It’s no secret that the Denver real estate market has been booming for the past couple of years. As one of the first to recover from the housing crash in 2008, Denver saw tremendous growth in a very small amount of time.
With the rise in housing prices, millennial buyers (defined as 18-35 year olds) are feeling pushed out. The American-dream of homeownership feels more out of reach than ever before. However, based on a recent study from Trulia, while the initial purchase may feel like a stretch, statistics show that millennials can expect their mortgage payment to be comfortable within three years.
According to the numbers, most millennials will be able to secure a mortgage, with a somewhat uncomfortable payment at the start. Within less than three years the mortgage payment should start to feel more comfortable thanks to income increases.
Denver is currently showing one of the lowest unemployment rates in the country at just 2.3% as of May 2017. This is a good sign for interested first time home buyers, showing that employment is available and secure.
With a stabilizing market and increasing employment future home buyers can start really working towards their goal. In other metro areas, such as San Francisco and and San Jose, it is estimated to never become affordable to own a home based on current income growth and prices. Even with increased housing prices, Denver is still a great place to be.
If you’re looking to buy your first home, we’re experts and would love to be on your team! Contact us today!
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