives is childcare. This service, in particular, can have a huge sticker shock when looking at the bill. Knowing what to expect in advance can not only make it easier to budget for this important service but enable you to look at the quality of the preschool over the price.
For a full-day, private preschool, it will cost you:
Taxes in Alaska
Alaska is one of only nine states with no state sales tax and no income tax. Instead, taxes get placed on other things like gas and cigarettes.
Local areas are able to impose a sales tax if they want. Totaling those up together, the average rate across the state is 1.76 percent. But, cities like Fairbanks and Anchorage are still at zero for sales tax. Juneau charges 5 percent.
That means that most of the time you’re out shopping, all the money you’re paying goes toward the cost of the goods you’re buying. You’re not having to deal with a markup related to sales tax (unless you’re shopping in Juneau).
How much do I need to earn to live in Alaska?
To align your budget perfectly with the cost of living in Alaska, it’s best to do some number crunching using our rent calculator. However, if you want to work through a quick estimate, it’s best to just look at rent. Since rent should take up about 30 percent of your income, a quick equation can help you figure out what your minimum salary.
So, the average rent in Alaska is $683, which means you need $27,320 for your minimum salary. This won’t create a problem since the average Alaskan’s salary is more than double at $62,700. While lower rents will cluster in the more rural areas, and some urban areas could have higher prices, it’s not problematic to fit Alaska housing into your budget with money left over for all the other costs of living.
Living in Alaska
Considered by some as America’s last frontier, living in Alaska is never boring. The natural beauty, outdoor activities and crazy amount of wildlife make even a trek to the store a potential adventure. And, while you may not have a ton of neighbors, there’s something about living a more chill life in a less populated area.
If you can weather the cold, and want to experience living in a place unlike any other in the country, Alaska is for you.
The Cost of Living Index comes from coli.org.
The rent information included in this summary is based on a calculation of multifamily rental property inventory on Rent. as of June 2022.
Rent prices are for illustrative purposes only. This information does not constitute a pricing guarantee or financial advice related to the rental market.
Achieving the dream of homeownership takes on a unique flavor when set against the backdrop of the Sunshine State – Florida. Whether you’re drawn to the enchanting coastal allure of Miami Beach condos or the serene suburban vibes of Tampa, FL, houses, navigating the path to owning a piece of Florida paradise comes with its own set of considerations. From the annual dance of hurricane season to the nuances of local architecture and environmental factors, being well-informed through an indispensable home inspection is paramount before buying a home.
Across Florida’s diverse regions, seasoned home inspectors have encountered an array of challenges that potential homebuyers should be aware of. In this Redfin article, we delve into six things to look out for when buying a home in Florida.
1. Regularly assess for mold
“For more than three decades, we’ve been serving the entirety of Florida. Our specialization lies in thorough mold assessments. Given the yearly exposure to hurricanes in our region, homes often experience significant water intrusion and damage from these storms. Unfortunately, some of these issues remain hidden until much later,” shares Inspection Services of Florida LLC.
“We collaborate closely with numerous customers who encounter respiratory problems. In such cases, we conduct assessments to determine if mold is the underlying cause. As a result of the history of hurricanes, we frequently uncover storm-related damage that was either left unaddressed or concealed, often due to house flipping.
Prior hurricanes have taught us a valuable lesson: comprehensive mold inspections are vital before purchasing a home. This step ensures transparency and helps safeguard your investment for the long term.”
Courtesy of Inspection Services of Florida LLC
2. Pest intrusion
“On one of my home inspections I observed a hole in an exterior stucco-covered foam trim board. As I continued my inspection I noticed a Woodpecker flying around the area. So I decided to remove myself a distance away to see what the bird was doing. It only took a few minutes when I saw a Woodpecker land at the entrance of the hole in the trim board. I realized what was happening, the Woodpeckers using its bill to find insects. In this case the material that the Woodpecker was pecking on was easy to penetrate and so it continued to burrow out an entrance into the trim material,” says RTS Inspections.
“Exterior grade cement coated (stucco) foam molding is made of Styrofoam or Polystyrene Foam, which can be fabricated into many different shapes. This product is used nationally in many climates. Foam is easy to cut into and shape as needed. Stucco covered foam trim is very beneficial as a source of insulation and as a decorative element around exterior surfaces of a home, like around windows and doors.
As with all structures, there is always a concern for potential animal intrusion. Animals are very good at finding ways to get into areas to build nests. Rodents for instance will jump off tree branches that are too close to the building and land on roofs. Once they land they search for gaps and holes to enter into.
When inspecting a home it is crucial to look for possible entry points around the house and report on those areas. The next step for the inspector is to observe areas inside the house that might be impacted by those entry points. In the case of this Woodpecker, the damages were limited to just the exterior trim board. In other cases, I have seen gaps in soffits and eaves where animals have penetrated and entered into attics. In the case of animal or pest infestation, a licensed pest removal contractor is recommended.”
Courtesy of RTS Inspections
3. Storm impact
“Whether factual or mere folklore, the moniker ‘Lightning Capital of the World’ is a label frequently associated with Florida,” shares Sherlock Home Inspections. “Given the prevalence of storms in the region, it’s a nickname that holds some truth. However, with these climatic conditions comes a distinctive set of challenges, particularly in the realm of electrical systems.
Take a close look at the copper wires shown below. While discoloration might typically arise due to oxidation, the distinct blue hue of these wires stems from a surge triggered by a lightning storm. Upon more comprehensive inspection, a host of additional issues were brought to light—underscoring the importance of addressing electrical concerns with precision and vigilance in a region renowned for its electrical intensity.
Courtesy of Sherlock Home Inspections
In a state prone to high winds and intense rainfall, addressing roof problems promptly is imperative. Florida’s climatic conditions make it imperative to identify and rectify roofing issues as soon as they arise. It’s crucial to recognize that even minor roof concerns can rapidly snowball into significant complications. Given this reality, securing the services of a knowledgeable Home Inspector becomes paramount. A seasoned professional who understands the intricacies of roofing systems can detect potential red flags, ensuring that minor hitches are nipped in the bud before they evolve into major complications. With the right expertise at your side, you can confidently navigate the challenges of maintaining a secure and resilient roof in Florida’s ever-changing weather landscape.”
4. Termites
“Florida is susceptible to termite problems due to its warm and humid climate, which creates a conducive environment for these pests to thrive. Termite swarms are a common occurrence in Florida during the warm and humid months. These swarms are often a sign of an established colony nearby, and they can be quite alarming to homeowners,” warns Next Step Inspections.
“The two most common termites are:
Subterranean: These are the most common and destructive type of termites in Florida. They build their colonies underground and create mud tubes to access wood above ground. They can cause significant damage to structures if left unchecked.
Drywood Termites: These termites infest dry wood and do not require contact with soil. They can be found in furniture, wooden beams, and other wooden structures. Their infestations can be hard to detect until significant damage has occurred.
We have found that if the wooden structures go untreated for long periods of time and these insects invade the wood, severe damage can impact the integrity and the structure. We have seen areas that are unsafe to walk in the attic due to significant termite damage. In cases where the damage is detrimental, a structural engineer or building contractor will review the damages to recommend the proper repair.
Dealing with termites in Florida often requires professional pest control services. Regular inspections by experienced technicians can help detect infestations early and implement effective treatment plans. We recommend having a Wood Destroying Organism (WDO) Inspection when you are considering the purchase of a property. This inspection can help identify other issues the home inspector may not be qualified to include in their report.”
5. Polybutylene piping
“Polybutylene piping stands as a nightmare for both property owners and the insurance industry at large. As a solution for home re-piping, polybutylene piping emerged on the scene. It offered flexibility, ease of use, and cost-effectiveness during its time. While it had been in use since the 1970s, its popularity soared in the 1980s and 1990s. However, it was eventually discontinued in the mid to late 1990s due to its susceptibility to leaks,” informs Orlando’s Best Home Inspection. “The chlorine present in municipal water systems caused joints and piping to fail. Typically, the interior of the tube is gray or black, while the exterior can range in blue, black, or gray. The lettering ‘PB’ may also be visible, which is the clearest giveaway.
Presently, many homes still feature polybutylene piping, prompting insurance companies to mandate replacement with approved alternatives like PEX, CPVC, or copper piping.
In our practice, we thoroughly assess this issue during both our standard Orlando home inspection and our Orlando 4-point inspection. We frequently encounter cases where partial re-piping work has been carried out on visible portions of the supply system, only to find original polybutylene piping remaining in less accessible areas such as the attic. Correcting this problem is costly and presents a major obstacle in obtaining home insurance.”
6. Stucco cracks and waterproofing
“Most homes in SouthWest Florida feature exterior walls made of concrete block with stucco finishing. It’s common for stucco to develop hairline cracks over time. These cracks are generally not a structural concern as long as they are too narrow to fit a penny. If a penny can fit, it raises some cause for concern,” suggests Golden Rule Home Inspections.
“When cracks in the stucco follow the block pattern, it indicates excessive settlement in the foundation. Again, if these cracks are wide enough to accommodate a penny, they warrant attention.
The waterproofing of SouthWest Florida’s concrete block and stucco homes relies on painting the stucco. If a crack appears in the stucco, the waterproofing becomes compromised, potentially leading to water intrusion and subsequent mold growth. To address this, it’s recommended to repair the crack by applying a small amount of Mor-Flexx caulking or an equivalent product. After applying, gently rub it in with a sponge or foam paint brush to blend it into the wall’s finish, followed by painting the wall. Mor-Flexx boasts a mortar-like appearance that stretches like rubber, retaining its elasticity over the years.”
Courtesy Golden Rule Home Inspections
7. Insurance challenges and regional concerns
“I think the biggest issue in Florida right now is insurance companies leaving the state. They have become very particular about roofs. Even though most asphalt shingle roofs last more than 20 years, they do not like roofs past 15 years old. Even in very good condition. This due to the losses coming from hurricanes in the recent past,” says Pillar To Post Home Inspectors.
“Insurance inspections need to be done on top of getting a thorough home inspection. 4-Point (Roofs, Plumbing, Electrical, and HVAC) Inspections are expected on homes 20 years old or older. Getting a Wind Mitigation Inspection, which is determining the home’s wind resistance, can save a lot of money on insurance costs.
Another thing I think is very regional to the state is mold testing. With the humidity in Florida, this is a common concern. Especially in homes that have been vacant, and the air conditioner is not turned on or set at 78 degrees or higher.”
With the morning economic data having come and gone with little fanfare, the most significant role today can fill is as a placeholder. It offers the bond market an opportunity to vote on whether or not yesterday’s rally was a token “oversold correction” (the ayes have it) and to position for tomorrow’s Jackson Hole speech from Fed Chair Powell. Surely someone has informed him of the buzz surrounding R-star since his last speech, so odds are greater for volatility tomorrow. Today is uneventful so far with modest losses overnight and a small chance for a reaction to today’s 30yr TIPS auction. Normally, TIPS aren’t worth mentioning, but given the current preoccupation with “real yields” in financial circles, this one could be an exception.
That said, it wouldn’t be an exception in a bigger picture sense. In other words, it wouldn’t create any lasting momentum or a big enough reaction to change anything at all. TIPS yields are actually fairly uninteresting relative to the current level of buzz. They’ve almost perfectly mirrored and matched their non-TIPS counterparts all year.
Moreover, they’ve done a pretty good job of capturing the inflation implications. If we subtract TIPS yields from cash yields, we can see “market-based inflation.” Traders also refer to this is “TIPS Breakevens.” In general, it should simply convey the bond market’s inflation assumptions. Bottom line: looks pretty similar to actual inflation.
Betterment and Betterment are not only two of the most popular robo advisors in the industry, but they may very well be the most innovative in the field. Though they represent two of the first robo advisors, both have built out their platforms and now offer robust portfolio options and other services to their clients.
Though they each have their own nuances–and specializations–you really can’t go wrong with either platform. Each will take complete control of your portfolio, managing every aspect of it for a very low annual fee. When you sign up with either service, your only responsibility will be to fund your account on a regular basis.
But what if you’re either new to robo advisors or you’re considering a switch from another one? If you’re researching robo advisors, the information will inevitably lead to Betterment and Wealthfront. So let’s take a look at the two heavyweights in the robo advisor space and see which might be a better fit for your portfolio. Listen to the Podcast of this Article
About Betterment
Betterment is not only the original robo advisor, but its also the largest independent robo (along with Wealthfront), with $21 billion in assets under management. The company is based in New York City and began operations in 2008.
As a robo advisor, Betterment is an automated, online investment platform that handles all aspects of investment management for you. When you sign up for the service, you complete a questionnaire that will help determine your investment goals, time horizon, and investment risk tolerance. From that information, Betterment creates a portfolio of stocks and bonds to meet your investor profile.
They dont actually invest your money in individual securities, but instead through exchange-traded funds (ETFs), each representing a specific asset class. They can build an entire portfolio for you through about a dozen funds that will give you exposure to the entire global financial markets.
All this is done for a low annual management fee. Your only responsibility will be to fund that your account on a regular basis and let Betterment handle all the management details for you.
Better Business Bureau rates Betterment as A+, which is the highest rating in a range from A+ to F. The company also scores 4.8 stars out of 5 by more than 20,000 users on the App Store, and 4.5 stars out of 5 by more than 4,500 users on Google Play.
About Wealthfront
Wealthfront is, with Betterment, the largest independent robo advisor, and Betterment’s primary competitor. In fact, with over $24 billion in assets under management, its now slightly larger than Betterment. The company is based in Redwood City, California, and launched operations in 2011.
As a robo advisor, it works much the same as Betterment, creating a portfolio for you based on your answers to a questionnaire when you open your account. Wealthfront will also manage your account using a small number of ETFs spread across various asset classes. But on larger accounts, they’ll also add individual stocks to get greater benefit from tax-loss harvesting.
Like Betterment and virtually all robo advisors, Wealthfronts basic investment strategy is based on Modern Portfolio Theory (MPT), which emphasizes asset allocation over individual security selection.
Similar to Betterment, and really all robo advisors, your account will receive full investment management for a very low annual fee. Your only responsibility will be to fund your account on a regular basis.
Unfortunately, Wealthfront has a Better Business Bureau rating of F, due to unanswered complaints. However, the company gets 4.9 stars out of 5 from more than 9,000 users on the App Store, and 4.8 stars out of 5 by more than 2,700 users on Google Play.
Investment Strategies Betterment vs Wealthfront
Betterment Investment Strategy
Betterment offers two plan levels, Digital and Premium. Premium is available for minimum account balances of $100,000, while Digital is open to all account balances. Like many robo advisors, Betterment has evolved past building and managing a basic portfolio comprised of a mix of stocks and bonds.
For example, if you choose the Premium Plan, you’ll have access to live financial advisors. But there are many other services and plans to choose from.
Read More: Betterment Promotions
Basic portfolio mix
Your portfolio will be invested in as many as six stock asset classes/ETFs and eight bond asset classes/EFTs.
Stocks:
US Total Stock Market
US Value Stocks Large Cap
US Value Stocks Mid Cap
US Value Stocks Small Cap
International Developed Markets Stocks
International Emerging Markets Stocks
Bonds:
US High-quality Bonds
US Municipal Bonds
US Inflation-Protected Bonds
US High-Yield Corporate Bonds
US Short-term Treasury Bonds
US Short-term Investment-Grade Bonds
International Developed Markets Bonds
International Emerging Markets Bonds
Use of value stocks
Notice that three of the six stock asset classes involve value stocks. This is a specialization of Betterment and represents a time-honored stock market investment strategy. Value stocks are investments in companies with stock prices that are low in relation to their competitors by various standard measurements. But the companies are deemed to be fundamentally sound, and therefore likely to outperform the general market once the investment community realizes the true value of the stocks.
In this way, Betterment makes an attempt to outperform the general market, such as the S&P 500 or even some broader indices.
Smart Beta
This is another investment strategy Betterment uses with the potential to outperform the general market. This specific portfolio is managed by Goldman Sachs. Smart Beta is a form of active portfolio management, which seeks high-quality companies with low volatility, strong momentum, and good value.
Since its a higher risk/high reward type of investing, it requires a minimum portfolio of $100,000.
Socially responsible investing (SRI)
This is an investment option increasingly being offered by robo advisors. However, with Betterment only a portion of your portfolio will be invested in SRI. They replace the ETFs in the International Emerging Market Stocks and US Value Stocks Large Cap with ETFs that specialize in socially responsible investing in those sectors.
Learn More: The Pros and Cons of Socially Responsible Investing
Flexible Portfolios
If you want more control over your investment portfolio, you can choose this option. It allows you to adjust the individual asset class weights in your portfolio allocation. Its also designed for more advanced investors and gives you an opportunity to increase allocations in asset classes you believe are likely to outperform the market.
BlackRock Target Income
For investors looking for income and safety of principal, Betterment offers this portfolio, which consists of 100% of bonds. There is some risk of principal in this portfolio but it’s designed to be minimal. You can even choose the level of risk and return you want. It won’t provide the type of long-term gains you’ll get from a stock portfolio, but it will offer the kind of steady income that will work especially well for retirees.
Tax-loss Harvesting
Tax-loss harvesting is a year-end strategy in which asset classes with losses are sold (and later replaced with comparable ones) to offset gains in winning asset classes. The strategy helps to defer taxable capital gains on growing asset classes.
Betterment makes this strategy available on all account balances. However, it’s only offered on taxable accounts since it’s completely unnecessary for tax-sheltered retirement plans.
Betterment Everyday Cash Reserve
If you’re looking to add a cash option to your investment portfolio, you can do it through Betterment Cash Reserve. The account is eligible for FDIC insurance up to $1 million. The minimum deposit is $10, and offers unlimited transfers, both in and out of your account.
Betterment Checking
The Betterment Checking account gives you the flexibility to manage your money in a way that best fits your financial goals. You’ll get this account with a debit card and you can use it to pay in person or online. You’ll also get FDIC insurance on your money.
The Betterment Checking account is an innovative way to manage your money. It’s faster, more secure, and requires zero minimum balance requirements. You can now deposit checks using their streamlined mobile app. Just take a picture and deposit checks will be there for you on the other side.
Wealthfront Investment Strategy
Unlike Betterment, Wealthfront has a single plan for all investors, with an annual management fee of 0.25% on all account balances. And like Betterment, Wealthfront has expanded its investment options menu in many different directions.
Basic Portfolio Mix
Wealthfront uses 11 asset classes in the construction of its portfolios, including four stock funds, five bond funds, plus real estate and natural resources.
The allocation looks like this:
Stocks:
US Stocks
Foreign Stocks
Emerging Market Stocks
Dividend Stocks
Bonds:
Treasury Inflation-Protected Securities (TIPS)
Municipal Bonds (on taxable investment accounts only)
Corporate Bonds
U.S. Government Bonds
Emerging Market Bonds
Alternatives:
Real Estate
Natural Resources
Use of Alternative Investments
Wealthfront includes real estate and natural resources in its portfolio composition. The real estate sector invests in companies that provide exposure to commercial property, apartment complexes, and retail space. Natural resources are held in ETFs representing that sector.
The combination of the two offers a stronger diversification away from a portfolio comprised entirely of stocks and bonds, largely because they offer protection in an inflationary environment. It’s possible for these sectors to perform well when the general financial markets are not.
Smart Beta
The Smart Beta option attempts to outperform the general financial markets. The strategy deemphasizes market capitalization in the creation of a portfolio. For example, rather than using the capitalization allocations of certain companies within the S&P 500, the strategy might increase some allocations and decrease others. It’s more of an active investment strategy and requires a minimum investment portfolio of $500,000.
Wealthfront Risk Parity
This is another investment strategy for investors with larger accounts and a greater appetite for risk. Its been shown to provide higher long-term returns, but it may use leverage to increase those returns.
Stock-level Tax-loss Harvesting
Tax-loss harvesting is available on all taxable investment accounts. But Stock-level Tax-loss Harvesting is available to larger accounts to provide more aggressive tax deferral.
This is a fairly complex investment strategy, but it involves the use of individual stocks to take greater advantage of tax-loss harvesting. The use of individual stocks will make it easier to buy and sell securities to minimize capital gains taxes. Depending on the specific plan, the required minimum investment ranges between $100,000 and $500,000.
Wealthfront Path
This is a software-based financial advisory, providing you with financial planning tools. They can help you plan for retirement or saving for the down payment on a house or a college education for one or more of your children. The apps run what-if scenarios, that can make projections based on various savings levels for each of your specific goals.
Though it doesn’t offer live financial advice, the service is free to use.
Wealthfront Cash
You can open an interest-bearing cash account with Wealthfront Cash Account with just $1. There’s no market risk, no fees, unlimited free transfers, and your account is FDIC insured for up to $5 million. The account currently pays 4.30% APY and provides a safe, cash investment to go with your stock portfolios.
And now, Wealthfront Cash allows you to get your paycheck up to two days early when you set up a direct deposit. They’ve also implemented the ability for you to invest directly into the market within minutes, straight from your Wealthfront Cash account. That means you can get paid early and immediately invest – giving you about extra days of investing each year.
Read more: Wealthfront Cash Account review
Wealthfront Portfolio Line of Credit
Much like a home equity line of credit, the Wealthfront Portfolio Line of Credit is secured by your investment account. You can borrow up to 30% of the value of your account for any purpose. There’s no prequalification since the line of credit is completely secured by your investment account.
The line of credit is automatic if you have a non-retirement account balance of at least $25,000. You can request funds against the line on your smartphone and receive them in as little as one business day.
Current interest rates paid on the line range between 2.45% and 3.70% APR, depending on the size of your account.
Retirement Planning Betterment vs. Wealthfront
One of the most common uses of robo advisors is the management of retirement accounts. Both Betterment and Wealthfront can manage all types of IRA accounts, similar to the way they do with taxable accounts. But each also offers some level of retirement planning.
Read More: Best Robo Advisors Find out which one matches your investment needs.
Betterment Retirement Planning
Betterment is strong in this category because in addition to their regular portfolios, they also offer income-specific investment options, like their BlackRock Target Income and Everyday Cash Reserve. The Target Income option in particular focuses on maximizing interest income, which is exactly what most people are looking for in retirement.
One of the advantages Betterment offers is that you can connect your 401(k) with your investment account. Betterment cant manage the 401(k) (unless chosen to do so by your employer through their 401(k) management plan), but they can coordinate your Betterment retirement account(s) with the activity in your employer plan.
And of course, if you have at least $100,000 in your Betterment account, you can enroll in the Premium plan and have access to live financial advisors.
But Betterment also offers its Retirement Savings Calculator to help you know if you’re on track for your retirement. By answering just four questions, they’ll be able to determine if your current retirement plan will provide the income you’ll need in retirement, taking your projected Social Security income into consideration. If it isn’t, it’ll let you know how much more you need to invest on a regular basis.
Wealthfront Retirement Planning
You can take advantage of Wealthfront Path to help you with retirement planning. You’ll start by linking your financial accounts so the program can get a better understanding of your finances. Recommendations to help you reach your goals are made based on the amount of regular contributions you’re making and the income you will need in retirement.
Path will analyze your spending patterns, your average annual savings rate, the interest you’re earning on those savings, as well as your investment and retirement contributions. It will also analyze the fees you’re paying on your investment and retirement accounts. Loan accounts are analyzed as well.
The information is assembled, and future projections are made. You’ll be given advice on any needed increases in savings for retirement contributions, as well as asset allocations. And perhaps best of all, since all your financial accounts are linked to the service, it will provide continuous updates on your progress toward your retirement goals.
Betterment Pros & Cons
No minimum initial investment or account balance requirement.
Reduced fee structure on larger account balances.
Use of value stocks seeks to outperform the general market.
Unlimited access to certified financial planners on account balances over $100,000.
Comprehensive retirement planning package.
Limited investment diversification, excluding alternative asset classes, like real estate and natural resources.
The annual management fee rises from 0.25% to 0.40% if you select the Premium plan.
The reduced fee structure on large account balances doesn’t kick in until you reach a minimum of $2 million.
Wealthfront Pros & Cons
Your account includes alternative investments, like real estate and natural resources. This offers greater diversification than a portfolio invested only in stocks and bonds.
The minimum initial investment is just $500. That’s not zero, but it’s an amount most small investors can comfortably start with.
Flat-rate fee of 0.25% on all account balances.
Larger accounts get the benefit of more efficient tax-loss harvesting strategies through Wealthfront Risk Parity.
The Wealthfront Portfolio Line of Credit lets you borrow up to 30% of the value of your non-retirement accounts at very low interest and with no credit check.
There’s no reduced management fee for larger account balances.
The retirement planning tool (Path) is an automated system and does not provide advice from live financial advisors.
Poor rating from the Better Business Bureau.
Bottom Line
We’ve covered a lot of territory and details in this side-by-side comparison of Betterment vs Wealthfront. The summary table below should help you to be able to compare the various services each offers with a quick glance.
Category
Betterment
Wealthfront
Minimum initial investment
Digital: $0 Premium: $100,000
$500
Promotions
Up To 1 Year Free
First $5,000 Managed Free
Management fees
Digital: 0.25% up to $2 million, then 0.15% above Premium: 0.40% to $2 million, then 0.30%
0.25%
Available accounts
Individual and joint taxable accounts; traditional, Roth, rollover and SEP IRAs; trusts and nonprofit accounts
Individual and joint taxable accounts; traditional, Roth, rollover and SEP IRAs; trusts and 529 accounts
Rebalancing
Yes
Yes
Dividend reinvestment
Yes
Yes
Tax-loss harvesting – on taxable accounts only
Yes
Yes
Socially-responsible investing
Yes
Available through Smart Beta ($500,000 minimum) and Stock-level Tax-Loss Harvesting ($100,000 minimum)
Smart Beta investing
Yes
Yes, minimum $500,000
Interest bearing cash account
Yes
Yes
Line of credit
No
Yes
Financial advice
Yes, on Premium Plan only
Automated only
Mobile app
Yes
Yes
Customer service
Phone and email, Monday through Friday, 9:00 am to 6:00 pm Eastern time
Phone and email, Monday through Friday, 10:00 am to 8:00 pm Eastern time
You’ve probably already guessed were not declaring a winner between these two popular roboadvisors. Both are first rate and you can’t go wrong with either. More than anything, your decision will likely come down to specific details–what features and benefits one offers that better suits your own personal preferences and investment style.
But one advantage that’s undeniable with both Betterment and Wealthfront is that not only is each a first-rate service, but they provide enough investment options and related services that they can accommodate your growing financial capabilities and needs well into the future.
For example, while you may start out with a basic managed portfolio, you’ll eventually want to get into higher risk/higher reward options as your wealth grows. As well, you’ll like the flexibility of having high-interest cash investment options, as well as low-cost or free financial or retirement advice.
We like both these services and are certain you can’t go wrong with whichever one you choose.
Betterment Cash Reserve Disclosure – Betterment Cash Reserve (“Cash Reserve”) is offered by Betterment LLC. Clients of Betterment LLC participate in Cash Reserve through their brokerage account held at Betterment Securities. Neither Betterment LLC nor any of its affiliates is a bank. Through Cash Reserve, clients’ funds are deposited into one or more banks (“Program Banks“) where the funds earn a variable interest rate and are eligible for FDIC insurance. Cash Reserve provides Betterment clients with the opportunity to earn interest on cash intended to purchase securities through Betterment LLC and Betterment Securities. Cash Reserve should not be viewed as a long-term investment option.
Funds held in your brokerage accounts are not FDIC‐insured but are protected by SIPC. Funds in transit to or from Program Banks are generally not FDIC‐insured but are protected by SIPC, except when those funds are held in a sweep account following a deposit or prior to a withdrawal, at which time funds are eligible for FDIC insurance but are not protected by SIPC. See Betterment Client Agreements for further details. Funds deposited into Cash Reserve are eligible for up to $1,000,000.00 (or $2,000,000.00 for joint accounts) of FDIC insurance once the funds reach one or more Program Banks (up to $250,000 for each insurable capacity—e.g., individual or joint—at up to four Program Banks). Even if there are more than four Program Banks, clients will not necessarily have deposits allocated in a manner that will provide FDIC insurance above $1,000,000.00 (or $2,000,000.00 for joint accounts). The FDIC calculates the insurance limits based on all accounts held in the same insurable capacity at a bank, not just cash in Cash Reserve. If clients elect to exclude one or more Program Banks from receiving deposits the amount of FDIC insurance available through Cash Reserve may be lower. Clients are responsible for monitoring their total assets at each Program Bank, including existing deposits held at Program Banks outside of Cash Reserve, to ensure FDIC insurance limits are not exceeded, which could result in some funds being uninsured. For more information on FDIC insurance please visit www.FDIC.gov. Deposits held in Program Banks are not protected by SIPC. For more information see the full terms and conditions and Betterment LLC’s Form ADV Part II.
DoughRoller receives cash compensation from Wealthfront Advisers LLC (“Wealthfront Advisers”) for each new client that applies for a Wealthfront Automated Investing Account through our links. This creates an incentive that results in a material conflict of interest. DoughRoller is not a Wealthfront Advisers client, and this is a paid endorsement. More information is available via our links to Wealthfront Advisers.
When it comes to buying a home, most individuals choose to purchase something already on the market. However, in some situations, it can sometimes be advantageous to buy raw land and have a home built for you from the ground up.
For instance, in a seller’s market when there aren’t too many homes on the market but a huge demand for home purchases, you can bypass the costly process of haggling with sellers and paying way above the asking price for a home. And, of course, you’ll get to design a home that’s exactly the way you want it.
CNBC Select rounded up four of the best construction loan lenders to consider if you’re thinking of building a brand-new home or doing a major renovation of your existing home. We evaluated lenders based on a number of factors including the types of loans offered, customer support and others (see our methodology below).
Best construction loan lenders
Best for in-person service
TD Bank Mortgage
Annual Percentage Rate (APR)
Apply online for personalized rates; fixed-rate and adjustable-rate mortgages included
Types of loans
Fixed-rate, adjustable-rate mortgage, jumbo loans, construction-to-permanent loan, VA loan, FHA loan, medical professional mortgage
Terms
Up to 30 years
Credit needed
Not disclosed
Minimum down payment
Options as low as 3%
Pros
Carries loan option that allows for a slightly smaller downpayment at 3%
Has both online and in-person service
Online support available
Mobile app available
Refinance options available
Cons
Doesn’t offer USDA loans
Who’s this for? TD Bank is a household name in the banking industry, even calling itself “America’s Most Convenient Bank.” In addition to offering service online and through a mobile app, TD Bank has over 1,100 physical branches throughout the U.S., making it an ideal lender for those who prefer an in-person process.
This lender offers what’s known as a construction-to-permanent loan option. This means that your construction loan converts into a regular mortgage upon completion of the build. This loan option is typically advantageous for many aspiring homeowners since you only have to submit one application and pay one set of closing costs.
TD Bank’s construction loan has fixed-rate and adjustable-rate options and can be used for primary residences of 1 to 4 units and for second or vacation homes.
Best for loan variety
Flagstar® Bank
Annual Percentage Rate (APR)
Apply online for personalized rates; fixed-rate and adjustable-rate mortgages included
Types of loans
Conventional loans, FHA loans, VA loans, USDA loans, jumbo loans, adjustable-rate mortgages, construction loans, professional loans and Community Loans
Terms
8 – 30 years
Credit needed
Minimum down payment
0% if moving forward with a USDA loan
Pros
Offers a wide variety of loans to suit an array of customer needs
Fixed-rate and adjustable-rate mortgages available
Borrowers who qualify for a jumbo loan can apply for up to $3 million
Has an online process but also in-person branches
Cons
Home equity loans are only available in limited geographic areas
Who’s this for? Flagstar Bank offers a couple of different construction loan options: It offers a renovation loan, a construction draw and a one-close construction loan. The renovation loan is meant for those who are purchasing a property that needs significant repairs; instead of applying for two loans (a mortgage and a separate renovation loan) this option lets you roll both expenses into one loan. This way, you’ll pay just one set of closing costs and have just one monthly payment.
The construction draw option lets you pay only interest during the phase where your home is being built (the build must be completed within 12 months, though). Once your build is complete, you’ll need to apply for a mortgage to cover the principal payments plus the monthly interest. This is called an end loan. With this option, you’ll have to submit more than one application and pay more than one set of closing costs.
With the one-close construction loan, you’ll pay interest during the home’s building phase (similar to the construction draw option) except your construction loan will convert to a traditional mortgage upon completion of the build. This means you only have to submit one application and pay one set of closing costs.
Best for a longer construction period
Citizens Bank Mortgage
Annual Percentage Rate (APR)
Apply online for personalized rates; fixed-rate and adjustable-rate mortgages included
Types of loans
Fixed-rate mortgage, construction loans
Terms
15 – 30 years
Credit needed
Not disclosed
Minimum down payment
Not disclosed
Pros
0.125% mortgage rate discount available to existing customers in New Hampshire, Vermont, Massachusetts, Rhode Island, Connecticut, New York, New Jersey, Delaware, Pennsylvania, Ohio and Michigan
Has both online and in-person service
Online support available
Cons
Mortgage rate discount isn’t available in all states
Who’s this for? Citizens Bank offers a construction-to-permanent loan option, which means borrowers will only submit one application and pay for one set of closing costs. But the most appealing feature of this loan is that borrowers can take up to 18 months to complete construction on their homes. Typically, construction loan lenders only allow borrowers 12 months to finish construction, so the extra time allows your project to recover from any snags in the plan or delays.
For your permanent financing, you can choose from fixed or adjustable-rate options.
Best for lower credit scores
Cardinal Financial Mortgage
Annual Percentage Rate (APR)
Apply online for personalized rates; fixed-rate and adjustable-rate mortgages included
Types of loans
Conventional loan, FHA loan, VA loan, USDA loan, jumbo loans and construction loans
Terms
Not disclosed
Credit needed
Minimum of 550 for some loan types
Minimum down payment
Not disclosed
Pros
Wide variety of home loan options
More accessible loan options for borrowers with low credit scores
Online support available
Down payment assistance available in all 50 states
Cons
Doesn’t offer HELOC’s
Who’s this for? Cardinal Financial is an online lender that boasts low credit requirements for its various home loan options. According to one blog post on the company’s website, it accepts credit scores as low as 550 for VA and FHA loans. FHA loans typically require a credit score of at least 580. Jumbo loans typically have a credit score requirement of 700 but Cardinal Financial considers jumbo loan applicants with a minimum credit score of 660.
This lender offers construction loans for both home renovations and brand-new home construction.
FAQs
What is a construction loan?
A construction loan is a short-term loan that can be used to cover the cost of building a brand-new home. Typically, the funds get disbursed in increments as the home-building project progresses, and the construction must be completed within 12 months.
This option can be ideal for individuals who want a home that’s extremely customized to their liking, but the process can often be very costly since you’ll need to purchase land to build on.
How do construction loans work?
Once you’re approved for a construction loan, the funds get disbursed to your checking account incrementally as your construction progresses. An appraiser will usually check in during different stages of the build to approve more fund disbursements for you.
During the building stage, you’ll typically only pay interest on the loan. Once the build is complete, the loan converts to a traditional mortgage (if you choose a construction-to-permanent loan) and you make payments toward both principal and interest. If you chose a construction-only loan, you’ll need to apply for a separate mortgage (called an end loan) to pay off the principal on the construction loan, or you can pay the principal off out of pocket in one lump sum.
What is the best credit score for a construction loan?
Most lenders consider a credit score of at least 680 for a construction loan. Some may actually require a minimum of 720. As with any other form of credit, though, a higher credit score means you’re more likely to get approved for your desired funding amount. Plus, you’ll be able to qualify for some of the lowest interest rates offered by the lender.
If your credit score isn’t yet considered to be in a healthy range, it’s recommended that you take steps to improve your score before submitting loan applications.
What is the difference between a construction loan and a regular loan?
A construction loan is used to finance the cost of a property that hasn’t been built yet. A regular or traditional mortgage is used to purchase an existing property. Construction loans are also meant to be short-term loans, lasting only up to 12 months before you’ll have to conclude your build and convert the loan into a traditional mortgage. Regular mortgages, though, are long-term loans, which are typically meant to be paid off in as little as 10 years and as long as 30 years.
Will I pay a fixed rate on my loan?
Various lenders offer both fixed-rate and adjustable-rate loans for new builds. Once you lock in a rate for the construction phase of the project, that same rate typically carries over into the traditional mortgage payment phase as long as you choose a fixed-rate loan.
Can you act as your own general contractor/builder?
Construction loans require a licensed contractor or builder to carry out the construction phase (plans for the home and for the contractor must be confirmed and submitted before you can be approved for a loan). If you are not a licensed contractor, you cannot act as your own general contractor for the construction of your home.
Bottom line
Building a home can be a very exciting but taxing process, especially since construction loans can sometimes be tougher to come by. Still, borrowers should do their homework to make sure they agree with all the terms set forth by a lender and that the loan they ultimately go with is best for their needs.
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Our methodology
To determine which construction loan lenders are the best, CNBC Select analyzed dozens of U.S. mortgages offered by both online and brick-and-mortar banks, including large credit unions, that come with fixed-rate APRs and flexible loan amounts and terms to suit an array of financing needs.
When narrowing down and ranking the best construction loans, we focused on the following features:
Fixed-rate APR: Variable rates can go up and down over the lifetime of your loan. With a fixed rate APR, you’ll lock in an interest rate for the duration of the loan’s term, which means your monthly payment won’t vary, making your budget easier to plan.
Types of loans offered: The most common kinds of construction loans include construction-to-permanent loans, construction-only loans and renovation loans. Having more options available means the lender can cater to a wider range of applicants.
Fees: Common fees associated with mortgage applications include origination fees, application fees, underwriting fees, processing fees and administrative fees. We evaluate these fees in addition to other features when determining the overall offer from each lender. Though some lenders on this list do not charge these fees, we have noted any instances where a lender does.
Flexible minimum and maximum loan amounts/terms: Each mortgage lender provides a variety of financing options that you can customize based on your monthly budget and how long you need to pay back your loan.
No early payoff penalties: The mortgage lenders on our list do not charge borrowers for paying off the loan early.
Streamlined application process: We considered whether lenders offered a convenient, fast online application process and/or an in-person procedure at local branches.
Customer support: Every mortgage lender on our list provides customer service via telephone, email or secure online messaging. We also opted for lenders with an online resource hub or advice center to help you educate yourself about the personal loan process and your finances.
Minimum down payment: Although minimum down payment amounts depend on the type of loan a borrower applies for, we noted lenders that offer additional specialty loans that come with a lower minimum down payment amount.
After reviewing the above features, we sorted our recommendations by best for in-person service, loan variety, a longer construction period and lower credit scores.
Note that the rates and fee structures advertised for mortgages are subject to fluctuate in accordance with the Fed rate. However, once you accept your mortgage agreement, a fixed-rate APR will guarantee your interest rate and monthly payment remain consistent throughout the entire term of the loan, unless you choose to refinance your mortgage at a later date for a potentially lower APR. Your APR, monthly payment and loan amount depend on your credit history, creditworthiness, debt-to-income ratio and the desired loan term. To take out a mortgage, lenders will conduct a hard credit inquiry and request a full application, which could require proof of income, identity verification, proof of address and more.
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Editorial Note: Opinions, analyses, reviews or recommendations expressed in this article are those of the Select editorial staff’s alone, and have not been reviewed, approved or otherwise endorsed by any third party.
One of the least densely-populated states in the country, Montana attracts residents who really thrive in an outdoor environment. With plenty of outside recreation, activity is never at a minimum, even if you’re living in a more rural area of the state.
Views are spectacular here and varied. Without leaving Montana, you can see mountains, valleys, plains, hills, lakes, rivers and so much more. This landscape remains in pristine condition thanks to fewer cities, as well.
All that Montana offers definitely caters to those looking for an activity-based, laid-back lifestyle that isn’t without modern amenities and professional opportunities.
Will Montana and your budget come together without issue? Let’s find out by looking at the key costs of living in Montana.
Montana housing prices
Montana is a state of extremes. Some cities are retaining their small-town charm, growing on the slower side and keeping average housing costs more affordable. Other cities are doing the complete opposite, attracting so many people housing prices are skyrocketing. Both are some of the best places to live in Montana, these two cities perfectly represent these opposing price points of the cost of living in Montana.
Great Falls
Sitting on both banks of the Missouri River, Great Falls holds plenty of American history within it. Lewis and Clark passed through Great Falls during their famous expedition, and you’ll find a museum dedicated to cowboy art here.
All of this history comes at an affordable price when looking at housing. Prices are 22.3 percent below the national average. This keeps the average home price in Great Falls down to $322,450, and that means rents are pretty reasonable.
The average monthly rent for a one-bedroom apartment will cost $1,745. This is only an increase of 23 percent over last year. Two-bedroom apartments are seeing much more growth when it comes to price, rising by 51 percent over last year to an average of $1,895 per month.
Bozeman
Unlike Great Falls, Bozeman is experiencing a lot of growth right now. This is due to the state’s classification as a technological and cultural center. This fast-moving boost to the city has driven up housing to 54.8 percent above the national average.
Housing all around in Bozeman is more expensive and prices have jumped up a lot over last year. Home prices aren’t left out of this growth, and the average home in Bozeman costs $620,000.
Food prices
Montana as a state is known for its variety of meat and fruit. You can sample bison burgers (well, anything with bison meat, really,) elk, flathead cherries and huckleberries, just to name a few. With a potentially unique shopping list, Montana residents spend between $267 and $300 per month on groceries. Similar to housing prices, this puts one city over the national average and one under.
Great Falls is 8.4 percent below the national average
Bozeman is 7.1 percent above the national average
This means certain grocery items will vary greatly between the two cities. For example, steak in Bozeman is almost a dollar more than in Great Falls. Coffee is over $1.50 more in Bozeman, as well. Other food items, though, are the same price. Lettuce is $1.78 no matter where you live.
Food prices also impact the average cost of a night out to dinner. A three-course meal for two is $77.50 in Bozeman. That’s 27 percent more than the same meal will cost in Great Falls.
Utility prices
The cost of living in Montana for utilities is the one area in Montana where most cities fall below the national average in cost.
Great Falls is 15.6 percent below the national average
Bozeman is 13.7 percent below the national average
This is in spite of the cold and the potential for those big heating bills, which are highly likely considering the amount of snow in Montana every year. Great Falls gets an average of 58 inches of snow per year, and Bozeman gets an average of 65 inches.
Transportation prices
Throughout Montana, most cities have pretty average accessibility when it comes to walking and biking. Many supplement with public transportation, but car ownership is important.
What’s interesting here is which city is above and which is below the national average regarding transportation prices.
Bozeman is 0.4 percent below the national average
Great Falls is 6.4 percent above the national average
Bozeman is likely less expensive than Great Falls in this case because its public transportation system is actually free.
GFT in Great Falls
For public transportation in Great Falls, it’s all about the GFT, or Great Falls Transit. It consists of seven bus routes that go in every direction throughout the city, but what’s unique is the system’s hours of operation.
While most cities have late-night transportation, the GFT service ends Monday-Friday at 6:30 p.m. and at 5:30 p.m. on Saturdays. The buses don’t run at all on Sundays.
Another unique feature of the GFT is that buses stop at any street corner along its route as long as it’s safe and they’re not blocking an intersection. When you need the bus to stop to pick you up, you simply wave as the driver approaches to notify them you wish to board.
An adult, one-way fare on the GFT is $1.00, but you can get a punch pass for $10, which gives you 11 rides. You can also buy a monthly pass for $30.
Streamline in Bozeman
Also consisting of buses, the Streamline system of public transportation in Bozeman is a zero-fare transit system. Every line is color-coded for easy navigation with both weekday and weekend routes. You have your choice between the blue, purple, brown, pink or gold lines.
Scheduling here is also unique, with buses taking a break on the weekends. On Saturday and Sunday specifically, daytime service ends at 6:15 p.m., picking back up again at 8 p.m. and running until 2:30 a.m. This late-night bus also runs on Thursday and Friday, but overlaps with the daytime schedule.
Healthcare prices
When it comes to healthcare, Montana cities primarily hit right at the national average for costs.
Bozeman is 0.5 percent below the national average
Great Falls is 0.1 percent above the national average
You’d think this would create some consistency across the average cost of a doctor’s visit, but unfortunately, it does not. In Bozeman, the average doctor’s visit is $113.50, but you’ll pay over $26 more in Great Falls. The average for a doctor’s visit there is $139.50.
Goods and services
Goods and services are all those non-essential items you like to have in your monthly budget. They’re not necessary to survive, but sure make living more comfortable. Like so many components that go into the total cost of living in Montana, prices here hit above and below the national average.
Great Falls is 12.9 percent below the national average
Bozeman is 17.7 percent above the national average
Numbers here are potentially influenced by the high levels of growth in Bozeman. The rapid influx of people could create most businesses and increase the competition for goods and services, driving prices up.
The best way to see how these average differences really impact your monthly budget is to look at a few goods and services that could make it onto your list.
To get a hamburger out with friends in Great Falls, you’ll pay an average price of $5.35, but in Bozeman, that same burger is 31 percent more, costing $7.75
To get a haircut in Great Falls, the average cost is $14, but in Bozeman, that cut is 58 percent more at $33.33
To go see a movie in Great Falls, the average ticket cost is $10.99, but going to that same movie in Bozeman ups the price by 19 percent to $13.50
You can even see differences like this when looking at goods and services that have a significant expense, like childcare. The cost of a full-day, private preschool in Great Falls is $675 per month, but in Bozeman, the cost rises to $725 per month, a 7 percent differential.
Just about any service or item for purchase will be higher in a more developed city like Bozeman when compared to a slower-growing city like Great Falls.
Taxes in Montana
Montana taxes are a bit different than many states. It doesn’t have a state sales tax and also doesn’t have any local sales taxes. Instead, the focus is on a graduated individual income tax. Rates for this tax range from a single percent up to 6.75 percent.
What this means is that when you spend $1,000 to begin furnishing your newly-rented apartment, none of that total gets taken away by taxes.
How much do I need to earn to live in Montana?
Living in Montana most likely means paying less rent than you would in the more urban areas of the country. Since rent makes up the largest chunk of your cost of living, making sure you can afford it first really is key.
The majority of experts say you need to put 30 percent of your annual income toward rent. The average rent in Montana for a one-bedroom apartment is $1,954. This means you need an annual salary of $78,160 to live comfortably in a single bedroom.
This can make apartment hunting in certain areas harder given that the annual mean salary in Montana is $49,340. You’ll most likely have more options living away from larger urban areas, so opt for smaller cities or suburban communities when you want more housing options.
To get the numbers exact, though, it’s best to work up your own budget when it comes to the cost of living expenses. You can get started figuring out rent as part of your cost of living in Montana by using our rent calculator.
Living in Montana
Montana is easily one of the most picturesque states in the country. Not only that, its less-dense population means there’s more open space to simply enjoy. If an outdoorsy lifestyle is what you crave, in a state that won’t cost you an arm and a leg, Montana is the perfect place for you. The cost of living in Montana makes it very doable.
The Cost of Living Index comes from coli.org.
The rent information included in this summary is based on a calculation of multifamily rental property inventory on Rent. as of July 2022.
Rent prices are for illustrative purposes only. This information does not constitute a pricing guarantee or financial advice related to the rental market.
When someone heads off to college, they are often setting up a whole new household. They want and need items that help them get their new lifestyle up and running. If you are buying gifts for a student, you can help them achieve that by giving them items that are convenient, practical, and a little bit fun.
That’s where this list can come in handy. It identifies some of the most useful, in-demand gifts you could give a recent high-school grad or current college student. Plus there are clever ideas that may well elicit an “I love it!” from the recipient, such as a subscription to a favorite streaming service.
Read on for smart, inspiring ideas for presents for the students in your life.
Apparel and Accessory Gifts for College Students
College students need to be prepared for any situation on campus, whether that’s a winter storm, a job interview, or a trip to the school’s gym to workout. Clothing and accessories are college gifts that are likely to be appreciated. They’re practical, of course, and can help the recipient save money on clothes.
1. Backpack
A good-quality and versatile backpack is a college staple. Your college student may want a waterproof bag with plenty of compartments with room for books, a laptop, and other personal items. The backpack should also be comfortable to carry around throughout the day and durable enough to last for several semesters.
2. Messenger Bag or Tote Bag
An office-ready tote or messenger bag can be great for internships or interviews. Plus, it can be used beyond college.
3. Activewear
Whether they’re playing on a college team, a regular at the gym, or just like the style and comfort, activewear can be a useful gift for most college students. There are many different styles and brands at various price points.
4. Gym Bag
For college students who may use the school’s gym facilities or participate in a sport, a gym bag is essential. Make sure to get an appropriate size bag depending on how much they need to carry.
5. Outdoor Winter Gear
This may not be as important if they’re attending school in a warm location, but students need warm winter clothing when they’re walking back and forth between classes. Your college student may need warm winter boots for the snow, a heavy coat, thick socks, a hat, and gloves. And those can be pricey, so they make a great gift.
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6. Waterproof Gear
The last thing a college student wants is a wet bag while they’re carrying their textbooks and laptop. A waterproof backpack and an umbrella should help protect expensive gear and a raincoat and boots should keep your college student dry between classes.
7. College Hoodies/Sweatshirts
One popular gift for college students is a hoodie or sweatshirt with the school’s team logo. This can typically be found through the college’s website or they may sell them on campus as well.
This type of gear can be especially fun for students to wear when getting involved in on-campus activities and showing their school spirit.
8. Loungewear
The dorm will be home for the next couple of semesters so it’s important to be comfortable. Loungewear can be found online or in stores and come in a variety of styles and prices.
9. Professional Attire
A professional outfit is a must for the college student going on interviews or for any formal gathering. If you don’t feel comfortable picking out an office-ready outfit, there are subscription services available with styles based on the information filled out by the recipient, or a gift card to a specific store may work as well.
Another great idea for a present for a college student: a gift card to a specific store.
Recommended: What Is College Like?
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Dorm Room Gifts for College Students
There are too many dorm room college essentials to list. The little things go a long way and can help make college life more comfortable and enjoyable.
10. Bedding/Blankets
Most colleges only supply a mattress, so students must bring their own sheets, blankets, and pillows. Colleges typically have dorm beds with a twin XL mattress, but it should be confirmed with the school before buying bedding. Make sure to buy an extra set of sheets so that they always have a clean set.
11. Basic Kitchenware
Whether your college student has a dorm room kitchen or will mostly be eating in the dining hall, basic kitchenware is a necessity for a quick meal or a late-night snack. Basic kitchenware includes utensils, knives, plates and bowls, cups, and food storage containers.
12. Laundry Basket
Dorms typically don’t provide a washer and dryer in the dorm room so students will need to bring their laundry to the communal laundry room.
13. Alarm Clock
Getting up on time for classes can sometimes be a struggle so your college student may need a little help. A digital alarm clock should do the trick even for the heaviest of sleepers.
14. Bathrobe
Aside from the comfort and luxury that bathrobes may bring, they’re a necessity for college. A bathrobe will give a little bit of extra security when your college student goes to take a shower.
15. Storage
Dorm rooms are usually small, so your student will want to maximize every inch they have. There are tons of great storage solutions from under-bed bags and bins, over-the-door storage racks, and hanging strips or hooks.
16. Desk Supplies
Desk supplies are a must-have and make great gifts for college students. Consider desktop organizers, pens and pencils, a lamp, and also a comfortable desk chair.
17. Lap Desk
A lap desk can make a convenient gift for college students to make studying around campus more comfortable. They’re portable and perfect for taking notes or setting a laptop.
18. Streaming Service
It’s easy to spend a lot of money on streaming services, and college students are typically on a tight budget. Get a gift card for one or a couple of streaming services to gift your college student.
19. Personal Safe
If your student has expensive or important items, it’s important they’re kept in a safe location. A small personal safe to protect valuables can give your college student some peace of mind when living with roommates. Plus, if they work a cash job and want to save the money for tuition, they will have a safe place to stash it.
20. Games
Board games or card games are perfect for a relaxing night with roommates and friends.
Food and Drink Gifts for College Students
College cuisine doesn’t have to be instant ramen or dining hall meals. You might help your student get set up to cook meals for themselves, which can be a way to save money on food, given how pricey takeout can get. Before purchasing any kitchen appliances, contact a residential assistant to double-check if they are allowed in dorm rooms at the student’s school.
21. Insulated Water Bottle
It’s a simple gift but a leak-proof insulated water bottle will keep cold drinks cold and hot drinks hot for hours.
22. Microwave
A microwave for a college dorm needs to be compact as college students aren’t working with much space. It should be big enough to fit a full-sized plate but small enough to fit on a narrow counter.
23. Mini-Fridge
A mini-fridge is good for keeping drinks cool or storing a few snacks.
24. Electric Multi-Cooker
Multi-cookers, like the InstantPot, are simple machines but can take dorm room dishes to the next level. With a multi-cooker, college students can free up space and replace multiple kitchen appliances: rice cooker, frypan, pressure cooker, slow cooker, yogurt maker, and steamer. Worth noting again, before buying any kitchen appliances — confirm they are allowed in the dorm rooms at your student’s school.
25. Coffee Maker
It may be nice to get a coffee from the local coffee shop every morning, but the cost can add up. College students on a budget can save some cash by using a coffee maker instead.
Recommended: earn money at home (or at their dorm room), whether selling things online or perhaps tele-tutoring in a subject they love.
27. Portable Charger
A portable charger ensures your college student can study, take notes, and work on assignments without worrying about their battery dying. Portable chargers come in a variety of forms with a range of features.
28. Noise-Canceling Headphones
Dorm rooms and other areas around campus sometimes don’t make the best environment for studying. Noise-canceling headphones give your college-bound student a distraction from the surrounding noise.
29. Power Strip
You can never have too many power outlets. Your college student’s dorm room may not have enough outlets for their needs.
30. USB Flash Drive
College students may need a reliable USB flash drive to use when going to the library to work on a project, when a printer isn’t working, or when moving large files. Flash drives come in a range of storage capacities and prices.
31. Portable Bluetooth Speaker
It may not be a must-have, but a portable bluetooth speaker is a fun gift for college students. There are even waterproof models for a little extra protection.
The Takeaway
Still, stumped when it comes to finding gifts for college students? Cash or gift cards go a long way and it allows your college student to purchase exactly what they want or need. A gift card can be used for their favorite restaurant or store or some cash can go towards college books, saving for college tuition, or anything else they may need.
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Interest rates are variable and subject to change at any time. These rates are current as of 8/9/2023. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet..
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