According to according to a recent report by Bankrate.com, Colorado ranks as one of the toughest places in the country for first-time home buyers to break into the housing market.
The report ranks all 50 states based on:
home prices relative to income
job prospects for young adults
homeownership rates among millennials
When all the data was compiled, Colorado ranked as the eighth-toughest state in the U.S. when it comes to being a first-time home buyer.
One of the biggest factors in Colorado landing where it did is the lack of inventory in the state. According to the data, Colorado has the fourth-lowest percentage of homes available for sale in the nation.
Affordability also played a role in Colorado’s overall ranking. Bankrate’s report indicated Coloradans fork over 25.7 percent of their annual income to pay for their homes, making it one of the least affordable states.
While the data might seem bleak for first-time buyers, there’s definitely hope and ways to break into homeownership. Buyer-assistance programs are available and many buyers are considering distressed housing options, which often come at a lower price tag than traditional home purchases.
If you’re a first-time buyer in the Denver metro area, give Metrowest a shout. We specialize in distressed property sales and would love to help you explore your options.
Author:Brian Baczewski Phone: 303-877-2680 Dated: March 6th 2017 Views: 443 About Brian: Brian Baczewski has been a student of the Colorado Front Range Real Estate market for the last decad...
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Since 2003, Metrowest Real Estate Services has been Denver’s premiere resource for residential, foreclosure, REO and investment real estate. When helping you buy or sell, our mission is to provide excellent customer service to our corporate and individual clients by ensuring that our agents exceed all standards for market knowledge, professionalism, and client support. Whether you are a high volume investor or a first time homebuyer, our team at Metrowest can help you realize your real estate goals! Metrowest is your Denver Colorado Real Estate Team. We specialize in helping you get the most of your sale, purchase or investment.