Even with the higher interest rates, buying and owning a home in Denver remains cheaper than renting, so why are you still renting? A few months ago, when interest rates were in the 3% range, it was easy to see why buying was cheaper than renting.When I tell that to renters now, most don't believe me because of the rising home prices around Denver and rates more in the mid to high 4% range. But according to a study by Trulia.com, it is 45% cheaper to buy than rent in Colorado.
To read the full study and to understand how they come up with their numbers, click here. It turns out that Denver is still one of the most affordable cities in the country and one of the best places to buy right now. With rents still on the rise and no signs of slowing, I don't see this changing anytime soon. Interest rates should remain in the mid to high 4% range over the next year making it an excellent time to still buy in Denver.
So going back to the question of why you are still renting, I would like to know why? I completely understand the renters who are only going to be in their current situation for the short term, trying to learn the city before they buy, or expect to move soon. I still hear renters say however that the timing isn't right and they are afraid they either missed the best time to buy or that we are in a bubble. Based on what happened with the market 4 years ago, I certainly understand this hesitation. Luckily, all economic indicators show that the Denver market is only going to continue to improve and prices are going to continue to increase. If you are on the fence, let me know and I would be happy to talk over your options with you. You may be surprised as to what you can get for your money and the investment potential that is awaiting future homeowners.
Socials