#Mortgage Affordability Calculator | Explore Tumblr Posts and Blogs

mookymilksims · 4 months

Text

ULTIMATE Realistic Money overhaul | Roleplay Guide | The sims 3

TYSM for 600+ subscribers on Youtube!

youtube

Introduction:

Hello everyone and welcome back to my channel! In today's video I'm going to show you how to overhaul the sims 3 economy, how to have complete control over your billing system, and how to have a more realistic money exchange mechanic! We will also be exploring how to go about a much more realistic renting/mortgage system. This guide has been a long time coming, it's very simple and beginner friendly, but to find all the mods it would take to set this up would be a pain for anyone trying to revamp their sims economy. I've playtested this mod setup for a couple of years, and I can never go back to the original EA economy and billing system. All of these mods work with each other in a synergy circle, they compliment, play off of, and enhance one another. All links will be included in my tumblr guide, and the comment leading to my tumblr guide will be pinned in the comments below. I recommend following alongside the guide and the video, especially if you do not speak english, so you can translate the guide to your native language, while still being able to follow along the video! If I am talking too slowly for you I highly recommend everyone to increase the video speed to x2, and slow it down at certain parts you need extra focus on. Don't worry, I won't be offended at all by this, I do it myself for tutorial videos.

First - Overhaul the sims economy.

No bills

First we need to get rid of the EA billing system. This is because we are going to add new mods that introduce much more realistic billing and rental mechanics. This also eliminates some core issues with the EA billing system. Such as having a large piece of land, but a tiny house, and your bills being upwards of 40k every couple of days. Utilities not being calculated properly. And being billed more because of your more expensive items on your lot. Since we are also overhauling the sims economy, the original EA calculations wouldn't make any sense anymore.

EVM Career Wages

This mod adds a much more realistic financial wage system. Since we have now removed EA bills, our sims wages need to be able to reflect the more realistic economy we are going for. Gone are the days of every Sim earning a fortune with a mere $45 per hour entry-level job. This mod adjusts the wages across all career levels to align with real-world standards, creating a more immersive gameplay experience.

With EVM Career Wages, climbing the career ladder feels genuinely rewarding as higher pay accompanies each promotion. This encourages players to strive for advancement and invest in their Sims' professional growth. Additionally, when paired with the UC mod, promotions become more challenging to attain, placing greater emphasis on the player's decisions and strategic gameplay.

Camo fairer priced groceries and books

Camo tweaked goods

Revamped Economy Essentials:

With Camo's Fairer Priced Groceries and Books alongside Camo's Tweaked Goods, the Sims 3 economy undergoes a significant transformation. These combined mods slash the prices of commonly purchased items, bringing a newfound sense of realism to the game. No longer will a single egg set you back $11; now, it's a mere $2, making grocery shopping a more authentic experience. The same principle applies to book prices, ensuring that essential items are now more affordable for Sims across the board.

This overhaul becomes even more impactful when paired with the Savvier Seller mod, which ensures that prices are not only reasonable for your household but also for the entire neighborhood. This adds a more balanced and lifelike economy, where every Sim can afford the necessities without breaking the bank.

taxi charge

simsmathew subway charger

Realistic Transportation Fees:

Combining the Taxi Charge and Simsmathew Subway Charger mods introduces a new level of realism to transportation in The Sims 3. Each time your Sims opt for a taxi ride or subway journey, they'll incur a small fee. This adds a layer of financial consideration, prompting players to rethink their Sims' commuting habits.

Immersive roleplaying opportunities emerge as players strategize the best way to navigate their Sims from point A to point B. Whether it's opting for eco-friendly methods like walking or biking, or planning a journey that involves a mix of walking and subway rides, every choice impacts your Sims' budget and experience.

This deeper level of engagement allows players to connect with their Sims on a more personal level, experiencing the journey alongside them and enjoying the rich scenery and interactions along the way. Now you'll be pushed to experience y

Ani tax collector

New Billing System:

The tax collector mod essentially allows you to create your own billing and taxing system. This mod introduces a scripted computer interface with customizable settings, allowing players to seamlessly implement various taxes and fees. From water and electricity bills to health insurance premiums and car payments, Sims will autonomously be directed to settle these financial obligations once the tax settings are activated.

For an added layer of realism and roleplay, consider situating these computers at opened rabbithole like the city hall. This not only streamlines your Sim's outing tasks but also enriches the gameplay experience, allowing players to engage in more dynamic and immersive storytelling.

I'm going to go in game and show you how I achieve this effect for a very quick and easy tutorial.

So because we turned off the EA billing system, we need to create our own bills, to still simulate having to lose money through our gameplay. You can place these new tax computers on an opened city hall rh lot (if you don't care for aesthetic then I recommend placing these in the basement), or another community lot altogether. Please note that if you place these computers on a cityhall RH lot, and you enable UC mod on that lot, you should lock the doors leading to the tax computers. This is because with SonyaJu's UC version, the sims working on the lot will be pushed to use the computers which will result in all of your sims being sent to pay their taxes throughout the day. You can lock community doors using Nraas Go Here, or nona lock community doors mod as an alternative.

Now that we have set up our computers, you click the settings and rename the computer. Rename this to any bill you want to pay. Here I am setting up a, Water, Electric, Phone bill, Car note, and Car insurance computer. Now I can click on tax collector > settings > edit multiplier.

Water = 0.8

Electric = 0.4

Phone - 0.2

Car note = 0.5

Car insurance = 0.6

these multipliers automatically calculate what you currently have available in your sims household funds, and deducts the "tax" based off of the multiplier. This adds a more logical calculations to what each individual household could actually afford, without being too overbearing on your funds loss. This make a much more realistic and immersive billing system actually possible in the game, that fixes a lot of the issues with EA billing system, and matches the new sims economy we have created with this combination of mods.

Which leads me to my next part. I pay all of these bills monthly in my game. This adds a much more immersive and realistic experience, and I even have to keep an eye on my sims budget throughout the month, like in real life. Sometimes, I may have to sell things or find any way to make extra money to pay my new bills, or pick which bill I have to pay if I can't afford them all. I give myself consequences if I can't afford certain things. When I show you how to use the new renting system, I'll even roleplay getting evicted as a consequence if I can't afford my rent.

Enhancement Miscellaneous Mods:

The collection of these next mods serve to either rectify the Sims economy hiccups or introduce a fresh layer of roleplay, prompting players to reassess their spending habits and EP career choices.

Some of these mods make purchasing certain items actually reusable like bubble bath products and painting supplies. While others make certain careers have higher payouts which makes the wages for that career make more sense and become more satisfying so you'd actually want to work at it. This also enhances rags-to-riches playthroughs, rendering them more intricate and gratifying.

For instance, with these mods combined, the necessity for pets to rely on manually refilled food bowls instead of random props elevates pet care to a level akin to caring for a toddler. This makes having a pet a lot more impactful in your household, as well as financially.

In general, all of these mods balance back out certain EA default settings, which slowly begins to push together a more and more realistic economy.

I will place the mods you want to add on the screen, and all the links will be provided in the tumblr guide.

speedo higher concert payouts

picnicbasketpricechange

bubble bath runs out

pet bowl needs food

Nona always more gigs 3 times money

wildflowernerf per value

Double money highchancs faster mooch skill

painting needs supplies

painting costs money

government benefits and service

This mod is tailored to amplify the immersive experience of playing as lower-income households in The Sims 3. This mod introduces a plethora of meticulously scripted game mechanics designed to add depth and realism to the struggles and triumphs of impoverished Sims.

One standout feature is the ability to establish child support payments, calculated with precision based on the target parent's income. This introduces a compelling dynamic for players who wish to roleplay scenarios involving relationships with wealthier partners, where child support checks become a lifeline for sustaining the family's livelihood, as an example.

Furthermore, Sims can now apply for various forms of assistance such as health insurance and Electronic Benefit Transfer (EBT), opening up new avenues for navigating the challenges of financial hardship within the game. These additions inject a newfound sense of complexity and realism into rags-to-riches playthroughs, providing players with additional gameplay mechanics to consider and explore. You'll find yourself embarking on a journey of resilience and resourcefulness as you guide your Sims through the highs and lows of economic adversity in the game.

If you are following my guide step by step consider applying these tweaks to the xml's.

As an added note, I no longer add a health insurance tax collector computer, as with MonocoDoll's new GA mod poorer sims can get affordable health care, and sims who do not qualify for this have a good job where I imagine the job offers it's own health insurance instead. So because of this new mod addition, this eliminates the need to set up health insurance payments for my households.

Second - Career's addon's

Gamefreak's check for work

job overhaul

lemonaise 50 jobs offer

These mods revolutionizes the Sims' job acquisition process, enhancing realism and depth. This also enhances the effectiveness of attending university. Without a degree, Sims may struggle to secure certain jobs and will always start at entry level.

The mod introduces a comprehensive interview and application process, typically lasting about an hour in-game, during which Sims disappear into the rabbit hole. Sims can attend resume building and interview classes to improve their chances of employment, mimicking real-life strategies. Uploading a resume, particularly a University Life degree, significantly boosts job prospects.

Maintaining cleanliness, hunger, and a positive mood is crucial as neglecting these factors decreases the likelihood of job offers. The "check for work" option allows Sims to scout for job openings beyond the replaced job hunting UI.

Lemonaise's 50 Jobs Offer expands job opportunities, reflecting the realistic scenario where obtaining desired employment may require starting elsewhere. Just as in real life, a degree does not guarantee the desired job immediately, necessitating patience and flexibility in career pursuits.

This mod combination adds layers of realism and challenges, making Sims' lives more expansive and rewarding. Achieving dream jobs becomes a testament to perseverance and hard work, enhancing the sense of accomplishment for players.

Ani's job board

Ani's Job Board introduces a WA-inspired board object that fills the gap left by missing opportunities in UC mod. With UC's scripted behaviors for work, some autonomous opportunities were removed. However, this mod remedies the situation by providing Sims with a platform to browse and undertake additional work and school opportunities. Now, players have the autonomy to choose whether to pursue these extra projects, adding depth and flexibility to their Sims' lives.

Nraas Careers

Nraas Careers is a mod that expands the possibilities for Sims by enabling custom careers and establishing a homeworld university. While the details of setting up a homeworld university can be explored in another video, this guide focuses on how this mod integrates custom career opportunities with UC. With Nraas Careers, players can seamlessly bind custom careers to EA careers, unlocking a wealth of new professional paths for their Sims within the game. What this means in basic terms, is that UC works by adding a number of objects sims use on a lot, to increase their work/school performance. If you are playing as a custom career, UC won't know which objects can increase that careers performance if the career hasn't been bonded to an EA career.

Sonja's UC

Sonja's UC is an enhanced iteration of Zerbu's UC mod, designed to optimize the original mod's scripting for improved performance and stability. While still a work in progress and subject to occasional issues, this update enhances the main features of the mod, resulting in faster and smoother gameplay. Sims now spend less time deliberating their actions, experience reduced lag before heading to work, and are not as rigidly constrained to complete tasks. Instead, they are encouraged to take breaks and socialize, mirroring real workplace dynamics.

Although ongoing testing is underway, I recommend trying out this version as it also introduces additional modded script objects to careers. Setting up the mod in-game is straightforward and can be easily demonstrated.

zoeoe flower arranging

knitting

pheobejaysims take sims to court

pheobejaysims betting

On the Screen, will be a selection of miscellaneous mods that enrich your gameplay experience by introducing custom playable careers and intricately scripted mechanics.

With these mods, you can immerse yourself in diverse professions such as modeling, flower arranging, or managing a home-based Etsy-style knitting business. Additionally, you have the opportunity to delve into the legal world as an attorney or explore the unique avenue of earning money through litigation against other Sims and establishments.

For those inclined towards risk and excitement, Phoebejaysims' Betting mod allows for a full-time gambling lifestyle, leveraging specific store objects to enhance the thrill of the game.

These mods significantly expand the scope of gameplay possibilities, offering players a plethora of new career paths and immersive money mechanics to explore and enjoy.

Third - Biggest gameplay changes and fixes

Bank mod

Otherwise known as the non-core global banking mod, this mod is a game-changer in how you manage money in The Sims. This mod allows you to establish a bank account for your Sims, complete with essential banking functionalities like deposits, withdrawals, and money transfers.

I'll guide you through setting up a new renting and mortgage system in-game, offering alternative perspectives on cash handling, including household funds versus bank account funds. Additionally, I'll show you how to separate all Sims' incomes and present an edited version where the bank account resembles a debit card in your Sims' inventory.

Let's dive into these transformative features that will revolutionize your Sims' financial management experience.

How to make a bank account.

Simply click on a computer, whether on your home lot or community lot. Navigate to online banking interaction > Open Account. $25 will be deducated automatically, and you will have a new bank account in your sims inventory.

How to create a landlord.

Simply select any sim you would like to be your new landlord. Using Nraas MC > Make Active, you can then open a bank account for the selected sim you've chosen to be your landlord.

How to pay rent.

Once the bank account has been sucessfully opened you can go back to your original active household. Then select the bank account in your sims inventory > Transfers, if you are friends with the landlord then select "Sims you know", if you are not friends with them then select "in your neighborhood". Navigate the list to find your new landlord, then send them your rent or mortgage for the month.

How to separate income.

Using this banking system I separate my sims money by having their bank account as their debit card and their household funds as their cash on hand. I typically, split up the funds reasonably between everyone's bank account in the household. This leaves $0 in the household funds. Once a sim is done with their work day, the exact amount of money they made for the day will go straight into your household funds. From there, I deposit that money into their bank account. It only takes a couple of seconds and is very simple.

As an added note, when sending the sims out and about in the world, I'll need the money from their account in the household funds so that they are able to spend money. So I quickly withdraw a random amount of money I think they will need for the outing, allowing them to actually buy what they want from the community lots. For extra immersion, consider adding a deco ATM machine, to simulate where your sims would be withdrawing their money from.

Just as promised, I told you how I would roleplay an eviction process, using this new renting system. If my sims cannot pay the rent, and they ask their landlord to an outing, if the landlord does not have a good time then I only get 1 sim month to leave the home or pay rent for both months. If the landlord does have a good time, then I imagine they allowed me to skip my rent payment for that month. If I still don't have rent money by the end of the month, I move my sim to a 10x10 empty lot somewhere in the world, and have my sim live out of a tent, or shady motel (set as a base camp), until I can afford to move into another home. If I choose to live in a motel, while the base camps are free to stay in, I create a custom role titled "Motel front desk", open that sim a bank account, and then pay them $100 weekly, while this is still a payment it is much cheaper than my sims rent that we couldn't afford, and still allows me to roleplay money being lost. If I don't have to be completely homeless then I won't, if I have $0, then I will.

nraas consigner

nraas register

Nraas Consigner and Nraas Register are essential mods that address the shortcomings of the register systems in the base game. Consigner enhances gameplay by introducing the option to make all items consignable, simulating a realistic thrift store or pawn shop experience. Meanwhile, Register adds extra checks to ensure Sims are correctly assigned, along with providing additional population controls beyond the capabilities of Story Progression. Whether or not you utilize other mods, these fixes are indispensable for enhancing your gameplay experience.

Exciting Update Alert!

@olomaya on Tumblr is currently developing an innovative new renting system for the game, which promises to offer Simmers a wide array of options for money roleplaying. This upcoming system represents a significant evolution in gameplay mechanics, potentially replacing older systems and providing fresh opportunities for immersive financial management.

Stay tuned for a comprehensive guide on this mod, which will delve into its functionalities, compatibility considerations, and potential replacements for older mechanics. Until this mod is developed, playtested, and released, I'll be using this system that I have set up and just showed you guys in this video!

So this concludes everything that I wanted to show you guys! You now know how to set up a more realistic billing system. Renting/mortgage system. You've learned how to add and roleplay more complex money gaming mechanics. You've overhauled your wage system, as well as your cost of living economy in the world. And none of these are too overbearing, with just a little bit of set up, you'll have an ultimate realistic economy and money system in your sims 3 from now on! Thank you all for joining me, thank you for 600 subscribers, and thank you for your love and support! I'll see you all in the next video!

#guides #tutorials #roleplay #roleplayguides #roleplaytutorials #youtube #youtube video #Youtube

114 notes · View notes

bitchesgetriches · 1 month

Text

Kill Your Debt Faster With the Death by a Thousand Cuts Technique

If you’ve got credit card debt, the interest is calculated on the “average daily balance.” So it’s beneficial to lower that balance as quickly as possible. And you can only lower the balance by making a payment… or payments.

The sooner you send a dollar to that debt, the less interest you’ll end up paying! It’s that simple!

Even if you can only afford the minimum required payment every month, splitting it into two payments helps. That can drastically reduce the average daily balance, and thus, the interest you have to pay. So making half of your monthly payment on the 15th of the month and the other half on the 30th (don’t @ me, February) can effectively save you money on interest. This goes for credit card debt as well as home mortgages and car loans.

Keep reading.

Did we just help you out? Join our Patreon!

#bills #credit card debt #debt #getting out of debt #loans #paying bills #paying off debt #student loans

23 notes · View notes

dubairealestate24 · 3 months

Text

Common Mistakes to Avoid When Applying for a Home Loan in UAE

Applying for a home loan in the UAE can be a complex process, and avoiding common mistakes can help you secure the best terms and conditions. This guide highlights common pitfalls to avoid when applying for a home loan in the UAE.

Understanding Home Loans

Home loans, or mortgages, come in various forms, including fixed-rate, variable-rate, and Islamic mortgages. Each type has its benefits and considerations.

Fixed-Rate Mortgages: These loans have a fixed interest rate for a specified period, providing stability in monthly payments.

Variable-Rate Mortgages: The interest rate fluctuates based on market conditions, which can lead to lower initial rates but potential increases over time.

Islamic Mortgages: Compliant with Sharia law, these mortgages involve profit-sharing rather than interest payments.

For detailed information on home loans, visit home loan dubai.

Common Mistakes to Avoid

Not Shopping Around: Failing to compare different lenders and loan products can result in higher costs and less favorable terms.

Overlooking Fees: Be aware of all fees and charges associated with the loan to avoid unexpected expenses.

Ignoring Pre-Approval: Getting pre-approved helps streamline the home search and strengthens your bargaining position.

Taking on New Debt: Avoid taking on new debt during the loan process, as it can affect your financial profile and loan approval.

Not Understanding Loan Terms: Ensure you understand all terms and conditions of the loan, including interest rates, repayment terms, and early repayment penalties.

For property purchases, explore Buy Luxury Property in UAE.

Steps to Securing a Home Loan

Assess Your Financial Situation: Begin by evaluating your financial health. Calculate your income, expenses, and savings to determine how much you can afford.

Improve Your Credit Score: A high credit score improves your chances of loan approval and favorable terms.

Save for a Down Payment: Aim for at least 20% of the property's value to reduce mortgage insurance costs and improve loan terms.

Compare Loan Options: Different lenders offer various products. Compare rates, terms, and conditions.

Get Pre-Approved: Pre-approval provides an estimate of how much you can borrow, making the home search more focused and efficient.

Submit Your Application: Complete the mortgage application, providing necessary documents such as proof of income, credit history, and property details.

Loan Approval and Offer: Once approved, the lender will present an offer detailing the loan amount, interest rate, and repayment terms.

Finalizing the Purchase: After accepting the offer, work with your lender to finalize the purchase. Ensure all legal and financial aspects are in order.

For rental options, visit Apartments For Rent in Dubai.

Tips for a Smooth Home Loan Process

Maintain a Good Credit Score: A high credit score improves your chances of loan approval and favorable terms.

Avoid New Debt: Refrain from taking on new debt during the loan process to maintain your financial profile.

Consult with a Mortgage Advisor: Professional advice can help you navigate the complexities of securing a home loan.

Understand Fees and Charges: Be aware of all fees and charges associated with the loan, including processing fees, valuation fees, and early repayment penalties.

For luxury properties, explore Luxury Properties For Sale in Dubai.

Legal and Regulatory Considerations

The UAE has specific regulations governing mortgages. Ensure compliance with all legal requirements, including property registration and transfer fees.

Dubai Land Department (DLD): The DLD oversees property transactions. Ensure all documents are registered with the DLD.

No Objection Certificate (NOC): If buying from a developer, obtain an NOC confirming no outstanding payments or disputes.

Conclusion

Avoiding common mistakes when applying for a home loan in the UAE can help you secure the best terms and conditions. By following the tips outlined in this guide, you can navigate the process efficiently and achieve your homeownership goals. For more resources and expert advice, visit home loan dubai.

#dubairealestate

7 notes · View notes

360degreesasthecrowflies · 11 months

Text

"But just"/"Why don't you just?" is not always the magic solve you think it is, boomers

Feeling a little disheartened today by the way that my mum point-blank refuses to acknowledge structural barriers. And I do think it is at least partially a generational thing.

The thing about the deck being stacked against you that has the most impact, and that certain folk of a certain age seem unable to put together is that...

You reach a point in your life, or in your career, or in your day to day financial situation where not only is there no magical solution, there are also no good options.

And it's the kind of situation where it's not the case where there are no good options because you, the individual, made mistakes or burned bridges or wasted your starting out nest egg or your initial savings so you have only yourself to blame - or even where if you just reduced your basic outgoings down several levels you'd be able to build a nest egg (back) up in order to give yourself more options again... There just aren't any good options from the jump.

Recent solves my mum has put to me as if I'm not an adult, in my 30s, living independently in another country from her with over 10 years' working experience, include:

Why don't you just get a higher paying job?

Why don't you get a pension?

Why don't you buy a house?

Why don't you move further away from your work (and your established community and the amenities you rely on) so you can buy a house?

The undertone implication is a) that we haven't already considered all the options before us, done the calculations and concluded that (unfortunately, as if it worked out it would be helpful) it isn't viable right now, and b) that by not doing these things you are somehow deliberately crafting your own misery and setting yourself up for more hardship, instead of the reality that we are making the best of what's available to us within the system that is how our generation are asked to live and exist.

I don't 'just get a higher paying job' because the structural barriers are my lack of education and my lack of social connections among the higher strata of the demographic that, by their wealth-funded access to as many qualifications as they would like to pay for, and by being able to buy the time to complete them, holds a monopoly on hiring. That's something that's come from making education something available to the highest bidder, rather than grant-funded and obtainable by anyone with the capacity to qualify for the course.

I don't have a pension (right now) because I can't afford one. The minimum contribution that I can make by law to a pension is 10% of my income a month, and I can't afford to lose an extra 10% of my income when I'm already paying around that out of my salary to a student loan with compound interest that was sold to me as a loan that wouldn't have compound interest added. I'm also paying 50%+ of my income per month on housing alone, and more on bills. Where am I supposed to find more? And of course, if my salary goes up, so too does the amount I'm meant to pay back the student loan.

I don't buy a house because I can't afford one, despite saving for a deposit for several years. Unfortunately, Liz Truss crashed the economy last year and as a result, the banks don't offer mortgages as high as they used to, and require larger deposits for properties. As such the amount that I have saved up might have been enough to put down a healthy deposit two years ago, but now, isn't. And I can't save any more because of the aforementioned draws on my income above.

And if I was to move further afield to buy a house, what's the benefit to me? I'd have to spend more money on my commute, I'd probably have to live in a much less safe area, and it's going to be cold comfort to me that I own a property if I end up getting assaulted or stabbed on my way home at night.

Trust me, I would love to live in an era where I didn't have to overthink these basics. Where the fact that I have a college degree and multiple years of specialised work experience across multiple sectors including private business and government would actually count for something and afford me a solid and stable standard of living.

But it doesn't any more. And this is my life, and the lives of many of us nowadays. And we can't just sit and mope about it, we have to accept it, and adapt, and do the best we can to keep going until something gets a little easier for us, until the luck of the draw rolls our way or until someone with the power and ability through government or big business to effect a real change takes that shot and acts to make things just that bit less bleak for us.

Until then, a little empathy wouldn't hurt instead of a lecture.

#text post #whew this became an essay #boomers #generational change #uk #structural barriers #millennials #personal #society #2023 #liz truss #uk politics #anti tory #cw violence #tw violence #generation gap #adult life

22 notes · View notes

theanti90smovement · 5 months

Text

sometimes i think about the fact that my brother at the age of like 20 wholeheartedly believed my parents were cumulatively bringing in $19,000 a year while somehow affording a $2k+ a month mortgage payment like i think maybe your calculations are a little off

7 notes · View notes

mandsleanan · 7 months

Text

Sorry, parents: The American dream is only for DINKS

Homebuyers with kids will likely spend 66% of their income on a mortgage and childcare this year.

Parents in Los Angeles and San Diego can expect to spend as much as 121% and 113%, respectively.

Some Californians have moved across the country to afford to buy a home.

Thinking about buying a home this year with kids already in the picture? Get ready to dig deep.

A recent study from Zillow found that potential homebuyers with children are likely to spend 66% of their income on mortgage payments and childcare expenses — an increase of nearly 50% from 2019.

The real-estate company estimated city- and state-level childcare costs from 2009 to 2022 for the typical American family with 1.94 children by analyzing data from the Women’s Bureau of the US Department of Labor and advocacy group Child Care Aware.

According to Zillow’s analysis, in 31 of the largest 50 US metropolitan areas with available childcare cost data, families looking to buy a home can expect to spend more than 60% of their income on mortgage and childcare costs.

Some areas are even costlier, with parents in cities like Los Angeles and San Diego needing to dedicate as much as 121% and 113%, respectively. (In those areas, the cost of buying a typical home and childcare is so big relative to the median income that Zillow's calculation results in figures over 100%.)

Zillow determined that a family earning a median household income of $6,640 per month can expect to allocate $1,984 of that to childcare. If the family purchased a house at a 6.61% interest rate — the rate in early January, when the US Department of Labor released its latest data on childcare costs — and made a 10% down payment, their monthly mortgage would amount to $1,973.

That leaves just $2,683 for additional expenses like food, transportation, and healthcare. This means many households with kids are financially strained; they're likely spending more than 30% of their income on housing, well above what experts recommend.

It all adds up to a costly reality that's making the American dream of homeownership seem farther out of reach for parents than ever before.

Parents can blame a yearslong battle with inflation, as well as stubbornly high home prices and mortgage rates, for contributing to their predicament.

Based on the study, a new buyer household in the United States, making the median income, would spend 30% of it on housing. It's paying for childcare, then, that adds so much on top of the housing budget.

The upshot: Another group, less encumbered financially, appears better poised to realize the dream of homeownership: "DINKS," an acronym that stands for "dual income, no kids."

Some child-free DINKS — who boast a median net worth above $200,000 according to the Federal Reserve's Survey of Consumer Finances — devote their disposable income to luxuries like boats and expensive cars.

Without the financial obligations of raising children, such as covering medical expenses or enrolling them in daycare or private school, DINKS can save thousands of dollars a year and build greater long-term wealth.

Some DINKS use their savings to finance vacations and travel the world, like Elizabeth Johnson and her husband, who, over the past couple of years, have hiked in the Swiss Alps, snorkeled in Hawaii, and enjoyed leaf peeping in Canada.

"We hang out with other people's kids every once in a while," Johnson previously told Business Insider's Bartie Scott and Juliana Kaplan, "but then we happily just give them back to their parents."

Some Americans with kids move to places where their money goes further

One solution to the high cost of both buying a home and raising a family?

Move.

In recent years, young Americans in higher-cost states have decided to move to places that offer them a cheaper cost of living.

Janelle Crossan moved to New Braunfels, Texas, from Costa Mesa, California, in 2020 following a divorce.

She was able to become a first-time homebuyer and found a safe community to raise her son.

"I paid $1,750 for rent in a crappy little apartment in California," Crossan told BI earlier this year. "Now, three years later, my whole payment, including mortgage and property taxes, is $1,800 a month for my three-bedroom house."

Pengyu Cheng, a program manager for a tech company, told BI in 2023 that moving from California to Texas allowed him and his wife to afford their first home, giving them the confidence and security to have their first child.

"Living in California has always been expensive," Cheng said. "I knew that when my wife and I eventually expanded our family, we wouldn't be able to afford San Francisco or the Bay Area in general — even though we both earn good salaries."

#Childfree #DINK Life #Homebuying #Formatting's wacky on this one

7 notes · View notes

creditspeak · 2 years

Text

Mortgage Amortization Calculator can be a useful tool for anyone looking to buy a home or refinance their existing mortgage. It help increase in understanding of mortgage payments, help improve budgeting, compare different loan options and determine your affordability. You can rely on Credit Speak, the best calculator to meet your needs.

#Mortgage Affordability Calculator #Mortgage Calculator With Taxes #car finance calculator #auto loan calculator #loan calculator #mortgage calculator #amortization calculator #mortgage payment calculator #loan repayment calculator #auto loan amortization #loan payment calculator

0 notes

ernmark · 1 year

Text

One of the reasons I tend to gravitate toward sci-fi/fantasy etc in my stories is that stories set in the real world tend to be super stressful in really unexpected ways.

Take a really common trope: the perfect wedding is planned, the perfect dress odd purchased, the expensive venue is all set up, and then surprise! Everything goes wrong at the last minute and everything is ruined! But then the happy couple's friends and family come together to improvise a makeshift wedding from scratch, and it's even better than it otherwise would have been!

Every time I see that plot I die a little inside. Because that unused venue probably cost several months' rent/mortgage. As did the dress that is now in shreds. And the caterer, whose food is hopefully being given to someone who will actually eat it, but will probably be shown rotting or floating in a river as a joke.

And unless the characters in question are fantastically wealthy, I'm distracted calculating how long they had to save that much money. How many meals were skipped to afford it. How many meds were rationed. What's going to happen when the roof leaks or something big breaks and the savings that went into the wedding-that-didn't-happen aren't around anymore.

I get the same intense anxiety when cars are totaled or characters are sent to the hospital as a gag.

Yes, I can remind myself that it isn't really happening. But it's exhausting, and it kills anything remotely close to a sense of humor.

And the thing is? It's fairly difficult to screen for those sorts of things. They're not considered traumatic, especially when they're played for laughs. Nobody thinks to add a trigger warning for it. Why would they?

The thing is, add in a serial killer or some cannibals and I have a much easier time removing myself from the story. I can pretend there's a fund for that, or they'll make it back from interview fees, or insurance will cover it or whatever. And besides, a totaled car is a small price to pay for your life.

If it's in space? Who knows what their insurance system is like! The further it's removed from my lived reality, the easier it is to relax and enjoy it.

#i am very aware that the story elements that trigger me are the same ones that make other people feel seen #and that many of the elements that make a story more soothing to me make it completely inaccessible to some other people #human experiences and needs are funny like that #which is why we need diversity in the stories that are told #because everybody deserves stories that speak to them without making them want to scream

28 notes · View notes

propertybuyindubai · 3 months

Text

Understanding Home Loan Options in UAE

The UAE's real estate market is diverse, offering a variety of home loan options to suit different needs. Understanding these options is crucial for making an informed decision. This guide provides an overview of the different home loan options available in the UAE.

Types of Home Loans

Home loans, or mortgages, come in various forms, each with its benefits and considerations.

Fixed-Rate Mortgages: These loans have a fixed interest rate for a specified period, providing stability in monthly payments.

Variable-Rate Mortgages: The interest rate fluctuates based on market conditions, which can lead to lower initial rates but potential increases over time.

Islamic Mortgages: Compliant with Sharia law, these mortgages involve profit-sharing rather than interest payments.

For detailed information on home loans, visit home loan dubai.

Key Features of Different Home Loans

Fixed-Rate Mortgages:

Stability: Monthly payments remain the same throughout the fixed period.

Predictability: Easier to budget as payments do not change.

Higher Initial Rates: Typically, fixed rates are higher than variable rates.

Variable-Rate Mortgages:

Lower Initial Rates: Often start with lower rates than fixed-rate mortgages.

Potential Increases: Rates can increase over time based on market conditions.

Flexibility: Can benefit from falling interest rates.

Islamic Mortgages:

Sharia Compliance: No interest payments; instead, profit-sharing.

Ethical Financing: Aligns with Islamic principles.

Varied Structures: Different structures such as Ijara, Murabaha, and Musharaka.

For property purchases, explore Buy Villas in Dubai.

Choosing the Right Home Loan

Assess Your Financial Situation: Begin by evaluating your financial health. Calculate your income, expenses, and savings to determine how much you can afford.

Consider Your Goals: Determine your homeownership goals, whether it's stability, flexibility, or compliance with Islamic principles.

Compare Loan Options: Different lenders offer various products. Compare rates, terms, and conditions.

Consult with a Mortgage Advisor: Professional advice can help you navigate the complexities of securing a home loan. For expert advice, consider Best Mortgage Services.

Steps to Securing a Home Loan

Get Pre-Approved: Pre-approval provides an estimate of how much you can borrow, making the home search more focused and efficient.

Choose the Right Mortgage: Select a mortgage that aligns with your financial goals.

Submit Your Application: Complete the mortgage application, providing necessary documents such as proof of income, credit history, and property details.

Loan Approval and Offer: Once approved, the lender will present an offer detailing the loan amount, interest rate, and repayment terms.

Finalizing the Purchase: After accepting the offer, work with your lender to finalize the purchase. Ensure all legal and financial aspects are in order.

For rental options, visit Apartments For Rent in Dubai.

Tips for a Smooth Home Loan Process

Maintain a Good Credit Score: A high credit score improves your chances of loan approval and favorable terms.

Save for a Down Payment: Aim for at least 20% of the property's value to reduce mortgage insurance costs and improve loan terms.

Avoid New Debt: Refrain from taking on new debt during the loan process to maintain your financial profile.

Understand Fees and Charges: Be aware of all fees and charges associated with the loan, including processing fees, valuation fees, and early repayment penalties.

For selling your property, explore Sell Your Property in Dubai.

Legal and Regulatory Considerations

The UAE has specific regulations governing mortgages. Ensure compliance with all legal requirements, including property registration and transfer fees.

Dubai Land Department (DLD): The DLD oversees property transactions. Ensure all documents are registered with the DLD.

No Objection Certificate (NOC): If buying from a developer, obtain an NOC confirming no outstanding payments or disputes.

Conclusion

Understanding home loan options in the UAE involves careful planning and knowledge of the mortgage market. By following the steps outlined in this guide, you can navigate the process efficiently and achieve your homeownership goals. For more resources and expert advice, visit home loan dubai.

#dubairealestate

2 notes · View notes