Is it better to buy or rent a home in the Denver market right now?
According to a recent study by the Beracha, Hardin & Johnson Buy vs. Rent Index, Denver is in rent territory, which means that property pricing is out-pacing rents. At the same time, depending on your tax situation, credit score, amount of down payment available, a mortgage could be less than rent. That is why it is extremely important to work with a knowledgeable Reatlor®.
The study looks at 23 U.S. markets and determines whether it’s smarter to buy or rent.
Denver joins Dallas and Houston as the three top markets in rent territory, according to the study. However, keep in mind that if you want to rent, it’s still not going to be cheap. Last month, house rental rates jumped 12 percent compared with the same quarter a year earlier.
The average rental rate for a three-bedroom, single-family detached house was $1,679 in the first quarter. Average apartment rent increased to $1,204 per month in the Denver area in the latest quarter.
Buyers should proceed with strong caution, and we’re here to help. At Alaris, knowledge is key. Contact us if you would like to explore owning a home. You can also read about our brokers here. We look forward to answering your questions and serving all your real estate needs.
