Money Management

RentCafe, the apartment listing service, tracks which cities receive the most online searches. Here’s what the company found for May. 

The nationwide apartment listing service RentCafe recently dove into the data, looking for which cities renters are clamoring to call home. By following the number of online searches renters conducted for specific cities, RentCafe is able to determine which cities are hot and which are not. While the top 10 cities are scattered throughout the U.S., the most popular properties are in the Midwest.

Have a look at these hot cities for renters.

1. Kansas City, Missouri

In April, KCMO was No. 2, just behind Atlanta. By May, it had elbowed its way into the top spot. So, what’s the big draw? Whether it’s the Kansas City Chiefs, the world-class World War I Museum, the Nelson-Atkins Museum of Art, or River Market, Kansas Citians are surrounded by fun things to do.

Year-over-year, Kansas City apartment listings attracted 80% more views. That represents a massive increase in interest. It may have something to do with cost of living. Like in many Midwest cities, renters in KC can pay rent and leave money in the bank.

2. Detroit, Michigan

The Motor City attracted 66% more views compared to last year. Moving up two spots from the prior month, people are catching on to what a great city Detroit is.

Increased interest in Detroit may have something to do with the booming startup community. According to Detroit Regional Partnership, tech employment in Michigan now exceeds 387,000 workers spread across 13,000 tech businesses. Michigan was also ranked the No. 1 state for venture capital growth from 2016 to 2020.

Plus, if a person has never dined at The Greek or Small Plates Detroit, they don’t know what they’re missing.

3. Albuquerque, New Mexico

Searches for Albuquerque apartments were nine times higher in May 2023 than in May 2022. More people are attracted to the advantages of living in New Mexico’s largest city. And who can blame them?

Albuquerque is known for its laid-back vibe, lower-than-average cost of living, vibrant art scene, and LGBTQ-friendly community, all of which are reasons to consider moving there.

4. Cincinnati, Ohio

The third Midwest city on the list, Cincinnati landed in the number four spot in May, gaining four points over the previous month. While the number of apartment listings has remained relatively stable, listing views have jumped by 25%.

Cincinnati is a draw for college students, and also for those looking for abundant arts and entertainment, low cost of living, and wonderfully diverse neighborhoods.

5. Atlanta, Georgia

Atlanta remains popular among renters but not quite as popular as it was one month earlier, dropping from first place. That said, it’s still in the top five most in-demand cities in the entire U.S.

Renters migrate to The Big Peach for a multitude of reasons, including an amazing food scene, affordable living, and plenty of accessible green spaces.

6. Denver, Colorado

There’s no denying that Colorado’s largest city has a fabulous array of outdoor activities and a strong job market. The number of favorited listings in the city quadrupled year over year.

In addition to a hot economy, renters are drawn to an incredibly diverse restaurant scene, and the splendor of the great outdoors.

7. Portland, Oregon

Portland moved up fast, leaping from 17th place to seventh. Renters saved 44% more customized searches in hopes of landing a place to live in a city known for “staying weird.”

People are also drawn to Portland for its walkability, open green spaces, and amazing beer scene. Oh, and Oregon is one of five states in the U.S. with no sales tax, so folks get to hold on a bit more of their money.

8. Minneapolis, Minnesota

Minneapolis is another Midwest city shooting up the ranks. Compared to one year ago, there are 17% fewer available apartment listings in Minneapolis. However, traffic on listing pages jumped by almost 30%. It could be that some would-be home buyers are waiting until interest rates cool and home prices normalize to take out a mortgage. In the meantime, they’re renting.

What’s not to love about a city with one of the best park systems in the U.S., miles of bike trails, and bragging rights as the 15th most educated city in America?

9. Wichita, Kansas

Wichita — another Midwest town — rose 12 places in one month, representing the most significant rank change in May. Views of listings increased a staggering 75% year-over-year, and renters saved 131% more personalized searches, a sure sign that they’re serious about finding an apartment.

Wichita residents have access to an abundance of art museums and galleries, low cost of living, and a red-hot economy.

10. Orlando, Florida

While the number of available apartment listings increased by only 7% compared to one year ago, there’s been a 5% jump in the listing views, and renters favorited 180% more apartments.

In addition to loads of sunshine, renters in Orlando have an array of diverse restaurants from which to choose, access to public transportation, and plenty of places to visit — including music venues, art galleries, and performing art centers.

Apartment searches are a good indicator of whether a city is growing, which impacts everything from the tax base to whether professional sports teams are attracted to the area. Any time a municipality learns that more people want to move in than move out, it’s welcome news.

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As a parent, it’s tempting to cover at least a portion of your child’s higher education. If that describes you, read on for four reasons it’s not a good idea. 

As a parent, I understand the desire to provide our children with everything in life. When our kids were ready to graduate high school, my husband and I were all about finding the money to pay their way through undergrad. Our motivation was sincere. We hoped to save them the stress we felt when we were their age and working through college.

Despite our decision at the time, raiding your savings account to cover your young adult’s education may not be in your best interests. Here’s why.

1. Your child won’t have skin in the game

One of my closest friends never had to come up with a penny for college. Nor did she have to worry about repaying loans of any kind. While I’m sure she’s grateful, she recently admitted that she was not impressed with her college experience. She wondered aloud if her lack of enthusiasm stemmed from having it handed to her.

She never decided on her own that she wanted to go to college. Her parents made that decision. She couldn’t wait a year or two after high school to decide what she was passionate about because she was expected to leave in the fall after graduation. She might have a college degree but never had any skin in the game.

If you’re feeling guilty about not footing the bill, ask yourself how much more school is likely to mean to your children if they take on some of the burden themselves.

2. You underestimate them

I remember the first time one of my boys told me they’d picked the wrong major. It was about two weeks before he graduated from college. I can recall where I was sitting and precisely what I felt at that moment. I remember saying something very motherly, like, “Welp. Tough toenails.” In reality, I was pretty mad.

I knew we’d made a risky move by paying for their bachelor’s degrees. And at that moment, I realized that we made paying for their education look so easy that at least one of our sons thought it was easy for us. That’s not on him. He had no frame of reference or way to know that sacrifice was involved.

According to experts, working things out for themselves allows a young adult to practice making decisions on their own and to gain confidence in the decisions they make. Now that I’m older and wiser, I regret underestimating them when they were young. If we’d asked them to contribute, I am quite sure they would have come through.

3. Your retirement will not take care of itself

We were still quite young when our first child graduated high school and headed to college. At that age, it felt like we had all the time in the world to prepare for retirement.

While we contributed to a 401(k), our finances would look very different today if we’d focused on maxing out our contributions instead of just trying to meet the company match. We rationalized that we couldn’t do more because we had so many things to pay for.

If you’ve ever sat down on a railroad tie and been stung in the butt by a bee, you can relate to how we felt when we realized that we’re nearer to retirement than we’d like to admit. It’s almost shocking. I don’t care how old you are; retirement is closer than you think.

Don’t wait until you’re of “a certain age” to calculate whether you’re on track to retire. Before you promise to help your child establish a sunshine-filled future, make sure your retirement plans are on track so you can also enjoy the sun.

4. There are other financial options

If you’re robbing your emergency fund to pay for your child’s education, there’s no reason to put your financial future at risk. Start early by searching for grants and scholarships your child may qualify for. Meet with their high school counselor and enlist their help in your search. The school counselor may know of resources you have yet to come across.

Once your child knows where they want to go to school, contact its financial aid office for more information about potential scholarships and grants. Schedule an appointment. Your child will likely want to go alone, but if they allow you to come along, it might be good to hear about what’s available first-hand.

Ask about work/study programs. They are an excellent way for your child to contribute to the cost of their education and make university connections.

This is a big time in your child’s life. It’s also a moment of decision for you. If you haven’t already tucked enough away to pay for your child’s schooling, determine how much you can contribute without impacting your future, and trust your child to rise to the occasion.

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Don’t want to pay for a Costco membership? Read on to see how you can get into a store without one. 

There’s a reason so many people are willing to pay for a membership to Costco. That modest annual fee can more than pay for itself in the form of savings on purchases like groceries and household essentials, not to mention the other items you might buy at Costco at a lower price than other retailers.

But for some people, the expense of a Costco membership just isn’t worth it. You may feel like you won’t shop there often enough to warrant the $60 fee for a basic membership, or the $120 fee for an executive membership. If that’s the case, but you’re still eager to walk into Costco and see what the warehouse club experience entails, you’re not out of luck by any means.

Your Costco Shop Card could be your ticket in the door

A Costco Shop Card is a gift card you can use at Costco. And having one is enough to gain entry into Costco even if you don’t have a membership. So if someone decides to give you a Costco Shop Card as a gift, all you need to do is flash it at the store’s entrance, the same way members flash their membership cards, and you’re in.

Now the one thing you should know is that you must be a Costco member to purchase a Costco Shop Card. But if someone buys one for you, you’re all set.

When a Costco membership doesn’t pay

For many households, a Costco membership is more than worth paying for. But that may not be the case for you. It probably doesn’t make sense to join Costco if:

You live aloneYou have a very small home with very limited storage spaceYou don’t cook many meals at homeYou don’t have a carYou don’t have a Costco warehouse club within a reasonable distance from your home

If these circumstances apply to you, you may instead want the option to shop at Costco for specific occasions only — for example, to stock up for Thanksgiving or buy things for the holidays. In that case, you could always ask a Costco member you know to purchase a Costco Shop Card on your behalf, reimburse them, and gain access to the store.

Of course, once you spend some time at Costco to use your Costco Shop Card, you may find that you want to sign up for a membership of your own. And in that situation, you may find that a $60 basic membership is totally worth it, even if you don’t get over to Costco all that often.

You should also know that an executive membership, which gives you 2% cash back on your purchases, is basically risk free. That’s because if you don’t earn enough cash back to make back the extra $60 that membership costs, Costco will refund you the difference. So while you might think you’re better off starting with a basic membership and seeing how things go, there’s really no risk in upgrading your membership immediately once you sign up.

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We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.Maurie Backman has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Costco Wholesale. The Motley Fool has a disclosure policy.

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Driving without car insurance can have serious consequences. Read on to learn why it’s a bad idea to drive uninsured. 

Car insurance premiums can be expensive. It’s not a surprise that some drivers may not enjoy taking the hit to their checking account when they have to pay premiums every month. But, while buying auto insurance comes at a cost, it’s important to have coverage because the consequences of not having insurance can be dire.

Wondering what exactly would happen if a driver forgoes car insurance? Here’s what occurs in this situation.

Driver’s license suspension

Many states require drivers to purchase a certain minimum amount of auto insurance coverage. And they impose penalties for failing to comply with these rules.

Driving without insurance will often result in a license suspension. This means an uninsured motorist who is stopped by police and caught without coverage will lose their license to drive their vehicle for a period of time.

The exact specifics of when a license suspension will occur and how long it will last will vary by state law. In Pennsylvania, for example, a motorist may face a three month license suspension while other states impose shorter or longer restrictions.

When the suspension period ends, fees may be assessed in order for the uninsured driver’s license to be restored. In PA, those fees add up to $94 (or $202 for a commercial driver’s license).

Registration suspension

In many states, a motorist who is caught driving without insurance will also have their vehicle registration suspended for a period of time. This will make it illegal to operate the motor vehicle. Driving the car isn’t just off limits to the uninsured driver, either. No one is allowed to operate it while the registration is suspended.

Again, the length of the suspension — and whether this penalty is imposed — is going to vary from one location to another. In Pennsylvania, uninsured drivers also face a three-month suspension of their registration. When it is time to re-register the vehicle after the suspension ends, doing so will also cost money.

Additional fines

In addition to the costs associated with restoring a license and a vehicle registration after suspension, drivers may also face fines. As with all penalties, the cost of driving without insurance will vary by state. In PA, the minimum fine is $300.

Misdemeanor charges

Drivers who choose to go without insurance may sometimes face misdemeanor charges. This is more likely to occur if a motorist is a repeat offender who has regularly driven without insurance or if a motorist causes a crash without insurance coverage in place. In other cases, drivers will be charged with a summary offense instead, which is less serious than a misdemeanor but is still considered a criminal offense.

A lawsuit to recover compensation from personal assets

Finally, one of the most serious consequences of driving without insurance is the possibility of a lawsuit if an uninsured motorist causes harm.

See, as mentioned above, many states require the purchase of certain kinds of insurance. Specifically, drivers are generally required to buy liability insurance, which pays for losses the policyholder causes to other people.

If a driver gets into a collision and hurts someone or damages that person’s property, the victim of the accident could sue that at-fault motorist. Normally, the insurance company would pay, but if there is no insurance, the driver who is found liable for the accident could be required to cover losses out of pocket. That could be very expensive.

All of these consequences are dire and not worth facing just because of a lack of insurance coverage. Drivers should comply with their state’s rules and buy at least the minimum required amount of auto insurance coverage — and, ideally, should get more than the minimum to fully protect their assets in case of an accident or other occurrence.

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The right budgeting app can make money management easier and, dare I say, more fun? Learn some potential issues you might run into when using one, though. 

Ah, budgeting. If that word leaves a bad taste in your mouth, you’re certainly not alone. A lot of people view making and living on a budget as the ultimate buzzkill because they assume that a budget’s only function is to tell them not to spend their hard-earned money. This is wrong, however — a budget can also tell you that it’s okay to spend money, because it shows you how much of your money is already going to pay your bills and meet your savings goals.

That said, sitting down with a pen and a notebook, or creating a bland spreadsheet budget, likely isn’t on your list of favorite things to do. (And if it is, I am both impressed and concerned.)

For more fun and engagement with your income and spending, you might turn to a budgeting app instead. This is a great technique, as budget apps can help you gamify your finances and take some of the guesswork out of figuring out how much you actually spend every month. However, you might fall prey to one of these pitfalls of using a budgeting app.

1. Not all apps work for all users

There certainly are a lot of options out there, but it might take a few tries to find the right budgeting app for you. It might help to first decide how comfortable you are getting up close and personal with your finances, because budgeting apps work in one of two ways.

Some automatically import your income and expenses after you link your financial accounts (like your checking account or credit cards) to it. Others require you to manually input information, like how much you got paid and how much you spent on various bills. Take this into consideration when choosing a budgeting app, or try each kind to decide which will work better for you.

2. They might miscategorize your expenses

If you opt for the kind of budgeting app that links to your financial accounts, don’t assume the app will always correctly pinpoint what types of expenses you have. As an example, I know someone whose budgeting app thought a payment for an oil change was in reality a child support payment (and he doesn’t have those among his bills!). If your app does this, you’ll have to manually fix the category for an expense — which might defeat the purpose of having the app track your spending to begin with.

3. They aren’t always free

Many of the best budgeting apps have a monthly or annual cost to use. If you’re already struggling with your expenses, adding another one could be a drawback. That said, you can often get a free trial of a paid budgeting app, or opt for the free tier if available, just to try it out. If you find that it doesn’t work for your needs, you won’t have spent any money.

4. They could open you up to identity theft or scams

It pays to be careful when choosing the right budgeting app for you, because linking your financial data could expose it to hackers or scammers in the event of a data breach with that app. Apps offered by bigger-name financial companies are likely safe to use, but be sure that you’re choosing unique passwords and not falling prey to phishing attempts.

If you receive an unsolicited email or text message purporting to be from the app, don’t click on any links sent to you. Sign in through the app (and keep the app up to date) to check things out.

5. Apps won’t change your behavior

Finally, it’s important to remember that a budgeting app can’t keep you from practicing bad financial habits. If you overspend with your credit cards, your budgeting app will show you where your money is going — but it can’t address the root causes of the overspending.

An app also can’t change your financial circumstances. If you live paycheck to paycheck and can’t trim much of your spending, an app won’t improve that situation. You’d need to bring in additional income, such as through a side hustle or getting a raise at your current job.

A budgeting app could help make managing your spending more fun, but it’s unrealistic to expect it to solve all your money problems. Keep these potential pitfalls in mind if you’re shopping for the right app for you.

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We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.The Motley Fool has a disclosure policy.

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Amazon offers free returns on many items. But read on to see what might happen if you take advantage of that policy. 

There are several reasons why Amazon has managed to maintain such a loyal customer base. For one thing, its prices are very competitive. Shopping on Amazon will often result in a lower credit card tab than shopping elsewhere.

Amazon has also made it extremely cost-effective and convenient for consumers to have items shipped to their door. A Prime membership, for example, gives you unlimited two-day shipping for just $139 a year, and that fee includes other perks, like access to a world of content.

Amazon also generally makes it pretty easy to return the items you don’t want. Most purchases are eligible for free returns, though there are exceptions. And you can generally choose from different return options, such as bringing your items to a local UPS store versus taking them to a nearby Kohl’s or Whole Foods (though in some cases, opting for UPS over Kohl’s or Whole Foods might result in a small fee).

But one thing you may not want to do is make a lot of returns on Amazon. If you do, you might risk having your account canceled.

When you take advantage of a big perk

Buying items on Amazon is generally a low-risk proposition. That’s because you can commonly return unwanted purchases without incurring a fee.

But there have been stories about Amazon accounts getting canceled due to customers making an excessive number of returns. And what makes things really tricky is that Amazon does not have an official policy when it comes to too many returns.

So let’s say you make 100 Amazon purchases in the course of a year and return 65 of them. That’s a pretty high percentage, and one that could get you banned from Amazon — at least for a period of time. But is 20 returns out of 100 too many? And what about 15 or 16? It’s hard to know.

USA Today tried to get the scoop on Amazon’s “too many returns” policy. But it didn’t get a straight answer.

An Amazon spokesperson responded to the publisher’s inquiry by saying, “We want everyone to be able to use Amazon, but there are rare occasions where someone abuses our service over an extended period of time.” They also said, “We take action when appropriate to protect the experience for all our customers.”

What to do if your Amazon account is canceled for making too many returns

You’d think Amazon would warn you if you’re at risk of having your account canceled due to an excessive number of returns. But since the online retail giant doesn’t even maintain an official “too many returns” policy, it stands to reason that you may not get an official warning before your account is yanked away.

If that happens, your best bet is to contact Amazon and try to rectify the situation. You may be able to get your account reinstated if you pledge to keep your return ratio lower in the future. You may also be told that you’ll have the option to reinstate your account after a few months of having it paused.

Ultimately, shopping on Amazon can be a great way to save money on the things you want and need. So you may want to proceed with caution when making returns to avoid a scenario where your account is canceled.

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We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.John Mackey, former CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool’s board of directors. Maurie Backman has positions in Amazon.com. The Motley Fool has positions in and recommends Amazon.com. The Motley Fool has a disclosure policy.

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