Whether you are native to Colorado or you are moving from across the country, one of the things that you likely consider is the cost of homeownership. After all, maintaining a home is no easy feat, and it is not always easy on the budget. Despite the high costs of homeownership in some parts of the country, Denver is surprisingly affordable. In fact, according to analysts, it is one of the most economically friendly metro areas in the country.
Zillow, Inc., a company dedicated to empowering homeowners and buyers with knowledge regarding real estate, conducted a survey on 15 metropolitan areas. Some of the things the study took into account included the unavoidable costs of homeownership like property tax, utilities, insurance, and even optional maintenance such as carpet cleaning and landscaping. On average in the United States, people pay $9000 more per year to own a home rather than rent. In Denver, that amount dips to only $8146 per year. According to experts, this lower cost is due to low insurance rates and property taxes in the area, at least when compared to other major cities.
How do Home Prices Fare?
Another part of the study looked at the overall costs of purchasing luxury homes in Denver as opposed to other areas of the country. Although it is currently a seller’s market in the metro and surrounding area (and things are definitely looking up for buyers, too), the average cost of a home in Denver puts other cities to shame. The median home price in April was $294,000, and this includes large, small, and executive homes. This number puts Denver well below the expensive markets in places like Boston, San Diego, and Los Angeles. The average maintenance costs per year in Denver – $2782 per year – were the lowest of all 15 surveyed cities.
Should You Buy a Home in Denver?
The answer to this is a personal one, but if you are a Denver resident interested in homeownership or if you are thinking of relocating, it is a great time to buy a home in the area. According to statistics from various sources, it is 43% cheaper to buy a home in Denver than rent. Thus, if you are a native, buying can actually save you money over time. If you are moving to Colorado from another state, or if you want to move to the area from another part of Colorado, the costs of homeownership in the area are encouraging. Finally, the city is growing and the economy is booming, making Denver one of the safest bets when it comes to financial security and stability.
Denver is an amazing city that offers plenty of opportunity, whether you are interested in a better career, a better college, or even a better public school system for your children. What’s more, the cost of homeownership in the city is encouraging, and people from all over the country come to Denver each year to purchase luxury homes at affordable prices since the costs associated with maintenance and taxes are lower than they are in other parts of the country.