Still Paying Boulder's High Rent?
They Stopped Renting and Bought a Home at 24 Years Old!
Boulder is once again at the top of the list for the most-expensive rents among the 10 largest cities by population in Colorado. It would rank the highest in the state if you remove the vacation rental market from the picture.
The median rent for a two-bedroom apartment in Boulder was $1,800, and a one-bedroom cost was $1,500 during February, according to report released Wednesday by ApartmentList. Aspen takes the top position on the list overall with rents averaging $6,500 per month for a two-bedroom..
Denver is the second-most-expensive among the state’s 10 largest cities for renters, with a two-bedroom unit costing $1,750 and a one-bedroom unit going for $1,380.
Fort Collins was ranked No. 9, with a two-bedroom costing $1,230 and a one-bedroom costing $900 per month.
So what does this mean to renters in Boulder County? You are paying MORE for your two bedroom rental than you could be for your own home. You are paying your landlord's mortgage, contributing to your landlords net worth and providing your landlord the tax breaks - very nice of you!
I realize that there are many articles on rent vs. buy, so I thought I'd share an example close to home - my son and daughter-in-law. They were renting a one bedroom in Lafayette's Prana Apartments for over $1200/month. When their lease expired, their rent was going to be raised to over $1400/month - for a one bedroom! They met with one of our preferred lenders and found out that they could purchase a home with only 3% down and not pay private mortgage insurance monthly. They were able to buy an adorable 3 bedroom, 2 bath home, move-in ready in Longmont, and their payments with HOA dues are barely over $1400 a month.
Homes in their neighborhood have appreciated over 40% in the last two years. In fact, the previous owners purchased in 2014 and were able to sell in 2 short years with over $80,000 in equity! Of course, there is no guarantee that we will continue to see that type of appreciation; however, the Front Range market appears to remain strong.
Just in the last year, the average price for condos and town homes in Lafayette has increased a whopping 32% - in one year. It can be costly to wait to purchase your first home on the Front Range.
Did you know that your family can 'gift' you money to help you with a down payment? Did you know that there are First Time Home Buyer Down Payment Assistant Grants to help you purchase a home?
We work with excellent First Time Home Buyer Lenders who can meet with you and show you how you can purchase your first home with very little down. If you plan to stay in the area, you owe it to yourself to explore purchasing your first home and start building your real estate wealth rather than continuing to build your landlord's wealth. We're happy to sit down and explain the ins and outs of purchasing. Just call or text 303-915-6815 or email us. Find us on Google+
Blog Archive2019-04-18 13:04:29
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