Do you feel like you don’t have a chance to buy a house? You may want to borrow it anyway. According to the ApartmentList, the national average mortgage payment is $ 2,576.39, which is higher than the average Colorado rent of $ 1,589. Currently, owning a home costs $ 987 a month more than renting it.
It’s generally better to rent now as mortgage rates are rising, but average rental prices in some cities are much higher than in others. Superior, Highlands Ranch and Castle Rock are one of the most expensive cities for renters, with an average superior rent of $ 2,399 by May. This is probably because many homes were burned down by smoke in the Marshall fire. This is $ 810 above the Colorado average and $ 1,056 above the national average.
In contrast, Greeley, Inglewood and Colorado Springs are one of the cheapest cities to rent.
If you are a Denver renter, you may want to stay that way. Despite being one of the state’s most popular real estate markets, Denver is one of Colorado’s cheapest cities in terms of rent prices. The average monthly rent in Colorado is $ 1,572, which is below the Colorado average.
In comparison, Denver Median home listing price is $ 695,000 And that Average monthly mortgage payment is $ 2,540 As of January. It costs $ 968 more a month to become a homeowner than to live as a renter in Denver.
But … eviction?
As the year approaches after the end of the peasant eviction moratorium, the number of peasant eviction declarations is almost always below the pre-pandemic number. Since the beginning of 2021, the number of peasant evictions has been increasing gradually, but the number of peasant evictions is below the 2019 number, pre-pandemic number, and 20-year average.
March was the only month, and returning to pre-pandemic numbers, 3,667 evictions for peasants surged.
Evacuation has steadily increased since the Moratorium ended on July 31, but evictions decreased in April and May in both the Denver region and throughout Colorado.
Henry Eisler of the Colorado Apartments Association said he was confident in the power of the housing market, noting that Colorado was able to pay high rents.
“The rise in March did not reflect a dramatic increase. It just returned to the pre-pandemic state-wide average as the Colorado rental market recovered from the pandemic and the 14-month moratorium,” Eisler said. Says. “The subsequent decline in peasant evictions in April and May is a strong positive indicator of the health of Colorado’s housing market.”