Say you live in Denver and make something in the neighborhood of $60,000 a year, the median income in the city.
You’re not rich, but you also don’t qualify for any sort of help – and, to quote a meme that’s half a decade old at this point – the rent is just too damn high to save up enough for a down payment anyway.
That aside, what’s the outlook when it comes to buying a house?
The August 2017 REALTORS Confidence Index certainly won’t give you much … confidence, if diving into the real estate market is something that you want to do, especially in Colorado.
According to this report, Washington, Nevada, Utah and – yes – Colorado are expected to see some of the most price growth over the next 12 months.
That growth? It could be between 5 to 7 percent.
The September report from the Denver Metro Association of REALTORS is slightly more encouraging. There’s more housing inventory in metro Denver, but the median sale price for residential properties is $380,000 – up 8.57 percent year-over-year.
For just houses, that number is $410,000 – up 7.89 percent
But in Denver, the data indicates at least in August, that buyers are getting pickier as prices continue to rise, according to the Denver Business Journal. Inventory is also a problem in the city.
In layman’s terms, this means houses are expensive – and there aren’t that many for sale in the city to begin with.
And to afford a house, according to HSH.com, you would need to make $81,349.82 to afford a home in Denver. As for the average monthly payment? That would be $1,898.16.
The average rent for an apartment in Denver is $1,578 – and $1,391 for a one-bedroom place.
You can read the full report from the Denver Metro Association of REALTORS here: http://bit.ly/2x1fTQ7
And for a more detailed breakdown of what it means, read this report from the Denver Business Journal: http://bit.ly/2x1fTQ7
We are working on a story about DPS teachers and a unique proposal to get them housing in Denver. You can watch that on 9NEWS at 6 p.m. on Next with Kyle Clark.