DENVER - According to Trulia.com, you should buy - not rent - a place in Denver.
In fact, Trulia.com says it's better to buy in the 100 largest markets in the country. In Denver, it's a pretty wide margin. It's 43 percent cheaper to buy because of the incredibly tight rental market here.
The city of Denver has 296,000 rental properties, and virtually all of them are full. But help is on the way. There are 74 new apartment buildings being constructed in Denver, and in about two years, around 40,000 new apartment units will be available in the Denver market.
The Trulia.com calculator lets you load different targets to figure out what you'd like to do. You can select a monthly rental payment, and then load the price of a home you think you can afford.
You can load other variables such as the length of time you think you might occupy the home or the income tax rate you're in and the current mortgage rate. The calculator allows you do this for most home markets in the country. The numbers that the program spits out gives you the final costs on both renting and buying, so you now have a side by side comparison.
The average rent in Denver is $1,041. That is about to go even higher, as Denver is currently the seventh fastest growing job market in the country, and is trending towards the third fastest spot.
Big companies, like Charles Schwab, are locating major headquarters to Denver that will employ hundreds of new workers, all of whom will need a place to live.