As Denver residents know all too well, the Mile High City is experiencing growth and expansion like we’ve never seen before. If you’re considering jumping into homeownership, according to
Colorado Market Challenging For First Time Buyers
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.
Brian Baczewski has been a student of the Colorado Front Range Real Estate market for the last decade. Prior to joining Metrowest Real Estate Brian Baczewski was a project manager for a national....
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