Should You Buy or Rent in the Denver Area?

With both home prices and rental rates on the rise in Colorado, it's important to weigh your options.

Found 24 blog entries about Should You Buy or Rent in the Denver Area?.

It turns out Americans weren’t ready to become a nation of renters. Homeownership is back in.

As reported by The Washington Post, new data indicate that in 2016, in defiance of myriad prognostications, the decade-long decline in the homeownership rate abruptly reversed. Once-rapid growth in renter households stalled, and the long-stagnant number of owner-led households began rising.

The most recent Housing Vacancies and Homeownership survey shows homeownership rates rose from a low of 63 percent in the second quarter of 2016 to 64.6 in the fourth quarter of 2018, adjusted for seasonality. This move reflects changes in the status of millions of households. The homeownership rate has regained all the

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Rising rents are making it near impossible for renters to save for a down payment.

A new HotPads® analysis concluded that there is one way that young adults are trying to combat this change. Moving back in with Mom and Dad. 

HotPads, a rental search platform that is part of Zillow Group, found that the median home value is $225,300, meaning a 20 percent down payment is about $45,000. If a renter earning the median annual income saves 16.5 percent of their income after accounting for housing costs each month – the typical rate of savings for U.S. renters – they would have enough saved after eight years.

With the typical renter spending about 34 percent of their income on housing, one can see how moving in with parents makes sense. If a renter

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While opponents of homeownership claim it's "the American nightmare," self-made millionaire David Bach is doubling down on his faith in real estate.

He thinks that not prioritizing homeownership is "the single biggest mistake millennials are making."

Buying a home is "an escalator to wealth," he tells CNBC.

Young adults in particular aren't hopping on this escalator, and it's a costly mistake, Bach warns: "If millennials don't buy a home, their chances of actually having any wealth in this country are little to none. The average homeowner to this day is 38 times wealthier than a renter."

The self-made millionaire is quick to say that the smartest investments he's ever made have been the three homes he's purchased. He tells CNBC: "I

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If you’re in your 20's or early 30's and you’re looking to purchase a new home to live in, maybe you should consider turning your first home into an investment property.

While most people wait until after they’ve bought their first or second home to begin investing in real estate, you could probably start much sooner than you think. 

Many people, especially in the wake of the mortgage crisis, have found themselves wondering: “Is buying a house a good investment?” One way to ease your worries about whether buying a house will pay off is by renting out the first home you buy. By turning your home into an investment property, you can leverage your possibly less-than-perfect credit, less-than-perfect lifestyle and limited responsibilities into an…
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NAHB consumer preference data suggests that like prior generations, Gen-Xers and Millennials desire homeownership, and for a variety of reasons, townhomes fit the bill.

All those cranes that you see around Denver are also a common sight in cities across the country...and along with new apartment buildings, hotels, and other commercial construction...many of those projects are Luxury Condos aiming to accommodate homebuyers who want a single-family feel with better walkability. They are also looking for amenities like rooftop pools and decks, concierge services, and lock-and-leave ability to accommodate frequent travel.

According to Forbes:

“They want a suburban-type feel, but the one thing that may have changed, particularly for Millennials,

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American homeownership has been on the decline, and Federal Reserve researchers point to the high cost of college as one culprit.

According to Bloomberg, just 36 percent of household heads between 24 and 32 years old owned homes in 2014, down from 45 percent in 2005. At the same time, average student debt per capita rose to an inflation-adjusted $10,000 from $5,000 in 2005.

About 20 percent of the decline in homeownership among young adults can be attributed to that increase in student loan debt, the authors estimate, making such borrowing an important, but not central, driver of the decline. Some 400,000 more young people would have owned homes in 2014 if debt burdens hadn’t risen.

Why does this happen? It’s partly because higher student

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Rental rates in the Denver area reached their highest point ever in 2018.

An analysis of historical data shows that rent costs in the early 2010s, which qualified as modest by the standards of the day, skyrocketed mid-decade and remain at eye-popping levels.

An example: Median rent for a one-bedroom apartment eight years ago barely topped $800. Today, the most recent estimate from the Rent Jungle website is $1,432 — an increase of nearly 79 percent. And the latest price is actually lower than in June, when it peaked at $1,457.

The site's report about average rent trends in Denver includes median one-bedroom, two-bedroom and overall totals for every month beginning in January 2011. And following the numbers from then to November 2018

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In much of the United States, single women are outpacing single men when it comes to homeownership.

This trend may be somewhat surprising, given the average woman in the U.S. only makes 80% of what the average man does. Nonetheless, the data clearly indicates that single women are more likely to own a home than single men are.

For example, in the New York metropolitan area, single women own slightly more than 820,000 homes. In the Los Angeles metropolitan area, that number is around 460,000. On the flip side, single men own about 435,000 homes in the New York area and about 260,000 homes in the Los Angeles area. In both cases, single women owned nearly twice as many homes as single men did.

To determine the number of single homeowners in each

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Throughout the past year, rent increases have been occurring not just in the city of Denver, but across the entire metro.

The median price for a two-bedroom in apartment in Denver stands at $1,340 as of January 2019. That’s an 0.1 percent decrease over December but a 2.5 percent increase over the past year, according to the report.

Denver's year-over-year rent growth leads the state average of 2.2 percent, as well as the national average of 0.9 percent.

Of the 10 largest cities in the metro, nine of them have seen prices rise. Here's a look at how rents compare across some of the largest cities in the metro.

  • Brighton has seen the fastest rent growth in the metro, with a year-over-year increase of 16.3%. The median two-bedroom there
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