Why it Makes Sense to Buy vs Rent Even in This Denver Market
It's still a very good idea to buy instead of rent in Denver if you have the means to do so. And fortunately, there are some developers that are creating great attainable options for young professionals and entry level buyers to own in popular Denver neighborhoods.
See one tremendous example here: https://obflatsdenver.com/
If you plan to stay in your property for two years or more, you are much better off to buy. Buying is generally more affordable and less expensive than renting. In addition, research by the Federal Reserve found that home owners accumulate 45x more net worth than renters over their lifetime.
Here's an example from First Trust Alliance of how a first time buyer can achieve over $195,000 in wealth creation in ten years!
In this scenario a 1 bedroom condo costing $250,000, would cost relatively similar price as renting in the same area with HOA and home owners insurance included.
The advantage of owning gets stronger every year, and the reason is that if you buy, your rate and payment are locked for 30 years, then it's paid off. As opposed to renting where the rate will continually increase annually and will never go away.
redT Homes is the exclusive brokerage of many quality, attainably priced new construction homes throughout the Denver area. View the entire list of available properties here! https://redthomes.com/new-construction-listings/