Another Reason Not To Rent And Buy Your Own

Dated: 06/16/2014

Views: 1393

After reading this report on rents from the Division of Housing, the only thing that becomes more obvious is that owning your own property instead of renting is becoming a more affordable option. The market for housing to buy or rent are both very hot. Yet, with new construction the demands for rent don’t push the average rent back down. Why spend so much money for monthly rent when you could pay the same amount or less for your OWN place?

Rents in Colorado continue to rise statewide with an average rent hitting a new fourth-quarter of 2014 high of $1,026. According to a report released this week by the Colorado Division of Housing, the average rent during the first quarter was up 8 percent from last year’s first-quarter average rent of $950, and it was up from last year’s fourth-quarter rent of $992.”
Simply 
comparing the cost of renting versus the real cost of buying a home, if you pay $1,026 per month for your own house, you could save on average about $19,670.20 over the next 5 years if you buy the average-priced house right now, which is $308,000 verses renting a 1 bedroom apartment. (Down payment-20%, Interest rate -5.125 %, loan term-30 years).

According to the Division Of Housing, average rents in all metropolitan areas measured for the first quarter of 2014 were Colorado Springs, $822; Ft. Collins, $1216; Loveland, $1026; Grand Junction, $525; Greeley, $793 and Pueblo, $595. The average rent in metro Denver, measured last month in a separate survey, was $1073.
“Rent growth has accelerated in northern Colorado and metro Denver over the past year, pushed along by job growth and demand that continues to outpace new construction in many market areas,” said Ryan McMaken, an economist with the Colorado Division of Housing. “We have seen vacancies pushed up a little in some markets with a significant amount of new multifamily construction, such as Colorado Springs and metro Denver, but it has not been enough to push the average rent back down.”
If you are interested in buying versus renting, let me know and I can help you stop wasting your money on rent.
Denver Co Real Estate- Luba Jeltov Realtor
I specialize in Denver Colorado and surrounding communities of metro Denver area. If you are selling your home I will make sure you get TOP dollar. If you are looking to purchase a home I will make sure that you get the best deal possible. Please contact me directly via phone or text at 303-817-6818.
Luba Jeltov
Exit Realty Chery Creek
Direct: 303-817-6818
Email: [email protected]
www.lubasellsdenver.com
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Sheryll White

As a Full Time real estate agent for the past 23 years, Sheryll has helped hundreds of home owners in Colorado buy and sell their homes. Sheryll's easy going, no pressure style and her in depth knowl....

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