The cheapest places to live in the U.S. are El Paso, Texas, and Lincoln, Neb., according to a new study by Move.org that ranks cities based on cost of living. In El Paso, the average cost of living is $1,182.96 per month and, in Lincoln, it’s $1,291.50. On the opposite end of the spectrum, San Francisco (at a $4,210.60 average cost of living per month) and New York (at $3,956.11) have the highest costs of living in the nation.Move.org analyzed
The 30-year fixed-rate mortgage continued to hover near historical lows this week, lowering borrowing costs for home buyers and refinancing homeowners. Freddie Mac reported that the 30-year fixed-rate mortgage averaged 3.60% this week, unchanged from last week’s average.“The sound and fury of the financial markets continue to warn of an impending recession; however, the silver lining is mortgage demand reached a three-year high this week,”
Home builders are starting to lower their prices to better reach out to the growing demand for smaller, more affordable homes. Sales prices of new homes dropped 0.5% in the second quarter of this year from 2018 levels.Prices for new homes reached a median of $372,900 in the second quarter, while the median sales price of existing homes was $309,700.Builders appear to be shifting their focus to less expensive homes. “While this change was a clea
A lush lawn can help improve a home’s aesthetics. But it’s not always easy to do, says William Moss, a horticultural educator known nationally as the “garden boss." Moss says he sees several common mistakes that homeowners are making with their lawns, including:Watering ErrorsMany homeowners water too frequently for short periods, such as daily for 15 minutes or so. Instead, Moss says it’s better to water for a longer period of time every
The Department of Housing and Urban Development is expected to release updated guidance Thursday on condominium financing insured by the Federal Housing Administration, a move designed to help more would-be buyers become eligible for a mortgage. Specifically, the new rules will:Extend FHA certifications on condo developments from two years to three years, reducing the compliance burden on condo boards.Allow for single-unit mortgage approvals—of
In more places, homeowners are carrying supersized mortgages. Outstanding mortgage balances rose nationwide for the seventh consecutive quarter and reached a new high of $9.5 trillion, according to first-quarter data from Experian.“While mortgage debt numbers could be a cause for concern as buyers increasingly leverage their finances to purchase homes, other signs show they are more responsible with their mortgage debt than in years past,” Ex
Montana has seen the most growth in vacation homes over the past decade, nudging out traditional choices like Florida and California, according to a new study from IPX 1031, a 1031 exchange resource.Since 2009, Montana has seen its number of vacation homes grow the most (by 63%), followed by Mississippi (58%), Idaho (56%), Nevada (51%), and Alaska (48%).Overall, the number of vacation homes has risen over the past decade nationwide, increasi
Housing shortages likely will worsen over the next year as a shift in the housing market occurs, according to a report from realtor.com®. That shift could make it tougher for home buyers to find a home to purchase, despite low mortgage rates that are making it increasingly attractive to do so.Housing inventories could likely get near record lows by early 2020, says Danielle Hale, realtor.com®’s chief economist. In June, the number of newly li
Homeowners don’t care only about how well an appliance performs. They are also placing more emphasis on its look too, finds the J.D. Power 2019 Kitchen and Laundry Appliance Satisfaction Studies. That trend will likely continue too as “HGTV diehards and Pinterest enviers work to improve their living spaces and as manufacturers expand their offerings in this space,” the study notes.“Staying at the forefront of appliance design trends while
The way the furniture is positioned in a room can have a big impact on how prospective buyers perceive the space. Apartment Guide recently highlighted some of the most common layout mistakes that designers see in a space. Here are four mistakes to avoid.Placing furniture against the walls. “Not all furniture pieces need to go against a wall,” says Tammy Price, an interior designer and owner of Fragments Identity in Los Angeles. “Actual
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