You have to earn the right to call yourself a New Yorker, and one of the ways you can do that is by suffering through the challenge that is finding housing in New York City. It’s a badge of honor you can wear with pride once you do—I mean, New York is one of the only cities in the world where people willingly pay over $1,000 a month for an apartment that has a shower in the kitchen.

But even as one of the most expensive cities in the world, it may make financial sense to buy sooner rather than later in this city. You only need to stay put for three years to make buying in Queens worth the price, four and a half years for Brooklyn, and seven and a half years for Manhattan, according to a study done by StreetEasy.

The desire for space and affordability sends some first-time homebuyers to New Jersey, Long Island, or quaint towns along the Hudson River (all of which still come with steep price tags). But for those committed to staying within the five boroughs, the question remains: Just how the heck do you navigate being a first-time homebuyer in New York City?

If you’re in the market to buy a home, or you recently became a homeowner, you’ve probably noticed that mortgage interest rates are ticking up. And just this past March, the Federal Reserve increased the Federal Funds rate by one-quarter of a percentage point for the second time since December. Coincidence? Probably.

We’ll get more into what the Fed rate hike is all about below, but the burning question is: What impact does it have on mortgage rates? Most importantly, how will it affect home affordability and your monthly budget?

To help you make major mortgage decisions going forward—ones that have the potential to impact you for the next 30 years—we’ve broken down what the Fed rate hike really means for current and future mortgage borrowers, and the actions you should consider.

Regardless of your opinion of President Trump, his administration, and the infighting in Washington, times like these present real financial challenges to Americans. Are we in for higher inflation or another recession? What will happen to interest rates? Will unemployment grow or shrink?

Everyone is feeling this uncertainty, particularly young people who are making investment decisions for the first time. Here are a few ways to take control of your money, and avoid making some common money mistakes.

A Weeklong Campaign, Presented by SoFi, to Help Americans Define Their Value and Get What They’re Worth

SAN FRANCISCO, Calif. —  May 2, 2017 — Americans deserve a raise, but they don’t know how to get one. That’s especially true of the youngest college-educated professionals, who also bear record levels of student debt. To change this, SoFi is presenting Raise Week starting May 15, a week of online education, in-person events around the country, and personal career coaching to help people get what they’re worth.

Economic data and survey analysis of Americans paint a large-scale problem in compensation:

• U.S. companies are planning to boost pay in 2017 by around 3% on average (the same as in 2015 and 2016), but economists expect inflation of 2.3%, reflecting a downward trend in real wage growth;
• According to a recent SoFi survey, 50% of young, college-educated professionals did not negotiate salary for their current or new jobs; and,
• 54% of that same survey group said they don’t know their market value.

Starting May 15, SoFi’s Career team will make available a specially crafted online series on how to understand, communicate, and claim your workplace value, including inspirational stories from key career influencers who rose to the top in their respective fields.

SoFi will also host a series of hands-on events around the country in eight major cities to provide education and coaching on how to ask for a raise, how to ask for non-monetary benefits, how to know when it’s time to change jobs or industries, how managers can best handle advancement conversations, and more. The events are in:

• May 15: Atlanta; New York City
• May 16: San Francisco; Washington, DC
• May 17: Chicago; Seattle
• May 18: Houston; Los Angeles

“As a personal finance company, one of the best things we can do to help people manage money is to help them earn more of it,” said Mike Cagney, co-founder, chairman, and chief executive officer of SoFi. “People have a hard time navigating their compensation, which is why we have a Career Advisory team dedicated to our members and are presenting Raise Week to the public.”

About SoFi

SoFi is a new kind of finance company taking a radical approach to lending and wealth management. From unprecedented products and tools to faster service and open conversations, we’re all about helping our members get ahead and find success. Whether they’re looking to buy a home, save money on student loans, ascend in their careers, or invest in the future, the SoFi community works to empower our members to accomplish the goals they set and achieve financial greatness as a result.

For press inquiries:

Danika Owsley

[email protected]

929.341.0250

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