Denver is unarguably the hottest realty market in Colorado, if not the entire west! Property prices are an all-new high as home and rent values keep spiraling out of control in the locality. Home prices are up by a whopping 14.5% with the average as high as $326k! Such high prices not only affect the home buyers and investors but also people who live for rent.
Rent rates have shot up too from $700 for a 700 sq. ft apartment to as much as $1200! This price hike within a span of just two years means that it is not in sync with the inflation based on which most salary appraisals are based upon. The average household income in the state of Colorado has risen by only 2.6% which validated the above statement.
There are many young adults in the locality who prefer to buy a home instead of renting one due to the atrocious rent costs. However, one must take into consideration the interest costs that will mount onto the mortgage loan amount. This is why people here prefer to share accommodation.
A smarter option would be to migrate to the suburbs where it is still affordable. The urban suburbs, as they call it, must be a better option for realty investment for young families looking to settle in Denver. Locales like Stapleton also offer good business opportunities and hence would be the right way to go.
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