Denver’s popularity has driven Denver home prices to more than double the national average… so, can you afford to buy a home in the Mile High City? Some home pricing information can only be gleaned by digging a bit deeper into the data. Charles Roberts (a Denver Real Estate Agent and Expert) will walk you through Denver home prices using historical and current trends in no time at all.
Your Future Wallet Will Thank You! (Your Home’s Equity Over 10 Years)
45-year historical data shows that home values in Denver appreciate at 5-6% every year, on average. Watch this video to find out how this tidbit of data can make you hundreds of thousands of dollars just for living in a home you have purchased (with a modest down payment and typical mortgage rates). Buying a home now could make your financial future much brighter!
Renting Won’t Save You Any Money (A Comparison of Rent and Mortgage Prices)
Besides the fact that owning a home in Denver could make you bundles of equity over time, you’ll have to pay a monthly housing payment regardless of whether your own or rent. By comparing Metro Denver’s monthly rent and mortgage costs over time, it’s clear to see that rents and home prices tend to rise and fall together. However rent prices seem to have a way of remaining just a bit more expensive than the cost of ownership. If you rent, you’ll pay more monthly, without the huge equity reward after years of just paying for housing.
Homes in Denver Actually Are Affordable (And We Have the Numbers To Prove It)
No one can deny the fact that Denver home prices have increased drastically over the past handful of years. The interesting thing is actually that affordability has gone up as well! When inflation and average pay increases are factored in, living in Denver is far more affordable than in the 80s. In fact, it’s more affordable than in the early 2000s! Of course, during the great recession, affordability peaked, but hasn’t taken a huge tumble since.
Buying A Home Could Be Your Most Important Nest Egg
You may have already heard this statistic, but it’s an important one; American’s who own a home have 45 times more wealth than those who do not own. Clearly, there are many factors that play into this statistic, but the increase of equity over time is most certainly one of those important factors. With home values increasing an average of 5-6% yearly, your wealth is sure to grow if you buy a home in Denver.
Interested in how to afford your first house in Denver? Educate yourself on recent Metro Denver home prices and trends by DOWNLOADING OUR FREE REAL ESTATE TRENDS INFOGRAPHIC BOOKLET.