2018 is an exciting time to be moving. Housing markets across the country are booming and home-finder sites like Padmapper are ablaze with the prospect of the perfect rental. But leasing an apartment is no simple task; whether you’re a seasoned lease or new to the world of renting, here are 12 things to consider before crossing your t’s on dotting your i’s on your new digs.
As renters across the country continue shelling out larger shares of their income to housing, rent affordability has become a hot-button issue in the U.S. But what exactly is considered affordable? The federal Department of Housing and Urban Development (HUD) considers an “affordable dwelling” as one that you can obtain for 30% or less of your income (ideally, less than 28%). On the other hand, individuals or households that devote more than 30% of their income to housing are considered to be cost-burdened.
The new tax plan is now officially law and as the dust continues to settle, there’s much confusion about how its provisions impact homeowners across the nation.
The plan includes a handful of changes to take note of, among them a new combined deduction limit of $10,000 for property, state and local income taxes. (Residents on the West Coast and in the Northeast where taxes are highest will be the most impacted by this change.)