28
Feb 18

It’s Tax Season… Use Your Refund to Jump Start Your Down Payment Savings!

It's Tax Season… Use Your Refund to Jump Start Your Down Payment Savings! | Simplifying The Market

According to data released by the Internal Revenue Service (IRS), Americans can expect an estimated average refund of $2,840 this year when filing their taxes. This is down slightly from the average refund of $2,895, last year.

Tax refunds are often thought of as ‘extra money’ that can be used toward larger goals; for anyone looking to buy a home in 2018, this can be a great jump start toward a down payment!

The map below shows the average tax refund Americans received last year by state. (The refunds received for the 2017 tax year should continue to reflect these numbers as the new tax code will go into effect for 2018 tax filings.)

It's Tax Season… Use Your Refund to Jump Start Your Down Payment Savings! | Simplifying The Market

Many first-time buyers believe that a 20% down payment is required to qualify for a mortgage. Programs from the Federal Housing Authority, Freddie Mac, and Fannie Mae all allow for down payments as low as 3%, with Veterans Affairs Loans allowing many veterans to purchase a home with 0% down.

If you started your down payment savings with your tax refund check this year, how close would you be to a 3% down payment?

The map below shows what percentage of a 3% down payment is covered by the average tax refund by taking into account the median price of homes sold by state.

It's Tax Season… Use Your Refund to Jump Start Your Down Payment Savings! | Simplifying The Market

The darker the blue, the closer your tax refund gets you to homeownership! For those in Alabama looking to purchase their first homes, their tax refund could potentially get them 69% closer to that dream!

Bottom Line

Saving for a down payment can seem like a daunting task. But the more you know about what’s required, the more prepared you can be to make the best decision for you and your family! This tax season, your refund could be your key to homeownership!

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28
Feb 18

JetBlue's Having a 2-Day Sale With Flights Starting at $44

February is almost in the rear view mirror, but with Phil’s prediction earlier this month of six more weeks of winter, it might be time to pack your bags for warmer climes. Luckily, JetBlue has a two day sale going on, so you can fly off to greener pastures and sandy beaches.

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28
Feb 18

9 Products to Maximize Every Last Inch of Your Cabinet Space

When your cabinet storage just isn’t cutting it, call on these savvy space-saving products to find square inches you didn’t even know existed. Shelves that stack, bins that mount to the back of the door, and baskets that hang under the shelf let you tuck your dishware, makeup, and cleaning supplies into every little nook and cranny.

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28
Feb 18

You Have to See the Winners of This International Tiny House Competition

Designers continue to push the creative parameters of tiny houses. The most recent examples of their ingenuity come courtesy of the winners of Ryterna Modul’s Architectural Challenge 2018. The competition invited the participants to create a tiny house no bigger than 269 square feet, complete with a kitchen, sleeping and living areas and a bathroom. The other rule is that designs must have zero impact on the environment.

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28
Feb 18

Do You Have More Bad Days Than the Average American?

Did you have a bad day recently (have you heard Bad Day recently)? How many would you say are bad out of 365? A new study says that this is how many the average American has each year.

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28
Feb 18

The 10 Commandments of Furniture Placement

Here at Apartment Therapy, we’ve been banging on about furniture placement for years, and it seems we’ve got a lot to say on the topic. Between all the advice, visuals and case studies, there are some gems of information to be discovered. Read on for our top 10 tips for nailing your furniture layout, with links to our archives to expand on each one.

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27
Feb 18

Great News: IKEA Just Lowered Their Delivery Fees

Good news, IKEA fans. One of the most annoying things about shopping at the Swedish retailer online has just gotten way better. No more adding furniture to your cart, just to abandon ship because of those exorbitant shipping costs.

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27
Feb 18

The Most Ridiculous Things Pets Do in the Kitchen

From Kitchn → The Most Ridiculous Things Our Pets Do in the Kitchen

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27
Feb 18

Oh Joy's Latest Target Collection Is All Spring-Ready Paper Goods

For anyone who was sad to see the final Oh Joy for Target decor collection released this past fall, we have some good news. As it turns out, the whimsical patterns and colors aren’t totally gone from Target stores, they’re just in a new (disposable) form.

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27
Feb 18

This Upside-Down Tiny House Is Turning the Playground On Its Head

Forget the splinter-prone two-by-fours and rusty nail playgrounds of your elementary school years. The children of tomorrow are getting something a little bit more colorful. British architectural office Alma-nac is set to create The Upside Down House in Green Park Village, located in the city of Reading, England.

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