There’s a certain point every year when your home can feel as if it’s bursting at the seams. Holiday decorations are stacked in corners, patio furniture and cushions are coming back out for the season, and somehow the closets that just felt organized are full again.

That’s when a storage unit can feel like the perfect solution. It’s quick, convenient and creates extra space without forcing you to decide what to keep, donate or throw away. But storage isn’t as simple as packing things away and forgetting about them.

What you put in a storage unit still matters. Some items won’t hold up over time, especially in spaces without climate control. Others can attract pests, create safety hazards or even violate storage facility rules. Before you start boxing things up, it’s worth knowing what should stay out of storage altogether.

Storage units feel like an easy fix for clutter

But not everything belongs in storage. Not every item you box up will come out in the same condition, or even be allowed in the first place. Storage facilities often have rules about what tenants can keep inside, and even items that aren't prohibited can deteriorate over time due to temperature swings, humidity, pests or neglect.

That means that what starts as a smart decluttering project can turn into an expensive mistake. Before you stash something away for months or years, it's worth considering whether it will survive storage.

When we asked readers of our A Step Ahead newsletter what they're keeping in storage, the answers ranged from quirky collectibles to treasured family keepsakes. Readers reported storing everything from beer can collections and rocket-launching tubes to antique spinning wheels, oversize stuffed animals and a baby doll buggy that has been in the family since 1945.

Those responses highlight an important reality: Storage units often become homes for the items we value most, whether they're collectibles, family heirlooms or pieces of personal history. That's why it's especially important to know which belongings are at risk of damage and which items might not belong in storage at all.

Here are 10 items that don't belong in storage and why keeping them there could cost you.

1. Perishable food and pantry items

Food might seem harmless, but it's one of the quickest ways to create problems inside a storage unit. Pantry staples, pet food, even unopened snacks can attract rodents and insects. Once pests find a food source, they often spread beyond the food itself, damaging boxes, fabrics, furniture and other stored belongings.

Food can also spoil over time, creating unpleasant odors and increasing the risk of contamination, so many storage facilities prohibit food storage altogether.

2. Hazardous or flammable materials

Items such as gasoline, propane tanks, paint, cleaning chemicals and fireworks are almost always prohibited in storage units, and for good reason. These materials can leak, ignite or create hazardous fumes, posing serious safety and fire risks.

Even if nothing goes wrong, storing prohibited materials could violate your rental agreement and lead to penalties or the loss of your unit. As a general rule, if an item is flammable, combustible or corrosive, it shouldn't be placed in a storage unit.

3. Important documents and sentimental items

It's tempting to store paperwork or keepsakes you don't use often, but a storage unit isn't the best place for anything that's difficult or impossible to replace.

Birth certificates, Social Security cards, financial records and family heirlooms can all be damaged by moisture, fire or theft. Even well-maintained facilities can't eliminate those risks entirely.

For items with significant financial, legal or sentimental value, consider storing them in a fireproof safe at home or a bank safe-deposit box instead.

4. Electronics (without climate control)

Electronics don't handle extreme temperatures or humidity well. Heat can warp internal components, while moisture can lead to condensation, corrosion and permanent damage. That old laptop, TV or gaming console you're trying to save for later might not work when you retrieve it, especially if it's been sitting in a non-climate-controlled unit for months or years.

If you need to store electronics, consider renting a climate-controlled unit. These units maintain a more consistent temperature and humidity level throughout the year, helping protect sensitive components from heat, cold and moisture.

It's also a good idea to pack electronics in their original boxes when possible or use sturdy containers with padding to protect them from dust, impact and shifting during storage. Before putting devices away, remove batteries, back up important data and cover equipment with breathable materials rather than plastic, which can trap moisture.

5. Clothing and fabrics

Clothing, linens and upholstered items can quickly fall victim to mold, mildew and pests when stored improperly. In humid conditions, fabrics absorb moisture and develop musty odors or visible mold growth. In drier environments, natural fibers can become brittle, while insects such as moths might damage clothing and textiles.

If you need to store fabrics, make sure everything is clean and completely dry before packing it away. Use breathable garment bags for clothing, acid-free boxes for delicate textiles and sturdy plastic bins with tight-fitting lids for items that need extra protection from pests.

For valuable garments, consider using a wardrobe box that allows clothing to remain hanging and wrinkle-free. Climate-controlled storage can also help protect fabrics from temperature and humidity fluctuations.

Without proper preparation, the clothes, linens and upholstered items you store today might not be in usable condition when you retrieve them months or years later.

6. Wine and alcohol

Wine is particularly sensitive to temperature fluctuations and prolonged exposure to heat. When stored improperly, corks can dry out and shrink, allowing air to enter the bottle and spoil the wine. Excessive heat can accelerate the aging process, alter flavors and, in some cases, permanently damage the contents. Even short periods of exposure to extreme temperatures can affect quality.

If you have a wine collection, consider storing it in a wine refrigerator or another temperature-controlled environment designed for long-term preservation. Ideally, wine should be kept at a consistent temperature with moderate humidity and minimal exposure to light or vibration.

While some storage facilities offer climate-controlled units or specialized wine storage options, a standard storage unit is rarely the best choice for protecting a valuable collection.

7. Tires and unregistered vehicles

Some storage facilities allow vehicles, but often with strict requirements. Unregistered vehicles, leaking fluids and improperly stored tires can create safety, environmental and fire hazards. Tires, in particular, can degrade over time when exposed to fluctuating temperatures and might be restricted by some facilities due to disposal and safety concerns.

Before storing a vehicle or extra tires, review your facility's policies carefully. Many sites offer dedicated vehicle storage for cars, motorcycles, boats, RVs and ATVs, either in outdoor parking spaces or enclosed units.

These specialized storage options might provide additional security, protection from the elements and features such as battery maintenance or climate control. Choosing the right type of storage can help protect your property and prevent costly damage while it's not in use.

8. Live plants or animals

This might sound obvious, but it still happens. Storage units aren’t designed for living things. They lack ventilation, light and consistent temperatures.

These are conditions that can quickly become fatal for plants or animals. In addition to ethical concerns, this can also create sanitation issues and attract pests.

9. Wet or damp items

One of the most common, and costly, storage mistakes is putting items away before they’re completely dry.

That includes:

• Carpets or area rugs cleaned right before moving
• Recently used outdoor gear
• Appliances such as mini fridges or coolers
• Boxes packed during a rainy move

Moisture trapped in a sealed space creates the perfect environment for mold to grow. Once it starts, it spreads quickly. One damp item can ruin an entire unit.

10. Anything extremely valuable or irreplaceable

Even in a secure facility, storage units aren't immune to theft, fire, water damage or natural disasters. If an item has significant financial or sentimental value, think carefully before storing it off-site.

Insurance could help cover some losses, but coverage limits, exclusions and deductibles can leave you paying out of pocket. For many heirlooms, collectibles and family keepsakes, replacement simply isn't possible. When possible, keep valuable items in a location where you can monitor and protect them more closely.

If you choose to store high-value belongings, create a detailed inventory, take photos and keep records of their condition and estimated value. You might also want to review your homeowner, renter or storage insurance coverage and consider additional protection for valuable collections.

The real cost of storing the wrong items

A storage unit might seem as if it's a modest monthly expense, but the costs can add up quickly over time. Depending on the size, location and amenities, you could pay anywhere from $75 to $200 a month, or roughly $900 to $2,400 a year. Add-ons such as insurance, climate control and administrative fees can push that total even higher.

The bigger risk is paying to store items that lose value while they're sitting there. Moisture, temperature fluctuations and pests can damage belongings, turning a storage solution into an expensive replacement project.

Before signing a lease, consider whether the items you're storing are worth the ongoing cost and whether they'll still be in good condition when you need them again. Storage units can absolutely help you stay organized and create breathing room at home. But they’re not a catch-all solution.

Before you pack something away, ask yourself a simple question: Will this item hold up in a dark, enclosed space for months at a time?

If the answer is no, or even maybe, it’s worth finding a better option.

Related Content:

• Things to Know About Decluttering
• 10 Items That Actually Belong in a Storage Unit
• Tips to Declutter Your Home Before Your Retirement Move

A home sale falling through can be frustrating and discouraging, especially after you've already started planning your next move. With homes sitting longer on the market and more deals falling through due to financing hiccups, inspection surprises or buyer cold feet, many sellers are finding themselves back at square one.

But relisting isn't just about putting your home back online and hoping for a better outcome. In today's market, buyers are more cautious, and listings get scrutinized quickly. The good news?

A thoughtful reset can put you back in a strong position. Here's how to relist your home strategically and improve your odds of getting to the closing table this time.

Why relisting without changes rarely works

It's tempting to relist your home exactly as it was and wait for a different buyer. But most of the time, that approach backfires.

Buyers (and their agents) can see a property's history through the multiple listing service (MLS), including how long it was on the market and any price changes. If your home returns to the market unchanged, it can raise red flags, making people wonder what went wrong the first time. Instead of a simple relaunch, think of your relisting as a reset.

That means addressing past issues, adjusting your strategy and presenting the home in a fresh way.

Start with a post-mortem on what went wrong

Before you relist, take a step back and assess what caused the deal to fall through.

Common reasons can include:

• Financing issues or loan denials
• Low appraisal values
• Inspection problems
• Buyer remorse or contingency withdrawals

Talk with your agent and review feedback from showings, inspection reports and the buyer’s objections. This step is key because new buyers will likely ask the same question: Why didn’t it sell?

Having a clear, honest answer along with proof that you've addressed any issues can build trust and prevent repeat problems.

Use the Bankrate tool below to explore and compare some of today's top mortgage offers:

Reset your price for today's market

One of the biggest mistakes sellers make when relisting is sticking too closely to their original price, even when the market has clearly shifted. If your home didn't sell the first time, pricing is one of the first areas to revisit.

Start by looking at what's happening right now, not when you first listed. Are similar homes reducing their prices? Are new listings coming in lower to attract attention? Even small changes in interest rates or buyer demand can impact what buyers are willing (and able) to pay.

When a home is relisted, a strategic price adjustment is often key to success. That doesn’t always mean a drastic cut, but it does mean pricing with intention. For example, listing just below a common search threshold, like $399,000 instead of $405,000, can help your home appear in more buyer searches and generate fresh interest.

It’s also important to think in terms of momentum. A well-priced home can attract multiple showings quickly, which may lead to stronger offers and better negotiating power.

On the flip side, pricing too high can cause your listing to sit again, reinforcing the perception that something is off.

Fix the issues that killed the deal

If an inspection derailed your previous sale, don't ignore it. Address known issues upfront, whether that's repairing a roof, updating electrical systems or resolving plumbing concerns.

You may also want to consider a pre-listing inspection so there are fewer surprises this time around.

Being proactive helps reduce the risk of another deal falling through and gives buyers more confidence when making an offer.

Refresh how the home shows online and in person

When you relist, your goal is to make the home feel new again, especially to buyers who may have already seen it before.

Start with your online presence. Updated, high-quality photos can make a big difference, particularly if your original listing had poor lighting or didn’t highlight your home’s best features. Small tweaks like brighter rooms, cleaner spaces and better angles can completely change how the home is perceived in search results.

From there, focus on the in-person experience. Decluttering, light staging and simple upgrades like fresh paint or landscaping can help buyers picture themselves living in the space. Even minor improvements can shift a buyer’s first impression from "this needs work" to "this feels move-in ready."

Consider switching agents or strategy

If your home didn’t sell the first time, it’s worth taking an honest look at your approach, and that includes your agent. A different agent can bring a fresh perspective, especially one who has experience relisting homes or handling expired listings. They may suggest a different pricing strategy, new marketing channels or ways to better position your home against current competition.

Even if you stick with the same agent, your strategy should evolve. That might include rewriting the listing description, expanding marketing efforts (like social media or targeted ads) or adjusting how showings are scheduled and managed.

How to get to the closing table this time

Once you accept an offer, the focus shifts to protecting the deal all the way through closing which is something that's become more important as more transactions fall apart.

Start by looking closely at the buyer's financial strength. A strong pre-approval, a solid down payment and fewer contingencies can reduce the risk of delays or cancellations.

From there, stay engaged during key milestones. Be responsive during the inspection process, open to reasonable repair requests and be prepared for potential appraisal gaps. Flexibility can go a long way in keeping negotiations on track.

Finally, keep communication open between all parties, including your agent, the buyer’s agent and the lender. Many deals fall through due to avoidable misunderstandings or slow responses.

The smoother you can make the process, the better your chances of making it to the finish line this time.

A failed home sale can feel discouraging, but it’s increasingly common in today’s market. The upside? Relisting gives you a second chance to correct course. With the right mix of pricing, presentation and strategy, you can turn a setback into a successful sale.

Related Content:

• We’re New Yorkers With $3.8M. We Plan to Retire in South Carolina, but My Wife Worries We Will Regret It
• How the Federal Reserve Affects Mortgage Rates — and What It Means for Homebuyers in 2026
• Property Tax 101: What Every Homeowner Needs to Know in 2026

For over 50 years, Americans have celebrated Earth Day, taking a day to remember that we have this one planet and should take care of it.

There are lots of different ways to recognize Earth Day, from joining a party at a park to volunteering at a nature clean-up to turning off major appliances for the day. But, we know, it takes more than one day to look out for the planet; we have to develop certain habits and make choices every day to really have an impact.

As an editor at a finance publication, I find the edicts of "green" living fascinating — because so many of them also double as good financial advice. You need to conserve energy overuse in the same way you need to "conserve" overspending, for example, and "reusing" items gives the earth returns in the same sort of way reinvesting dividends and compound interest give you returns.

Plus, many eco-friendly habits also literally save you money. With that in mind, here are five ways I'm celebrating Earth Day, both on April 22 and every day around it, that save me money.

1. Opt for public transportation

I lived in New York City for 15 years, and my favorite part about it was the subway system. Yes, it's grimy underground, but it's also an amazing feature that you can pay $3 to get just about anywhere 24 hours a day.

When you live in a place like New York, a typical question that comes up is, "Should I take the subway or be lazy and waste money on a cab?" The price of a taxi vs the train is exponentially different, like $3 vs $40. And often, because of traffic, the subway will get you to your destination faster.

"Public transportation use is one of the most effective actions individuals can take to conserve energy," says the Kansas City Area Transportation Authority. "Riding public transportation far exceeds the benefits of other energy-saving household activities, such as using energy-efficient light bulbs, adjusting thermostats, or using energy-efficient appliances."

Now that I live in the suburbs and own a car, it's even easier to fall into the trap of driving a car somewhere instead of opting for public transportation. But there are train and bus stations near me that can get me where I want to go.

For example, I can pay about $22 round-trip to get me to midtown Manhattan and back on the commuter train. Alternatively, if I drove, I would spend about $17 on tolls (including New York City's congestion pricing), and if I couldn't find street parking, another $35 or so on a lot, on a good day. That doesn't begin to price in the cost of gas or the mental strain of getting stuck in traffic.

The train and buses can also take me in between towns, not just into the city. And by using the car less, I'll have less wear-and-tear, and so will spend less on maintenance.

2. Avoid disposable water bottles

If you were to ask me my second favorite thing about living in New York City, I'd say the high quality of the tap water. Why do you think the bagels are so good? It's the water.

One of the tenets of Earth Day is to "reduce, reuse and recycle," and one easy way to do that is to use a reusable water bottle instead of plastic disposable ones. Like many people, I bought into the 2020s trend of colorful water bottles to stay hydrated, and while it felt a little crazy to spend $40 on a water bottle, now that I've been using the same one for five years, I can say it was worth it.

If the tap water where you live is not as glorious as New York City's, you can also invest in water filters to refill your bottles.

Reusable water bottles come in handy the most when traveling. What I do is take an empty bottle with me to the airport, then fill it up once I'm past security. Many airports have fill stations for just this purpose. As someone who's gotten dehydrated on a plane (believe it or not, that 4-ounce cup from drink service will not sustain you for a few hours), I consider this one of the most important things to take on a plane.

Now you have a water bottle to use in the air and through your whole vacation. Starting with the airport alone, you've already saved the $7 or so you would spend on a plastic bottle in the terminal.

3. Skip the trends

Buying a reusable water bottle one time was a good decision both for the environment and for my wallet. But it would've been a problem if I went chasing trends, jumping from a Hydro Flask to an Owala to a Stanley depending on which brand was in vogue.

This is true of chasing trends in just about anything, from clothes to home decor to "wellness" and skincare. I have saved an uncountable amount of money simply by skipping trends — and that has also helped the environment.

Because I don't buy fast-fashion, I'm not helping fuel that harmful industry. Because I don't get new makeup or skincare every few weeks, I'm using fewer disposable plastic products. Because I'm not ordering new drapes and peel-and-stick wallpaper, I'm not engaging all the earthly problems that come with shipping and deliveries. Win-win for Mother Nature and my wallet.

Bonus savings: Shop second-hand. You'll save thousands on designer goods through shops like The RealReal and Vestiaire Collective.

4. Use green energy

As I wrote about, I recently bought a house with solar panels. Every month since I moved in, my electric bill has been $20, with one exception: In February, we had to kick into the grid and were charged $140.

That means that, at a very rough estimate, I'm saving $120 every month that I use solar energy. Over the course of a year, that's well over $1,000, even accounting for one month at $140. We know that energy prices will continue to rise, along with everything else, so these savings will grow over time.

I understand that installing solar panels is a big financial undertaking, especially now that federal tax credits have expired, but like buying that $40 water bottle, the savings will add up over time. My next step, as I wrote in that article, is to get an electric vehicle, which will save me on gas prices and essentially run for free thanks to the solar panels.

5. Skip the meat, sometimes

It's well known by now that eating meat contributes to environmental harm. I am still very much a carnivore, but I've been eating less meat at home. That means I save steak to be an occasional treat when I go to a restaurant, for example, rather than cook it at home on a weekly basis. Even just skipping meat for one day a week can help the environment: Each meatless meal saves 133 gallons of water, according to the University of Colorado Boulder.

Honestly, it helps that I learned how to cook in part from my grandmother, who grew up in southern Italy, a heartland of "peasant food." Pasta e ceci (chickpeas) is one of my favorite dishes, and beans never feel like an afterthought or downgrade. One can of beans is about $2.50, while a pound of steak can be $15 or more, so there are obvious cost savings.

The less obvious savings are in health. "Eating less meat and more plant-based foods can lower your risk of chronic diseases, such as heart disease, high blood pressure, type 2 diabetes, and some cancers," according to the Johns Hopkins Center for a Livable Future. Given the high costs of health care, this results in a multitude of savings, while helping the environment.

Bonus savings: Cook more at home, rather than ordering takeout, where you'll be using disposable plastics.

Live an intentional life for your wallet and the planet

With the exception of the solar panels, I hope you've seen that all of the choices represented here are relatively simple. None of this is really about going out of your way or massively changing your life or lifestyle.

For me, these choices are just about making decisions more intentionally. If I'm about to order something on Amazon, for example, I stop and consider if I could instead wait to pick it up on my next pharmacy store trip, thereby avoiding the environmental impact of shipping one item to my house. Before I buy a new purse from an Instagram ad, I stop and think if I can instead "shop my closet." While grilling a pork chop is easy, I wonder if I can serve it alongside beans and then be able to have leftovers to spread the pork chop over another day or two, making my per-meal costs lower.

Just as saving a few dollars every day adds up over time, so too do these decisions for the environment.

Related Content

• 3 Simple Ways to Live Greener This Earth Day
• EV Charger Tax Credit: What You Need to Know
• How Green and Sustainable Bonds Can Help Your Portfolio and the Planet

If you need cash for a major expense, you might be considering tapping your home equity. With a home equity line of credit (HELOC), a home equity loan or a cash-out refinance, you can access the equity in your home and use that money for renovations and other expenses.

But it’s more important than ever to understand the potential risks that come with tapping your home equity. According to the Intercontinental Exchange Mortgage Monitor report, Americans hold approximately $17 trillion in total equity, with about $11 trillion tappable.

High home values and limited inventory have resulted in equity-rich but cash-constrained households. Using your home’s equity can be a risky move, so be sure you understand all of the factors involved before deciding if this is the right decision for you.

Borrowing costs remain elevated, with new pressures in 2026

Home equity borrowing is still relatively expensive, and recent economic conditions are adding more uncertainty to where rates go next.

As of April 2026, average home equity loan rates are hovering around the 8% range, according to Bankrate:

• 5-year home equity loan: 7.89%
• 10-year home equity loan: 8.02%
• 15-year home equity loan: 8.00%

Rates vary based on credit score, loan-to-value ratio and lender.

These rates are noticeably higher than what many homeowners are used to, especially those who locked in mortgage rates below 4% in recent years.

At the same time, the Federal Reserve has held rates steady through its January and March meetings, signaling a more cautious approach to rate cuts. That means borrowing costs tied to the prime rate, including HELOCs, have remained relatively high so far this year.

Geopolitical tensions, including the ongoing war in Iran, are also contributing to inflation pressure, particularly through energy prices. That added uncertainty can make it harder for rates to move lower in the near term.

In this environment, the type of loan you choose matters more. Home equity loans offer fixed rates, which can provide predictable payments. HELOCs typically come with variable rates, meaning your costs could change over time. Meanwhile, mortgage rates, which affect cash-out refinancing, tend to follow the 10-year Treasury yield and remain sensitive to inflation and broader market conditions.

When tapping your home equity can make sense

Tapping your home equity may make sense when you’re using the funds for a clear, high-value purpose. For example, you might finance home improvements that increase your property’s value, helping offset the cost of borrowing over time.

Some homeowners also use home equity to consolidate high-interest debt. Replacing a credit card balance with a rate around 20% with a lower-rate home equity loan or HELOC can reduce interest costs and simplify payments.

Home equity can also help cover large, planned expenses, such as education costs or major medical bills. In these cases, the value of the expense may justify the interest you’ll pay. Used intentionally, home equity can be a strategic financial tool — not just a way to cover everyday spending.

Use the tool below, powered by Bankrate, to explore and compare today's home equity loan and HELOC options from multiple lenders:

When tapping your home equity could be a risky move

Tapping your home equity can be risky. When you use your equity, your home is collateral. If you default on your loan, you could face foreclosure.

HELOCs have variable interest rates. While your interest rate could drop, it could also rise, meaning your payments could be larger than you anticipated, and you might ultimately pay much more in interest than you’d planned.

It’s also possible to overborrow home equity. When paired with market uncertainty resulting in fluctuating interest rates and home values, overborrowing could increase your chance of defaulting on your loan and facing foreclosure. It's always best to borrow no more money than you absolutely need, which will also help minimize what you pay in interest.

Home equity loan vs. HELOC vs. cash-out refinance

Let’s take a look at how three methods of accessing home equity compare:

• Home equity loans are fixed-rate loans, so you’ll have predictable, set payments throughout the loan’s term.
• HELOCs are revolving credit lines that you can draw from, repay and reuse. They offer flexibility, but variable rates mean your payments can change over time.
• A cash-out refinance replaces your existing mortgage with a new, larger loan, resetting your interest rate and loan terms.

Since many homeowners are locked into ultra-low mortgage rates, refinancing tends to be a less attractive option right now.

Timing matters more than most borrowers realize

Timing matters when tapping your home equity. Rates could fall later in 2026, but that’s far from certain. Waiting might help you secure a lower rate, but it could also work against you if home values decline or lending standards tighten.

The key is balancing timing with necessity. If you’re facing a time-sensitive expense, such as an urgent home repair or education costs, waiting for a better rate may not be practical.

How to decide if borrowing is right for you

This simple checklist can help you decide if borrowing against your home equity is right for you:

• Do you have a clear purpose? Tapping home equity is risky, so make sure that your purpose justifies that risk.
• Can you comfortably afford payments? With your home as collateral, you risk foreclosure if you can’t make the payments.
• Are you choosing the right product? Be sure you understand the pros and cons of each home equity product to choose the one that’s best for your situation.
• Have you compared lenders? Rates, terms and loan costs can vary from lender to lender. Compare quotes from multiple mortgage lenders to find the best option.

Think beyond access to equity

Home equity can be a powerful financial tool, but it comes with real risk. Because your home is on the line, it’s important to borrow with a clear purpose and a plan to manage the payments.

The decision isn’t just about whether you can access the funds. It’s about whether using your equity supports your broader financial goals and makes sense given today’s rates and market conditions.

Related Content

• HELOC Rules Are Changing in 2026
• 4 Ways To Use Your Home Equity To Boost Your Retirement
• What Home Equity Is and Why It's a Valuable Long-Term Investment
• How a Home Equity Line of Credit (HELOC) Works

After briefly dipping earlier this year, average 30-year mortgage rates have jumped from roughly 5.99% to around 6.38% in a short window, according to Freddie Mac.

That's not a dramatic spike compared with the highs of 2023, but it's enough to rattle a housing market that was already on edge heading into the spring buying season.

For buyers, sellers and homeowners hoping to refinance, the latest move underscores a frustrating reality: The housing market is not following a smooth recovery path. Instead, it's reacting in real time to inflation concerns, global instability and shifting expectations about where interest rates are headed next.

Mortgage rates are moving higher again

The recent rise in mortgage rates reflects a broader shift in the economic outlook. Rates don't move in isolation. They're closely tied to the 10-year Treasury yield, which has been climbing as investors price in renewed inflation risks.

Those risks have been amplified by rising oil prices, ongoing geopolitical tensions and concerns about supply chain disruptions.

Even a modest move from 6.0% to 6.5% can have an outsize effect on buyer behavior. Housing affordability is already stretched, and many buyers are highly sensitive to changes in monthly payments. When rates move quickly, hesitation tends to follow.

What's pushing mortgage rates higher right now

Several forces are converging at once:

• Inflation expectations are rising again. Energy costs, shipping disruptions and broader supply pressures are feeding concerns that inflation might stay elevated longer than expected.
• Oil price volatility is back in focus. Higher energy costs ripple through the economy, influencing everything from construction materials to transportation.
• Geopolitical instability is adding uncertainty. Global conflicts and trade disruptions are pushing investors toward safer assets and driving bond market volatility that directly impacts mortgage rates.

It’s also important to keep in mind that mortgage interest rates don't move directly with Federal Reserve rate decisions. Instead, they reflect where investors think inflation and economic growth are heading over the long term.

The housing market was already softening before rates jumped

This latest mortgage interest rate increase is landing on a housing market that was already showing signs of strain.

Recent data from Redfin shows that 13.7% of pending home sales fell through in February, the highest cancellation rate since 2017 and up from 12.8% a year earlier. That is a clear signal that buyers were already struggling to follow through on purchases.

Affordability remains the central issue. Even when home prices stabilize or dip slightly, higher borrowing costs can quickly offset any savings. In other words, the math matters more than the listing price.

Buyers are gaining leverage — but it's complicated

There is one notable shift working in buyers' favor: Inventory is rising.

In many markets, there are now more sellers than buyers, creating a near-record gap. That imbalance is giving buyers more negotiating power than they've had in years.

In many markets, this is showing up as:

• More price reductions
• Seller concessions (closing costs, rate buydowns)
• Greater flexibility around inspections and contingencies

Here's the catch: Higher mortgage rates can erase those advantages.

Even if you negotiate a lower purchase price, your monthly payment might still be higher than it would have been a few months ago. That tension is what's keeping many buyers on the sidelines.

What higher rates mean for monthly payments

Small changes in rates can translate into meaningful differences in affordability. For example, on a typical mortgage, moving from 6.0% to 6.5% can increase both your monthly payment and raise total borrowing costs over time.

That roughly $130 monthly difference can translate into about $48,000 more in interest over the life of the loan.

This is why buyer behavior tends to shift quickly when rates move. It's not just psychological; it's also mathematical. When monthly payments cross a certain threshold, deals are more likely to fall apart as budgets get stretched and buyers pause their search.

Refinancing is getting pushed further out of reach

For homeowners, the current rate environment is keeping refinancing activity subdued. Most borrowers locked in mortgage rates below 4% or 5% in recent years. Compared with today's ~6.5% mortgage interest rates, refinancing into a higher rate doesn't make financial sense for most.

That said, there are still a few scenarios where refinancing might be worth considering:

• Cash-out refinancing to consolidate high-interest debt or fund home improvements
• Borrowers who purchased at peak rates (around 7% or higher) who might benefit from even a modest reduction

Still, for the majority of homeowners, refinancing is likely to remain on hold unless rates fall substantially.

What to watch next

Mortgage rates don't move randomly. They respond to broader economic signals, many of which are shifting right now.

Energy markets will be a key factor to watch, particularly oil prices. Rising energy costs can feed into inflation, which tends to push mortgage rates higher. At the same time, inflation reports such as the Consumer Price Index (CPI) and Personal Consumption Expenditures (PCE) will provide important clues about whether price pressures are easing or persisting.

Investors will also be closely tracking movements in the 10-year Treasury yield, which mortgage rates tend to follow. If yields continue to rise, borrowing costs for homebuyers are likely to remain elevated.

Within the housing market itself, trends in inventory, price reductions and buyer behavior (including cancellation rates and time on market) will help signal how much pressure higher rates are putting on demand.

Taken together, these factors suggest that mortgage rates might remain volatile in the near term, rather than settling into a steady downward trend.

What buyers and homeowners can do now

In a market like this, strategy matters more than timing perfection.

For buyers

Instead of trying to perfectly time the market, buyers might benefit from focusing on affordability and flexibility. This means prioritizing a monthly payment that fits comfortably within your budget, even if rates fluctuate.

It's also important to shop around and compare mortgage offers from multiple lenders, as interest rates and fees can vary more than usual in a volatile environment. Buyers might also have more room to negotiate right now, including asking sellers for closing cost assistance or temporary rate buydowns to lower upfront costs.

For homeowners

Homeowners should approach refinancing decisions carefully and avoid rushing into a new loan without a clear financial advantage. In many cases, keeping an existing low-rate mortgage will make more sense than refinancing at today's higher rates.

For those who need access to cash, alternatives such as a home equity line of credit (HELOC) or a structured repayment plan for other debts might be worth exploring instead.

For both

Both buyers and homeowners should be prepared for continued rate volatility and avoid making decisions based solely on short-term market movements.

The most important factor is how a housing decision fits into your broader financial picture, including your income stability, long-term plans and comfort with monthly costs.

If you're curious about today's rates, use the tool below, powered by Bankrate, to explore and compare some of today's top offers:

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• What to Watch for When Refinancing Your Home Mortgage

I spied a diamond in the rough at the thrift store. Once upon a time, this Marantz 2220 Receiver was the proud centerpiece of a 1970's home. But now the thick walnut case was faded and stained. A note warned that its iconic blue tuning dial didn’t light up… or tune in stations, but added optimistically that the amplifier seemed to work.

Why on earth would I pay $225 for an old, broken piece of electronic equipment? Well, vintage stereos are a hot item these days, driven by nostalgia and the revival of vinyl LPs. Hip coffee shops, stores, and restaurants in my neighborhood often display a vintage stereo behind the counter.

A perfectly restored example of this Marantz could command $1,000; the relatively rare walnut-veneered case could be worth the asking price on its own. With a little elbow grease and a few modern add-ons, this machine will be a useful and beautiful addition to my home. Here's how to do the same for your own sound system.

That old stereo offers better sound quality

Stereo receivers were, for a long time, the all-in-one hi-fi solution. They combined a radio tuner, a preamplifier to switch between sound sources, and finally, an amplifier for power. Their glowing faces exuded a space-age panache, with a spread of meters and needles bouncing to indicate the amplifier's output, the strength and the accuracy of incoming radio signals.

These machines evolved into today’s home theater receivers, which positively bristle with connections for many inputs (rarely for turntables), up to seven speakers and a subwoofer or two.

Many people, possibly confused by the need to hook up so many connections, have been scared away from receivers. Instead, most consumers have turned to all-in-one "powered speakers" that connect wirelessly to the internet and attempt to simulate stereo from tiny speakers in a single box.

I find the look of these modern plastic boxes uninspired and their sound even more disappointing. They often have a short lifespan, becoming obsolete as technology changes, and aren’t designed to be repaired when something inevitably goes wrong.

Refurbishing an old stereo is easier than you think

After a quick test in the store confirmed some functionality in the Marantz, I took the plunge and bought the system. I refurbished it in only two hours with the following steps.

• With only a Phillips-head screwdriver, I removed it from its case.
• I replaced the burned-out bulbs with a set of replacement LED’s (about $10 from Amazon) that brought back the tuner dial’s famous blue glow.
• Tightening the string on the tuner reconnected the heavy aluminum "Gyro-Touch" tuning wheel and restored its ability to tune in FM stations.
• Spraying all the connections and controls with a cleaner called "DeOxit" eliminated some crackling noise from the controls.
• A little refinishing with steel wool and a finish restorer removed the stains and brought the walnut case back to glory. Be sure to use products like this outdoors or in well-ventilated areas for safety.

While this refurbishment was easy, repairing these systems can be a challenge — and part of their allure. Marantz produced many models, and their enduring popularity means it is easy to find parts (often as kits tailored to specific models, complete with instructions).

More ambitious owners may attempt to fully rebuild their machines. The high prices of used models that have been "recapped" (replacing old capacitors, the electronic components most likely to fail) reflect the labor involved. The way these were built, with individual circuit boards for each separate function, makes tracing faults easier than modern electronics, where problems can more easily hide in miniaturized circuits.

While replacing bulbs and cleaning controls is relatively safe, once you get out a soldering iron to replace parts, caution is paramount. Making good, clean soldering connections requires patience to master. Read the directions carefully, because putting the wrong part in backwards can cause further (and possibly permanent) damage to the equipment or even to yourself! Consult a professional if you aren’t very handy.

Connecting a vintage system to streaming services

Spinning the heavy tuner knob through the FM dial is a delight. For access to more music, I hooked it up to an inexpensive 1Mii B06+ wireless Audio Adapter, which lets me connect to services such as Apple Music, Spotify and others via my phone’s Bluetooth.

I also connected the Marantz to my home's Sonos, a more robust (and more expensive) system that draws from a library of music on a hard drive. Sonos also offers online music services through Sonos Radio or other providers like Apple Music, and streams them to all connected stereos in the house via WiFi.

How to find your own vintage hi-fi

1. Select a brand

Notable manufacturers other than Marantz that sold equipment during the "golden age of high fidelity" included Pioneer, Kenwood, Sansui, and many others. Each has its own distinct, striking industrial design and vocal fanbases. Videos abound that explain how to work on them and compare the virtues of various models and brands. The more collectible models have the most support. Less-appreciated brands and models can be less expensive but more difficult to repair.

2. Pay attention to amplifier ratings

My "new" model is on the lower end of the Marantz lineup, putting out only 20 watts per channel, but amplifier ratings can be confusing. While it would seem like a 20-watt amplifier would be one-tenth as loud as a 200-watt amplifier, it’s actually only half as loud. It will have plenty of power in my kitchen or workshop, as long as I pair it with efficient speakers.

Another advantage of low power (especially in vintage audio) is its simplicity. Higher-powered amplifiers require linking together bigger components, more circuitry, higher voltage, and more heat. This means more things to break, more stress on the parts and when they do break, less room to fix them in a cramped chassis.

In their golden age, competition was fierce, and receivers gained bells and whistles; the top-of-the-line models grew from 100 watts per channel to 330 in five years. Some models even included a small oscilloscope! These models with more gadgets command the highest prices from collectors, partly because they are so expensive to repair, but how useful are they? Many of these gadgets, such as quadraphonic sound and Dolby FM noise reduction, are useless today, and some are unwieldy giants, almost 2 feet wide and weighing more than 75 pounds!

3. Where to buy a vintage receiver

Finding a good unit can be a challenge. Thrift stores and garage sales can very rarely yield gems. Local stores that specialize in vintage stereos, where you can actually listen to and test the unit, are a better option, especially if they offer to service what they sell.

Buying online can be a crapshoot. Shipping delicate old equipment across the country can present challenges (so much so that Skylabs Audio, a dealer and a great source of information on old equipment, recently announced it would only sell vintage gear in its Des Moines, Iowa, store).

Facebook Groups dedicated to vintage brands are a good place to start for advice of all kinds, and can lead to a well-cared-for unit or technical help.

Talking to staff at your local stores that sell used vinyl records and vintage guitar amplifiers is a great way to find a reliable repair person.

Audio boffins will argue endlessly about what gear sounds best, and while many will argue that vintage gear has some unique "warm" sound qualities, what is undeniable is that the look and tactile sensations of a classic receiver are hard to beat: Switches that make a reassuring click when pushed, Meters that seem alive, Brushed aluminum faces bookended by walnut or rosewood panels.

Add some good speakers and, if you held on to your LPs and a turntable, you will be ready to rock for another few decades.

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Early in my career as a real estate agent and property manager, I learned that much of my job involved more than just homes; it involved people's belongings.

I loved helping clients find a place to call home. It is a moment filled with possibility and new beginnings. But I also saw how overwhelming those transitions could be, especially when years or decades of belongings were involved.

Over time, I gained a deeper understanding of the role possessions play in our lives. I worked with clients who were preparing to move, helping them sort through what to keep, what to pass on and what to let go. I saw firsthand how difficult those decisions can be, and how much easier they become with a plan.

If you're feeling overwhelmed by clutter and are not sure where to begin, one of these 10 books could offer the guidance to help you get started.

Why decluttering matters

Preparing a home or business for sale almost always involves decluttering and making decisions about what to keep, donate or pass on. That process often includes organizing sentimental items for family members, which can be especially rewarding when something cherished finds a new home.

But not everything holds the same value for the next generation. Entire collections, from Beanie Babies to closets of designer clothes, are often left behind. What feels important to one person might not carry the same meaning for someone else.

If you're planning a move or simply want more clarity in your home, finding a method that works before you are on a deadline can make the process far less stressful.

It also gives you something many people lose in a move: control.

Before diving into the books, it can help to see what decluttering really looks like in practice. This short video highlights a few of the hard truths people often do not expect when they get started.

Best for letting go of sentimental items and grief

After losing my father, I wanted to hold on to everything that reminded me of him —his old MP3 player filled with Motown music; the suits and shoes he collected. But over time, I realized that holding onto everything wasn't helping me move forward. I needed to make space, not just physically, but emotionally.

For many people, this is the hardest part of downsizing.

The following books focus on helping you understand why you've held onto certain items and how to let go without losing the memories tied to them.

Best for navigating family dynamics

Selling the family home or families combining households requires a lot of careful planning and patience. You must be mindful of the memories but you're also focused on moving forward with the home sale and transitioning to a new living situation.

The following books offer guidance on how to navigate these conversations and make decisions with less stress.

Best for practical, step-by-step downsizing plans

Decluttering doesn't look the same for everyone. For some, it could mean embracing a minimalist approach. For others, it's about creating a home that feels more manageable without giving up the things that matter to them.

If you're feeling overwhelmed or unsure where to start, a structured, step-by-step approach can make a big difference. These books focus on strategies and how to move through the process efficiently.

Best for retirement and lifestyle transitions

In my early twenties, I put a lot of sweat equity into my rental properties. I learned how to install outlets, repair drywall and handle basic maintenance myself. For years, I kept extra supplies on hand, everything from furnace filters to spare parts.

As my career evolved, I reached a point where I no longer needed to do everything myself. Many tasks were better handled by professionals.

Letting go of those items wasn't just about clearing space. It was about recognizing a shift into a different phase of life. That's often what downsizing comes down to. It's about aligning your home with where you are now, not where you were 10 or 20 years ago.

If you're navigating a similar transition, these books can help you think through what that next phase should look like.

Decluttering is not one size fits all, especially when you're navigating a move or a major life change. Finding an approach that works for you can make the process more manageable and help you move forward with more clarity and confidence.

Starting sooner rather than later can also give you more control of the process.

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As winter approaches, home heating bills are giving Americans chills across the country.

Driven by a projected 20% rise in wholesale natural gas prices for 2026, the cost of keeping your home toasty could rise sharply, depending on where you live and the type of fuel you use.

Electricity is expected to lead the price hikes, with double-digit jumps in some parts of the country, followed by more modest increases in the cost of residential natural gas. The price of home heating oil, though still the most expensive way to keep a house warm, is expected to remain flat or even drop in some areas.

“Even with temperatures forecast to mirror last winter, home heating costs are expected to rise about 10% overall, as utilities pass higher fuel costs directly to consumers,” says Mark Wolfe, executive director of the National Energy Assistance Directors Association.

How can you ease the pinch? “The smartest and cheapest thing homeowners can do is focus on efficiency first,” says Laura Bowler, design lead with Ramboll, a sustainable architecture and engineering consulting firm. “Simple steps can make a big impact.”

Here are some to consider.

1. Seal air leaks

Check your windows and doors for leaks that let in cold air and moisture. For the windows, you can use rope caulk (about $6 at your local hardware store) to seal any openings or damage to sealant you find, says Kriss Swint, marketing director with Westlake Royal Building Products in Columbus, Ohio.

For the doors, you can install a door sweep, a type of weather stripping that plugs the opening at the bottom ($10 to $20). Reducing these drafts can cut your energy bill by 5% or more, according to the U.S. Department of Energy (DOE).

2. Unblock vents

Check around your home to make sure your vents aren’t blocked by furniture, which wastes heat and forces your system to work harder. Don’t want to rearrange couches and beds? You can instead connect a small plastic extender or deflector to the vents ($7 to $20), which can steer warm air to the areas of your home that need it most.

3. Use a smart or programmable thermostat

To save on heat while you’re out of the house, consider installing a programmable thermostat, which lets you set an automatic schedule for adjusting the temperature.

Turning down your thermostat by 10% to 15% for eight hours a day can reduce your bill by 10%, according to the DOE. Or spring for a smart thermostat linked to your cell phone that will track your location and daily patterns, then adjust the temperature in your home accordingly. A basic programmable model is about $50; a smart thermostat goes for around $100 to $200.

Below are a few top-rated smart thermostats from Amazon:

4. Insulate the attic

“Roughly 25% of heat loss occurs in the attic,” says Swint. To help prevent that, add more insulation, such as fiberglass, wool, or cotton, between the attic joints to trap heat. “If you’re a DIYer, this project should take a weekend,” says Swint.

'Average cost: $1,500 to $3,500, depending on the size of your attic and the material used.

5. Replace old heating systems

This could be an ideal time to spring for a new furnace or boiler, while some tax credits are still available for energy-efficient upgrades. One such credit, which expires at the end of 2025, can cover 30% of your energy-efficient home upgrades, for a total savings of up to $3,200. You may also qualify for state and local rebates, depending on where you live.

While you’re at it, also consider replacing an old attached garage door, which can be a significant source of heat loss. New versions have more insulation and improved sealing.

A bonus: Sellers recouped nearly double the average $4,513 they paid for a garage door replacement in 2024.

For more-targeted guidance, consider working with a professional home-energy auditor. “An audit will help identify where heat loss is happening and what improvements make the most sense,” Bowler says. For information on finding an auditor, visit energy.gov/energysaver/professional-home-energy-assessments.

Note: This item first appeared in Kiplinger Personal Finance Magazine, a monthly, trustworthy source of advice and guidance. Subscribe to help you make more money and keep more of the money you make here.

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Buying a home is an emotional roller coaster. You learn a lot about yourself, your needs, and a whole lot more along the way. So, let's set the scene.

It was the summer of 2021. We were growing tired of renting, so we decided to try buying a home. However, there was a problem: Where we lived in Florida, we couldn't get a shack for under $500k.

Instead, we moved to the Midwest, where our money went quite a bit further. We bought a home built in 1985 that was a capsule in time. Thanks to my in-laws, we were able to revitalize the place, making it look contemporary and upgrading its functionality.

Now, with our baby girl soon to be crawling around our small home, we realized we need more space. As such, we're starting to see some of the oopsies we — and many homebuyers — might make when buying a home. Here are some of the things we learned, and expert tips to help you avoid them.

Lesson 1: Build a buyer's profile

Real estate agent, broker and writer of the newly released The Pursuit of Home: A Real Estate Guide to Achieving the American Dream, Scott Harris says doing your homework should be your first step.

"Buying a home feels like something we should know how to do, but too often, buyers go in half-cocked," he said. "They spend more time planning their vacations than what they want in a home."

Our situation was unique in that we had a retired real estate agent helping us every step of the way. But we also didn't have the hard conversations about wants either. It ended up working well for us, aside from the space issue, but that's a lesson we're definitely adopting moving forward.

The solution: If you're in a relationship, start by having a conversation about each person's values in a home. As Harris puts it, "You want to row together."

And if you're a single buyer, find an encouraging voice to help you. "You want a cheerleader during this process, not someone who's going to bring you down and question every decision you make," Harris remarked.

The goal is to set a table of expectations ahead of time of what you're willing to compromise on and what you're not willing to. This sets the stage for being on the same page when making difficult decisions about locations, budget and more.

Lesson 2: Don't always choose the first real estate agent

Your real estate agent is one of the most important decisions you'll make in the home-buying process. They should take the time to understand your needs, set expectations and negotiate on your behalf.

Choosing the wrong agent can make what should be an exciting process frustrating. Thankfully, we didn't have that issue, as our agent was a family member who knew the area and our needs well. But now that we're going to move away from the area (eventually), we'll need to go through this too.

The solution: You should interview a few agents. This will give you a chance to see who fits your needs best. If you're buying with a spouse, work together to have a few questions prepared to ask each agent.

And if you're buying alone, consult with a trusted friend or loved one about the questions you ask. Making sure you're on the same page with your realtor at the beginning can prevent many problems from arising later.

Similar to agents, make sure to shop around for the best mortgage rates. This Bankrate tool can help you compare options fast:

Lesson 3: Know when to walk away

Buying a home is a stressful process. Even when you do find a home you love, chances are there are at least a dozen others who love it, too.

Before we bought our first home, we placed offers on others. When we received those rejection calls, it started to weigh on us. And desperation kicked in.

That's what you don't want. As Harris said, "Sometimes you need to step back and give yourself some time to feel the feelings. Know that 25% of the time, those making the winning bid walk away."

The solution: As hard as it is, you can't allow emotions to influence your buying decisions.

"If you're looking at listings or going to open houses and you're not wowed by any of them, it's likely your mind's way of protecting you, since you're not emotionally ready yet," Harris said.

It's why you need to have the hard conversations with your spouse, friend or realtor. If it doesn't feel right in your gut, it's OK to walk away. It won't be easy to do so, but there's a reason you feel the way you do.

Harris added, "Keep in mind that 50% overpay for homes. Sometimes you're pushing too hard to get a deal done. "

Ultimately, buying a home should be an exciting time in your life. By doing your homework, having the hard conversations up front and shopping around for the realtor that best fits your needs, you're grounded in your decisions.

As such, you won't allow emotions to dictate your buying decisions. It will make the process much less stressful and give you the clarity you need to have confidence in the decision you make.

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If you’re among the majority of Americans who watch streaming services — 83%, according to Pew Research Center — you may share your plan with family members who live both in and out of your home.

At one time, most major streaming providers looked the other way when customers provided their account credentials to people outside their household (say, an adult child who moved away) so that they could watch shows through the plan.

But more services have been blocking access to those who don’t live with the account holder, requiring an additional fee to let them join the plan. And even within your household, you may be limited to a certain number of devices that can stream from your account simultaneously.

For some of the most-watched services, we’ve outlined below the prices and policies for on-demand video content.

Netflix

If you have Netflix’s Standard With Ads subscription ($7.99 a month), you can’t include people from outside your household on your account.

But with the Standard plan ($17.99 monthly), you can share your subscription with one person who doesn’t live with you; it’s $6.99 monthly for the extra user to have an ad-supported plan or $8.99 monthly ad-free.

Non-household members can stream on one device at a time; within a household, you can stream on up to two devices simultaneously.

Subscribers to Netflix’s Premium plan ($24.99 monthly), which allows streaming on up to four devices concurrently within a household, can include as many as two members outside the household for monthly fees of $6.99 each with ads and $8.99 without ads. Each non-household member can stream to one device at a time.

Amazon Prime Video

This service is included with an Amazon Prime membership ($14.99 monthly or $139 annually), which offers other perks, too, including free shipping on Amazon purchases. If you’d rather subscribe only to the video-streaming service, you’ll pay $8.99 monthly.

Amazon says that adults who share Prime benefits and digital content must have the same primary residential address. Within a household, two adults and up to four children can be on an account. Amazon permits up to three concurrent video streams.

For those ages 18 to 24, Amazon offers Prime for Young Adults, which includes Prime Video, at a rate of $7.49 monthly or $69 annually.

Hulu

You’ll pay $9.99 monthly for a subscription to Hulu’s ad-supported library of on-demand programming or $18.99 monthly for the ad-free version.

To allow a non-household member to stream through your account, you’ll pay an extra $6.99 monthly if you have a basic plan with ads or $9.99 monthly for the no-ad plan.

Hulu subscribers can stream from two devices at once; a non-household member who is on your account can stream from one device at a time.

You can also bundle Hulu with various other services, including Disney+, ESPN+ and HBO Max. For more, visit Hulu.com.

Disney+

Disney’s streaming service charges $9.99 monthly for a basic, ad-supported plan. For an extra $6.99 a month, you can include one person from outside your household.

If you have a commercial-free Disney+ Premium subscription ($15.99 monthly), you can share your account with one person outside your household for an additional monthly fee of $9.99.

At home, you can stream on up to four devices at once. If a non-household member is on your plan, they can stream on one device at a time.

Note: This item first appeared in Kiplinger Personal Finance Magazine, a monthly, trustworthy source of advice and guidance. Subscribe to help you make more money and keep more of the money you make here.

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For many retirees, the home they've lived in for decades isn't just a place to live. It's the single largest asset in their financial portfolio.

According to the U.S. Census Bureau (PDF), households that own their homes have a median wealth of about 44 times that of renter households, largely because of home equity. If your retirement savings feel a little tight, your house might hold untapped potential.

How and when you use that equity matters. Should you sell and downsize? Take out a loan? Rent part of it? Hold it for your heirs? Here's how to turn that built-up equity into a retirement strategy that works for your lifestyle, needs and legacy.

Equity is wealth you can put to work

Home equity is the difference between your home's market value and what you owe on it. If your home is worth $400,000 and your mortgage balance is $100,000, you've got $300,000 in equity.

For retirees who bought decades ago and stayed put, that figure could be even higher (often surpassing the size of their 401(k) or IRA.

This equity can be a source of financial flexibility. Whether you're looking to supplement income, reduce monthly expenses or help your children with college or a down payment, your home can be more than just a place to live. It can help you live better in retirement.

How to protect your home’s value in retirement

If you plan to age in place, using equity to preserve your home's value should be a top priority. Preventative maintenance, such as addressing roof issues early or servicing heating and cooling systems, can help avoid costly repairs down the line.

Consider updates that enhance both your living space and resale value. Installing walk-in showers, adding handrails or improving lighting might not seem like value-boosting renovations, but they can make a big difference for aging homeowners.

Energy-efficient upgrades such as modern windows or insulation improvements can lower utility bills while making the home more attractive to future buyers.

Proper home insurance coverage is a must. Make sure your policy reflects current replacement costs and consider additional protection for natural disasters if you’re in a vulnerable area.

Compare some of today's best home insurance offers with the tool below, powered by Bankrate:

Thinking about downsizing? When moving can pay off

Selling a larger home and downsizing to something smaller can also unlock a big chunk of equity while also cutting your monthly bills. Transitioning to a smaller, more affordable home can lead to lower property taxes, lower insurance and fewer maintenance headaches.

That freed-up equity could pad your retirement savings, cover travel or health care costs or simply give you peace of mind knowing you have a bigger cushion. Some retirees also take the opportunity to move closer to family, downsize into a condo community or relocate to a state with lower taxes and living costs.

Downsizing comes with trade-offs: Emotional attachments to your home, the hassle of moving and possible capital gains taxes if your home has skyrocketed in value. For many retirees, less really does mean more.

How to tap your home equity without selling

If selling doesn’t appeal to you, there are ways to tap into your equity without giving up your home.

• Home-equity loans provide a lump sum, usually with a fixed rate, which can be handy for one-time big expenses.
• HELOCs (Home-equity lines of credit) act more like a credit card, letting you draw money as you need it (though the rates are often variable).
• Cash-out refinancing replaces your existing mortgage with a new, larger loan, giving you the difference in cash.

Each of these options comes with pros and cons. They can be useful tools, but remember: Your house is on the line as collateral.

It's smart to run the numbers with a financial adviser to be sure the payments fit comfortably into your retirement budget.

Turning your home into income

Your house doesn't just have to sit there; it can generate income. Renting a spare bedroom, converting a basement into a small apartment, even building an accessory dwelling unit (ADU) on your property can provide steady monthly cash flow.

If you live in a popular tourist spot, short-term rentals through platforms such as Airbnb might also be worth exploring. Check local regulations, factor in the extra wear and tear and think about whether you’re comfortable hosting strangers in your home.

Done right, this can be a great way to stretch your retirement income without selling the house.

Planning for the next generation

For many people, leaving the family home to children or heirs is part of the legacy they want to build. It's worth knowing the rules so your heirs aren't hit with an unexpected tax bill.

When heirs inherit a home, they usually benefit from what’s called a "step-up in basis," which adjusts the home's value for tax purposes to its current market value. That means if they sell it right away, they might owe little to no capital gains tax.

Other strategies, such as putting the home in a trust, can simplify the transfer and avoid probate. On the flip side, gifting the home during your lifetime could complicate things for you and your heirs, especially with Medicaid eligibility. An estate planner can help you weigh the best path forward.

Is it time to sell? Decision checklist for retirees

Sometimes the best option is to sell outright. If you're weighing that choice, here are a few questions to ask:

• Am I struggling to afford the upkeep, taxes or insurance?
• Would selling give me more financial breathing room?
• Do I still want to live in this neighborhood, or would I prefer to be closer to family or health care?
• What’s the tax impact of selling now?
• Do I have a plan for where I’ll go next?

Answering honestly can help you see whether selling would bring relief, or if you’d rather keep your home as part of your retirement plan.

Make your home part of your retirement strategy

At the end of the day, your home is more than just four walls and a roof. It's a financial resource. The key is making sure your housing decisions align with your broader retirement goals.

For some, that means preserving the property and living comfortably in it for decades to come. For others, it might mean downsizing, renting part of it, or using equity to cover expenses. For many, it’s about planning carefully so the home becomes a lasting gift to the next generation.

Whatever path you choose, your home can give you options, peace of mind and a solid foundation for the next chapter.

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It’s hard to beat the satisfaction of getting something valuable — or just plain fun — without paying a cent for it.

Take learning a new skill, for example. Online learning platform Coursera offers a host of free courses.

Recently, for example, you could take a free beginner-level course on financial markets from Yale economist Robert Shiller or on computer programming with Princeton instructors Robert Sedgewick and Kevin Wayne. EdX also offers free online courses.

Want to become handier around the house? Home Depot has free webcasts on topics such as removing and installing carpet or replacing light fixtures. Because the workshops are streamed live, you can ask the instructors questions.

Your kids can get in on the fun, too. Home Depot and Lowe’s both offer free monthly in-store building workshops for children.

During the workshops — which are usually on the first Saturday of the month at Home Depot and on the third Saturday of the month at Lowe’s — children make crafts ranging from model airplanes to miniature fire stations.

Get birthday and holiday treats

Some retailers and restaurant chains give you a complimentary item for your birthday if you’re a member of their rewards program (but check the rules — you may have to make a purchase of a certain amount before you can redeem the birthday offer).

To name a few: IHOP provides a free stack of pancakes, Panera Bread offers a pastry, and Ulta Beauty lets you choose a small cosmetic item. Budgeting website The Penny Hoarder lists more than 100 places that offer birthday freebies.

You can also find free items from restaurants on food “holidays” throughout the year.

For example, on National Ice Cream Day, which takes place on the third Sunday in July, vendors including Dairy Queen and Dippin’ Dots have offered complimentary treats. Watch for promotions on restaurants’ websites and apps.

Find more goodies

The website FreeStuffFinder.com is a catch-all resource for discounts, coupons and free offers on a variety of products, services and events.

Its “Free Stuff” page recently included information on the summer Kids Bowl Free program — through which more than 1,500 bowling alleys nationwide allow children two free daily games — and a state-by-state listing of days that you can go fishing without purchasing a license, among many other freebies.

Note: This item first appeared in Kiplinger Personal Finance Magazine, a monthly, trustworthy source of advice and guidance. Subscribe to help you make more money and keep more of the money you make here.

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If you use Google smart home devices, like security cameras, speakers or doorbells, you may have noticed more glitches and technical hiccups lately. From delayed responses to outright device failures, users across the country are reporting a growing list of frustrating issues.

These problems aren't isolated. A surge of complaints has surfaced online, prompting a wave of discussion among Google Nest users. Many describe devices that are no longer responding to voice commands, randomly turning on or off or simply failing to perform basic tasks.

The situation has become widespread enough that Google publicly acknowledged the issue and promised a fix. For now, users are left waiting, navigating workarounds while hoping the tech giant delivers on its promise to restore stability.

Users report widespread problems with Google Nest devices

In a recent Reddit thread, Google smart home device users report numerous similar issues with Google Nest devices. Google Nest encompasses a wide range of smart home products, including those previously marketed under the Google Home branding.

Google Nest devices include security cameras, speakers, doorbells, thermostats, doorbells, routers and smart speakers. Those products can interact with each other and with Google Assistant, creating a smart home ecosystem that you can control with your voice.

At least, supposedly. Commenters on the Reddit thread describe devices that appear to be degrading and losing voice control functionality as they age. Users report issues where devices can no longer understand their commands or don’t respond to them at all.

In some cases, when asked to turn off the lights, the devices turn on a fan. Alarms continue sounding in other rooms after users have turned them off. Audio devices and smart speakers unexplainably stop playing, and TVs turn off mid-use.

The issues have gotten so bad that several users report turning off and disconnecting their devices entirely.

Why Google’s smart home glitches go beyond inconvenience

The issues many users are encountering with their Google devices are inconvenient and frustrating. But for some users, who rely on Google devices for their health and safety, the malfunctioning devices pose a real risk.

For example, some individuals set Google's alarm function to remind them to take medication on time. A missed reminder could mean a missed dose of medication, negatively impacting their health.

Others may use a Google smart speaker as a backup safety device to call if a fall occurs. Since smart speakers can be operated by voice, an individual who has fallen could potentially use the speaker to call an existing contact for help.

Google responds to growing user complaints

The discussion around Google smart home device issues caught the attention of the tech giant, and Anis Kattukaran, Chief Product Officer for Google Home and Google Nest, addressed the concerns via two posts on X.

"Hey everyone, I want to acknowledge the recent feedback about Google Assistant reliability on our home devices. I sincerely apologize for what you’re experiencing and feeling!" wrote Kattukaran on the first post.

He followed up with a second post, writing, "We hear you loud and clear and are committed to getting this right – and making sure we have a long term solution that provides better reliability and capability. We have been actively working on major improvements for sometime and will have more to share in the fall."

The fact that Google acknowledged the issues and is working on a solution is good news for Google Nest users.

Tips for using Google smart home devices until a fix arrives

If you're having trouble with your Google Nest and Google Home devices, you can try troubleshooting the devices by restarting them, making sure they're connected to WiFi and confirming that you've installed all available software updates.

Since Google devices are having issues, though, basic troubleshooting may only get you so far. The Google Nest Help page offers some additional tips, and there's also an option to contact Google at the bottom of the page if you need more help.

If you can't get your devices working and you rely on them for safety, consider buying alternative devices to use until Google releases more information and a fix.

For example, if you use your Google Nest devices as a medication alarm, set medication reminder alarms on your smartphone, or you can buy a designated medication reminder alarm.

If you're worried about being able to get help after a fall, there are many medical alert devices that can call your contacts or emergency responders if you can't respond or make the call yourself. When shopping for medical alert devices, consider the type of device that's best for your needs, whether that's a pendant you can wear around your neck, a device that clips onto your belt or a wristwatch.

Be sure to carefully review all of the associated costs, too; many devices require a subscription to receive the monitoring services that would call 911 for you in an emergency, but some devices don't require a subscription. Make sure that the device you choose will work with your home WiFi or your cell service provider.

The fact that Google is working on a fix is encouraging, and hopefully they quickly identify a way to restore functionality to all of their devices. Until then, users may have to find ways to get by without the full functionality of their smart home devices.

Looking ahead for Google Nest users

It's a good sign that Google has acknowledged the issues and is working on a solution. Still, if your devices play an important role in your daily routine or safety, it’s worth exploring temporary alternatives.

Backup alarms, manual routines or even switching to another smart device brand can help bridge the gap until Google rolls out its improvements later this year.

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There’s no one-size-fits-all formula when it comes to getting approved for a mortgage. Whether it's for your first home or your dream cabin getaway, each lender sets its own eligibility criteria, interest rates and loan options, which means the right lender for one borrower might not be the best fit for another.

As a homebuyer, it’s important to understand your financial situation and loan preferences early on. This will help you find a lender that aligns with your needs, increasing your chances of approval and favorable rates.

To help you navigate the process, we'll go over five steps to choosing the right mortgage lender and

Where mortgage interest rates and policy stand now

Last year, the Federal Reserve cut interest rates three times. While mortgage rates don’t move in step with the federal funds rate, they often trend in the same direction over time, and that’s starting to show up in borrowing costs.

The average 30-year fixed mortgage rate is 6.11%, and the average 15-year fixed rate is around 5.50%, according to Freddie Mac. That’s a noticeable improvement from a year ago, when the average 30-year rate was closer to 7.04%.

Even modest rate shifts can affect how much you qualify to borrow and which lenders offer the best terms. Comparing interest rates, lender fees and loan types side by side can help you lock in the best rate before the next policy move.

1. Figure out your home loan preferences

Your first step in homebuying is figuring out what you can afford. Your monthly mortgage payment will include principal and interest amounts, taxes and insurance. Once you have an idea of what you can afford, think about your mortgage type, as this will impact your payments:

• A 15-year loan vs. a 30-year loan: Most people opt for a 30-year mortgage loan since it means smaller monthly payments over a 30-year repayment term. But if you want to pay off your loan sooner and pay less in interest over the life of your loan, look into a 15-year loan.
• Fixed interest vs. adjustable rate: A fixed interest rate stays the same for the life of the loan, giving you predictable monthly payments. An adjustable-rate mortgage (ARM), on the other hand, typically starts with a lower introductory rate. After a set period, however, the rate adjusts based on market conditions, which means your payments could go up or down. Over time, you might end up paying more than someone with a fixed-rate mortgage.
• Conventional vs. FHA/VA/USDA loans: Conventional loans are the most popular type of loan. They aren’t backed by any government agency, and most banks, credit unions and online lenders offer them. FHA, VA and USDA loans are government-backed mortgages based on specific needs. For instance, if you’re a veteran, you could qualify for a VA loan.

Your preferences and financial situation play a big role in narrowing down the right mortgage lenders. For example, if you're looking for a government-backed loan like an FHA or USDA mortgage, you'll want to focus on lenders who specialize in or are approved to offer those specific programs. These options may not be available through lenders that primarily deal with conventional loans.

Understanding what type of loan you qualify for — and what fits your needs — can help you avoid wasting time on lenders that aren’t a good match.

2. Check your eligibility

Once you’ve eliminated mortgage lenders that don’t fit within your preferences, you can start to review the ones that do. Many banks, credit unions and online lenders offer pre-qualification tools to help you see if you’re likely to qualify for a mortgage.

Pre-qualification is different from preapproval — it doesn’t require a hard credit check and won’t affect your credit score. Instead, you enter basic information such as your estimated credit score, income and assets to get a sense of your eligibility.

Checking your eligibility helps determine which lenders are more likely to give you a mortgage based on your creditworthiness, income and where you want to buy a home. You’ll narrow your list even further by getting rid of lenders that may have eligibility requirements you don’t meet.

Try to explore different lenders beyond large financial institutions. You might be able to find offers at local credit unions, regional banks or online mortgage companies. You might be eligible for offers at places you may not have considered.

Take a look at what your current bank offers. Some have deals for existing customers with other accounts. You may qualify for special savings.

3. Compare lenders

Once you’ve narrowed down your list of potential lenders, it’s time to compare the ones most likely to approve your mortgage. Compare lenders based on interest rates, preferred loan terms, down payment requirements and any extra fees. Those fees could include underwriting, loan origination fees and closing costs.

As you shop around, consider getting preapproved by multiple lenders. While each preapproval involves a hard credit inquiry, credit bureaus recognize that you're rate shopping for a mortgage.

If these inquiries occur within a short window — typically 14 to 45 days — they’re grouped as a single inquiry for scoring purposes. This allows you to explore your options without significantly harming your credit score.

4. Review preapprovals and choose a lender

After receiving a few preapprovals, review which lender offers the highest loan amount. Keep in mind, you’re not obligated to spend up to that limit — but having a higher preapproval can give you more flexibility as you explore different homes and price ranges.

It’s also worth evaluating each lender’s communication style and how they’re compensated. Some lenders work as mortgage brokers, meaning they help match you with a loan and may earn a commission at closing.

Ask each lender if they have any special offers or conditions to lower the overall cost. Find out how much potential monthly payments will be for each lender, including your principal mortgage payment, interest, insurance, taxes, and any other costs — that way, you know what to expect before committing.

Many lenders offer a rate lock option, so it’s important to confirm the details with each one. A rate lock lets you secure the current interest rate for a set period — typically 30 or 60 days — while your loan is finalized. This protects you from potential rate increases between the time you’re approved and the day you close on your home.

5. Complete your loan application

Once you’ve chosen a lender and received your preapproval letter, you’ll be ready to start touring homes. After finding the right property, you’ll complete a formal loan application. This step is similar to preapproval, but it initiates the full underwriting process for your actual mortgage.

This is the loan you’ll carry through the life of your home purchase. If you’ve locked in your interest rate, your monthly payments should align with the estimates you received during preapproval, giving you a clear idea of what to expect financially.

The right lender can help you secure competitive rates and make the homebuying process smoother and less stressful. Take your time, ask questions and don’t be afraid to explore multiple options before committing.

Use the tool below, powered by Bankrate, to explore and compare some of today's top mortgage offers:

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With summer just around the corner, it’s a great time to refresh your home’s look — whether you’re planning to sell soon or simply want to enjoy your space more. A few well-chosen upgrades can enhance your comfort now and increase your resale value later.

Home improvements are a natural part of homeownership, whether you’re settling into a fixer-upper or looking to refresh a place you’ve lived in for years. And while not every project delivers the same return, some upgrades stand out for their impact.

If you’re ready to invest in your home this summer, here are a few updates that can deliver value, both today and when it's time to sell.

1. Update appliances

New appliances can be a big win for potential buyers. The fewer things they have to replace when they move in, the more they save in the long run. Consider updating your kitchen appliances to match, making your kitchen look uniform and welcoming.

Appliance bundles can be a great deal and ensure a cohesive look. They’re also a smart way to upgrade to modern, energy-efficient features like smart fridges and advanced cooking technology.

Check to see how long you’ve had other appliances in your home, like your washer and dryer, air conditioner and water heater. Older models can drive up utility costs, so it might be time to replace the oldest ones with newer, energy-efficient versions that help you save on electricity.

2. Upgrade bathrooms

If you want potential buyers to feel instantly at home, update the bathroom. Updates to the bathroom could be anything from installing rain shower heads to increased storage.

Swapping in modern fixtures, updated lighting or a sleek new mirror can instantly elevate the space and make it feel brighter and more inviting. Even small changes like matte black faucets or vanity lights can give the bathroom a fresh, spa-like feel.

If your current bathroom setup feels cramped, it might be time to schedule a demo day. But even if a full renovation isn’t in the cards, tackling small projects over time — like updating fixtures, painting, or replacing hardware — can make the upgrade feel more manageable.

Bit by bit, you can transform the space without the stress of a major overhaul.

3. Update the kitchen

A kitchen can make or break a home’s appeal. Old or outdated kitchens can turn away potential buyers, and if you’re in a buyer’s market, you want as many people as possible to compete for your place.

Major kitchen remodeling can take many months to complete, upwards of seven months for large projects. If you’re trying to sell your home by a set date, you may want to start renovating now. If your budget doesn’t allow for a big kitchen remodel, see what you can get done for a little less.

For instance, check the cost of painting the cabinets and changing the hardware. See how much it would be to change the countertops or a backsplash. Little kitchen updates can go a long way.

4. Update the flooring

New flooring can instantly elevate the look and feel of your home. Whether you opt for luxury vinyl planks, hardwood or tile. Fresh floors add value and enhance a home’s aesthetic, especially if the current flooring is worn or dated.

While your style may influence the final choice, it’s smart to consider popular, durable options that will suit most tastes if you plan to sell in the near future.

Not ready for a big renovation? Start small by adding modern, stylish rugs. They can refresh a space, cover imperfections, and give rooms a cozy, pulled-together look without the commitment of a full flooring project.

5. Upgrade the lighting and technology

If you haven’t updated your lighting in a while, now’s a great time to start. Well-placed, modern lighting can instantly brighten a room and highlight your home’s best features.

Swapping out dated fixtures or adding layered lighting — like under-cabinet lights or dimmable sconces — can give any space a fresh, polished look.

Smart home technology is another easy upgrade that adds both comfort and convenience. Consider installing a smart thermostat to control the temperature remotely, or smart light bulbs that adjust based on your schedule.

These small changes can make daily life more efficient and give your home a modern edge.

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Social media trends come and go, but some can have real financial and security implications. The latest viral trend on TikTok — the 'Door Knock Challenge' — has many homeowners on edge.

The challenge is simple, social media influencers kick, knock and bang on random doors, sometimes in the middle of the night, then run away while filming reactions. While it may seem like a harmless prank, the trend raises serious concerns about safety, liability and home security.

Some homeowners have reported broken doorbells, damaged security cameras and even cracked doors from aggressive kicking. Others worry that startled homeowners, particularly in states with strong self-defense laws, might respond forcefully, leading to dangerous confrontations for homeowners and pranksters alike.

What to do if you experience the door knock challenge

The loud, unexpected banging or kicking on your door — especially in the middle of the night — can be deeply unsettling. It may leave you feeling startled, anxious and fearful for your safety. To help you stay prepared and respond effectively, here are a few key steps to take if you experience a door knock incident:

• Document the incident. If you have a doorbell camera or home security system, save the footage immediately, as video evidence can be crucial if you need to report the incident or file an insurance claim. If you don’t have camera footage, take note of the date, time and any details you can recall, such as suspicious activity or individuals in the area.
• Report it to local law enforcement. If your property has been damaged or you feel unsafe, filing a police report is essential. Authorities should be aware of these incidents so they can help prevent them in your community.
• Check your homeowners insurance policy. If your home sustains damage, review your policy to determine what is covered. Many policies include protection against vandalism or malicious mischief, but you will likely need documentation, such as a police report and any available photo and video evidence, when filing a claim.
• Stay vigilant. Let your neighbors and local community groups know about the challenge so they can stay alert. You may also want to enhance your home security by upgrading your doorbell camera, installing motion-sensor lighting or reinforcing entry points to help deter potential threats.

Protecting your home: Security measures to consider

Investing in or upgrading smart home devices and security systems is a proactive step toward protecting your property.

These solutions not only enhance your safety but also serve as a strong deterrent against pranksters and potential intruders. Here are some security measures that can help safeguard your home:

Video doorbells - Devices like the Ring video doorbell or Google Nest doorbell allow homeowners to monitor activity at their doorstep in real time. These cameras can provide a live feed to your phone, record unexpected visitors and feature two-way audio, enabling you to communicate with someone at your door without opening it. If you have an existing doorbell, installation is often simple and can be done by yourself or a handyman.

For renters or those who prefer a non-permanent option, the Blink video doorbell has high-quality 1080p HD video, motion detection alerts and a rechargeable battery. It works with Alexa, requires no screws and won’t damage your door, making it a great choice for rental properties.

Home security systems - Comprehensive home security systems like those offered by SimpliSafe and ADT can add an additional layer of protection with motion sensors, alarms and professional monitoring services that can alert authorities if suspicious activity is detected.

While some systems require professional installation and a monthly service fee, upgrading your home security could qualify you for a discount on your homeowners insurance. It’s worth checking with your provider to see if you’re eligible for savings.

Motion-activated lights - Bright outdoor lighting can deter pranksters and potential intruders. The Blink floodlight camera provides 2600 lumens of illumination, enhanced motion detection and a built-in siren for added security. For a combination of safety and style, the Good Earth floodlight delivers 7000 lumens while maintaining a sleek, aesthetically pleasing look.

Solar-powered floodlights offer a low-maintenance solution to brighten dark areas around your home and property line, enhancing security without increasing energy costs.

Smart Locks and secure entryways - Ensuring your home is secure while you're away can provide peace of mind. Smart locks like the Kwikset Halo Keyless Entry Smart Lock and the Schlage Encode Century Smart Lock offer keyless entry and remote access control, allowing you to monitor and manage your home’s security from anywhere.

For added protection at your entryway, consider installing a door reinforcement lock for under $50 to further strengthen your home’s security.

The bottom line

While social media challenges may seem like harmless fun to some, they can pose serious risks for homeowners and the influencers who attempt them. Investing in home security measures can provide peace of mind while away and help prevent property damage, unexpected costs and potential legal issues. When it comes to security, it’s always better to be proactive than reactive.

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Appliance repairs are expensive. Fixing your washing machine may cost as much as $450, and replacing complex parts, such as refrigerator compressors, may run up to $1,250, according to home-services website Angi. A home warranty could offset those expenses, but it’s important to understand what it includes and whether purchasing one makes sense for you.

A home warranty is a service contract that covers the cost of repairing and replacing major appliances that have been damaged by wear and tear. Some contracts also cover your plumbing, electrical, and heating, ventilation and air conditioning (HVAC) systems. These costs aren’t typically covered by homeowners insurance, which pays for damage to your home’s structure or your personal property. Premiums vary, ranging from $25 to $150 a month, depending on the level of coverage, says Viktoriya Cully, director of underwriting, warranty and specialty risk at AmTrust Financial.

In addition to the premium, you can expect to pay what’s known as a trade service call fee, which is a fixed charge you incur every time you request a service call. This fee, which is similar to an insurance deductible, averages $75.

Should you buy a home warranty?

A home warranty may be beneficial if the manufacturer’s warranties on most of your appliances have expired or you have older appliances that break down often, says Robert Washington, a real estate broker with Savvy Buyers Realty in St. Petersburg, Fla. However, if you have a newly built home or brand-new appliances that are still under the manufacturer’s warranty, a home warranty probably isn’t worthwhile. You should also consider whether you’re better off putting the money you would spend on premiums in an emergency fund, which would earn interest and be available for other expenses, too.

Because home warranty providers send service technicians to you, you won’t have to worry about finding someone to make repairs. That can be a drawback, however, if you’re not happy with your provider’s technicians. In addition, warranty companies often impose limits on the amount they will pay for repairs and replacements, so you may end up with a lower-quality appliance than you would buy on your own.

If you decide that purchasing a home warranty may be worthwhile, you can search for providers and check customer reviews on the websites of the Better Business Bureau, Angi, BestCompany and Trustpilot.

Most contracts require you to wait 30 days from the time you obtain the warranty before filing a claim. This measure is designed to prevent customers from filing a claim for a preexisting problem. When you file a claim, the warranty company will typically send a technician within two days to diagnose the problem. If it’s a minor issue, the technician will usually fix your appliance on the spot. If more work is required, you’ll have to schedule follow-up visits, and you’ll be charged a service fee for each one.

Note: This item first appeared in Kiplinger Personal Finance Magazine, a monthly, trustworthy source of advice and guidance. Subscribe to help you make more money and keep more of the money you make here.

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Heating and cooling your home is expensive, but if you set your thermostat to the right temperature, you could save up to 10% a year in energy costs. And energy prices will continue to rise.

With more AI data centers installed, increased drilling and energy demand from prolonged weather patterns, energy bills continue to increase. On average, your electric bills are 5.5% higher than they were last year; however, some areas have seen spikes of up to 18%.

But while you can’t control the cost of energy, there are several things you can control to lower your overall energy bill in both the summer and winter months. These range from simple fixes, such as relying more heavily on fans, or extensive upgrades, like installing a heat pump. 

One of the easiest ways to save is by properly setting your thermostat. Here’s what temperatures are ideal for saving on energy costs during the summer and winter. And if you have a smart thermostat, it’ll be even easier to follow these guidelines.

Best temperatures to set your thermostat in winter

According to the Department of Energy, the lower the interior temperature, the slower the heat loss. During the winter months, set your thermostat to 68°F while you’re awake and lower it when you’re away or asleep to save as much energy as possible.

You can always bundle up at night or use a space heater for a few hours to heat a specific area of your home if you get too cold. 

Installing a heat pump may also be a wise move if you're looking to save in the long run and are willing to pay the up-front costs. Heat pumps can help you save on both cooling and heating and there's even a tax credit for installation.

A National Renewable Energy Laboratory (NREL) study found that heat pumps would lower energy bills for most Americans (62% to 95% of households, depending on the heat pump's efficiency).

Best temperatures to set your thermostat in summer

According to the Department of Energy, the less the difference between indoor and outdoor temperatures, the lower your overall cooling bill will be. The department has recommended leaving your thermostat at 78°F when you’re at home, and in the 80°F range when you’re away or sleeping.

The following Energy Star table shows recommendations on starting points for setting energy-saving temperature settings. 

Sure, you could save a good bit of change by keeping your home this warm during the summer, but for many, it’s way too hot. That’s why this number is more of a suggestion than a hard rule. Energy Star advises consumers to just use these temperatures as starting points but acknowledges the need to adjust the settings to fit your lifestyle.

So, if 78°F or higher is out of the question, the DOE recommends “setting the thermostat to a setting as high as is comfortable for you when you are at home and need cooling and to ensure humidity control if needed.”

In fact, hotter temperatures can decrease the quality of sleep. Many experts agree that 65°F is the best temperature for sleep. This temperature will surely run up your power bill, so it’s key to find the right balance between saving money and remaining comfortable.

One way to do so is by staying cool without air conditioning — which can be done by using ceiling fans properly, installing an exterior window shade or awning and keeping sunlight out with window coverings, for example. 

Bottom line onwhere to set your thermostat

According to the DOE, setting your thermostat back 7°F to 10°F for 8 hours a day from its normal setting can help you save up to 10% in energy costs. This means keeping your thermostat around 78°F in the summer (higher when you're asleep or away) or around 68°F to 70°F in the winter (lower when you're asleep or away).

However, these are just starting points. You'll likely need to make adjustments to fit your lifestyle and find the right balance between savings and comfort.

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DirecTV and Disney had a face-off this month, and while it's now resolved, it wasn't without its impacts. In one corner, DirecTV, the U.S.’s third-largest pay TV provider, and in the other corner, the ultimate media giant, locked in a dispute over the terms of a new distribution deal for Disney-owned content. 

The companies failed to resolve their differences before DirecTV’s rights to carry ESPN, ABC and other Disney-owned programming expired, which meant some channels went dark at the start of September — part-way through the US Open tennis tournament and just as NFL and college football seasons were getting underway. 

The content blackout affected around 11 million customers for nearly two weeks. This past weekend, the companies announced they'd reached a preliminary agreement, and Disney networks were restored for DirecTV customers. 

During the blackout, DirecTV offered impacted customers a $20 credit they had to go claim. Now that the blackout is over, however, the credit is no longer on offer. 

How to get a DirecTV blackout credit

Any time you are missing channels you should have on DirecTV, like with this blackout, you can head to the company's TV Promise page to see if you're eligible for a credit. 

On that page, you select your TV service from the drop-down menu and enter your zip code. Next, select the "Search" button to check for service disruption in your area and see if you're eligible for a one-time credit offer. Third, if you do qualify, go to the "Explore bill credits" section of the TV Promise page and select the appropriate button to initiate a $20 credit. 

Now that the Disney blackout is over, if you search your information, you'll likely see there are no available credits, since the channels have been restored. 

But if you already applied for the credit and are wondering where it is, DirecTV advised: “Blackout credits can take up to two billing cycles until they appear on your DIRECTV bill. If you currently have a pending blackout credit on your bill, you’ll need to wait for the next bill cycle to request a new blackout credit.”

Will a blackout happen again?

As well as all ESPN network channels and ABC-owned stations, Disney-branded channels Freeform, FX and National Geographic channel went dark on DirecTV for almost two weeks. Last year, a similar disagreement between Disney and Charter Communications, which owns the Spectrum TV service, lasted 12 days. 

The new deal between DirecTV and Disney, according to Variety, is preliminary, but the channels are restored "while both parties work to finalize a new, multiyear contract." The hope is that if this is a multiyear contract, customers won't face a similar situation at least for a few years. 

Meanwhile, DirecTV customers will have to pay more for the service soon. The company announced new prices will be taking effect October 6. 

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No doubt you’ve been looking for ways to stay cool this summer, considering how hot it is outside, not to mention how much it costs to keep your home at a comfortable temperature using an air conditioner. Electricity costs have already risen 24% between April 2021 and April 2024, according to Jim Patterson, managing editor of The Kiplinger Letter, and they’re expected to rise even more before the summer ends. A new report from Utility Dive found that the average U.S. electric bill over the June-through-September period is projected to be $719, a nearly 8% increase year-over-year and the highest average in 10 years. 

Different regions should expect higher, or lower, changes in average cooling costs as the summer continues. The Mid-Atlantic (12.2%), Pacific (12.2%) and East South Central (10.1%) will see the largest price increases, according to Utility Dive, while the New England (5.3%) and West South Central (1.8%) areas will see the least amount of change.

Another study, performed by Texas Electricity Ratings, narrowed this data down even further, finding the specific states that are paying the largest change in average cooling costs this summer.

States paying largest change In average cooling costs 

If you live in one of the following states, expect to pay more for cooling costs this summer.

1. Arizona

Average monthly bill: $134.38 

Summer monthly bill: $234.53 

Change from average cost: $100.15 

2. Nevada

Average monthly bill: $127.02 

Summer monthly bill: $227.07 

Change from average cost: $100.05 

3. Texas

Average monthly bill: $149.76 

Summer monthly bill: $229.54 

Change from average cost: $79.78 

4. Oklahoma

Average monthly bill: $115.71 

Summer monthly bill: $189.99 

Change from average cost: $74.28 

5. Georgia

Average monthly bill: $128.60 

Summer monthly bill: $201.47 

Change from average cost: $72.87 

6. Missouri

Average monthly bill: $113.42 

Summer monthly bill: $184.98 

Change from average cost: $71.56

7. New Jersey

Average monthly bill: $97.53 

Summer monthly bill: $167.44 

Change from average cost: $69.91 

8. Alabama

Average monthly bill: $147.16 

Summer monthly bill: $213.85 

Change from average cost: $66.69 

9. Kansas

Average monthly bill: $105.41 

Summer monthly bill: $167.88 

Change from average cost: $62.47 

10. Louisiana

Average monthly bill: $129.74 

Summer monthly bill: $191.00 

Change from average cost: $61.26 

"Sizzling temperatures are expected to linger around the U.S. until at least August, with some speculating July's average temperature might surpass the scorching record of 76.77°F set in 1936, says Karl Trollinger, CEO ofTexas Electricity Ratings. “This soaring heat means skyrocketing cooling bills.

Heat waves have caused scorching temperatures on both the west and east coasts this summer. In fact. July 2024 was found to be the warmest July on record for the globe in NOAA's 175-year record, and according to the Weather Channel, was the 14th consecutive month that a global heat record was set.

In the face of rising temperatures, where will cooling costs change the least? That would be Alaska, Washington, Hawaii, Montana and Wyoming. According to Texas Electricity Ratings, these states will actually enjoy a decrease in their bills. Residents of Alaska are expected to save $15.48 a month, while residents of Washington are slated to save $13.13 on average.

To learn how to save the most on energy costs this summer, read up on our energy-related articles:

• Heat Pumps: Can You Save on Home Cooling and Heating?
• Heat Pumps vs Solar Panels: Which Saves You More on Energy Bills?
• Save More with Tax Credits for Energy-Efficient Home Improvements
• Home Energy Improvements to Save Money and Go Green
• Swamp Cooler vs. Air Conditioner: The Best for Dry Heat

Safety is a top concern when shopping for a house for many homebuyers. It can influence where you feel comfortable living and safety ratings can be a useful tool in finding a safe place to live. Violence crime, busy roads and access to emergency care, are some of the factors that can impact the safety of a community. 

A recent survey, 500 Healthiest Communities nationwide  by U.S. News, also identified the 25 safest communities in America. The public safety category of the survey “aims to reward communities with low crime rates, few deaths tied to accidents and motor vehicle crashes, and a robust health and public safety infrastructure.”  

If you’re in the market to buy or rent a home, check out this list of the 25 safest communities in the US.

Where are the safest communities? 

The Northeast had 10 counties among the top 25 safest communities — the most of any region — with eight of those counties located in New York. Virginia comes in a close second with seven locales on the list. 

Methodology of the public safety rankings:

In the public safety category of the survey's rankings, communities are scored on a 100-point scale tied to their performance relative to one another across seven metrics in three key areas: crime, injuries and public safety capacity. Individual metrics include violent and property crime rates, the share of the population in proximity to emergency facilities, spending on health and emergency services, vehicle crash fatality rate and more.

Check the safety of your community

When deciding where to relocate, safety is a large concern, especially for families. But you can only tell so much about a neighborhood at face value. To learn more, you can ask around or use online tools at your disposal.

• Use a crime mapping service. Crime mapping sites allow you to view crime statistics in a neighborhood by entering the address of your desired location. Sites such as SpotCrime break down crimes by date and type of crime, such as violent crime or property crime.
• Review the national sex offender public website (NSOPW). The NSOPW is a free tool  from the U.S. Department of Justice.  Family Watchdog offers free notifications that help keep you updated with offenders that move in/out of your area.
• Talk with people who currently live In the area. Connect with neighbors whether in person or online. Afterall, neighbors should have the best insight into what goes on and what you can expect.
• Walk or drive around the neighborhood. Attend a local community event, check out local businesses and if children play outside, this may be a good sign that you’re in a safe neighborhood.

If you're a Wisconsin resident, you can now save even more on home energy improvements, thanks to the state's recent launch of the Home Efficiency Rebate (HOMES) program. Depending on your household income, you could receive a rebate for up to 100% of the costs (on up to $5,000) to purchase and install a heat pump or other energy-efficient home improvements. 

The HOMES program will benefit not only Wisconsin families but also the environment. White House national climate advisor Ali Zaidi says that these rebates will "both reduce emissions and lower energy costs for Wisconsin families using tried-and-true insulation, heat pumps, and efficient appliances and lighting." These savings may be stacked with existing energy efficiency incentives.

Here's what you need to know about the program, which could be heading to your state soon.

What is the Home Efficiency Rebate Program? 

Wisconsin just became the first state to launch the nation’s first-ever Home Efficiency Rebate (HOMES) program, supported by the Inflation Reduction Act. The rebate program, in partnership with the U.S. Department of Energy, will enable Wisconsin residents, particularly those with lower and middle incomes, to save on energy-saving home improvements, which includes insulation, air sealing and heat pumps that reduce whole-home energy consumption. It's just one part of the Biden-Harris Administration’s initiative "to provide $8.8 billion in Federal funding" to "lower energy costs and increase efficiency in American homes."

How much can I save?

By participating in the HOMES program, households could save up to $14,000 for energy-efficient home upgrades, not to mention the hundreds more you'll save on monthly energy bills.

According to the National Renewable Energy Lab (NREL), a majority of Americans (62% to 95% of households, depending upon heat pump efficiency) would see a drop in their energy bills by using a heat pump — $300 to $1,500 annually, according to the DOE. And since heat gain and loss through windows is responsible for 25% to 30% of residential heating and cooling energy use, installing or upgrading windows to be more energy efficient is likely to lower your power bill.

To qualify for the program, Wisconsin residents will first need to get a home energy audit to understand how their home uses energy and where they can save.  Certain tax credits can offset the cost of the energy audit, and low-income households are eligible for a rebate. 

Both single-family and multifamily properties are eligible for the program. Qualifications for rebates are based on both household income and how much energy can be saved. Single-family homes making less than 80% of their area median income (AMI) can save up to $10,000, while those making between 80% to 150% AMI can save $4,000. Those making at or above 150% AMI can save up to $3,000. If you are unsure what your AMI is, you can look up your AMI through Fannie Mae.

Review the following chart from Focus On Energy to learn more about how much you can save.

Wisconsin will also launch the Home Electrification and Appliance Rebates (HEAR) later this year, which also offers up to $14,000 off high-efficiency electric appliances and home upgrades. This program is only for households earning 150% of Area Median Income or less. One thing to note about the program, however, is that households will not be eligible to receive a rebate from both programs for the same upgrade. 

The following chart from Focus on Energy shows how much low- or moderate-income households can save with HEAR later this year.

Ten other states — Arizona, California, Hawaii, Indiana, Maine, New Mexico, New York, Rhode Island, Washington and Wisconsin — have also received funding from the DOE to launch one (or both) of the above rebate programs. You can use this map to check your state’s progress toward launching its rebates.

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The luxury housing market was thriving at the end of 2023. Even with limited inventory and fluctuating interest rates, deep-pocketed buyers remain resolute about what they want (and don't want) in 2024. Amenities once considered ostentatious have become common, which has forced sellers and builders to take luxury to the next level.  

Roughly 86% of luxury homebuyers rank double vanities as a must-have when searching for a home, according to a new survey of real estate agents from real estate brokerage Redfin.

Next in line are kitchen islands and granite or quartz countertops, with 85% of luxury buyers requesting both, followed by 83% requiring walk-in pantries. What’s more, over half of luxury homebuyers would likely not make an offer on a home with an outdated kitchen.

Among the agents surveyed, other “very common” items most high-end buyers deemed essential included heated floors (17%), an integrated sound system (14%), a prep kitchen (13%) and a coffee station (12%). 

“Luxury buyers are looking to fall in love with their future home, and they often make emotional decisions because they have the financial means to do so,” said Andrew Rottner, a Redfin Premier Agent in Denver. 

Luxury buyers want open floor plans and more

Open-concept floor plans were desirable to luxury buyers, according to more than 80% of the agents surveyed. Granite countertops were also ranked as “very desirable” over past trends such as sliding barn doors and shiplap, the agents said, with just 8% ranking these features as “very desirable” for buyers. 

Coldwell Banker's most recent Global Luxury Report showed that luxury homebuyers want multifunctional homes that cram as many configurations as possible into their footprints, primarily because of how and where we now live, work and play, often under one roof.

High-end buyers are less interested in remodeling an older property to fit their needs and more likely to move into a modern space where even the furniture is picked out for them. Roughly 70% of agents surveyed noted a rise in the popularity of newly constructed homes, with luxury homebuyers showing “very little tolerance for outdated designs and features, even in situations where the construction is relatively new.”

Luxury buyers turned off by outdated kitchens

Over half (54%) of homebuyers are unlikely to make an offer on a luxury home if its kitchen is outdated, according to the Redfin agent survey. But when you consider that a kitchen update can cost between $78,000 and $154,000, depending on where you live, (according to Remodeling Magazine's Cost vs. Value Report for 2023), sellers may be unwilling or unable to satisfy luxury homebuyers with everything they want, yet still make the sale. 

Lack of curb appeal (48%), obsolete bathrooms (44%), and popcorn ceilings (40%) are the next undesirables. In the Redfin survey, agents were also asked when a buyer would decide not to make an offer on a home based on specific features. 

Most sought-after outdoor feature

Nearly 70% of luxury homebuyers say landscaping is a must-have outdoor feature, and 58% say indoor/outdoor living spaces are highly desirable. A covered patio (46%) and a pool (33%) also rank high as prerequisites. 

To learn about housing market trends and download data, visit the Redfin Data Center. 

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If you're looking for the best places to rent, your timing is good. The rental market is hot. In fact, renting is now cheaper than buying in all 50 states. It's also much more competitive, according to a new report by RentCafe. Finding a rental has become increasingly difficult, with the supply of apartments increasing by only 0.61% since January 2024. The good news is that around 29% of the 137 markets analyzed in the study show signs of softening, often with longer vacancy periods and more lease renewals.

Unfortunately, only 39% of renters make enough to afford the median-priced apartment, as a recent report by Redfin stated. That's because the typical U.S. renter earns an estimated $54,712 per year, 17.3% less, or $11,408 in dollar terms, than the $66,120 needed to afford the monthly rent for the median-priced U.S. apartment ($1,653). 

All the same, rent prices increased by just .77%, or $15, between March 2023 and March 2024, according to Rent.com as reported by Kiplinger. But compared to March 2020, prices are up 21.78%, or $373. 

Best places to rent 2024 

As the moving season begins, finding a rental has become increasingly difficult, leading to unexpected shifts in some of the most competitive markets — in cities and suburban areas — per the RentCafe study. 

What are the most competitive places to rent 2024?

Although owning a home is thought to be part of the American dream, it's not for everyone, and renting has become an option worth considering. However, it's clear that renting has also become more competitive, especially when you consider the availability of rentals, the percentage of occupied apartments and the share of new apartments in these ten (out of 20) areas. 

Features of the top three rental markets

Miami — Jobs, the allure of a relaxed lifestyle and sunshine pushed Miami into first place as the most competitive rental market by RentCafe. But with fewer options to choose from compared to the same time last year, the competition among apartment hunters is considerable. 

For example, at the onset of the 2024 moving season, a mere 3.5% of the apartments for rent in Miami were on the market for potential renters. As a result, this led to a staggering 73.6% of apartment residents choosing to renew their lease rather than move out. For that reason, it can take 36 days for the average apartment to become occupied in Miami, with 19 renters competing for each unit. 

Suburban Chicago — Coming in second, up from tenth place last year, suburban Chicago — Naperville, Joliet, Crystal Lake, Elgin, Northbrook, Evanston, Glenview and Schaumburg, are increasingly popular with Millennials looking for better (and more affordable) housing options outside of the city of Chicago. 

But as renters move to Chicago’s suburbs, they are faced with high occupancy rates and current tenants choosing to renew their leases. For that reason, there are roughly 13 prospective renters competing for each available unit, and it typically takes over 40 days to fill a vacant apartment.

Northern New Jersey — In small cities across northern New Jersey, such as Hoboken, Jersey City, Newark, Union City, Passaic, Maplewood and Montclair, renters enjoy walkable downtowns, adequate entertainment, and relatively easy access to New York City. These are just a few reasons North Jersey came in third on RentCafe’s list of this season's hottest rental markets.  

Even so, finding a rental in North Jersey is challenging, as highlighted by the 96% occupancy rate — one of the highest in the country — and a 71.7% lease renewal rate at the beginning of this rental season. Vacant apartments are snatched up within 43 days, with 13 prospective renters for each unit. 

What are the best small markets for rentals?

Like larger rental markets, small markets tempt potential renters with shorter commutes and less traffic, small town hospitality and a slower pace of life. The hottest ten small rental markets include:

1. Lehigh Valley, PA
2. Madison, WI
3. Providence, RI
4. Fayetteville, AR
5. Little Rock, AR
6. Lafayette, LA
7. Harrisburg, PA
8. Palm Beach, FL
9. Worcester - Springfield, MA
10. Jackson, MS

RentCafe's research team analyzed Yardi Systems apartment data across 137 rental markets in the U.S., which were ranked based on a market competitive score. The full report can be found here. 

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You may be surprised to know that the value of your home can increase — or decrease — based on the name of the street it resides. A recent study by real estate company Agent Advice found that water, earth and royal-inspired road names were among the top names that could boost your house's value by thousands of dollars. Living on a street named after a body of water can increase your property value by an average of $64,689, while the average value of homes with rural and earthy street names is $81,00 above the national median, according to the study. Streets with regal connotations boosted a property's value by $126,000.

“Street names are an often overlooked factor when deciding where to buy housing,” commented a spokesperson from Agent Advice. “A pleasant-sounding road name or one located by a desirable geographic feature can greatly influence the attractiveness to a buyer. Our research shows that roads with names related to bodies of water, rocky features, vistas, and a sense of privacy experienced higher-than-average property values compared to the national median.”

The study collected data on addresses and home prices in each state (76,889 total). Researchers assigned a median value to each of the words within a given address, based on the corresponding home's price. After identifying the median house price for each word, this value was compared to the US national median value ($387,600) to determine the effect of the street name on the home's price. 

Here are the names that could boost your house value, along with the average increase above the US median. 

The best street names

Earthy road names that could boost your home value:

1. Peak ($253,007)

2. Mesa ($157,722)

3. Heights ($131,874)

4. Point ($111,227)

5. Highland (95,373)

6. Gulch ($79,900)

7. Rock ($78,937)

8. Ridge ($60,541)

9. Canyon ($57,160)

10. Valley ($12,075)

Aquatic road names that could boost your home value:

1. Atlantic ($930,900)

2. Water ($230,625)

3. Bay ($129,202)

4. Reserve ($93,845)

5. Brook ($92,233)

6. Pond ($77,437)

7. Spring ($34,746)

8. Lake ($32,629)

9. Creek ($15,293)

10. River ($9,618)

Out of these road names, Creek, Lake and River were the most common. 

Royal road names that could boost your home value: 

1. Queen ($760,400)

2. Charles ($563,650)

3. Saint ($152,233)

4. Andrew ($32,345)

It makes sense that these street names would increase the value of a property, as aquatic and earthy names indicate your home is located in an attractive environment. Who doesn't want to look out their window and see the mountains or live right on the water?

On the other hand, streets named after Confederate generals and related themes were found to bring lower home prices. According to Bloomberg, Confederate addresses sell for 3% less on average than similar homes on nearby streets that aren’t named after Confederates — a home-sale discount of about $7,000 on a $240,000 home. Agent Advice also found that streets named King or Kings were undervalued by one quarter compared to the US median. 

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• What Are the Hidden Costs of Homeownership?
  

You know the basic costs that go along with homebuying, but what about the hidden costs of homeownership — all the less obvious expenses beyond your mortgage that can really add up?

If you’re in the process of calculating how much home you can afford, you might need to rework your budget. Affordability is one of the biggest challenges first-time homebuyers face, and less obvious expenses can have you paying a lot more money each month in addition to your expected mortgage payment. If you fail to take into account ancillary expenses when buying a home, you could be stuck paying more than you can afford.  

The average annual cost of owning and maintaining a single-family home in the U.S. is $18,118 a year, or an additional $1,510 per month on top of a mortgage payment, according to a recent study from Bankrate. That's 26% higher than it was four years ago. Homeowners spent an average of $14,000 on hidden expenses in 2023, according to a Zillow study, an additional $1,180 per month. 

Hidden costs of homeownership

Clearly, there’s a lot more to consider when buying a home beyond its sticker price and mortgage rate. Utility costs, property taxes, insurance and home maintenance can tack on a hefty bill each month. Here’s a look at some of the most common hidden expenses you should anticipate and plan for. 

• Closing costs: These are the fees you'll pay when finalizing your home purchase. Typically, this will cost between 2% to 5% of the home’s purchase price. For a $300,000 home, this works out to a range of $6,000 to $15,000 in closing costs alone.
• Home inspection: Before buying a home, it’s a good idea to get a home inspection. If not, you could end up paying thousands of dollars in repairs later on down the road due to defects in the house’s structure. However, a home inspection will set you back $342 on average, according to Angi. 
• Moving costs and fees: So you bought the home of your dreams! Great, now comes the dreaded part — packing up your entire life into boxes and moving. The average cost to move a three-bedroom home locally is $2,200, according to Forbes. A long-distance move for a home that size? $4,400 on average. 
• Homeowners insurance: Home insurance isn’t one size fits all. How much you’ll pay depends on a number of factors, including location, credit history, size of the home, and level of coverage needed. Insurance rates can also vary widely between cities, so it’s important to consider these costs when determining how much home you can afford. On average, homeowners insurance costs $2,230 per year for a policy with $300,000 in dwelling coverage, reports Bankrate.
• Property taxes: Another important cost to remember — property taxes. As a homeowner, you’ll need to make sure to budget for this ongoing expense. And property taxes “will continue to rise rather than drop” in most instances, according to Citizens Bank,.
• New furnishings: Don’t forget about the added cost of new furnishings, especially if you’re moving into a larger home. The average cost to furnish a three-bedroom house is $10,000 to $40,000 with moderately priced furnishings, according to Home Guide, while the average cost to furnish a four-bedroom home is $15,000 to $60,000.
• Repairs and maintenance: Standard home repairs and routine maintenance, like pest control, lawn care, trash fees, roof maintenance, plumbing repairs, appliance replacement, heating costs and cleaning expenses all add up.
• HOA fees: There's a good chance the home you're buying is part of either a homeowner’s association (HOA) or condo association. If so, you'll need to budget for a monthly or quarterly fee, which covers the cost of maintaining common areas and amenities in the community.

“While homeowners are typically aware they'll have to pay for utilities every month, these other costs not directly related to purchasing the home itself can easily slip from one's mind,” Claudia Phillips, who works with This Old House Reviews tells Kiplinger. “When purchasing a home, buyers should outline these costs ahead of time to make sure they can budget on a monthly or annual basis. These expenses will vary depending on a home's age, location, material and construction. Homeowners should consider purchasing a home warranty policy to offset these costs, which can reach an average of $600 annually.”

What is the cost of homeownership by state?

What States have the most and least expensive homeownership costs? A recent study from Bankrate took a look. Here’s what it found.

States with the highest average hidden homeownership costs:

• 1. Hawaii: $29,015
• 2. California: $28,790
• 3. Massachusetts: $26,313
• 4. New Jersey: $25,573
• 5. Connecticut: $23,515

States with the lowest average hidden homeownership costs:

• 1. Kentucky: $11,559
• 2. Arkansas: $11,692
• 3. Mississippi: $11,881
• 4. Alabama: $12,258
• 5. Indiana: $12,259

Bankrate Analyst Jeff Ostrowski states in the study, “No matter where you live, make sure you include some cushion in your monthly budget to absorb the shock of unplanned expenses. After you achieve homeownership, you need to fatten up your emergency savings account for all those surprise repairs.”

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Under new legislation Gov. Ron DeSantis signed into law earlier this year, home sellers in Florida will now have to disclose information about a property’s flood history to prospective buyers. This information could change the housing market in the popular state, which has already been impacted by climate and environmental changes recently.

Home sellers must provide a flood disclosure to a purchaser at or before the time the sales contract is executed, according to the bill. The act took effect Oct. 1, 2024. Previously, home sellers were not required to provide information regarding a property’s flood history.

A flood insurance disclaimer must be provided and state: “Homeowners' insurance policies do not include coverage for damage resulting from floods. Buyer is encouraged to discuss the need to purchase separate flood insurance coverage with Buyer's insurance agent.” 

Additionally, sellers will need to disclose whether or not they have filed an insurance claim or received federal assistance for flood damage to the property. 

"Flood damage” is classified as: 

• Overflow of inland or tidal waters.
• Unusual and rapid accumulation of runoff or surface waters from any established water source (river, stream, drainage ditch, etc.)
• Sustained periods of standing water resulting from rainfall.

Floods and insurance are causing problems in Florida

Although 99% of U.S. counties have been impacted by flooding, only 4% of homeowners have flood insurance, according to FEMA. Many individuals living outside disaster-prone areas — where flood insurance isn’t mandatory — may think they don’t need the additional coverage (although over 40% of flood insurance claims come from outside high-risk flood zones), while others simply misunderstand what home insurance covers. 

Remember, no type of flood damage is covered by your standard home insurance policy. A separate flood policy must be purchased to protect against flood damage.

Lenders typically require coverage in high-risk zones, but premiums can vary based on your property’s flood risk. FEMA uses a system called Risk Rating 2.0 to adjust premiums, taking into account flood risk variables, including flood frequency, flood type, distance to a water source and property characteristics such as elevation and the cost to rebuild. On average, flood insurance costs $888 per year, according to a report from Policy Genius.

However, many insurance companies in Florida are leaving the state entirely, while others are choosing to hike rates substantially, limit coverage and cancel policies. For example, last summer, AAA announced it would no longer be renewing policies with home, auto and umbrella bundles in Florida, claiming the growing risk of natural disasters proving too costly for insurance companies to operate, while Farmers Insurance pulled out of Florida entirely, affecting 100,000 policies. 

Eleven companies that offered homeowners insurance in Florida have liquidated since 2017, including five that liquidated in 2022, according to Newsweek. The fewer home insurance companies on the market, the more money residents will have to pay for coverage.

Could the flood disclosure rule drive down Florida home prices?

With this new rule in place, potential buyers could opt out of home purchases in increased numbers when confronted with a home’s flood disclosure, choosing to live somewhere with less risk and, in turn, save on insurance rates. Rising costs of insurance also have an impact on home values. 

“Homeowners living in areas where insurance premiums are surging are at risk of seeing their properties gain less value than homeowners in areas with stable premiums — and in some cases, they may even lose money,” said Redfin Chief Economist Daryl Fairweather in a recent report. “Homes with low disaster risk and low insurance costs will likely become increasingly popular, and thus more valuable, as the dangers of climate change intensify.” 

And condo prices in Florida have already been falling, in part because of an amendment to the Florida Condominium Act which mandated that condo associations maintain adequate reserve funds for maintenance and repairs. Condo associations must obtain a Structural Integrity Reserve Study (SIRS) by the end of this year outlining “the reserve funds required for future major repairs and replacement of the condominium property.” 

The SIRS will assess “the estimated useful life and the estimated replacement cost or deferred maintenance expense of each item.” In accordance with these findings, any component of the building past its estimated useful life will likely be required to be repaired or replaced right away. 

Because of this, many condo owners will soon face increases in their monthly condo association fees. These fees may even become higher than owners’ mortgage payments, leading many to sell their units. “Buyers don’t want a unit in an aging building requiring expensive mandated upgrades with hefty COA fees and special assessments,” Joseph Hernandez writes for Kiplinger. 

The same can be said for a building or home with a high level of flood risk and/or a history of previous flooding. “For a comparable price, buyers can likely purchase a unit in a much newer building, avoid surprise increases in COA fees and special assessments and get vastly better value for their money.” 

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As electricity costs rise and temperatures start to heat up, saving on cooling costs this summer has become a top priority for many. Experts believe that from the Rockies to the East Coast, this summer could very likely be one of the hottest on record, and according to Accuweather, from June through August, temperatures are expected to reach 2 degrees above historical averages across more than half of the country.

As you search for the cheapest and most effective way to beat the heat, you may wonder which is better: a heat pump or air conditioner? Here’s what you need to know about the two.

Heat pump vs air conditioner: How do they work?

Simply put, air conditioners work by moving heat from the interior of your home to a warm outside environment. 

Air conditioners contain a liquid refrigerant that evaporates in an interior evaporator coil, “pulling heat out of indoor air and cooling your home," according to the DOE. After which, “the hot refrigerant gas is pumped outdoors into the condenser where it reverts back to a liquid, giving up its heat to the outside air flowing over the condenser's metal tubing and fins.”

Similarly, heat pumps cool your home by transferring warm air from inside your house to the outside. "From a cooling perspective, minus a few technical details, heat pumps and air conditioners are essentially the same when operating in cooling mode,” according to Carrier. 

However, heat pumps can do something air conditioners cannot: warm your home by extracting heat and moving it inside your home. An air conditioner is typically paired with a furnace in order to heat your home when it’s cold outside. You can opt for either “ductless” mini-split heat pumps if your home doesn’t have ductwork, or purchase a heat pump to work with the existing ducting in your home.

Because they work similarly, heat pumps are just as efficient as air conditioners when used to cool your home during the summer months. However, when it comes to heating your home, heat pumps have the advantage. They're more energy efficient when compared to standard furnaces or boilers. Heat pumps use less energy to warm your home than conventional electric or gas systems, because they move heat rather than generate it, according to Energy Star.

Heat pump vs air conditioner: Which is cheaper?

How much a heat pump costs depends on a number of factors, including the type of unit you choose, its efficiency rating and where you live. But while heat pumps have steep up-front costs, they can save you money in the long run. 

Heat pumps cost $4,200 to $7,600, on average, including installation fees, according to Architectural Digest. Ductwork installation will add $3,000 to $7,500 to your final cost. Air conditioners, on the other hand, cost between $3,800 and $7,500. However, you’ll need to also invest in a heating system: adding a furnace could cost $2,807 to $6,783, on average.

However, if you can justify the up-front expenses of installing a heat pump, you’ll save on expenses down the road. A majority of Americans (62% to 95% of households, depending upon heat pump efficiency) would see a drop in their energy bills by using a heat pump, according to the National Renewable Energy Lab (NREL). And depending on the size of your home, your local climate and which unit you choose, you can save $300 to $1,500 annually, according to the DOE.

There are also tax credits and incentives for installing a heat pump that can save you even more money. For example, thanks to the Inflation Reduction Act, homeowners may claim a credit for up to $2,000 or 30% of the project cost. 

And if you're a Wisconsin resident, you can now save even more on home energy improvements, thanks to the state's recent launch of the Home Efficiency Rebate (HOMES) program. Depending on your household income, you could receive a rebate for up to 100% of the costs (on up to $5,000) to purchase and install a heat pump or other energy-efficient home improvements. 

Not a Wisconsin resident? Similar programs may be heading to your state soon. You can use this map to check your state’s progress toward launching its rebates.

Also, learn more about heat pump savings by checking out our article Heat Pumps: Can You Save on Home Cooling and Heating?

Heat pump vs air conditioner: What are the sustainability differences?

Another added benefit of heat pumps is that they're better options for the environment. Because they use less energy, heat pumps help reduce carbon pollution.  Heat pumps reduce emissions by up to 93% over their lifetime compared with gas furnaces, according to Rocky Mountain Institute (RMI).  

"Heat pumps lower household annual energy emissions on average by 36% to 64% — or 2.5 to 4.4 metric tons of CO2 equivalent per year per housing unit," according to Canary Media.

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Figuring out if an above-ground vs. an in-ground pool is the best fit for your yard, budget and lifestyle can be a complicated decision. They differ significantly in a many ways, from upfront cost, maintenance, ability to customize to overall lifespan.

How much it adds depends on several factors, including the type and style of the pool and whether pools are a must-have feature where you live.

Only you can determine the true return on investment. A pool can add value to your quality of life and enhance the enjoyment of your home. The "Remodeling Impact Report for 2023" from The National Association of Realtors (NAR) showed a joy score, the level of homeowner satisfaction with an improvement, was 10 out of 10. 

In-ground vs above-ground pools: basic differences

• Excavation and installation: In-ground pools go into the ground, so they require site prep and excavation. Above-ground pools sit on top of the ground, on a concrete slab or a deck. While they typically don’t require excavation, you’ll likely need to level the ground.
• Permanence: In-ground pools are a permanent addition to your property, while above-ground pools are a temporary option. Above-ground pools are more easily and cheaply removed from your property than in-ground pools.
• Ability to customize: Above-ground pools are pre-fabricated in a limited number of shapes and sizes, but the options for customizing an in-ground pool are nearly limitless.

Above-ground pools

An above-ground pool is the least expensive option for a swimming pool. They’re a good choice for yards that are small or have unsuitable conditions for in-ground pools. Their big advantage, in addition to price, is that they take just a few days to a few weeks install, they can arrive in a kit form and are installed by professionals. These semi-permanent pools are installed directly on the ground, on a deck, or on a concrete slab. 

An above-ground pool costs $1,600 to $7,500 with installation, depending on the size, shape, and material, according to homeguide.com. For the pool itself, prices typically range from $800 to $4,500 and $800 to $3,000 on average for labor according to homeguide.com data. 

In-ground pools

A permanently installed in-ground pool can add value to your home, particularly if you live in a climate that is warm most of the year. There are countless ideas for the shape of your pool, the materials for the liner or walls, the decking or paving materials to surround it, and the upgrades you can add on like waterfalls, slides and diving boards. 

The cost of installing an in-ground pool can vary greatly with size, location and materials used. The national average hovers around $65,000. You can expect to pay anywhere from $80 to $250 a square foot (with installation) or $25,000 to $100,000 total according to homeguide.com data. Fiberglass and vinyl swimming pools are the cheapest options but don't last as long as concrete pools. 

There is also a significant cost to removing an in-ground pool. The same factors that contribute to the price of building a pool add to the removal costs.  The size, material and accessibility, can all cause your total cost to be higher than the national average of $6,000, according to Angi.com data. Heavy machinery is required to demolish the pool and engineering expertise is needed to make the land safe and buildable after removal. 

Above-ground vs. in-ground pools: how they compare

The main disadvantage of an above-ground pool is that it generally adds no value to your home. They also have some of the same problems as in-ground pools, such as water evaporation and maintenance issues. They typically come in either 48 inches deep or 52 inches deep so they are not suitable or safe for diving. 

The main drawback of an in-ground pool is the price tag. Costs can easily climb to $ 90,000 or higher, and it will likely raise your property taxes. And only 1% of real estate agents would recommend adding a pool before selling according to NAR.

There are also the additional yearly maintenance expenses not associated with above-ground pools. It costs $300 to $650 to open and close the pool each year. (These costs are often included in comprehensive weekly service contracts.) 

Does an in-ground swimming pool add value to your home?

Adding an in-ground pool can boost your home’s worth by around 7 percent, according to Bankrate.com. Above-ground pools are considered temporary and are not typically included in a home appraisal and therefore add no value to the appraised value. 

The Remodeling Impact Report from NAR estimates that adding an inground pool offers an return on investment (ROI) of around 56%. The average cost to install a swimming pool is around $90,000, and the project increases the value of a home by roughly $50,000. 

Here are three factors that can help you determine if a swimming pool will add positive value to your home:

• If you live in a neighborhood where many of your neighbors have swimming pools. In those circumstances not having a pool might decrease your home’s marketability.
• In warm climates, such as Arizona or Florida, a pool can be an attractive feature for potential buyers.
• Not everyone wants a the risks or costs associated with a pool. Couples with very young children may shy away from pools because of safety issues. And you may need to add or modify the fencing around your yard to comply with pool safety regulations in your state or community.

Bottom line

While some pools add more value than others, adding a swimming pool should be based on personal enjoyment rather than a means of driving up your home’s price. Even a pool that checks all the “smart investment” boxes would still only bring a maximum 7% increase in value according to houselogic.com.

If you give a pool a "joy score" of 10 out of 10, it will pay for itself in one summer.  

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Never heard of a swamp cooler? You're not alone. Sometimes called an evaporative cooler, these efficient appliances can help beat the heat in certain climates and may be a better option than air conditioning for some homes. With record-breaking heatwaves and high electric bills, consumers need to find ways to stay cool without paying a fortune.  

Here’s what you need to know about swamp coolers vs air conditioners.

Swamp cooler vs air conditioner: mechanical differences

A swamp cooler lowers your home temperature by adding humidity to the air. It works by passing air over a damp pad, letting the moisture from the pad evaporate, which cools the air by 15°- to 40°F before it is directed into the home, as per the DOE. Because of this, swamp coolers are only suitable for low-humidity areas, making them good options for homes in the Western and Southwestern parts of the country. 

Unlike an air conditioner, a swamp cooler is an open system. This means that you’ll need to have doors or windows at least partially open while running the cooler. Swamp coolers “rely on the flow of air through the building to direct the cool air, and since they always need hot, dry air to evaporate the water, it needs to displace the air already in the house,” according to HowStuffWorks. The warm air has to escape somewhere. That may be a deal-breaker if you have allergies and want to avoid pollen or pollution.

Swamp coolers can be installed on the roof, in a window or on the ground, although most commonly, they’re installed in a down-flow arrangement on a roof, reports the DOE. Small coolers can be installed in a window to heat a specific room in your home, and small, portable evaporative coolers on wheels are now available.

On the other hand, air conditioners cool your home by transferring heat from the interior of your home to a warm outside environment. And it’s a bit more complicated. Here’s how it works, according to the DOE. Basically, an air conditioner contains a liquid refrigerant that evaporates in an interior evaporator coil, “pulling heat out of indoor air and cooling your home.” After which, “the hot refrigerant gas is pumped outdoors into the condenser where it reverts back to a liquid, giving up its heat to the outside air flowing over the condenser's metal tubing and fins.”

Unlike a swamp cooler, installing air conditioning is a more difficult and lengthy process, but can be used in homes in both humid and arid climates. Although they do tend to dry the air.

Upfront costs

The unit's price is a big difference between swamp coolers and air conditioners. How much each cost ultimately depends on the size and type of the unit and how it is installed. However, on average, swamp coolers have lower installation costs, making them cheaper.

The average cost for a swamp cooler installed in a 1,500 sq. ft home is $3,900, while an air conditioner averages $5,000, according to Fixr.

Here’s a price breakdown for swamp coolers, as per Fixr. 

• Portable swamp coolers: Range from $100 to $1,500 or more
• Mounted swamp coolers: range from $500 to $1,500
• Window swamp coolers: Range from $300 to $1,000
• Installation costs: Range from $100 (for a simple freestanding unit) to $1,000 (for a mounted unit)
• Overall costs: Range from $100 to $2,500

And here’s a price breakdown for air conditioners, also courtesy of Fixr.

• Portable unit: Range from $200 to $700
• Window unit: Range from $300 to $1,200
• Installation costs: Range from $100 (do it yourself) to $800 (professionally) 
• Central units: $1,500 on average, installation costs range from $2,000 to $5,000
• Overall costs: Range from $200 to $6,500

Cost to run and efficiency

Electricity: A swamp cooler uses 60% to 80% less electricity than a standard AC unit, meaning big savings on electricity costs. That efficiency is becoming an ever-more important factor for consumers. According to the U.S. Energy Information Administration (EIA), you can expect to pay more for electricity this summer than last year. The EIA forecasts that residential customers’ monthly electricity bills will average $173 from June to August. Last summer's average was $168. 

The EIA also found that monthly costs remain high in dry regions of the country, where swamp coolers might be a good option. The Southwest has the highest average monthly electric bill of $203. 

Water: One downside of swamp coolers is their use of water — often a scarce commodity in the arid environments where these appliances are most useful. Estimates of swamp cooler water use vary widely. While air conditioners do not require any water, swamp coolers may use between about 3,000 and 12,500 gallons of water annually, depending on location, size and other factors, according to the New Mexico Office of the State Engineer.

Swamp cooler vs air conditioner: sustainability differences

Overall, swamp coolers are more eco-friendly than air conditioners. They don’t contain any toxic chemicals and typically have lower levels of CO2 and greenhouse gas emissions. If refrigerant from an AC unit leaks, it can have a significant impact on the environment. For example, R-410A, a common refrigerant, has a global warming potential (GWP) of 4,260 over 20 years, according to the Natural Resources Defense Council (NRDC). If a pound of this refrigerant leaks into the atmosphere, it packs 4,260 times the climate wallop as a pound of CO2. 

So, if you live in a dry, arid region of the country, not only will using a swamp cooler save you money, but it’ll also pose less of a risk to the environment and reduce your carbon footprint.

Bottom line

Simply put, swamp coolers cool your home by adding humidity to the air, while air conditioners cool your home by pulling heat from inside your home to the outside. And while swamp coolers use significantly less energy and are cheaper than air conditioners, they have a huge drawback. They're most effective in dry climates and aren't suitable for areas with high humidity levels. They may also consume significant amounts of water. However, if you live in a dry climate, such as in the West or Southwest, you can reduce your carbon footprint and help the environment by installing a swamp cooler.

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In the early days of summer, the heat is a welcome change after months of chilly winter and rainy spring. But it gets old quickly, especially if you don't have air conditioning or if you just don't want to use it because you're trying to cut your energy bills this summer.

Surviving the heat without A/C is possible if you plan ahead with some proven tactics to help you stay cool in the summer. Whether it's energy efficient upgrades or simple changes to your daily routine, there are surprising number of ways to keep your home cooler this summer.

Here are 12 ways to help keep your home cool when the temperatures rises.

1. Keep sunlight out — close your window coverings 

Summer sun delivers heat right through your windows. Keep out the heat with shades or blinds during the sunniest hours to keep your home cool without AC. This is a passive cooling method that is one of the cheapest and simplest way to keep your home cool in summer.

Another quick and easy way to keep your home cool is to apply a reflective, heat-reducing window film to regulate the temperature. As a bonus, it even works in reverse, keeping more warm air inside during the winter months — and it’s quick and easy to install. 

2. Install an exterior window shade or awning 

Installing an awning, pergola or shade trees by your west windows will shield your home from hot afternoon rays. Direct sunlight is like a heater in the cooling season.

3. Use ceiling fans properly

Set your ceiling fans to rotate counterclockwise. In the summer, the fan blades should rotate counterclockwise (as you look up at it) to push the air straight down. Increase the fan speed on the hottest days.

4. Use your fans in the right places 

Fans keep air moving around, rather than cooling the air. Blow air directly on people to get a cooling effect or set up your fans to draw in cooler air from the outside (or a cooler part of the house) to the warm areas. 

5. Change out the sheets on your bed 

Pick lighter fabrics, such as linen and bamboo viscose, preferably in brighter colors such as white, since they reflect light and heat and help keep your house cool in the summer. The material of your sheets also matters because lightweight fabrics breathe easier than thicker ones.

Avoid unnatural fabrics or fabrics with a tight weave.

6. Close doors to unused rooms 

To keep the cool air where you need it most, close off doors to unused rooms. It prevents cool air from leaking to parts of the house where you don’t need it.

7. Fire up the backyard grill! Avoid using the oven or stove 

Cooking generates excess heat and can significantly raise the temperature inside your home.  Instead, opt for meals that don’t need cooking, such as salads or sandwiches, and plan for grilled dishes to avoid generating more heat in the house.

Take your cooking outside. If hot food is in order, fire up the grill instead of turning on the oven. From pizza to beer can chicken, there are numerous ways to cook a meal on the grill.  

8. Invest in a dehumidifier 

The ideal indoor humidity level in summer should be around 40% to 50%. Dehumidifiers remove excess moisture from the air in your home and make it more comfortable, even in high temperatures. 

Most dehumidifiers will come with sensors that turn the device off when the ideal humidity level is met. Also, use the water gathered by your dehumidifier to water your plants for added conservation.

9. Install an attic ventilator 

Attics can get pretty warm during the summer, sometimes heating up to 150 degrees. This heat will most likely spread throughout your home, raising the overall temperature. In addition to insulating your attic, you can also invest in an attic ventilator or attic fan. 

These fans work by evacuating the hot air from your attic and drawing in cool air from outside. As a result, your attic remains relatively cool, and this can help keep your house cool in the summer. 

10. Insulation is key — insulate and air-seal your home 

Many of the things that help keep your home warmer in the winter also help keep your home cooler in the summer. If you feel the temperature extremes in both seasons, consider a weatherization project. 

Adding insulation to your attic and walls will make a significant improvement to your home’s climate, even in the warmer months. It also cuts back on cooling and heating costs. Insulation is also a pretty inexpensive and simple solution, and you can also try DIY insulation for further savings.

11. Install a cool roof 

A cool roof absorbs and transfers less heat from the sun to the building compared with a more conventional roof. Buildings with cool roofs use less air conditioning, save energy, and have more comfortable indoor temperatures. For example, in non-air-conditioned residential buildings, cool roofs can lower maximum indoor temperatures by 2.2 to 5.9°F, according to the US Environmental Protection Agency (EPA).

On days when you do use air conditioning, a solar reflectance from a cool roof can reduce peak cooling demand by 11–27%. White roofing products stay coolest in the sun, reflecting about 60 – 90% of sunlight. 

Cool Roofs in Cold Climates. Because cool roofs reflect sunlight and reduce solar heat gain into a building, they may increase energy use in buildings during winter months in cold climates. However, these costs may be offset by your savings in the summer. 

12. Plant foliage to keep your house cool in summer 

Trees and foliage act as natural barriers to sunlight and also significantly improve the landscape. While it may be a few seasons before you can reap the benefits, it will be worth it. You can choose fast-growing trees such as Sycamore, Maple, or Poplar trees. Also, opt for deciduous trees that lose their leaves in the winter. That way, your home will have shade in the summer, but you’ll get plenty of sunshine in the winter.

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You may have heard that homeowners can use generous home energy improvement tax incentives and rebates to install solar panels or insulate their homes. Such projects often pay for themselves within a few months or years, and buyers often highly value these home features. Less well-known is the use of Home Energy Management Systems (HEMS), a relatively new technology that is quickly catching on in some areas of the country.

As the U.S. relies more on electricity and less on fossil fuels like oil or gas, the fragility of electricity grids has become more apparent. For example, the 2021 Texas deep freeze overtaxed the state-run grid, causing a blackout for 4.5 million customers and 57 deaths. Such extreme weather, inflation, geopolitical unrest and demand growth have contributed to a 30% rise in electricity prices since 2021, according to the Consumer Price Index. 

The home energy management industry has stepped in to provide solutions for homeowners who want their electricity supply to be more resilient and affordable. Some of these products, such as home solar systems, are already commercially successful. But storing that energy in home batteries (for example, overnight or on rainy days) is just starting to take off. One energy management company, Scheider Electric, is rolling out connected home products that will utilize battery storage.

The work done by Schneider Electric revolves around digitizing, electrifying and decarbonizing home energy. I spoke to Michael Lotfy Gierges, executive vice president of Schneider Electric’s Home & Distribution segment, to learn more about how energy improvements to your home, particularly the role of smart home technology — such as a home energy management system (HEMS) —  can benefit both your wallet and the environment.  

Home energy technology

Gierges touches on the three main challenges facing consumers in their daily lives that Schneider aims to address: the climate crisis, the significant increase in energy prices and the impact this has on the consumer.

“[The] climate crisis is real. It affects the pattern of our daily lives. It also affects the reliability and stability of the grid,” says Gierges, adding that energy prices are at a record high. "What does it mean for the daily homeowner user, whether it's your owner or a tenant? It means that you have unreliable power. You have a very expensive source of energy.”

The climate crisis is severely affecting our way of life. From extreme cold to heatwaves and wildfires, higher energy consumption and more expensive utility bills are the result. According to a study from Bank of America, the average total utility payments per customer was nearly $300 as of March 2024, a nearly one-quarter rise in cost since 2019. 

Furthermore, according to Gierges, homes represent 22% of all global greenhouse gas emissions, with all buildings representing around 40% of emissions. And these greenhouse gases are one of the main causes of the climate crisis.  

“This is where Schneider and my business comes into play because we can help you solve all those three challenges,” says Gierges. “Imagine [that] you live in a home where you have a prosumer (a mix between a producer and a consumer). . . . You have your energy, your solar panel on top of your home, you have a battery and an inverter, and you are driving an electrical vehicle. You have our final distribution and our home energy management system running all this for you.”

Such energy management helps you understand your overall energy consumption and be more intentional with how you use energy, which can significantly lower your energy bills. It lets you know the best time to charge your car, for example, or the best temperature to set your heater or cooler. And all this can be controlled within an app. You can click on, say, "reduce my bill" or "use more sustainable energy sources," and it will be done for you. In this way, a home energy management system can keep your home comfortable while helping manage your production and consumption of energy sustainably. 

Home energy and sustainability

In addition to Schneider, companies providing home energy management systems include Generac and Tesla. As the price of residential battery storage declines, these systems will enjoy greater uptake. For now, they are most popular in states with extreme weather or high electricity prices, particularly in California, Texas and Florida. California has an incentive program through 2024. Texas and Florida do not have state-level incentives, but some utilities offer extra benefits to customers who install solar systems with battery storage. 

These systems may save you money and are guaranteed to reduce greenhouse gas emissions. The less energy you use, the less emissions you’re producing. Here are several other home changes you can make, according to the EPA, to reduce greenhouse gases and save money. 

• Change your lights: By replacing your five most frequently used light fixtures or bulbs with ENERGY STAR  lightbulbs, you can save up to $70 a year on energy bills, as these bulbs generate 75% less heat, use about 75% less energy and last from 10 to 50 times longer.
• Purchase ENERGY Star appliances: These appliances can reduce greenhouse gas emissions by around 130,000 pounds, saving you $11,000 on energy bills.
• Heat and cool your home properly: Replace old equipment, change your air filters regularly and use the right thermostat settings (or use a smart thermostat) to reduce emissions and save money.
• Insulate your home: Caulk, weather stripping and insulation can be used to seal your home and keep the cold air in and the warm air out (or vice-versa). 
• Use water efficiently: Change your habits and update appliances to avoid wasting water. For example, take shorter showers, turn the faucet off when brushing your teeth and only run your dishwasher when full. Fix all leaky appliances or replace them with WaterSense products.
• Compost: Both food scraps and yard waste make up 20% to 30% of what is thrown away. Instead of sending this garbage to a landfill, compost it instead.
• Calculate your carbon footprint: Using a carbon footprint calculator can help you gain a better understanding of how much greenhouse gas emissions you are causing.

Gierges tells Kiplinger that cost savings go hand-in-hand with decarbonization. Whatever reason you choose, “you still come to the same solution and you still come to the same result. You call it sustainability, you call it savings, you call it energy independence. It's still all the same, right? You want energy independence. You want to save money for the average consumer and the average citizen. Then sustainability is also the solution.”

Also, check out Kiplinger's list of home energy savings articles for additional ways you can save:

• Save Big by Going Green at Home
• Electric Heaters vs Radiators
• Electric vs Gas Heat: Which Is Cheaper?
• Fan Heaters vs Oil Heaters
• Dishwasher vs Hand Washing

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Although it may feel out of reach, owning a home as a single person can be achievable. In the right cities, singles only need a few more months than couples to save enough to become homeowners. A recent study from Point2 Homes compared singles and couples in the home-buying savings race, pinpointing which of the 100 largest U.S. cities where singles can defy the odds and save for a home nearly as fast as couples. 

"The reality is that saving for a home takes years. The harsher reality is that it can even take decades — particularly for singles buying on their own," Alexandra Ciuntu, author of the study, told Kiplinger. "The median starter home price has doubled over 20 years," she explained, and in major U.S. cities, that extends the amount of time singles must save "by about 6 years compared to couples."

For the study, Point2 calculated the mortgage amount an individual and a couple would be eligible for based on their incomes, assuming a monthly mortgage payment that wouldn't exceed 30% of their respective earnings. They used the difference between the price of a starter home and the affordable loan to determine the down payment amount, and then used the 50/30/20 rule (20% of income going towards savings) to calculate the years it would take to save up for this down payment. 

The study found that on average, it would take a single person, making a median income of $40,038, eight years and five months to bridge the gap between an affordable loan and a $177,260 starter home price, compared to just two years and a month for couples making a household income of 84,024. However, in several cities, this isn't the case.

Here are the top 10 cities with the least difference in years needed to save for homeownership between singles and couples.

10 cities singles can save for a home almost as quick as couples

Here are the top 10 cities with the least difference in years needed to save for homeownership.

1. Toledo, OH

• Couples save in: 11 months
• Singles save in: 1 year, 8 months
• Difference in time to save: 9 months

2. Detroit, MI

• Couples save in: 1 year
• Singles save in: 1 year, 9 months
• Difference in time to save: 10 months

3. St. Louis, MO

• Couples save in: 11 months
• Singles save in: 1 year, 10 months
• Difference in time to save: 11 months

4. Cleveland, OH

• Couples save in: 1 year
• Singles save in: 2 years
• Difference in time to save: 11 months

5. Memphis, TN

• Couples save in: 1 year, 3 months
• Singles save in: 2 years, 2 months
• Difference in time to save: 1 year

6. Baltimore, MD

• Couples save in: 1 year, 6 months
• Singles save in: 2 years, 6 months
• Difference in time to save: 1 year, 1 month

7. Kansas City, MO

• Couples save in: 1 year, 6 months
• Singles save in: 3 years
• Difference in time to save: 1 year, 6 months

8. Oklahoma City, OK

• Couples save in: 1 year, 6 months
• Singles save in: 3 years
• Difference in time to save: 1 year, 6 months

9. Wichita, KS

• Couples save in: 1 year, 5 months
• Singles save in: 3 years
• Difference in time to save: 1 year, 7 months

10. Tulsa, OK

• Couples save in: 1 year, 6 months
• Singles save in: 3 years, 2 months
• Difference in time to save: 1 year, 8 months

In the top five cities — Toledo, Detroit, St. Louis, Cleveland and Memphis — there's only a year or less difference between the time it takes singles to save versus couples. On the other hand, the top ten cities with the biggest difference are all located in California, with Anaheim topping the list. According to Point2, the difference in time it would take for an individual to save for a home here is 57 years and 11 months — yikes. 

"While saving for a home in cities like Toledo, OH, Detroit, MI, St. Louis, MO, or Memphis, TN, takes pretty much the same time regardless of relationship status, over in California, a lifetime of budgeting awaits. Couples struggle to save for more than 25 years in booming cities like Los Angeles or Anaheim. However, for singles, the prospect is even bleaker, requiring an additional 50 years or more of diligent budgeting," says Ciuntu.

Although buying a home is difficult everywhere, due to high mortgage rates, elevated real estate prices and low housing stock, it's more achievable in certain regions across the country. Specifically, the Midwest. Thanks to the region's affordable housing, small-to-midsize Midwestern cities are great choices for homebuyers on a budget, specifically single homebuyers. You can also check out our picks for the top 12 surprisingly great places to retire in the Midwest.

No matter where you buy, protecting your investment is just as important as saving for it. Before you settle into your new home, make sure you have the right homeowners insurance coverage in place. Compare policies with out tool below, in partnership with Bankrate, to find the best fit for your budget and needs.

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Buying a home is out of the cards for most young people, thanks to high mortgage rates, expensive home prices, inflation, student loan debt and job insecurity. In fact, almost 60% of parents with adult children helped their kids financially in 2023. But while home ownership is off the table for many, it hasn’t stopped all Gen Z homebuyers; According to Redfin, 30% of 25-year-olds in 2022 owned their own home, compared to 28% of millennials and 27% of Gen Xers when they were 25. 

Where young Americans stand a chance of owning a home depends largely on location, and a recent study from Point2 Homes has determined the top ten U.S. cities where it’s easier for Gen Z to become homeowners. To determine the feasibility of Gen Z homeownership in the country’s 100 major cities, Point 2 Homes compared several metrics. 

• Home Price-to-Income Ratio
• Median Sale Price Difference
• Inventory (per 10,000 residents)
• Share of Homes Sold Above Listing Price
• Days on Market
• Homeownership Rate
• Unemployment Rate

10 best places for Gen Z to buy a home

The study found that these ten cities had the highest chance of home ownership for Gen Z adults. 

• 1. Fort Wayne, Indiana
• 2. Corpus Christi, Texas
• 3. Detroit, Michigan
• 4. Laredo, Texas
• 5. Memphis, Tennessee
• 6. Lincoln, Nebraska
• 7. Durham, North Carolina
• 8. Fort Worth, Texas
• 9. Aurora, Colorado
• 10. Scottsdale, Arizona

The South and the Midwest appear to be the two regions where homeownership is most attainable for the younger generations. Average home prices in Laredo, TX, Memphis, TN, Lincoln, NE, and Durham, NC, are around five times Gen Z’s median income, attracting young buyers. Fort Wayne, Indiana made the top of the list thanks to its home price-to-income ratio and low Gen Z unemployment rate. Despite having a higher youth unemployment rate than a number of the other cities, Detroit makes up for it by having an impressive 6.10% decrease in home prices and the best home price-to-income ratio. 

Use our tool below, in partnership with Bankrate, to compare today's best mortgage rates.

10 worst places for Gen Z to buy a home

At the other end of the spectrum are the cities where it’s the hardest for Gen Z to become homeowners.

• 1. Fremont, California
• 2. San Diego, California
• 3. Lexington, Kentucky
• 4. San Jose, California
• 5. Riverside, California
• 6. Los Angeles, California
• 7. Sacramento, California
• 8. Chula Vista, California
• 9. Richmond, Virginia
• 10. Newark, New Jersey

As a young person, becoming a homeowner in California is extremely difficult. Home prices in Fresno are almost 23 times the average young person’s household income, and the cost of living there is 77% higher than the national average, reports Point2 Homes. Fremont, Riverside, San Diego and San Jose all were found to have low homeownership rates among Gen Z, high unemployment rates among the younger generation, limited inventory for housing and increasing sale prices.

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Sometimes, you can find valuable items in the least likely areas: Those old items collecting dust in your home can actually be worth more than you think. A lot more.

So, before you go throwing away or donating everything from your parents’ attic, check to see if you might be able to make a couple of hundred, or even a thousand, dollars off of what you find.

Everything from vintage cookware to old-school gaming consoles can be worth more than you might imagine.

10 old things in your home worth a fortune

Check out these 10 old items in your home that could potentially be worth a lot of money.

1. Kitchenware 

One place to look for hidden household treasures is your kitchen. One common brand that can be worth quite a bit of money and has a following of dedicated collectors is Pyrex.

Since it's so common, not every piece of Pyrex will be worth money, but certain vintage styles can sell for hundreds to thousands of dollars online. For example, a 4-piece set of rare, vintage Pyrex bowls recently sold on eBay for $900.

2. Vintage toys 

Have your kids grown up and moved away? If you've managed to keep any of their old toys for some reason or another, you could be in luck. Remember Furbys?

If you have one of the talking toys, it can be sold for anywhere from $95 to over $300 (some have sold for much more), depending on what you have. (I still have my rare Royal Furby from when I was a kid, but I'll be holding on to it for sentimental value.)

If you own any Polly Pocket toys and accessories, specifically those made in the 90s (from the pre-Mattel days), you could make several hundred dollars. A Vintage Polly Pocket Children's Hospital from 1995 sold on eBay for approximately $132.87, and a Polly Pocket 1992 Party Time Birthday Stamper complete set sold for a shocking $1,049.16.

And don't forget about Pokémon cards. Recently, a 1999 Pokémon Base Set Charizard Holo Rare Vintage Card sold for around $626.86.

3. VHS tapes 

MoneyWeek found that collectors are driving up demand for VHS tapes, with some willing to pay as much as $25k for unopened, packaged videotapes.

Some of the most coveted VHS tapes that sell for a high price include Star Wars, The Goonies, Superman and Rambo.

Kiplinger has some advice to help you determine whether your old VHS tapes could be worth thousands. Here's what's valuable:

• Blockbuster films from the late 1970s to the 1980s were released on VHS before the 1990s. A 1982 first pressing of Star Wars: A New Hope sold for $114,000.
• 1980s horror films — A 1981 Halloween original first print VHS sold for $127.20 on Etsy, and a sealed 1990 first release Friday the 13th Part VIII VHS sold for $316.94.
• Sealed tapes with a studio watermark
• Some early Disney copies that were released in the early to mid-1980s, like Tron, The Black Hole and collections of early Disney cartoon shorts.

4. Old-school video games 

You'd be surprised at how much certain video games go for online. Collectors will pay hundreds, even thousands, for rare retro games. So dust off your old gaming console and take a look at which games you may have — they could be worth a good chunk of change.

One of the rarest games, Little Samson for the Nintendo Entertainment System (NES), has sold for over $2,000 on eBay. Other titles that earn a lot include Mario Kart 64 for Nintendo 64 (sold for $450), Super Mario 64 for Nintendo 64 (sold for $2,513.69), Futurama for Microsoft Xbox, 2003 (sold for $199.99) and Chrono Trigger for Super Nintendo Entertainment System, 1995 (sold for $175).

However, many games for a variety of different consoles can be worth more than you might think, so do a little research before bringing your old games into your local GameStop.

5. Vinyl records 

Music fans — those old LPs you have lying around could be worth a lot of money, depending on the artist, album and release date.

In fact, in the UK, our sister brand MoneyWeek released a report on 10 vinyl records worth up to £10,000, which included The Beatles - Please Please Me, which sells for around £6,000, and Led Zeppelin - Led Zeppelin, which sold for £7,100 in 2013.

6. Boy Scout memorabilia  

Were you a Boy Scout back in the day? You likely kept several of those old badges and pins around for sentimental reasons without knowing they could be worth several hundred dollars.

For example, one collection of vintage Boy Scout medals, patches and rings sold for $240, and a 1990s Boy Scouts Eagle rank medal sold for $199.99.

Older, rarer memorabilia can sell for much, much more. We saw a 1920s Boy Scout Eagle Scout medal that sold on eBay for $2,826.00, and a collection of 1930s Boy Scouts Eagle Scout medals, merit patches and pins sold for $4,275.

7. Vintage newspapers and magazines

If you have any old magazines or newspapers lying around, before you recycle them, check to see what they're worth. Limited edition publications, or ones centered on major popular culture or historic events, are sought-after collector's items.

According to Woman's World, vintage magazines that once sold for around $1 are now selling for $20, $30, or even $50 on sites like eBay.

LuckyBuckEyeCollectibles, one of eBay's most reputable sellers, specializes in vintage ephemera, selling a variety of titles including the New Yorker, LIFE, TIME, Saturday Evening Post, Vogue and Cosmopolitan.

Currently, he's selling a 1961 January TV Radio Mirror Magazine with Dick Clark Front Cover for $74.99 and a 1952 January 21 LIFE Magazine with Dwight Eisenhower Cover for $39.99.

8. Old clothing

If you've held on to clothing from back in the day, you might want to consider selling it online, rather than dropping it off at a thrift store. Those old T-shirts hanging in your closet could be worth a lot more than you think, especially if they're vintage band tees.

Recently, a Beach Boys Chicago tour shirt sold on eBay for around $108.79, a vintage 80s Grateful Dead Band T-shirt for $300 and a Nine Inch Nails tour shirt sold for $199.99.

And that's just T-shirts. Other types of vintage clothing, like dresses, shoes and jackets (especially if they're from a designer brand) can sell for hundreds of dollars as well.

For example, a rare vintage Gunne Sax dress, circa 1978, recently sold on eBay for $725. One vintage OshKosh B'Gosh denim chore coat sold for $150 and a Betsey Johnson cardigan top sold for $90.

9. Rare coins

If you take the time to sort through your spare change, it could pay off. If you have one of the following rare coins lying around, it could score you several hundred to several million dollars.

Here are 14 of the most valuable coins and how much they've sold for, per MoneyWise.

10. Typewriters

Have an old typewriter collecting dust in your attic, but are unsure what to do with it? Sell it online — it could earn you a few hundred to a thousand dollars, depending on its condition, brand, rarity and when it was made. Some of the best typewriter brands are Underwood, Remington and Oliver.

One antique 1895 Remington Model No. 6 Up-strike vintage typewriter with case sold on eBay for $1,200, while a vintage 1932 Underwood typewriter sold for $550.

We also saw that a 1930s Remington Monarch Pioneer typewriter with a cover recently sold for $249.99 and another sold for $195.

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Sky high mortgage rates might be scaring off fewer potential homebuyers than usual in recent months, according to a new report from Bank of America.

The bank, whose products include home loans, surveyed 500 homeowners and 500 renters and found that fewer of them (62%) are willing to hold off purchasing a home until mortgage rates and prices fall than there were just six months ago (85%).

The survey also found generational differences among prospective buyers as far as specific home features that they are willing to sacrifice to raise the chances of finding a place. Baby boomers are more likely than younger generations to give up space, for example, and they are less likely to compromise on location.

The findings come as existing home sales are at their lowest level since 2010, and while availability is better in the new-home market, it may not last, as Kiplinger recently reported.

In a video accompanying the Bank of America study, Matt Vernon, head of consumer lending, said that if buying a home is your goal and within your budget, "the best time to buy is when you’re ready financially and you can find a home that fits your needs.”

As for what would motivate homeowners to sell, the survey found that 50% of current owners would be willing if their “dream home” became available. Some 54% said they would buy if they found a place in a more affordable area, regardless of whether rates moved higher.

According to the survey, other factors that would influence homeowners to sell include:

• A job opportunity or relocation (40%)
• Nicer neighborhood amenities (40%)
• The need for a larger home or more rooms (38%)
• A social community to be a part of (32%)
• A desire to be adventurous and move on (28%)
• A home with rental potential (21%)

Interest rates for about 80% of outstanding mortgages nationwide are below 5%, Bank of America said referring to a Zillow report. Given that, this group may be far less inclined to leave and purchase a new home, the bank said.

Another factor is that homebuyers are getting older and may be best able to swoop up the available inventory with all-cash offers, according to a November 13 Washington Post report. "A new picture is emerging of the buyers who still find a way to get a house," the article noted. "They're older, and because many of them sold a home before buying, they're also wealthier."

Meanwhile, there is contradicting advice about whether renting or buying is the right move at present, based on the landscape of the real estate market. In a December 1 New York Times piece, Mark Zandi, chief economics of Moody’s Analytics, said that this is not a good time for most people to buy a home. He pointed to high prices and mortgage rates and low inventory as reasons to choose renting right now.

“If you find the perfect place, then by all means buy it," Zandi told the NYT. "But most people are not going to find it."

Tips for finding a low mortgage rate

Although mortgage rates remain high, you can lower your rate, as Kiplinger previously reported. Actions to consider include increasing your down payment, raising your credit score and shopping around.

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The National Association of Realtors’ (NAR) recent loss in a Missouri court for conspiring to artificially inflate commissions on home sales is expected to have far-reaching implications for the real estate industry and home sellers.

The case could, in fact, change how home sellers pay real estate agents, according to a Washington Post report.

In an October 31 verdict in the District Court for the Western District of Missouri, jurors found NAR and several real estate brokerages guilty of the anticompetitive conspiracy. The lack of competition resulted in home sellers having to pay higher fees to their brokers when they sold their homes than they would otherwise have had to if there was price competition.

The jury ordered NAR and the brokerages to pay about $1.8 billion in damages to about 500,000 home sellers in Missouri, according to the report.

In their suit, home sellers challenged an NAR rule requiring home sellers to make non-negotiable commission offers to brokers to list their homes on the multiple listing services (MLS) properties database owned by the local NAR association. The MLS service feeds into Zillow and other real estate sites, the Washington Post said in the report.

In the U.S., average total commission rates — split between buyer and seller brokers — are 5% to 6% of the sale price, according to the suit.

“Most buyer brokers will not show homes to their clients” if the seller offers a lower commission, or the broker will prioritize showing homes with higher commission offers, the plaintiffs charged in the suit.

'Drastic' change on the way?

Depending on whether the judge in the case issues an injunction to remedy anti-competitive rules and behavior, the verdict could “drastically” change the way commissions work, Ryan Tomasello, managing director at financial services firm Keefe, Bruyette & Woods, said in a research note on the case.

“In general, this means that listing agents and home sellers would no longer predetermine buyer agent commission rates, listing agents would be prohibited from sharing commissions with buyer agents, and buyer agent commission rates would not be published in the MLS,” Tomasello said.

“We believe changes to the residential brokerage industry's commission structure could cause the annual commission pool to decline by upwards of 30% over time,” Tomasello said. He added that a court-ordered injunction could “unbundle” commissions nationally by early 2024.

Appeals are coming

“This matter is not close to being final,” NAR President Tracy Kasper said in a statement. “We will appeal the liability finding because we stand by the fact that NAR rules serve the best interests of consumers, support market-driven pricing and advance business competition. We remain optimistic we will ultimately prevail," she said. "In the interim, we will ask the court to reduce the damages awarded by the jury. “

The appeals process could take years to resolve, the NAR said.

Besides the NAR, the others named in the case are the four largest national real estate broker franchisors:

• Realogy Holdings, which rebranded to Anywhere Real Estate last year
• HomeServices of America, an affiliate of Warren Buffett’s Berkshire Hathaway
• RE/MAX Holdings
• Keller Williams Realty

Before the trial, however, both Anywhere and RE/MAX agreed to settlements, which are still pending the judge’s approval. According to the Washington Post report, the RE/MAX settlement is $55 million and Anywhere’s is $84 million. 

“We are disappointed with the court’s ruling and intend to appeal,” a HomeServices spokesperson said in an emailed statement to Kiplinger. “Today’s decision means that buyers will face even more obstacles in an already challenging real estate market, and sellers will have a harder time realizing the value of their homes.”

“We are disappointed that before the jury decided this case, the court did not allow them to hear crucial evidence that cooperative compensation is permitted under Missouri law,” Keller Williams spokesperson Darryl Frost said in an emailed statement to Kiplinger. “This is not the end.”

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 Residential mortgage lending activity declined sharply in 2022 as rates, closing costs and denials for insufficient income surged, a new report shows.

"The higher interest rate environment had profound effects on the mortgage market in 2022, with borrowers paying much more in monthly payments,” said Rohit Chopra, director of the Consumer Financial Protection Bureau (CFPB). “These trends are likely to continue given further increases in interest rates in 2023.”

The CFPB annual report on residential mortgage lending activity and trends shows a significant decline in mortgage applications and originations last year as interest rates, fees and other costs sharply increased.

That trend is also borne out in the latest Mortgage Bankers Association weekly mortgage applications survey, which showed that high interest rates has caused mortgage demand to shrink.

The CFPB report shows that more borrowers (50.2%) also paid discount points in 2022 than in any other year since 2018 when data collection began in this area. The median borrower paid $2,370 for discount points in 2022, up 32.1% from 2021, the report shows.

The report’s findings are based on data collected under the  Home Mortgage Disclosure Act, which requires financial institutions to collect and make public certain loan-level information on mortgage applications and originations. 

Borrowers that did get mortgages in 2022 saw average monthly mortgage payments soar 46% as the median interest rate for a 30-year, fixed rate mortgage at the end of the year was 6.5% and closing costs increased 21.8% from 2021 to an average of $5,954, CFPB said.

The number of refinances plunged 73.2% to 2.2 million, with the majority of these being cash-out refinances originated by independent lenders. Home equity lines of credit were the only form of refinancing to show an increase, rising 33.3% from 2021.

Disparities in outcomes for Black and Hispanic borrowers

The report also found disparities in outcomes with Black and Hispanic borrowers faring worse when it comes to approvals, loan sizes and fees, Chopra said. However, he added, some of these disparities shrank or disappeared for FHA loans.

“Black and Hispanic borrowers were denied loans at higher rates, received smaller loans, were charged higher interest rates and paid more in upfront fees than white and Asian borrowers,” Chopra said. 

For example, the median interest rate for Black and Hispanic borrowers in 2022 was above 5%, while the median rate was below 5% for white and Asian borrowers, according to the report.

Lenders denied loan applications due to insufficient income at a higher rate in 2022 than at any other point since 2018, the report shows.

In response to the report, Chopra said that the CFPB will “devote more attention to ensure that borrowers can sufficiently navigate alternatives to foreclosure when faced with financial distress.” 

That includes, for example, exploring amendments to mortgage servicing standards and looking for ways to simplify the refinancing process for borrowers, he said. 

The CFPB encourages people to visit its website or call (855) 411-CFPB (2372) to submit complaints about mortgage or refinance issues or other financial products or services. 

Visit the agency’s consumer education center on mortgages for more information on getting and maintaining a mortgage. 

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It's not too late to take some steps that will protect your home for the winter. Storms, ice and wind are around the corner, and you want to make sure that your home is safe — and warm.

These steps, most of which you can do yourself, will help cut your utility bills, protect your investment and possibly increase the value of your home.

Keep in mind, many of these actions can be taken throughout the year. So if you find yourself chilly inside this winter, remember that come spring and start your preparation for the next winter.

Investing in an annual service for your home heating system will save you money in the long run. For about $100 to $300, a technician will inspect your furnace, boiler or heat pump to be sure the system is clean and in good repair, and that it can achieve its manufacturer-rated efficiency. The inspection also measures carbon-monoxide leakage.

If you do this in the fall or before the weather gets dire, you'll minimize the chance of being 200th in line for repairs on the coldest day of the year.

Look for a heating and air-conditioning contractor who belongs to the Air Conditioning Contractors of America and employs technicians certified by the North American Technician Excellence (NATE) program. The contractor should follow the protocol for ACCAs "national standard for residential maintenance" (or the QM, short for "quality maintenance").

If your ceiling fan has a reverse switch, use it to run the fan's blades in a clockwise direction after you turn on your heat. Energy Star says the fan will produce an updraft and push down into the room heated air from the ceiling (remember, hot air rises).

This is especially helpful in rooms with high ceilings — and it might even allow you to turn down your thermostat by a degree or two for greater energy savings.

If your home had lots of icicles last winter — or worse, ice dams, which can cause meltwater to back up and flow into your house — take steps to prevent potential damage this year.

A home energy auditor or weatherization contractor can identify and fix air leaks and inadequate insulation in your home's attic that can lead to ice dams.

Since 2023, you can claim the federal energy-efficiency tax credit for 30% of the cost, up to $3,200. The credit has no lifetime dollar limit, and you can claim the maximum annual credit every year that you make eligible improvements until 2033. Your state or utility may offer a rebate, too.

There are limits on the allowable annual federal credit and on the amount of credit for certain types of qualified expenses. 

The maximum credit you can claim each year is:

• $1,200 for energy property costs and certain energy-efficient home improvements, with limits on doors ($250 per door and $500 total), windows ($600) and home energy audits ($150)
• $2,000 per year for qualified heat pumps, biomass stoves or biomass boilers.

And by the way, a home energy audit may qualify you for a tax credit up to $150.

A roof inspection is one of those preventive maintenance jobs you may miss. Get up close and personal with your roof using a ladder. If you're uncomfortable with heights, you can do a thorough inspection from the ground using a pair of binoculars.

Look for damaged, loose or missing shingles that may leak during winter’s storms or from melting snow. Don't overlook cracked and worn rubber around vent pipes or masses of moss and lichen, which could indicate the roof is decaying underneath.

If your roof is flat and surfaced with asphalt and pebbles, as many are in the Southwest, rake or blow off fall leaves and pine needles, which hold moisture, said Bill Richardson, past president of the American Society of Home Inspectors. (Don't sweep aside the pebbles; that will expose the asphalt to damaging sunlight.)

If need be, hire a handyman to repair a few shingles ($100 – $300 according to homeguide.com) or a roofer for a larger section ($200 – $600 for a 100-square-foot area). Check and repair breaks in the flashing seals around vent stacks and chimneys, too.

Caulking windows and doors properly can protect your house from unwanted moisture and air leaks. If you notice drafts in your home or that your energy bills have spiked, this is a sign you might need to replace the caulk around your windows and doors. Plan to replace the caulk about once every five to 10 years.

Richardson said if the gaps between siding and window or door frames are bigger than the width of a nickel, you need to reapply exterior caulk. (Check the joints in window and door frames, too.) Silicone caulk is best for exterior use because it won’t shrink and it’s impervious to the elements.

Try GE's Silicone 2 Window and Door product, which is “rain ready” in 30 minutes ($10.98 at Home Depot). Check window-glazing putty, too (which seals glass into the window frame). Add weather stripping as needed around doors, making sure you cannot see any daylight from inside your home.

Gutters need to be cleaned at least twice a year — in the spring and in the fall. If you have pine trees near your home, needles will need to be removed every three months to reduce the potential for clogging the gutters and downspouts. Neglecting gutter maintenance can lead to costly repairs down the line. Regular maintenance will make your gutters last longer.

If your gutters are full of detritus, water can back up against the house and damage roofing, siding and wood trim — plus cause leaks and ice dams. Gutters filled with debris can also make homes for rodents and other pests.

You'll typically pay $70 to $225 to clean gutters on a single-story house, depending on its size. Also look for missing or damaged gutters and fascia boards and repair them.

Water can cause problems for homeowners, whether it be a minor inconvenience or damages rising into the thousands. Mold, damaging landscaping, basement leaks and foundation damage are some of the serious issues pooling water can cause. Extending your downspouts is one way to divert potentially damaging water. 

Add extensions to downspouts so that water should be diverted at least 4 to 6 feet away from the foundation. If a home has basement walls, it should be at least 6 feet away. The farther away from the foundation the better. Putting gravel or rocks at the end of the downspout will help avoid erosion.

For example, HomeDepot.com sells Amerimax Flex-a-Spout extension (which extends 25 to 55 inches) for about $9.

Faucet winterization is important for preventing burst pipes. Leaving your faucet unprotected can lead to flooding and water damage in your house. Undrained water in pipes can freeze, which will cause pipes to burst as the ice expands. 

To winterize outdoor faucets, follow these steps:

1. Disconnect your hose(s). Disconnect all of your garden hoses and take off any splitters attached to your faucets. Then drain the water that remains in the faucets.
2. Locate your shut-off valves. You’ll usually find shutoff valves for outdoor faucets inside your home, often on the basement wall corresponding to your outdoor faucet.
3. Drain your outside faucet completely. Allow any excess water to trickle out from the faucet. If water keeps coming, you may need to tighten the interior shutoff valve.
4. Once your faucet drains, keep the handle in the "on" position when you close things up for the winter.
5. Insulate your faucet. Pick up an outdoor faucet cover for a few dollars at your local home improvement store.

If you live in a cold climate, consider having a plumber install a new freeze-proof faucet for you. This type of faucet automatically drains any water that enters when the faucet is in the "off" position to prevent a frozen buildup that can cause a pipe to burst.

Winterizing your sprinkler system is an important part of preparing your home for cold weather. Depending on the slope of your property, you may have a choice between manual or automatic draining versus a sprinkler system blowout if you want to save some money. And if your land slopes enough to allow for complete drainage of a manual or automatic drain irrigation system, you may be able to complete winterization at no cost at all.

The average cost for a sprinkler system blowout is $100 to $250, depending on the size of the system. A sprinkler professional can perform this service on any kind of lawn sprinkler system, and it uses high-pressure air to force water out of the pipes, eliminating the problem of water sitting in low spots. Draining sprinkler-system pipes, as with spigots, will help avoid freezing and leaks.

Mow your leaves instead of raking them. Mulching leaves back into your lawn will provide a natural source of nutrients that will improve the growth of your lawn. 

The trick is to cut the leaves, while dry, into dime-sized pieces that will fall among the grass blades, where they will decompose and nourish your lawn over the winter.

Use your lawn mower without its bag, and optionally swap the cutting blade for a mulching blade (about $15-$35). The process may take several passes.

There are really only two things you must do to prepare your lawn mower for hibernation. You’ll have to clean the deck and depending on the mower type, you’ll need to stabilize the fuel — or remove the battery.

Step 1: Clean the deck
The deck houses the cutting blades and facilitates the orderly expulsion of grass clippings. Not only will keeping it clean help with the performance of your mower, but it also helps cut down on the spread of lawn diseases. 

Before you begin cleaning, as a safety measure disconnect the spark plug wire on gas models and remove the battery on battery-powered models. It's always a good idea to consult your lawn mower's product manual to assist you and maintain proper safety precautions. 

Use a garden hose to spray down the deck, ensuring the water pressure is high enough to dislodge any grass clippings or debris that have adhered. Some spots may be more stubborn than others. For these hard-to-clean areas, try a brush and paint scraper.

Step 2: Winterize fuel or remove battery
As the mower sits through the winter, fuel remaining in its engine will decompose, "varnishing" the carburetor and causing difficulty when you try to start the engine in the spring. 

If you keep your mower in the basement during the winter, you should remove the fuel regardless of how much is left because storing it inside could be a fire hazard.

Step 3, for a gas-powered mower: Remove or stabilize the fuel
If you've added a stabilizer to your fuel to keep it fresh longer, then fill the gas tank to the top with more stabilized fuel and run the engine briefly to allow it to circulate. 

If not, wait until the tank is nearly empty from use and run the engine (outdoors) to use up the remaining fuel. Check your mower's manual for other cold-weather storage steps.

Step 3, for an electric mower: Remove the battery
Remove the battery or batteries and store them inside your home to minimize temperature fluctuation. Extreme temperatures can shorten the life span of battery cells and cause them to fail prematurely

You may be tempted to get out the pruning shears after the leaves fall, when you can first see the underlying structure of the plant. But horticulturalists advise waiting to prune until late winter for most plants, when they've been long dormant and just before spring growth begins. Winter is a good time for pruning and tree removal. Pruning during dormancy (called “dormant pruning”) has several benefits for your trees. 

Winter pruning can avoid spreading some serious diseases that are active and spread easily during the spring and summer growing seasons. Because the tree is dormant, winter pruning doesn’t stimulate new growth. Trees are able to heal from pruning cuts before warmer weather brings out destructive insects and pathogens.

Damaged, dead or dying trees can be dangerous in prune winter, particularly when there are significant amounts of ice or snow. Dormant pruning makes them safer and can also rejuvenate weaker trees by removing dead and diseased wood.

To get advice specific to your plants and region, consult master gardeners at local nurseries or horticulturalists with your state university's cooperation extension department. 

One exception: You may need to hire an arborist to remove deadfall or trim limbs close to your home or power lines that could cause problems in a winter storm.

A sump pump’s job is to move water that collects in a sump basin out of your basement and away from your home. It makes sense that a sump pump works its hardest during rainy months, when flooding is most likely to send water into basements and crawl spaces. But what about in the winter months? How does it operate when snow and ice are involved?

A sump pump still has some work to do in the winter, because all that ice and snow does eventually melt, giving the sump pump something to do. While a sump pump does run in cold weather, it shouldn’t run all the time.

One of the most important steps to winterize your sump pump is to disconnect any extension hose attached to your sump pump's discharge pipe before the start of winter to prevent freezing. Remove your sump pump discharge hose extensions prior to the temperature dropping below freezing. 

If there is a blockage of ice and the pump engages during an early thaw, or turns on to remove excess water from the sump, what may have started as a partial ice blockage will soon turn into a complete ice blockage. This could lead to a very costly spring. 

Before you burn the Yule log, make sure your fireplace (or any heating appliance burning gas, oil, wood or coal), chimney and vents are clean and in good repair. That will prevent chimney fires and prevent carbon monoxide from creeping into your home.

There is not a hard and firm rule on how often to clean your chimney. The National Fire Protection Association recommends having heating equipment and chimneys cleaned and inspected every year by a qualified professional. 

When you burn wood in your fireplace or woodstove, it leaves behind ash and carbon residue creosote that needs to be cleaned out. Creosote is a flammable substance that can ignite into a fire that spreads throughout the chimney and to your home.

Regular cleaning of a chimney can reduce the risk of a chimney fire, but even if you choose to clean the chimney yourself, you should also have the chimney inspected by a professional on a regular basis. Professional inspection will check for creosote as well as blockage, damage and structural problems.

The job of the chimney sweep is to remove soot, blockages and built-up creosote from your chimney liner, firebox, smoke chamber and damper. This cleaning will help create a safer operation of your system during the heating system. 

Search for a sweep certified by the Chimney Safety Institute of America. You can expect to pay $45 to $85 for an inspection to see if you need a cleaning, and $150 to $300 for the cleaning, according to CleanerMatch.

Winter work can be hard on tools. Fluids can thicken and freeze, metals can shrink, and water vapor can cause cracks when it freezes and melts.

Here are four tips to keep your tools working well when the temperature drops: 

1. Lubricate parts of tools as the manufacturer recommends
2. Store cordless power tools in a heated shed or garage, most do not do well in very cold weather
3. Make sure to clean any blades or other parts of your equipment after each use. Apply a thin layer of oil to prevent rust
4. Tools with metal and plastic parts can become fragile in extreme cold. Let them warm up indoors before use to prevent breakage

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Scoring a low mortgage rate is a top priority for many potential homebuyers, as owning a home has become increasingly expensive over the last several years. High mortgage rates and rising home prices have long kept many would-be buyers on the sidelines.

Even small shifts in mortgage rates can make a difference in affordability, and recent rate declines are giving some buyers renewed motivation to reenter the market. For households weighing whether to buy now or continue waiting, understanding where rates stand today is an important starting point.

The average 30-year fixed mortgage rate has dropped to 6.11%, and the 15-year average sits at 5.50%, according to Freddie Mac. That’s nearly a full percentage point lower than at the start of 2025, when rates topped 7%. The decline offers long-awaited relief for buyers and could mark the beginning of a more favorable housing market ahead.

How to score a low mortgage rate

If you're looking to purchase a home in this market, taking these steps can help you score a low mortgage rate:

1. Increase your down payment

To qualify for the lowest rates on a conventional loan backed by Fannie Mae or Freddie Mac — the nation’s two largest mortgage buyers — you’ll need a 20% down payment, said Melissa Cohn, a regional vice president at William Raveis Mortgage, a national lender headquartered in Shelton, Conn. “The bigger your down payment, the better the rate,” Cohn said.

Need a little help piecing together a bigger down payment? Try looking into national and local down payment assistance programs. You can research eligibility requirements for thousands of down payment assistance programs at DownPaymentResource.com.

2. Raise your credit score

Generally, consumers need a FICO score of 760 or higher to be eligible for the lowest mortgage rates on a conforming loan, said John Ulzheimer, a credit expert and author of "The Smart Consumer’s Guide to Good Credit". Raising your credit score by 20 points can potentially save you thousands on your mortgage, as shown in this data from MyFICO.

You may be able to get a free credit score estimate through your bank or credit card issuer, or from a website such as Credit Sesame or Credit Karma, or use MyFICO’s credit score estimator tool.

If your credit score needs a boost, there are steps you can take to give it a quick lift. However, your best strategy will depend on why your score is lagging.

“Paying down some of your credit card debts can yield a higher FICO score in as little as two weeks,” said Ulzheimer, pointing out that your credit utilization ratio — the amount you owe on your credit cards, divided by your card limits — makes up a significant percentage of your FICO score.

A good rule of thumb: Keep your credit utilization ratio below 30%.

It’s also a good idea to check for errors on your credit report. With identity theft at an all-time high, “make sure all the information on your report actually belongs to you,” said Ulzheimer. “Someone could have opened a credit card in your name and run up a significant amount of debt.”

3. Shop around

Fannie Mae found that 36% of homebuyers received only one mortgage quote. But you’re more likely to find a lower rate if you shop around.

Get quotes from at least three lenders. Local lenders and credit unions tend to offer lower mortgage rates than big banks. You can also shop at larger online lenders such as Rocket Mortgage. Because underwriting requirements can vary, different lenders can give varying quotes.

4. Consider an adjustable-rate mortgage

ARMs — short for adjustable-rate mortgages — developed a bad reputation after the housing market crashed in 2008 because so many underqualified borrowers couldn’t keep up with their ARM payment increases. But today’s ARMs have more protections built in than pre-2008 ARMs and can be a good option for some buyers.

An adjustable-rate mortgage starts out at a lower interest rate than you would get with a fixed-rate mortgage. Then, after a specified period of time — usually three, five, seven or 10 years — the rate adjusts based on market indexes, though there are caps on how high-interest rates on ARMs can go.

For example, if you know that you’re going to sell your home in the next four years, getting a five-year ARM can save you thousands of dollars in interest.

5. Lock in the best rate

But a large swath of buyers are reassessing whether it's the right time for them to purchase a home. Many homebuyers are holding off on entering the market in case lower rates do materialize.

This makes sense because even a small change in mortgage rates can have a significant impact on how much homebuyers pay.

To test that theory out, you can compare current mortgage rates with the tool below, or use our mortgage calculator to calculate your monthly payment.

Qualified for a great interest rate? A mortgage rate lock allows you to lock it in for a set period — typically 30, 45 or 60 days — from the time you receive a conditional loan offer from a lender to when you close on a home.

Many lenders offer a free 60-day rate lock, but you usually have to request it, said Jacob Channel, senior economist at LendingTree. And there are a couple of caveats.

“If something about your financial status, like your income or credit score, changes before you close on a home, your rate can still change,” Channel said. “A lender can also change the terms of your loan if it finds that you’ve failed to disclose something, like additional debts.”

In today’s market, with 30-year mortgage rates fluctuating from week to week, Channel suggested buyers get a “float-down” rate lock. With this kind of lock, you can potentially get a lower rate than you initially locked in if interest rates fall, he said. Lenders often charge a fee of 0.5% to 1% of the total mortgage amount for a float-down lock.

Keep in mind that the future is uncertain. "Nobody — not even financial experts or your lender — knows where rates will end up 30 to 60 days from now," said Channel.

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This article only reviews the Rocket Signature Credit Card. We may get compensation if you visit partner links on our site. We may not cover every available offer. Our relationship with advertisers may impact how an offer is presented on our website. However, our selection of products is made independently of our relationship to advertisers. 

Rewards checked as of July 26, 2023 

Rocket Signature Credit Card was launched by Rocket Company, parent of Rocket Mortgage, to help you get closer to your dream of owning a home or paying off your mortgage. Paying for everyday expenses with the card will rack up points you can convert into cash rewards.

"Every day, consumers tap their credit card to refill their gas tank, stock up on groceries or pay for any number of other purchases. Now, those transactions can unlock the dream of homeownership for millions of consumers across the country," said Haroon Mokhtarzada, co-founder and CEO of Rocket Money. 

What do cardholders get? 

Rocket Visa Signature Card offers many ways to increase your cash flow. For starters, Rocket offers a $200 balance credit if you spend $3,000 in the first 90 days after your account is opened. And if you have a Rocket mortgage—the $95 annual fee is waived. 

You will earn 5 points for every $1 spent. Points are redeemable towards a new Rocket mortgage transaction, additional principal payment toward an existing Rocket mortgage, or a statement credit. You get more bang per point when you redeem points to pay off costs related to a Rocket mortgage, as the example below demonstrates.

Redeeming Rocket points:

You spend $5,000 on your Signature Card and you now have 25,000 points as your Rocket Rewards balance.

You can redeem those 25,000 points for either:

•  $250 towards Closing Costs, including Down Payment (5% Cash back value) 
•  $100 towards Rocket Mortgage Principal (2% cash back value) 
•  $62.50 Statement Credit (1.25% cash back value) 

Perks. You receive free access to the services offered by Rocket Money, including bill negotiation and subscription management. When using your card for purchases, you may be eligible for extended warranty protections up to a year, receive up to $10,000 coverage for eligible stolen items through its “Porch Piracy Protection” and when you pay your wireless bill each month, you get up to $750 of cell phone protection coverage for theft and damage.  

How the Rocket Visa Signature card helps homebuyers 

Touted as “the card made for homeownership,” exactly how does this card get you closer to closing on a home? For fledgling homebuyers, the card offers the opportunity to get 5% cashback — up to $8,000 — to use toward a down payment and closing costs. There’s more good news. Homebuyers can combine their Rocket Rewards and Rocket Signature Card points

You may use an additional $2,000 in engagement points earned from the Rocket Reward program. Rocket Rewards is a free loyalty program where consumers can accrue points. That’s a total of $10,000 to defray your home buying costs.

How the points are applied. The value of the card points can be redeemed towards a new Rocket Mortgage transaction and are recorded as a credit to your closing statement. This option is not available in conjunction with non-Rocket mortgages or Charles Schwab partner loans.  

How the Rocket Visa Signature card helps homeowners 

Homeowners holding a Rocket mortgage can get help paying off the principal of their home loan. When you redeem your Rocket Rewards points for loan balance credit, it’s applied directly to your mortgage loan balance, also called a principal balance. While this won’t reduce the amount you owe for your monthly mortgage payment, it helps you pay off your loan faster and pay less in interest over the life of the loan.

Your points can only be used toward an additional principal payment on an existing retail Rocket Mortgage loan. You can not use the points for third party originated loans, Charles Schwab partner loans or if the servicing of your Rocket loan is sold to another party.

Do you need a Rocket Mortgage to apply for the card? 

Anyone can apply for the credit card and take advantage of most of the perks. You have access to various benefits including phone damage, delivery protection as well as extended warranties on qualifying purchases. 

All cardholders receive a premium subscription to Rocket Money so they can manage all recurring payments and subscriptions in one place. The Rocket Money app can identify recurring expenses, notify you about upcoming bills and can cancel subscriptions with the push of a button. 

You still earn points that are redeemable for a statement credit. But as the example above illustrates, the best redemption rates go to Rocket mortgage holders.

Bottom line 

The benefits of having extra money to go toward buying a home or saving on interest by paying off a loan early are pretty obvious. The Rocket Visa Signature Card is focused on helping people with their down payment and paying off their mortgage faster. 

If you already use credit cards to pay regular bills and expenses and are looking to buy a home, this card may give you that extra monetary boost you need to close the deal. Otherwise, the benefit of earning points doesn’t pack the same punch. Users of Rocket Money may see an upside to a free premium subscription. But, if you do not have or have no interest in obtaining a Rocket mortgage, it’s just another credit card with rewards.  

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Becoming a homeowner can be a daunting process for anyone, especially young adults or anyone without experience making such big purchases. Rushing through a multi-step financial process — deciding how much home you can afford, fixing any blemishes on your credit report and saving for a down payment — can prove costly. 

Years before you even think about hiring a real estate agent and starting an in-person home search, you need to take the time to prepare yourself financially. 

If you intend to buy a house in the next five years or so, here are four steps to help lead you down the path to homeownership.

Step 1: Consider where you want to live

Don’t buy a home where you live now, just for the sake of homeownership. For many twenty- and thirtysomethings still exploring their career paths, buying a home can really limit their choices. If you’re serious about becoming a homeowner, make sure the locale you decide to buy in is a place you won’t mind sticking around for a while. 

Experts often advise would-be buyers to plan on staying in a new home no fewer than five to seven years. “You’re going to spend thousands of dollars to get into the home. To get out of it is going to be equally expensive and may possibly cost more when you do it in less than five years or in a down market,” says Keith Gumbinger, vice-president of HSH.com, a publisher of mortgage information and rates.

How do you decide which area is best for you to settle down in? You should consider the local job market, cost of living and available housing stock. Other key factors that will likely impact your quality of life: the local demographics, access to public transportation or parking, weather and the social scene. If you’re single, for example, you might be interested in places with an abundance of other unmarried people. Or people with limited budgets might want to look at cities where they can buy a home and still afford to have a life outside of the office.

Step 2: Determine how much home you can afford

Once you’ve decided where you want to live, use a home search web site, such as Realtor.com or Trulia.com, to get a detailed look at the market, recommends Eric Tyson, co-author of “Home Buying for Dummies.” It’ll provide perspective on the types of properties for sale and what sellers are asking for. Seeing exactly how much homes cost will help you determine how much you can actually afford and how much you'll need to save for a down payment. 

If homes in your desired neighborhood are outside your price range, you can delay buying until you save more money, or you can downsize the type of home you’re looking to buy, find a fixer-upper or search in a different neighborhood.

That’s what happened when I embarked on a new home search with my boyfriend in the Washington, D.C., metro area. In the beginning, he was pretty adamant about being in the city — me, not so much. We soon realized that our list of must-haves (a modern home with three bedrooms, two bathrooms, central air conditioning and designated parking) meant we could only afford a fixer-upper in northwest Washington. Because neither of us is handy — and I wasn’t comfortable buying a place that needed a ton of work — that wasn’t an option. 

After that reality check, we broadened our search area and settled on a new townhome community located in a Maryland suburb about ten minutes outside D.C. Homes there cost about half as much as comparable homes we’d seen in the city.

Step 3: Boost your credit

Your credit score plays an important role in qualifying for a mortgage. A score of 740 or above will help you secure the best interest rates. In the Washington area, for example, that can be as little as 6.5% for a $200,000, 30-year fixed-rate mortgage with a 20% down payment, according to Bankrate.com. If your score is lower than 740, however, expect to pay a higher rate. For that same loan in the D.C. metro region, if your credit score ranges from 680 to 699, the lowest rate you’d be able to get is about 7.2%.

Many young would-be home buyers might find themselves with blemishes on their credit report, thanks to missed student loan or credit card payments. Lucky for me, I learned long before pursuing homeownership that such behavior comes back to haunt you in the form of a low credit score. I've changed my bad spending habits and boosted my score. If you check your credit report early, you'll have ample time to correct any issues. “What you don’t want is to have to address a bunch of mistakes on your credit report while actively looking for a home and trying to get approved for a mortgage loan,” says Gumbinger.

Visit AnnualCreditReport.com to get a free report from each of the three major credit bureaus. If you notice a problem in one report, be sure to check with the other two bureaus, too. You can dispute an error by contacting the credit bureau directly. Note that your free credit report does not include your actual credit score. You'll usually have to pay to see your FICO score. At myfico.com, you can get your credit report and FICO score from each of the three credit bureaus for $14.50 each. (Your score can vary from bureau to bureau).

Step 4: Start saving for a down payment

In addition to building stellar credit, you should also save enough for a down payment of at least 20% of the home price to snag the best mortgage terms. That amount saves you from having to pay for private mortgage insurance, or PMI, which protects the lender if you default on the loan. Even with an excellent credit score, if you put just 5% down on a home that costs $431,000 (the national median existing home price as of the third quarter of 2023), private mortgage insurance will cost you about $131.40  per month.

That down payment’s not chump change; 20% of $436,800 amounts to $87,360. For many young adults with starting or even mid-level salaries, it can take many years to stash away that much. Start saving now!

You should keep the cash liquid because you're aiming to use it in the next few years. We stored our funds in a regular savings account to give us direct access to it. You might also consider a short-term certificate of deposit. Neither option will earn you much right now, but your money will be safe from market losses and easy to tap as soon as you need it. In the meantime, use our savings calculator to help you find the best place to safely grow your money.

When the time is right, you can move on to the five big steps to buying your first home.

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Like seemingly everything else, the cost of rent continues to rise in the United States. There is good news: wild, double-digit increases of the pandemic-era have subsided, giving way to normal upticks — but rent prices are still much higher than in 2019.

Rent prices increased by just .77%, or $15, between March 2023 and March 2024, according to Rent.com. But compared to March 2020, prices are up 21.78%, or $373. The country is, in general, still stabilizing after massive price increases, which peaked in August 2022 at $2,053, per Rent.com.

“Rent growth has normalized pretty much everywhere back in the low to mid-single digits, even negative in a few spots,” Jay Parsons, vice president and head of economics at RealPage, a firm that provides property management software, told Kiplinger in 2023. “It’s a very different market today with more vacancies and more new construction, shifting the balance of power back in favor of renters.”

A big reason for the change in the market is that new apartments have been built and become available, Caitlin Sugrue Walter, vice president of research for the National Multifamily Housing Council, said in 2023. At the same time, people who might look to move into a new apartment are waiting to see what happens with the economy and if their employers ultimately decide to require them to work in an office.

Still, she noted that costs continue to rise for landlords. For example, some markets, like Florida, are seeing significant increases in insurance costs. So landlords pass those costs along in the form of higher rents, leaving many new renters to need a lease guarantor.

“Unfortunately everything is more expensive overall,” she told Kiplinger. “Costs are going up for owners just as they’re going up for residents.”

But, she added, “When you look at it over time, it's a much more even pace than it’s looked over the last couple of years. I'm glad we're getting back to a normal pattern.”

If your rent has crept into unaffordable territory, it’s easier this year to move than it might have been last year. That said, your options may be limited. We’ll get into the details, but the main categories of steps you can take involve:

• Checking your local laws
• Looking for rent subsidy programs
• Negotiating with your landlord

Where is rent the highest?

The usual suspects on the coasts make up the places with the highest 1-bedroom median rent, according to Zumper. This includes:

1. New York: $4,200
2. Jersey City, NJ: $3,260
3. San Francisco: $2,900
4. Boston: $2,850
5. Miami: $2,710

However, the Midwest is not immune to high rents. In fact, the Midwest has been seeing the biggest year-over-year increases in rent prices, with prices up over 5%, according to both Rent.com and Redfin. 

Prices rose the most in March 2024 in Omaha, Nebraska; Norfolk, Virginia; Lincoln, Nebraska; Columbus, Ohio; and Wichita, Kansas. 

Where is rent cheaper?

That said, the Midwest's rent prices still rank among the lowest in the nation, per Zumper. These are the cities with the lowest median rent, as of March 2024:

1. Wichita, KS: $690
2. Akron, OH: $760
3. Shreveport, LA: $770
4. Lincoln, NE: $850
5. Oklahoma City: $860

Prices rose the least in March 2024 in Gilbert, Arizona; Detroit; Houston; Louisville, Kentucky; and Durham, North Carolina. 

What are your options when your rent increases?

The first thing you should do when facing a rent increase is to research local rules and regulations that apply. One place to start is on the website of the National Multifamily Housing Council, which has information about rent-control laws by state.

Generally, you’re probably out of luck, though. According to the National Apartment Association, 33 states have laws that prevent or restrict local cities and counties from enacting rent control. 

Places with rent control at the state or local level include:

• California
• District of Columbia
• Maine
• Maryland
• Minnesota
• New Jersey
• New York
• Oregon

In addition, some cities and towns have enacted their own rent-control laws. If you live in one of those places, research the law and make sure your increase is in compliance. Possible protections include notice requirements, limits on increases and even relocation assistance.

If your jurisdiction doesn’t have any rent increase restrictions, then your options are narrower.

Before moving to your next step, check to see what resources might be available to help you pay your rent.

If you qualify, financial aid might be an option. You can look on the website of the Consumer Financial Protection Bureau for rental assistance programs in your area. Beyond that, you’re left with two categories of options: Negotiate with your landlord or move.

How to negotiate with your landlord

The CFPB warns tenants not to overpromise and not to agree to pay rent they can’t afford. Falling behind in rent can destroy trust and make tenants unattractive to keep.

Zumper.com offered several suggestions for effective negotiations. It’s best if your landlord wants to keep you. To be more attractive to a landlord, make sure you’re respectful, professional and punctual in all interactions with them or the leasing agent, which can show you’re a responsible tenant who will not only pay rent and bills on time but also take care of the place.

If you’re a good tenant, your landlord is more likely to be motivated to keep you, rather than having to go through the expense of finding and screening another tenant who may not be as easy as you.

Having established yourself as a good tenant, there are other ways to appeal to the landlord and make yourself valuable in ways that might inspire a willingness to negotiate your rent.

Given today’s environment, there’s a decent chance you’re going to need to negotiate. Don’t wait for the landlord to spring a rent increase on you. If you negotiate before your lease expires, you don’t have to negotiate from a place of desperation.

Try negotiating a few months prior to your move-out date. It is always in the resident’s favor to be proactive. Depending on the management company, renewal notices are sent out 30-60 days prior to the end of a lease term. So residents should begin negotiations 90-100 days in advance of their new lease if they plan to negotiate.

Also, try to negotiate during a slow time of year for the landlord, which is usually winter. If you try to swing a deal during the summer moving rush, your request may fall on deaf ears.

If your landlord notifies you your rent is increasing, don’t necessarily assume the amount is set in stone. Your property manager operates as a business and they’re going to want to find a balance of happiness for their client and themselves.

To prepare yourself to respond to your new rent amount, you should research the market in your area to see what other rental properties are fetching. Zumper has a national rent report with data, including trends and rents in particular markets.

You can also search Zumper and other real estate sites like Zillow, Redfin and Rent.com for rent pricing in your area and get examples of places charging lower amounts than your landlord is quoting.

You should know, though, that as much as your landlord may know it’s better if they can keep you, they also know it’s better for you if you don’t have to go to the expense of moving. And some landlords will provide you with a sheet with information about moving and budgeting costs to drive that fact home.

Rent negotiation strategies

Among the options the CFPB suggests as negotiating points is adjusting the date your rent is due. If the day better aligns with your payday or is split into multiple payments over the month, it might make it easier to pay.

If you’ve fallen behind, see if your landlord will agree to a repayment plan, giving you a period of time to catch up.

If your landlord tries to charge you the same as they would charge a new tenant, you might want to see if they could offer a discount for the fact that you’re renewing.

Most property managers routinely discount renewals relative to a new lease rent for a variety of reasons,” said Parsons at RealPage. “Renewals give property managers certainty. When a lease is renewed, the property manager saves on ’turn costs’ – cleaning, paint, carpet, then marketing the unit to new prospective renters. Plus, renewals prevent down time when no rent is coming in between leases.”

Zumper offered the following additional strategies for negotiating your rent:

• If you can swing it, offer to prepay for several months at once. A lot of landlords would be relieved to not have to worry about chasing late rent payments. If you can pay a few months upfront, your property manager or owner might be willing to offer you a monthly discount.
• If you can, agree to committing to a longer lease. If you plan on being in your location for a while, this could be a big negotiating factor. If the lease in question is for 12 months, ask if they’d be willing to drop the monthly rate in return for signing an 18-month or 2-year lease. Not having to find new renters every 12 months is a good reason to give someone a lower monthly rent price.
• If you don’t have a pet in a place that allows pets, point that out. Cleaning a unit after a pet-owning resident moves out can cost your property manager or owner extra time and money. If you don’t have a pet, see if you can use that as a bargaining chip.
• Offer to give up a parking spot. If you don’t have a car or don’t anticipate having many guests with cars, this may be something to offer your property manager. They can offer the extra spot to another renter and offer you a discount in return.

Moving might be a last resort

Before deciding to move, you should also understand that rent increases for existing leases are typically lower than for new tenants. And the reason you’re facing a rent increase is the market supply is limited

That said, if you fail to negotiate a rent you can afford, you may have to move. Preparing for this outcome is another solid reason for negotiating your rent price well in advance. Having more time to find a new place and move will increase your chances of success.

If you have the option through your job to work remotely, you could research whether it would be worthwhile to move to a lower-cost area, like one of the biggest cities with the cheapest apartment rents. 

Finding the best deal if you have to move

If you have to move, Parsons said flexibility on your part could make a difference in finding something you can afford. 

“If you’re insistent on moving into a particular floorplan in a particular property and with particular move-in/move-out dates, you’re highly unlikely to find a good deal,” Parsons said. “Some renters try to play hardball and negotiate, but might not know rentals are very different from for-sale homes.”

Property managers must tread lightly in negotiating rent differences for different tenants, Parsons said, so as not to run afoul of federal and state fair housing laws that prohibit discrimination. But tenants can ask owners of multi-unit properties for the best-priced floor plans, Parsons said.

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Homebuyers are gaining leverage again. Sellers gave concessions to buyers in 44.4% of U.S. home-sale transactions in the first quarter of 2025, according to Redfin. That’s up from 39.3% a year earlier and just shy of the 45.1% record high set at the start of 2023.

With mortgage rates remaining high, more sellers are sweetening the deal. The average 30-year fixed mortgage rate sits at 6.27%, down just 0.17 percentage points from a year ago, according to Freddie Mac. As a result, sellers are offering incentives such as covering buyers' closing costs, paying for home repairs, or buying down mortgage rates to make monthly payments more affordable.

Even with these shifting dynamics, many buyers don’t realize just how much room they have to negotiate. “Many times, home buyers aren’t aware that they can negotiate for things other than a home’s sale price,” says Jason Gelios, a real estate agent at Community Choice Realty in southeast Michigan.

Here are five things home buyers can negotiate in addition to home prices.

Mortgage rate and lender fees

Around seven out of 10 prospective buyers said in a 2023 survey conducted by John Burns Research and Consulting that they’re waiting for mortgage rates to drop below 5.5% before they purchase a home. According to Freddie Mac, as of May 2, 2024, the 30-year fixed-rate average has increased for the fifth consecutive week, reaching 7.22%.

However, mortgage rates aren’t set in stone. “Buyers tend to let the lender set the rate, but the interest rate is often negotiable because lenders want their business,” says Gelios. That’s especially true in today’s market, where lenders are competing for a limited number of buyers.

It’s also a good idea to shop around. Nearly half of borrowers that compared rate offers said the first quote they received was not the lowest mortgage rate, a May 2022 LendingTree survey found. That mirrors a study by Freddie Mac, which determined that buyers who obtained two rate quotes during October and November 2022 could have saved as much as $600 annually, while buyers who obtained at least four rate quotes could have saved more than $1,200 annually.

Use our tool below, powered by Bankrate, to compare mortgage rates today.

Some lender fees are also negotiable, says Brendon DeSimone, a real estate broker at Houlihan Lawrence in Bedford, New York. “Sometimes there are ‘processing fees’ that are basically junk fees,” he says. Loan origination and application fees are up for negotiation, too, per Gelios. (The average origination fee is between 0.5% and 1% of the loan amount, according to Rocket Mortgage.)

When making an offer on a house, see if the seller is willing to pay for a “buydown,” a one-time fee at closing that would lower your mortgage rate, either for the full duration of your loan or for a few years.

Home repairs

Don’t want to buy a house that turns into a money pit? Include a home inspection contingency in your offer.

This contingency gives you the right to have the property inspected by a professional. Based on the results, you can either back out of the deal or ask the seller to make certain repairs.

Gelios advises you to keep your eye on the end goal. “Focus on major issues when asking for repairs,” he says. “A leak in the roof or a busted water heater are important to fix.” Don’t harp on cosmetic flaws. “A missing light bulb or a broken latch on a window are things that you can do yourself without the seller’s help,” per Gelios.

If the seller pushes back, see if they’d be willing to offer you a credit at closing to offset some of the repair costs.

Seller-paid closing costs

Closing costs are fees paid at settlement to third parties that facilitated the sale. Usually, the buyer pays the lion’s share — typically around 2% to 6% of a home's sale price. But a growing number of sellers are offering to cover a portion of the buyer’s closing costs.

These seller-paid closing costs can make a home purchase significantly more affordable. Make sure to negotiate them upfront so that they can be woven into the purchase agreement.

Fixtures

A real estate fixture is any object that’s permanently attached to a property. “The general rule is if you turned a house upside down, whatever sticks to the house is supposed to stay with the property,” Gelios explains. For example, built-in bookshelves, ceiling fans, and window treatments are typically seen as fixtures included with a home.

Some fixtures, however, are up for negotiation. These could include things like refrigerators, washer and dryer sets, chandeliers, outdoor furniture and playground sets.

“Your purchase agreement should state all of the specific fixtures that you want to stay,” Gelios recommends. To protect his buyers, Gelios typically writes in offers, “All appliances and fixtures, as shown, convey with the property.”

Home warranties

If you’re buying an older home, a home warranty can provide some financial protection and peace of mind.

A home warranty covers the cost of repairing or replacing certain home appliances when they break, such as refrigerators, dishwashers, ovens, water heaters, and heating and cooling systems — though coverage can vary, depending on the policy.

A home warranty typically costs $360 to $900 a year, according to a 2024 MarketWatch study of 39 providers. For many sellers, that’s a drop in the bucket, so see if the seller will pay for a one-year warranty. “Sellers can provide it as a credit at closing if the buyer wants to choose the home warranty company,” says Gelios. “It’s a good, low-cost way for sellers to seal the deal.”

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Property taxes are an unavoidable reality of homeownership. Whether you've just signed the deed on your first home or have lived in the same neighborhood for decades, your property tax bill is primarily based on your local tax rate and your home’s assessed value — but these figures are rarely static.

As property values have climbed in recent years, many local governments now offer tax relief programs and exemptions to help offset these rising costs. Meanwhile, some states have even explored eliminating property taxes entirely.

Understanding the mechanics of your tax bill is the first step toward ensuring you aren’t overpaying. Here's what you need to know.

Key Points

• Your tax bill is generally your home’s assessed value multiplied by the local tax rate.
• Even if your mortgage is fixed, your monthly payment can rise if your property taxes increase.
• You have the right to challenge your home's valuation if you believe the county has overpriced it.

Property Tax FAQ

What is property tax and what do property taxes pay for?

Property tax is a recurring fee paid to your local government (usually the county, city, or school district). Unlike your mortgage, which eventually ends, property taxes are due for as long as you own your home.

Collected property taxes are typically used to pay for several public services in your community, including:

• Public schools, which are often the largest portion of your property tax bill.
• Safety services, like fire departments and local police.
• Infrastructure projects, including road repairs, libraries, and park maintenance.

If no one paid property taxes, key state services and infrastructure might not receive the funding they need to serve the community.

For example, some state officials want to abolish property taxes in Florida. The proposal has raised questions and concerns about how the state can fund community improvements and public schools.

For more information, see: Florida Wants to End Property Taxes: Who Really Pays Instead?

When are property taxes due?

Most local governments collect property taxes once per year, but others might collect the fee more often. Some key differences will determine how your property is taxed:

• Real estate property taxes are paid on non-moving properties, such as your primary residence or a vacation home.
• Tangible personal property (TPP) is paid on other types of property, like vehicles, machinery, or business equipment.

TPP taxes are considered "taxpayer active." In other words, the taxpayer is responsible for determining their tax liability and paying the respective taxes, which might be subject to audit.

How much are property taxes?

Your property tax bill is largely the result of two main factors: assessed value and the mill rate. In many states, the assessed value is typically only a percentage of how much you could sell your house for (market value).

To find the tax-assessed value, tax assessors might consider several factors, including:

• The condition of the property
• Characteristics of the property (size, number of bedrooms, etc.)
• The market conditions in your area. (These can fluctuate and cause your property tax liability to change.)

Some states have a property tax cap limiting how much assessed values can increase yearly. However, these caps don't apply to any improvements you make to your property, such as adding a pool, for example.

Once the assessed value is determined, the "mill rate" is calculated. This is the amount of tax payable per $1,000 of the assessed value of your home. One mill is equal to $1.

Here's a simple example of how a mill rate and assessed value work hand-in-hand:

• Your tax-assessed value on your home is $200,000.
• Your mill rate is 15.
• $200,0000 x 15 = $3,000,000
• Divide $3,000,000 by $1,000 = $3,000 annual property tax bill.

Of course, mill rates, local municipal rules, and other factors govern how much your property tax really is, and how it's calculated. Be sure to check your local tax assessor's website for the most up-to-date information regarding your recent property tax bill.

Why is my property tax bill increasing?

If you haven't moved or renovated, a higher property tax bill could come as a frustrating surprise. There are three common reasons why this might have occurred:

1. Market appreciation. As home prices rise in your neighborhood, the assessor raises your home's tax-assessed value to match.
2. Voter-approved levies. If your community voted to fund a new school or library, for example, the local tax rate may have increased.
3. Renovations. Adding a deck, finishing a basement, or installing a pool can trigger a "reassessment," as these features often increase your home's value.

How do I lower my property taxes and are they deductible?

You could be eligible for significant savings on your property taxes, which can help reduce your property tax bill. Here are a few ways you might save:

• Check for relief programs. Many states offer property tax relief programs that aren't applied automatically. Some common types include a homestead exemption, programs that "freeze" your property tax bill, and credits for veterans or persons with disabilities.
• Know your right to appeal. If you believe your home is assessed for more than it's worth, you can appeal your property tax bill with your local tax assessor's office.
• Review eligibility for federal and state property tax breaks. The state and local tax (SALT) deduction, the mortgage interest deduction, and other homeowner tax breaks may be available to you to help lower your income tax bill.

However, to deduct property taxes on your federal return, you must itemize deductions, so it may not be the best option for everyone. Instead, some folks might consider moving to a different state with lower property tax rates, depending on their circumstances.

For more information, see our report on how to reduce your property tax bill.

What happens if I don't pay property tax?

If you don’t pay your property taxes on time, you might encounter additional fees that local governments add to your bill. It’s important to pay your taxes as soon as possible to avoid these extra fees and having a lien placed on your property.

Tax liens prevent you from selling your home until you have paid your back taxes. A tax lien can also eventually result in a foreclosure, meaning you could lose your home due to unpaid taxes.

Tip: Paying a large property tax bill at the end of the year can feel painful, but saving a little each month (as you would for rent or a mortgage) can help make it more manageable. If you're worried about paying your property taxes, check for programs in your area that can reduce the amount you owe.

Is property tax included in my mortgage?

If you have an escrow account, your lender may collect a portion of your property tax each month and pay the bill on your behalf when it's due. If your taxes go up, your monthly mortgage payment will likely increase to cover the gap.

However, be sure this is the case, as not all home loans operate in this way. Also, because these property tax payments are estimated amounts, there are no guarantees that your mortgage will cover your entire property tax bill. You might find yourself paying a little more when taxes are due, but that also means you could receive a refund if you overpay.

Read More

• 10 States With the Lowest Property Tax Bills Ranked by Affordability
• Most Expensive States to Live in for Homeowners
• States With the Lowest Property Taxes
• Mortgage Rates in 2026 Predicted to Drop: 3 Signals Say It's Time to Buy

When a popular retailer like Bed Bath & Beyond closes, customers are left with a lot of questions. How long will stores be open? Can you still shop online? 

When it comes to the home goods store, people are wondering: Can you still use Bed Bath & Beyond coupons? Bed Bath & Beyond Inc. filed for Chapter 11 Bankruptcy protection on April 23, 2023, and shopping at the chain’s 360 stores in the wind-down will look a little bit different. 

Why is Bed Bath & Beyond closing?

Bed Bath & Beyond Inc. indicated in a business update at the start of 2023 that there was “lower customer traffic.” The company reported $1.259 billion in net sales in its fiscal third fiscal quarter, ended Nov. 26, 2022, which was $619 million less than Bed Bath & Beyond brought in at the end of 2021. Bed Bath & Beyond also had “substantial doubt about the Company’s ability to continue.”

Prior to the Chapter 11 filing, Bed Bath & Beyond started the year by closing hundreds of locations. The company is taking a “dual-path” approach to its Chapter 11 proceedings by initiating a liquidation sale as well as marketing Bed Bath & Beyond and buybuy BABY as part of an auction, according to its April 26 press release.

“Bed Bath & Beyond has finally succumbed to the fact its business is broken and filed for bankruptcy,” Neil Saunders, retail analyst and managing director of Global Data, told CNBC on April 23.

Bed Bath & Beyond closing deals

Customers can shop online and in-store deals of 10% to 30% off merchandise at 360 Bed Bath & Beyond locations and 120 buybuy BABY as the wind-down process continues. 

It’s not clear when stores will close, but you can only redeem Bed Bath & Beyond gift cards, store credits and merchandise credits through Monday, May 8, according to an email from a Bed Bath & Beyond rep to Kiplinger. The store will accept returns on items purchased prior to April 26 through May 24, 2023. 

Where to use Bed Bath & Beyond coupons

As a result of the bankruptcy, Bed Bath & Beyond stopped accepting the infamous 20% off coupons on April 26, but you can redeem them at other retailers:

• Big Lots will honor expired Bed Bath & Beyond coupons in store for 20% off a purchase of $50 or more through May 7, 2023 
• The Container Store will accept valid and expired coupons in stores. You can bring in any Bed Bath & Beyond coupon through May 31, 2023, to receive 20% off a single item 
• JOANN Fabric will accept unexpired 20% off Bed Bath & Beyond coupons in stores through the expiration date listed on your coupon. You’ll get 20% off a single item 
• Kirkland’s Home will also accept unexpired coupons for 20% off a single item through May 31, 2023 

Millennials have long been the largest generation of homebuyers, but in 2022, they were overtaken by another generation... baby boomers.

This data was found from The National Association of Realtors Home Buyers and Sellers Generational Trends Report, which examined differences and similarities between varying generations of homebuyers and sellers, by mailing a 129-question survey to people who purchased a home between July 2021 and June 2022. The report was released this week.

Read on to see how baby boomers gained “the upper hand in the home buying market.”

The largest generation of homebuyers

The latest report from the National Association of Realtors found that baby boomers are now the largest generation of homebuyers, beating out millennials for the first time in years. Combined, younger boomers (ages 58 to 67) and older boomers (ages 68 to 76), made up 39% of homebuyers in 2022. The year before, they made up only 29%.

Since 2014, millennials, both younger (ages 24 to 32)  and older (ages 33 to 42), were the top generation of home buyers. In 2021, this generation made up 43% of home buyers, but it fell to 28% in 2022.

"Baby boomers have the upper hand in the home buying market," NAR deputy chief economist and vice president of research Dr. Jessica Lautz said in the report release.

With mortgage payments reaching record highs this year, it’s becoming increasingly challenging for many people to become homeowners, although moving to one of the 25 cheapest cities might help. And although 30-year mortgage rates dropped in the last week and are no longer at their peak, they remain much higher than in 2020. From 2021 to 2022, the percentage of first-time home buyers dropped from 34% down to 26%.

Compare current mortgage purchase rates below.

The majority of baby boomers “are repeat buyers who have housing equity to propel them into their dream home,” according to Lautz. This could help explain why they’ve surpassed millennials as the largest generation of home buyers. They’ve also maintained their spot as the largest generation of home sellers, going from 42% in 2021 to 52% in 2022.

Additionally, from 2021 to 2022, the percentage of homeowners among the Gen Z cohort jumped by 100% — albeit from a very low base (from 2% to 4%). Gen X makes up 24% of total home buyers and is also the most racially diverse group of buyers. 

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The fake vs real Christmas tree debate has been simmering on for years. Traditionalists and romantics point to the festive smell and that sense of bringing the natural world into your home. Pragmatists point to the practicality of reusing the same tree year after year.

But, depending on your choice, you could be saving money every year. We take a look at the pros and cons of the great tree debate.

The benefits of a fake Christmas tree

If you've stuck with real trees for years, but are considering making a switch, here are some of the key benefits to consider when getting a fake tree.

Reusable

This is pretty obvious. You can reuse a fake Christmas tree every year. If you’re on a budget and don't want to splurge every year, this is your best bet. Plus, most fake trees come in sections, meaning they can be easily stored, ready to come out the next year.

No maintenance or mess

As your tree is fake, there’s no watering, sweeping of needles, or trimming. Most real Christmas trees involve some kind of daily maintenance to keep them looking good, just like a vase of fresh cut flowers.

You may not even have to struggle to put the lights on every year. Most fake trees already have lights on them. There are even some ingenious pop-up versions, that store away in their own carry case! And the best part — you won’t have to squash the tree into your car or drag it along your driveway every year.

Cost

Artificial Christmas trees can range from about $85 to $1,000 or more. “According to our 2023 survey, 52% of artificial Christmas tree owners purchased their tree for under $200, and 27% paid $200 to $400,” says Jami Warner, executive director of the American Christmas Tree Association.

The quality and appearance can also vary substantially between budget-friendly trees and the higher price tiers. If you're hoping to reuse this fake tree year after year, it's worth splurging a bit now on one that you'll still enjoy looking at years from now.

Just remember that all products have a lifespan. On average, artificial Christmas trees are used for about 10 years, according to a Life Cycle Assessment comparing real and artificial trees. So, you don't want to spend more on a fake tree than you would on roughly 10 real trees.

The benefits of a real Christmas tree

For some traditionalists, there's no need to even list out the benefits of sticking with a real tree. Even the most convincing fakes don't compare to the cozy, holiday feel of the real deal. Still, from a purely practical standpoint, here are some of the benefits of a real tree to consider before switching to a fake.

The natural scent

Most people look forward to this part the most — the fresh smell of fir or pine spreading throughout your house. You can keep an evergreen candle lit near your fake tree but nothing can truly substitute for the festive smell of a real Christmas tree.

The experience of choosing a tree

Whether you go to the lot outside the grocery store or to an actual tree farm, the process of picking out this year's perfect tree is one of those holiday traditions that many families love.

Of course, if your kids are grown or you've just never really enjoyed that aspect of the holiday, this might seem more like a chore than a fun experience. But, if you've got little ones, it might be worth putting up with the hassle of a real tree for a few more years to let the kids build those memories.

It's (surprisingly) the more eco-friendly option

If environmental impact is one of your concerns, you would think a reusable tree is the better choice. But the plastics and other non-renewable materials used to make trees along with the emissions produced to transport them from China can easily outweigh a real tree.

A 6.5-foot artificial tree carries a carbon footprint of about 40kg of emissions just to produce it, according to the Guardian. Meanwhile, a real tree of the same height would have a footprint of 16kg if sent to the landfill.

If you compost your real tree or take it to a tree recycling drop-off center where it can be processed into wood chips, it'll have a net negative carbon footprint.

The cost adds up, but it's still not outrageous.

On average 25-30 million Christmas trees are sold in the U.S. every year. In 2022, 22.34 million real Christmas trees were purchased and sold a median price of $80, according to the National Christmas Tree Association.

This year, most Christmas tree wholesalers said that strong supply means they won't be raising prices and some may even lower prices, according to a survey by the Real Christmas Tree Board. Being locally grown in the United States, they're also tariff free.

Of course, the cost of buying a fresh tree year after year does add up and, eventually, a fake tree will be the cheaper option. But, if you love the scent and experience of a real Christmas tree, you're not crazy for being willing to splurge $80+ once a year.

Fake vs. real Christmas trees: What's the verdict?

On price alone, a fake tree is usually the winner. A well-made fake tree might have a high initial cost. But, if you get one that lasts five years or more, it will easily cost less in the long run than buying a new tree each year.

With that said, the amount of money saved is probably less important than the amount of effort saved. Do you dread the work of dragging a tree into the house, the decorating process and the weeks of needle clean up? Then, get a fake tree to cut your holiday stress rather than your holiday budget.

If the maintenance required with a real Christmas tree is worth it for the experience (and scent) of the real deal, stick with it. One tree a year isn't expensive enough to devastate your financial future.

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When it comes to finding the cheapest places to live in the U.S. for city dwellers, the best locations to settle down are mostly south of the Mason-Dixon line. Texas and Alabama are just a couple of the Southern states making multiple appearances on our list of the cheapest places to live among U.S. cities.

But if you're thinking about relocating to one of these places with the lowest costs of living, just remember to weigh the pros and cons. Cheap prices are attractive, but the allure can fade if jobs are hard to come by, paychecks are small, or the area offers little to do. Plan an extended visit to ensure that one of these cheapest places to live fits your needs.

"It is undeniable that larger metro areas like New York and Los Angeles offer better opportunities for higher-paying jobs," notes Tyler Baines, cost of living project manager and research analyst at the Center for Regional Economic Competitiveness. "But job seekers should not only consider the size of their paycheck when figuring out where they should call home."

To that last point, Kiplinger has extensive experience in covering real estate, demographics, and cost of living data for job seekers, would-be homeowners, remote workers, and retirees.

How we found the cheapest places to live

Our analysis of the cheapest places to live in the U.S. is based on the Council for Community and Economic Research's (C2ER) calculations of living expenses in 265 urban areas. We then limited ourselves to metro areas with at least 50,000 inhabitants. We further supplemented C2ER's research with data from the U.S. Census Bureau and the U.S. Bureau of Labor Statistics.

(For smaller urban areas, be sure to read our list of the 10 Cheapest Small Towns in America.)

C2ER's Cost of Living Index measures prices for housing, groceries, utilities, transportation, healthcare, and miscellaneous goods and services, such as going to a movie or getting your hair done at a salon.

Thanks to that data — which sorts through 90,000 prices covering 60 different items in hundreds of cities — we were able to pinpoint the places with the absolute lowest costs of living.

And make no mistake, the difference between the priciest place to live and the cheapest places to live in the U.S. is striking.

"The after-tax cost for a professional/managerial standard of living ranges from more than twice the national average in Manhattan, New York, to more than 20% below the national average in Decatur, Illinois," notes C2ER.

Read on for our latest list of the 25 cheapest places to live, in the U.S., for city dwellers.

Source: C2ER's Cost of Living Index, 2025 Annual Average Data, published August 2025. Index data is based on average prices of goods and services collected during the first quarter of 2025, with index values based on the new weights for 2025. Metro-level data on populations, household incomes, home values, poverty rates and other demographic information are from the U.S. Census Bureau. Metropolitan area unemployment rates, courtesy of the U.S. Bureau of Labor Statistics and YCharts,  are not seasonally adjusted, and are as of September17, 2025 for the month of July 2025, which is the latest available data.

• Cost of living: 13.3%elow U.S. average
• Metro population: 81,166
• Median household income: $52,738
• Median home value: $203,000 
• Unemployment rate: 3.9%

Tucked away in steamy Southwest Louisiana, Lake Charles is steeped in Creole and Cajun culture. An economy bolstered by petrochemical refining, casinos, tourism and higher education helps give the metro area an unemployment rate a tick lower than the national average.

At the same time, the cost of living runs 12.3% lower than the national average. As is typical with every city on this list, affordable housing leads the way. Overall housing costs run 34.3% less than what the average American pays. That includes everything from mortgages and rents to insurance and other allied costs. 

Utilities, which cost about a third less than the U.S. average, are another notable way that locals save on their bills. Groceries, healthcare and miscellaneous goods and services all run 3% to 6% lower than the national average. Utilities are a whopping 32% below average and this helps to offset transportation costs that are almost 4% higher than average.  

Tourists flock to metro Lake Charles – also known as the Lake Area – thanks to its abundance of lakes and waterways, as well as its casinos. But the metro area has significant academic life, too, thanks to the presence of McNeese State University and Sowela Technical Community College.

Just be forewarned that the metro area's poverty rate of 21.5% – while 14% higher than the state level of 18.9% — is much higher than the national rate of 11.1%. That sad reality also helps keep costs in check.

• Cost of living: 13.3% below U.S. average
• Metro population: 130,033
• Median household income: $60,605
• Median home value: $185,900 
• Unemployment rate: 3.0%

Established in 1881 by cattlemen as a shipping point on the Texas and Pacific Railway, Abilene was named after the famous cattle town of Abilene, Kansas. It occupies the rolling plains of West Texas, sitting just off the Texas caprock region about 150 miles west of Fort Worth, where the geography transitions into a rugged, open landscape traditionally dominated by ranching and oil derricks.

The institutional economy provides high stability, anchored heavily by Dyess Air Force Base (a major B-1B Lancer bomber hub) and a strong higher education sector featuring three private universities—Abilene Christian, Hardin-Simmons, and McMurry. Healthcare systems like Hendrick Health and regional agricultural enterprises round out the primary employment base.

Culturally, Abilene leans into both its cowboy heritage and its official designation as the "Storybook Capital of America," showcasing the world’s largest public collection of sculptural storybook characters downtown. Outdoor recreation centers around Lake Abilene and Abilene State Park, which offer camping, fishing, and hiking among native mesquite and cedar trees.

• Cost of living:  below U.S. average
• Metro population: 50,653
• Median household income: $62,125
• Median home value: $154,900
• Unemployment rate: 3.5%

Enid is the first of four Sooner State locales to make the list of cheapest small towns in America. (Oklahoma City itself happens to make the list of cheapest places to live for city dwellers.) 

True, with a population of more than 50,000, Enid isn't exactly a small town. But as the center of a micropolitan area with fewer than 62,000 residents in total, the Census Bureau lumps it in with smaller urban areas. 

Known as the "Wheat Capital of Oklahoma," you can probably guess what one pillar of Enid's economy is all about. In addition to agriculture, major sources of employment include Vance Air Force Base, St. Mary's Regional Medical Center and AdvancePierre Foods.

A cost of living that runs 13.6% below what the average American pays only adds to Enid's budget-friendly appeal. Housing expenses are almost a quarter less than the U.S. average, and locals save big bucks on everything from groceries to utilities to transportation. Healthcare costs, however, are about 0.5% higher than the national average.

On the cultural front, the Enid Symphony Orchestra has been delighting locals ever since its founding in 1905. History buffs will want to check out the Cherokee Strip Regional Heritage Center and Enid's historic downtown.

• Cost of living: 13.8% below U.S. average
• Metro population: 73,280
• Median household income: $59,226 
• Median home value: $196,100
• Unemployment rate: 3.5%

Kalamazoo annually ranks among the cheapest places to live in the U.S. Sadly, low costs are very much a necessity for too many of its residents.

In the city of Kalamazoo proper (pop. 73,122), nearly 23.6% of residents live below the poverty line. At the metro level, which includes Portage, Michigan, the figure comes to 7.5%. The U.S. and Michigan state poverty rates are 11.1% and 13.1%, respectively.

Another downside? Michigan is among the least tax-friendly states for middle-class families. The median property tax rate is relatively high, and fuel taxes are high compared to other states.

On the brighter side, Western Michigan University, with its multiple campuses and research facilities, is a major driver of the local economy. Medical equipment maker Stryker (SYK) is headquartered in the city, and Pfizer (PFE), the drug company, maintains its largest manufacturing site in Kalamazoo.

As for recreational activities, the Kalamazoo Nature Center hosts free daily activities. Nearby parks offer a combined 140 miles of trails and three swimming beaches. If you want to get away to the big city, Chicago is less than three hours by car if traffic is merciful.

• Cost of living:  13.8% below U.S. average
• Metro population: 636,658
• Median household income: $72,176
• Median home value: $262,100
• Unemployment rate: 3.3%

While most sports enthusiasts associate Augusta with the storied Masters Tournament, there's much more to this city than golf. The metro area, which includes Aiken, South Carolina, is a major center for cybersecurity companies thanks to the presence of the U.S. Army Cyber Command at nearby Fort Gordon.

Augusta is also a regional hub for medicine and biotechnology, supported by Augusta University, the state's only public health sciences graduate university — and the allied Medical District of Augusta.

Happily for locals, the area remains among the country's cheapest cities to live in despite the presence of so many well-paid occupations. Augusta-Aiken's cost of living runs 14.7% below the U.S. average, helped by housing costs that are almost 37% less than what the typical American pays. Folks pay about 20% less than the national average for healthcare, and get about a 7% break off transportation. Utilities are almost 6% higher than average.

And older citizens catch yet another break: Georgia happens to be one of the more tax-friendly states for retirees.

As much as the Masters dominates outsiders' imagination about this city, which sits a two-and-a-half-hour drive from downtown Atlanta, it has much more going on than golf. Phinizy Swamp Nature Park, minutes from downtown Augusta, offers 14 miles of hiking trails. Aiken is home to the University of South Carolina Aiken and the Aiken Thoroughbred Racing Hall of Fame and Museum.

• Cost of living: 14.0% below U.S. average
• Metro population: 198,708
• Median household income: $57,298
• Median home value: $294,700
• Unemployment rate: 2.8%

Thrifty types should volunteer to check out Knoxville and its greater metro area, the only city in Tennessee to make the list for inexpensive living. The city is notable for its across-the-board affordability for everything from food to transportation, according to the Cost of Living Index.

The biggest savings, as per usual, come from the city's especially low housing costs, which run more than a quarter below the U.S. average. Indeed, the mean price of a Knoxville home is $126,871 lower than the national average. Apartment rents are about 27% less expensive.

Tennessee comes in as the second most tax-friendly state to live out your retirement. It also has no estate and inheritance taxes. The Volunteer State also earned a spot on Kiplinger's list of States With the Lowest Property Taxes. 

Consider Knoxville, the original state capital before Nashville, a good mix of city and country living. It is home to the University of Tennessee and the Women's Basketball Hall of Fame, but Knoxville is also the gateway to the Great Smoky Mountains. The Tennessee River runs through downtown.

Major employers include the U.S. Department of Energy, Alcoa (AA) and Covenant Health.

The city was a strategic objective in the Civil War, so history buffs can visit a number of battlefields nearby, too.

• Cost of living: 14.0% below U.S. average
• Metro population: 74,319
• Median household income: $48,091
• Median home value: $364,600
• Unemployment rate: 3.4%

San Marcos, Texas, is a vibrant city located in the heart of Central Texas, situated on the I-35 corridor between Austin and San Antonio. The city is known for its beautiful natural attractions, particularly the San Marcos River, its outlet shopping centers, and for being the home of Texas State University. 

The city's landscape features rolling hills and the spring-fed San Marcos River, which is a major defining feature of the area. The river is fed by the Edwards Aquifer through hundreds of springs at the bottom of Spring Lake and maintains a constant temperature of 72 degrees Fahrenheit year-round. This makes it a popular destination for water-based activities. The city is also home to various natural areas and parks with hiking and biking trails, offering a mix of landscapes from grasslands to canyon bluffs.

Living in San Marcos is 15.5% cheaper than in other American cities. Housing offers the biggest savings, costing only 76.7% of the national average. Groceries and health care are only a little over 6% cheaper than the national average, while utilities and health care are between 12% to 17% less than average. 

One of the most significant economic drivers is Texas State University, which is one of the largest universities in the state. The university brings a large student and faculty population, providing jobs, and fostering innovation and research, particularly in fields like advanced materials, water research and biotechnology. The city's location on I-35 makes it an ideal hub for logistics and distribution, with major fulfillment centers like Amazon establishing a presence there.

Beyond the river, the city boasts over 2,100 acres of natural areas and parks, including Purgatory Creek Natural Area and Five Mile Dam Park, which offer extensive trails for hiking, running, and biking.

The city hosts annual events and festivals, such as the Mermaid Festival and the Sacred Springs Powwow. Cultural attractions include the LBJ Museum of San Marcos, which focuses on Lyndon B. Johnson's formative years at Texas State University, and the Calaboose African American History Museum.

Texas has no income tax, and it exempts groceries, prescription and over-the-counter medications from sales taxes. 

• Cost of living: 14.2% below U.S. average
• Metro population: 122,273
• Median household income: $59,445
• Median home value: $263,600
• Unemployment rate: 3.4%

Lafayette is Louisiana's fourth-most populous city and situated along the Vermilion River. Originally established as Vermilionville in the 1820s, it was renamed for Revolutionary War General Marquis de Lafayette in 1884. It was primarily an agricultural community until the discovery of oil in the area in the 1940s. Since the discovery of oil, the city and parish had the highest number of workers in the oil and natural gas industry in Louisiana. 

Known as the "Hub-City" of Acadiana, because of its proximity to major roadways heading north, south, east and west. Lafayette has become a major center for health care and social services, aerospace, and banking. Notable corporations with headquarters or a large presence in the Lafayette area have included Amazon, CGI, JPMorgan Chase, Ochsner Health System and Petroleum Helicopters International.

Housing, utilities and healthcare are well below average, and 36%, 15%, and 19% cheaper than the national average, respectively. However, you'll pay almost 5% more than other Americans to sip some wine if you want to raise a glass to celebrate a cost of living that is 13% less than the national average.

At the Acadian Cultural Center, you can learn about the history, customs, language, and contemporary culture of the Acadians who became Louisiana's Cajuns. The Hilliard Art Museum can be found on the campus of the University of Louisiana at Lafayette. The museum's collection consists of 18th through 21st century European, Asian and American art works. The sport of trampoline developed in Lafayette. The gymnastics program at the University of Louisiana at Lafayette popularized the sport and has produced more world champions than any other location.

Homeowners get a break as Louisiana has one of the lowest property tax rates in the nation. Retirees that settle in Lafayette won't pay any state income tax on Social Security retirement benefits or federal retirement benefits (including military and non-military).

• Cost of living: 14.4% below U.S. average
• Metro population: 122,131 
• Median household income: $91,077  
• Median home value: $278,700 
• Unemployment rate: 3.5%

Platted in 1902 along the Missouri-Kansas-Texas Railroad, Broken Arrow owes its unique name to a Creek Nation settlement formed by Native Americans who had been relocated from Alabama. Geographically, it is positioned in the rolling hills of northeastern Oklahoma, sitting directly on the edge of the "Green Country" region as the largest southeastern suburb of the Tulsa metropolitan area.

The local economy has shifted from its agricultural roots to a thriving base of light manufacturing, aerospace parts, and logistics, with major employers including flight simulator pioneer FlightSafety International, standard manufacturing plants, the regional operations of FlightSafety, and a highly rated public school system that serves as a core community anchor.

Entertainment centers around the Rose District, a fully revitalized downtown arts and entertainment zone packed with boutiques, local eateries, and the Broken Arrow Performing Arts Center. Residents also enjoy an abundance of green space, including the nearby Ray Harral Nature Park and easy access to the water recreation at the Arkansas River and regional lakes.

• Cost of living: 14.4% below U.S. average
• Metro population: 317,314 
• Median household income: $66,967  
• Median home value: $234,000
• Unemployment rate: 4.1%

Wondering why a Texan city has a Latin name? The story goes that in 1519, Spanish explorer Alonso Álvarez de Pineda discovered a semi-tropical bay in the Gulf of Mexico on the Christian feast day of Corpus Christi — and promptly named his discovery in its honor.

Five hundred years later, and the city is the eighth most-populated in Texas, with a bustling international airport and the third largest port in the U.S., predominantly exporting oil and gas.

As you’d expect in Texas, the oil industry is still important for the local economy — refineries Citgo and Valero are two big names in the area. But other major employers include Corpus Christi Naval Air Station and Texas A&M University, along with businesses in the hospitality and tourism sector. With more than 250 days of sunshine a year, and miles of sandy beaches to explore, Corpus Christi is a key stop on the Texan tourist trail, attracting both domestic and international visitors. Major attractions include the Texas State Aquarium and the USS Lexington.

Happily, the beautiful climate and natural amenities also make Corpus Christi an idyllic place to live — especially if you’re the outdoors type. Nature lovers can head to Mustang Island State Park for kayaking, birdwatching, camping and fishing, for instance, while water babies can surf, sail and swim at any of the nine local gulf and bay beaches — or even just bob peacefully in the Laguna Madre, one of the world’s only hypersaline lagoons, where the high salt concentration makes floating easy.

All that coastline means an abundance of seafood to eat in the city’s plentiful restaurants — although Tex-Mex is equally popular. And with year-round events taking place on or near the waterfront, including Barefoot Mardi Gras, the Jazz Festival, Pride and Juneteenth celebrations, you’d be hard pushed to find a more vibrant Texan city.

• Cost of living: 15.2% below U.S. average
• Metro population: 70,704 
• Median household income: $65,896 
• Median home value: $298,200
• Unemployment rate: 3.2%

The city of Conway — an affordable enclave in the Little Rock-North Little Rock-Conway metro area — is home to a number of high-tech companies, including information technology firm Insight Enterprises (NSIT).

Being home to a large proportion of younger residents helps keep costs in check. Known as "The City of Colleges," Conway hosts three post-secondary educational institutions: the University of Central Arkansas, Hendrix College and Central Baptist College.

Close proximity to the Arkansas River and Lake Conway makes the city ideal for fishing and water sports, and there's ample space for hunting. Yet you can drive to the state capital of Little Rock in a half-hour or so.

Not that Conway is without its own more aspirational cultural attractions. The city is home to the Arkansas Shakespeare Theatre, the state's only professional Shakespeare company.

Conway's housing costs are affordable and run 25% below the national average. Utilities, transportation and healthcare costs are also comparatively modest.

As Kiplinger's Arkansas State Tax Guide shows, the state doesn’t create a tax burden for retirees. And there are no estate or inheritance taxes when you die. 

• Cost of living: 15.2% below U.S. average
• Population: 201,355
• Median household income: $55,307
• Median home value: $200,000
• Unemployment rate: 3.3%

Founded by French colonists in 1702 as the original capital of French Louisiana, Mobile is one of the oldest cities on the Gulf Coast. It is situated at the mouth of the Mobile River as it empties into Mobile Bay, serving as a deepwater port city protected by barrier islands, surrounded by coastal marshes and a rich subtropical ecosystem.

As a major maritime logistics hub, Mobile's economy is led by the Port of Alabama, international aerospace manufacturing (via Airbus's massive commercial aircraft assembly facility), shipbuilding giant Austal USA, and chemical processing facilities, alongside a deep healthcare sector driven by the University of South Alabama health system. 

Steeped in history, Mobile is the official birthplace of organized Mardi Gras in America, celebrating with weeks of historic parades. The city boasts beautiful historic districts shaded by Spanish moss-draped live oaks, the USS Alabama Battleship Memorial Park on the bay, and quick access to the white-sand beaches of Dauphin Island.

• Cost of living: 15.5% below U.S. average
• Metro population: 108,746
• Median household income: $59,851
• Median home value: $223,900
• Unemployment rate: 5.7%

Only twenty minutes north of the U.S.-Mexico border, Edinburg, Texas, serves as the gateway to the Rio Grande Valley. Edinburg is the third-largest city in the larger Rio Grande Valley region and the county seat of Hidalgo County. The local economy is made up of a diverse mix of industries, from agriculture to a growing health and education sector.

Known as the Garden of Texas, Edinburg is home to many produce companies. Serving as a key location for products going across the border in either direction, cold storage facilities in Edinburg play an important role moving locally grown produce north and south of the border safely. Companies such as Don Hugo, Robinson Fresh and Little Bear bring us avocados, tomatoes, peppers, salad greens, melons and onions. Despite its proximity to growing regions, groceries are only 6.3% cheaper then the rest of the country. 

The University of Texas Rio Grande Valley (UTRGV) was created when UT System merged two existing campuses and brought the first medical school to the Rio Grande Valley region. Maybe that's why residents of Edinburg pay almost 20% under the national average for healthcare.

Summers in Edinburg are packed with fun, free entertainment. Edinburg hosts a Summer Concert Series, a Back-to-School Big Squeeze Finale and Fridafest, a festival that honors the legacy of Frida Kahlo. The theme of the event changes every year and features a Frida Look-Alike contest for all ages. Picnic staple fried chicken is 25% cheaper in Edinburg than elsewhere in the country.

If you need more entertainment options, the Edinburg Scenic Wetlands comprise one of nine sites of the World Birding Center. The 40-acre nature oasis features wetlands and one of the largest native butterfly gardens in the area, with more than 300 different bird sightings. The Rio Grande Valley Vipers are a NBA G League, with a regular season running from October through April.

Residents of Texas do not pay state income taxes. There is no inheritance tax or estate tax. However, the property taxes are on the higher side and average $3,520.

• Cost of living: 15.8% below U.S. average
• Metro population: 159,651
• Median household income: $69,526
• Median home value: $219,800
• Unemployment rate: 2.1%

Decatur and Hartselle are two northern Alabama cities with an abundance of outdoor activities, cultural diversions, and low costs of living. Decatur's economy benefits from being one of the busiest ports on the Tennessee River and from NASA's Marshall Space Flight Center in nearby Huntsville. Tourism is another driver of the local economy, thanks to the Wheeler National Wildlife Refuge, the Carnegie Visual Arts Center, and festivals such as the Alabama Jubilee Hot Air Balloon Classic.

Nearby Hartselle, about 10 miles south, shares the charms of its neighbor to the north. Residents can cool off in the summer at the city's sprawling aquatic center, which includes a water slide and diving platform. And Southern history buffs will want to stroll through the Hartselle Downtown Commercial Historic District, which is listed in the National Register of Historic Places.

Residents can enjoy all this and more without breaking the bank. Decatur's housing-related costs, including mortgages and rents, are 31.8% cheaper than the national average. Prices on a wide range of goods and services, from pizza to haircuts to dry cleaning, are less expensive, too.

Alabama has one of the nation's lowest property tax rates and no state death taxes. Social Security and pensions are exempt from taxation; only the first $6,000 of distributions from retirement plans (like IRAs and 401(k)s) are tax-exempt for retirees age 65 and older.

• Cost of living: 16.3% below U.S. average
• Metro population: 52,593
• Median household income: $52,097
• Median home value: $168,300
• Unemployment rate: 3.3%

It used to be that Joplin, at least to outsiders, was probably best known as a place where Depression-era bank robbers Bonnie and Clyde hid out for a time. Today, sadly, Joplin is perhaps better known for tornadoes, such as the deadly storm that destroyed about 30% of the city in 2011.

The city (and greater metro area) has since recovered from the costliest single tornado in modern U.S. history, helped by its status as a regional medical center. Its two major hospitals serve a four-state area that includes Kansas, Oklahoma, and Arkansas.

Meanwhile, other key employers include General Mills, Schaeffler Group and Leggett & Platt.

Housing-related costs, which run about 39.9% below the national average, help secure Joplin's place on the cheapest places to live for U.S. city dwellers. Expenses for groceries and healthcare are only 5.5% below average. Utilities are an outlier and run slightly over 0.4% above the national average.

From a tax perspective, Missouri is pretty average; it has graduated state individual income tax rates ranging from 2% to 4.8%. Although the state repealed its income tax on Social Security retirement benefits, pensions are partially taxable and IRA and 401(k) distributions are fully taxable. 

• Cost of living: 16.9% below U.S. average
• Metro population: 72,735
• Median household income: $55,846
• Median home value: $222,800
• Unemployment rate: 2.5%

Dothan was originally part of the colony of British West Florida. Its history as a modern city starts in 1893 when it secured a stop on the first railroad to be built in the region. Local pine forests were harvested for turpentine and wood, and the cleared land was used to cultivate cotton that was devastated by the boll weevil in the early 1900s. This is when farmers turned to peanuts.

Approximately one-fourth of the U.S. peanut crop is produced nearby and much of it is processed in the city, earning its nickname as the “Peanut Capital of Alabama” and hosts the National Peanut Festival each fall. The first festival honoring the peanut was on Thursday, November 10, 1938. It was a three day event including a guest speaker named Dr. George Washington Carver a botany and agriculture teacher at the Tuskegee Institute who gained international fame with his development of over 300 products from the peanut.

Agriculture remains the largest industry in Dothan with cotton production making a resurgence and produces significant tomato crops.

Nearby Fort Novosel, houses one of the largest helicopter collections in the world at the US Army Aviation Museum. If you are a culture vulture, you have many options to choose from. The Dothan Opera House showcases Broadway-style shows, ballets, symphonies and local theater productions. Music South, was originally the Southern Alabama Symphony Association, and was renamed to reflect the wide variety of musical performances on offer.

• Cost of living: 17.2% below U.S. average
• Metro population: 82,386
• Median household income: $51,672
• Median home value: $233,900
• Unemployment rate: 3.3%

The Jonesboro Metro area consists of two counties, Craighead and Poinsett, and is anchored by the city of Jonesboro. It’s located in northeast Arkansas and is a short 50-mile drive to Memphis, Tennessee. Jonesboro has a small-town vibe with facets of a college town as it is home to Arkansas State University.

Arkansas State University is home to the ASU Museum, which strives to serve the community at large. On Saturdays, the museum’s Tinkering Studio teaches children how circuits work, how to use math to create art, and how to create their own animations.

Birding is a popular pastime in Arkansas. Inside the 692-acre Craighead Forest Park is the Craighead Forest Trails Loop. This trail is about 7.4 miles long and is a popular destination for ornithologists and twitchers. Or enjoy year-round fishing for bream, catfish, crappie and bass at Lake Frierson State Park, a short 10 miles north of downtown Jonesboro.

There are plenty of local corporate employers in Jonesboro, including Frito-Lay, Unilever, and General Mills — so you can get a good job and enjoy an affordable lifestyle all in one place.

Owning a home is more attainable here than in most places. Arkansas's property taxes are among the lowest in the nation. Housing costs are 39.2% cheaper than the national average and utilities are 2.6% less. The average commute is 18.5 minutes and transportation costs only 11.7% of the national average.

• Cost of living: 17.5% below U.S. average
• Metro population: 213,188
• Median household income: $67,297
• Median home value: $213,300
• Unemployment rate: 2.5%

Des Moines kind of has it all: a robust and multifaceted economy; a vibrant cultural scene; major universities; and — most importantly for our purposes here — a low cost of living.

On the economic front, Des Moines is probably best known as a major center of the insurance industry and other financial services. Healthcare, manufacturing, and logistics are also key planks supporting the local labor market.

Des Moines' strong economy helps keep both the unemployment and poverty rates well below state and national averages.

The city also benefits from a comparatively large student population, driven by Drake University, Grand View University, Mercy College of Health Sciences and numerous other institutions of higher learning.

At the other end of the age spectrum, Des Moines is known for being especially attractive to retirees. The city boasts plenty of healthcare facilities specializing in aging-related services. Health care costs are 12.1% less than the national average.

Retirees won't lack for things to do, either. There are numerous museums and arts venues, including an outdoor sculpture park, a zoo, and botanical gardens. There's even a casino and racetrack in nearby Altoona that hosts annual camel, ostrich and zebra races (sorry, no wagering on these exhibition races allowed).

Best of all, Des Moines delivers all this with a cost of living that's 16% lower than the U.S. average. Housing expenses (61.8%) are roughly a third less than what the typical American spends to keep a roof over his or her head, while utility costs are significantly lower, too. Transportation is the only expense where Des Moinesers pay more, with costs running 6.1% above average.

In a first, Iowa recently made retirement income tax-exempt for residents 55 and older and eliminated its inheritance tax for tax years 2025 and later. That means tax-free Social Security, pensions and 401(k), and IRA distributions.

• Cost of living: 18.0% below U.S. average
• Metro population: 197,979
• Median household income: $67,187
• Median home value: $213,900
• Unemployment rate: 3.2%

Amarilloans are known for their love of high school football, hot sauce and thick steaks. They also enjoy savings on a wide range of goods and services. Need to get your eyes checked? An appointment with an optometrist is 40.6% less expensive in the city known as "The Yellow Rose of Texas." Dry cleaning bills are 41.4% cheaper than the national average.

But the biggest way folks in this part of the Texas Panhandle save money is by what they shell out for housing.

Metro-area residents spend 42.2% less on housing-related costs than the national average. The average house price of $257,400 is $283,108 below the national average. Apartment rents ($1,271) are 21.8% cheaper than what the typical American pays every month.

It's also encouraging that Amarillo's economy has remained invigorated. For example, the metro area's unemployment rate of 3.2% stands below the national rate of 4.3%. Major employers include Tyson Foods, CNS Pantex and BSA Health System.

In 2023, voters approved Proposition 4, which cut property taxes for Texas homeowners through tax compression and by increasing the state’s homestead exemption. In 2025, the voters have another chance to modify the property tax system and raise the homestead exemption from $100,000 to $140,000. For retirees, the homestead exemption for those age 65 and older or with disabilities could go up by $50,000 from the current $110,000 exemption to $160,000.

• Cost of living: 18.0% below U.S. average
• Metro population: 148,784
• Median household income: $60,907
• Median home value: $218,500
• Unemployment rate: 5.7%

McAllen might be one of the cheapest places to live in the U.S., but it comes at a price. The poverty rate in the McAllen-Edinburg-Mission metro area is 20.4%. That's about 1.5 times the Texas rate of 13.7% and almost twice the U.S. rate of 10.6%.

On the plus side, McAllen is famous for bird watching because of its location on a major migration route. The Quinta Mazatlan, a luxury birdhouse with more than 15 acres of birding habitat, is not to be missed. The city also features the International Museum of Art & Science, which has a specific focus on Latin American art.

And McAllen is indeed one of the cheapest places to live in the U.S. for city dwellers. Housing costs are 43.4% lower than the national average, healthcare expenses are 26.6% cheaper and grocery items are around 7.2% less than what the typical American pays. One of the few things residents pay a little extra for is utilities (+21.6%), which isn't surprising given that temperatures routinely soar into the high 90s during the summer months.

Texas is a mixed bag when it comes to taxes. It used to have the seventh-highest median property tax rate in the country. However, voters approved a new Texas property tax relief measure that expanded the homestead exemption and will vote again in 2025 on whether to increase the exemption by $60,000. At that point, the basic exemption would climb to $140,000. 

• Cost of living: 18.2% below U.S. average
• Metro population: 59,122
• Median household income: $55,360
• Median home value: $137,400
• Unemployment rate: 4.7%

Kokomo was founded in 1844 as the county seat for what is now Howard County. It was originally home to the Miami Indians, who lived along the waterways and the valley of the Wabash River in north central Indiana.

Although the median household income is about two-thirds of the amount in the U.S., the housing costs are 43.1% below the national average. Indiana currently has a flat tax rate of 3.05% that is applied to state adjusted gross income after modifications. Overall utility costs are about 7.8% below the national average, while transportation costs are 4.4% more.

It would be fair to say that Indiana is a military-friendly state. For instance, starting with the 2024 tax year, all military income is exempt from state income tax. They also have a comprehensive program called INvets.  It helps veterans transition to civilian life, with an emphasis on finding the right community and job placement. 

Getting around the city of Kokomo is easy and can be free. The city offers residents and visitors free public transportation through City Line Trolley, providing coverage to most of the educational, retail, and medical areas and services with over 250 stops. The KokoGo Bike Share facility offers a free bike share program during the spring, summer and fall months. 

• Cost of living: 16.2% below U.S. average
• Metro population: 65,445
• Median household income: $52,880
• Median home value: $147,500
• Unemployment rate: 2.8%

About an hour's drive east from Birmingham sits the Anniston metro area. The city's proximity to the Mountain Longleaf National Wildlife Refuge makes it a good jumping-off point for hikers, mountain bikers, and other outdoorsy types. The city also has its quirks. It's home to the world's largest office chair — a 33-foot-tall seat that was once recognized by Guinness World Records.

Major employers include the Anniston Army Depot and Alabama Regional Medical Center. Maybe that's why health care costs are 19.4% lower than the national average.

Anniston's low cost of living puts it among the 15 cheapest places to live, but it comes alongside a median income that's one-third lower than the national median. 

Overall housing costs in the Anniston area are 40.4% lower than what the average American pays. Utilities, however, are relatively pricey, running 4.1% above the national average.

• Cost of living: 19.1% below U.S. average
• Metro population: 713,014
• Median household income: $70,040
• Median home value: $259,300
• Unemployment rate: 3.6%

The largest city in Oklahoma offers remarkably affordable prices for its size. The biggest reason: Housing costs run 43.1% below the national average, according to the Cost of Living Index, which takes into account both home prices and apartment rents.

Drilling down into those categories, home prices in Oklahoma City average $316,715 vs. a national average of $540,508. Renters also do quite well on a relative basis. Average apartment rent comes to $830 a month compared with a U.S. average of $1,624.

Transportation and miscellaneous goods and services also cost appreciably less in Oklahoma City. However, health care costs are the same as the national average, and utilities aren't much cheaper (-1%) than what the typical American pays.

Yet, as a metro area with over half a million people, Oklahoma City offers a lot of big-city attractions, from a philharmonic orchestra to the National Softball Hall of Fame and Museum. At the professional sports level, the Oklahoma City Thunder represents the metro area in the NBA.

Meanwhile, a well-rounded metro-area economy helps folks find jobs in a wide range of industries. Major employers include the U.S.A.F.'s Tinker Air Force Base, the University of Oklahoma and Amazon.com (AMZN).

Be forewarned, however, that Oklahoma presents a mixed tax picture for retirees. While Social Security benefits, military pensions aren't taxed, pensions 401(k) and IRA distributions are partially taxable. An upside is that there is no estate or inheritance tax in Oklahoma. 

Homeowners do well in the state with median property tax bills well below the national average. However, everyone pays more in general as groceries and prescription drugs are subject to states sales tax. 

• Cost of living: 19.0% below U.S. average
• Metro population: 66,528
• Median household income: $49,244
• Median home value: $115,600 
• Unemployment rate: 5.6%

Decatur currently ranks as the cheapest place to live in the U.S. among cities with metro areas with at least 50,000 inhabitants.

Decatur, Illinois, and its surrounding metro area are probably best known as an agricultural and manufacturing center. Archer Daniels Midland moved its headquarters to Chicago in 2013 but maintains operations in this central Illinois city. Caterpillar, the world's largest maker of construction and mining equipment, has facilities in the area, as well. Decatur likewise lays claim to a massive corn-processing plant owned by U.K.-based food ingredients company Tate & Lyle.

Archer Daniels Midland's departure following a price-fixing scandal was a blow to the local economy, and Decatur struggles with elevated unemployment to this day. A cost of living that's nearly a fifth lower than the national average is partly a symptom of ADM's exit, but at least it's also something of a salve.

Housing costs are almost over 50% lower than the national average in metro Decatur, and healthcare is much cheaper, too. However, the cost of utilities is almost 3.9% above the national average, and transportation costs are only 6.2% lower. Those savings help make up for the fact that Illinois is among the least tax-friendly states for middle-class families. Illinois has one of the highest sales tax rates in the U.S., but it's also one of the states that don't tax retirement income.

Decatur's status as one of the cheapest places to live in the U.S. is no doubt appreciated by its significant student population, which includes Millikin University's approximately 2,340 students and the roughly 2,075 people studying at Richland Community College.

• Cost of living: 20.0% below U.S. average
• Metro population: 72,239
• Median household income: $41,756
• Median home value: $153,200
• Unemployment rate: 6.2%

Harlingen sits at the southernmost tip of Texas, with the Rio Grande to the south and the Gulf of Mexico to the east. The Brownsville-Harlingen metro area is a hardscrabble place where 20.1% of residents live below the poverty line. That's about one-and-a-half times the poverty rate for Texas as a whole. Comparatively low median household income and high unemployment are other grim aspects of the metro area's economy.

However, just about everything, from groceries to gasoline, costs less in Harlingen. Locals save about 5.6% on a good cut of steak compared to the national average. The average home price in Harlingen ($365,567) is a striking $174,941 less than the U.S. average. The average apartment rents for $835 per month — or 48.6% lower than the national average of $1,642.

Texas makes the list of Kiplinger's Best States for Middle-Class Families Who Hate Paying Taxes. Texas also recently reduced property taxes by increasing the homestead exemption from $40,000 to $100,000 ($110,000 for homeowners 65 and older and those with disabilities). 

As with not-too-distant neighbor McAllen (+21.6%), utility bills run a bit high, or 26.5% above the national average.

Although agriculture remains central to Harlingen's local economy, the healthcare and telecommunications industries are rapidly gaining importance.

Lastly, it would be negligent to forget one of the area's biggest selling points: Harlingen is only about an hour's drive to the beaches of South Padre Island.

We spend a sizeable chunk of our incomes on utility bills. A typical household in the United States spends about $1,810 per year on electricity alone, according to the U.S. Congress Joint Economic Committee. In some states, residents are paying over $2,200 per year to keep the lights on. When you factor in the rising rates on natural gas, the number gets even higher.

To cut your energy bills and increase your comfort, an energy audit — a.k.a., a whole-house assessment — and home retrofit may be in order.

Think of an energy audit as a physical for your home. Some signs your house might be due for a checkup include any of these common symptoms:

• One room is always too cold or hot
• Your house quickly gets dusty
• You suffer from frequent sinus or respiratory problems
• Dank smells rise from the basement or crawl space or smoke from wildfires creeps inside
• In winter, you suffer from drafts
• In summer, your second story feels hotter and more humid than the rest of the house, although your air conditioning runs all the time
• You've compared your energy costs with your neighbor’s and yours are much higher for similar homes

Should you get an energy audit?

A whole-house assessment recognizes that each of the components or systems in your home — the exterior shell, insulation, heating and cooling systems, ductwork, and ventilation — work together, and recommends fixes to optimize efficiency and comfort.

Most homes have inefficiencies; correct them and you can cut your energy usage and bills by as much as 25%, according to Home Performance With Energy Star, a national program administered by the U.S. Department of Energy and the U.S. Environmental Protection Agency.

"If you reduce energy cost, you can increase comfort, and vice versa," says Jonathan Waterworth, a certified energy auditor in Phoenix, Arizona. He says some of his clients cut their energy use by 30%.

What are the benefits of a home energy audit?

An energy audit and recommended improvements have other benefits besides saving money including:

• You can maximize the life of your current heating-and-cooling system, and when those components ultimately fail, you'll be ready to replace them with higher-efficiency electric ones, such as a super-efficient heat pump
• You'll reduce your carbon footprint. If you're thinking about going solar, reducing your home's energy demand first will allow you to install a smaller, less expensive system
• When you sell your home, proven energy efficiency will appeal to buyers, and they may be willing to pay a premium

How does an energy audit work? 

Energy auditors will visually evaluate your home inside and out. Their diagnostic tools include a blower-door test, which measures the draftiness of your home, and thermal infrared scans to locate drafts and missing insulation. They'll identify problems, prescribe solutions and, after any work is completed, test to ensure it was done properly and the problems have been solved.

As part of this, they might suggest upgrading your home's equipment. This could include installing energy-efficient appliances, LED lighting, smart power strips, or smart thermostats.

Your energy auditor should be trained and certified in a whole-house approach through one of two organizations: The Building Performance Institute sets standards for residential energy auditing and upgrading and certifies the contractors it has trained and tested. Home Performance With Energy Star assists local program sponsors — typically a state energy agency, utility company or nonprofit organization — to train home improvement contractors in the whole-house approach.

Waterworth suggests looking for energy auditors with at least five years of experience. "The more you do, the more things you see and can identify and know how to deal with them in the most beneficial and cost-effective way," he says.

How much does an energy audit cost?

An assessment typically costs $200 to $600, depending on the location, age, size and design of your home, and could take several hours, according to homeguide.com.

Regardless of whether the auditor will perform the assessment only, some of the retrofit work or the whole shebang, they should recommend all of the appropriate improvements and prioritize them by cost-effectiveness. If you want to get multiple bids for the work, look for BPI-certified contractors.

Waterworth says the most typical issues he encounters are air leakage in the outer shell of the home, air leakage and resistance to airflow in heating and cooling ductwork, negative air pressure in the home that invites outside air (including polluting particulates) to infiltrate, and poorly installed insulation that doesn’t meet its performance rating (R-value). He says his customers’ typical cost to retrofit is $9,000 to $12,000.

At a starting point for especially budget-conscious homeowners, some utilities provide free "audits," but they are typically very limited in scope. Or you can try online tools, such as Energy Star's "Home Energy Yardstick."

Credits and rebates for efficiency improvements 

Energy incentives are now more focused on income-based rebates and state-run programs. In many areas, low- to moderate-income households may qualify for rebates that cover a large share of the cost of electric appliances, such as induction cooktops or heat-pump dryers, though availability varies by state.

To find out what's available where you live, visit DSIRE, the Database of State Incentives for Renewables and Efficiency, which allows you to search by ZIP code. You can also check with your state energy office or local utility provider for the most up-to-date programs and eligibility requirements.

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