To rent or own? That is the question.
Due to the high prices of Colorado homes, many families believe that they simply cannot afford to own their own home. This may not be the case however.
Let's take a look at some of the data provided by Rent Cafe on average rental trends across the Denver metro area.
City Avg. Price of Rent Year over year change Avg. Size of Rental
Longmont $1480/month 4% 905 sq. ft.
Boulder $1964/month 2% 823 sq. ft.
Broomfield $1644/month 4% 906 sq. ft.
Lafayette $1703/month 6% 901 sq. ft.
Thornton $1455/month 3% 853 sq. ft.
Denver $1652/month 2% 841 sq. ft.
When you look at these numbers, you may be shocked and the real question becomes this:
Can we afford NOT to own our own home
if these trends continue?
The answer to that question highly depends on your specific circumstance and the next best step is to connect with a trustworthy mortgage lender to find if you can get pre-approved for a home loan and how much you can afford.
Currently the interest rates on home loans are low and the mortgage loan limits were raised in 2020. Both of these factors will highly contribute to future homeowners being able to qualify for a home and get on the path to homeownership.
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WE HAVE GREAT RECOMMENDATIONS!
Reach out today and let us connect you to a lender who actually cares, is trustworthy, and will make your home buying experience top notch!
Good Life Real Estate LLC
702 Graham Circle
Erie, CO 80516
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