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.
There is a constant shift of people in the US. Young aspirants keep shifting their residence in search of better job and life opportunities and the rent market reflects just that! An estimated 43 million renters spend in excess of 535 billion dollars on rent in the US every year! This is a favorable trend for the US economy since not all the renters are US citizens and the inflow from other economies, no matter how small is an added bonus in an era where policies like H1B are being frowned upon.
A study by top realty firm, Zillow found that a majority of the household that opt for renting out their homes do not go for a renter’s insurance. This is alarming for a country that is so obsessed with playing it safe. Renter’s insurance costs as little as $15/month which is affordable for a majority of the population who are able to afford rented homes in the big cities and towns of the US.
Jersey city apartment rentals are available with all facilities.
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