Denver home prices have been pedaling up a steep slope since the great recession of 2008. Thanks to Denver's strong economy and growing popularity for both tourism and relocation, the residential real estate scene is booming. But, some Colorado wages have failed to keep pace with ballooning home values and the number of newly built houses have fallen behind that of new Denver transplants - creating high competition for houses that do hit the market.
Colorado's impressively strong real estate market creates problems for some looking to buy a home. Denver's affordable housing regulations make some headway in alleviating this problem for those who qualify, requiring multi-dwelling new builds to include affordable units. Affordable housing in Denver may just be your ticket to a home under $300,000...
Affordable Housing in Denver
The upcoming building, The Coloradan is slated to include 33 affordable homes!
œWe believe that cities are for everyone. As such, The Coloradan is proud to offer 33 Affordable Homes for sale. Our simple goal is to allow more individuals and families in downtown Denver to have an opportunity to become part of the exciting and dynamic community forming here. The Coloradan is a place of inclusion and diversity. - thecoloradan.com
The Coloradan will be situated just next to Union Station, amongst the hustle and bustle of Downtown Denver. If you qualify, you can snag a 1 bedroom for $230,751 and a 2 bedroom for $285,963. It doesn't get much better than that!
Other developments, such as The Spruce Townhomes and Elements Homes in Stapleton, and housing in Riverfront and City Park offer affordable housing from the mid $100,000s. Find more affordable housing for sale at ColoradoHousingSearch.com.
How Colorado's Affordable Housing Works
Affordable homes are designed to remain affordable over time (even if sold) and can gain no more than 3.5% equity each year. In addition, the homeowner must truly call this property home - no grabbing up an affordable home just to turn it into a rental!
In order to qualify for affordable housing, you must apply and meet the varyingincome requirements depending on the location of your desired home. Income requirements are measured as compared to the Area Median Income - the city's average household earnings. If your household earns 100% of the Area Median Income, you're on target with the area average.
For example, the Coloradan's requirements are as follows:
A 1 person household must make between $31,500 and $59,850 yearly. This means that a qualifying household will bring in between 50% and 95% of the Area Median Income.
A 2 person household must make between $36,000 and $68,400 yearly.This means that a qualifying household will bring in between 50% and 95% of theArea Median Income.
If you qualify and have a Realtor in the know, you can find a beautiful and affordable place to call home in the oh-so-desirable Mile High City.
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