Are homes truly affordable?
There has been a lot of talk regarding the affordability of homes these days. But buying a home is still a really big challenge for most. We are still dealing with rising expenses, stagnant wages and unemployment. Even with the declining home prices, which are slowly increasing, and record low mortgage rates, the median income households are unable to afford a median priced home in nearly half of the metropolitan areas, per interest.com.
Fortunately Denver was ranked 12th on the list as affordability! This means that Denver’s median income CAN afford a median priced home. This is good news reflecting Denver’s economy.
As well as the Denver real estate staying strong with the average Denver listing being on the market for 33 days. So locally I would say it is a good time to buy because prices in Denver seem to have hit their bottom and have been heading up in many areas. While interest rates have remained low heading into the end of the year.
Check out mortgagemaestro.com and the recent unemployment chart. This shows Denver is recovering and is part of helping us being put on the map as one of the affordable states. Way to go Denver!
If you have any questions, please give me a call or shoot me an email. I’m always here to help!
Summit Mortgage Corporation
303-779-0591 ext. 101