According to this Denver Post article released today, the average rent for a 2-bedroom apartment in our city is $1,390, when the national average is $960. For those who are currently in the market to find a rental, this number can seem daunting. The thought of paying just under $1,400 per month for a place to live is a lot of cash to let go of when you have other important expenses like food, gas, and car payments.
The article highlights what is available for rent in several Denver neighborhoods to show just what that $1,390 can get you, which can range from a 1-bedroom apartment to a 3-bedroom single family home, depending on where you choose to live. We thought it would be great to highlight the option of purchasing Denver real estate instead of renting to compare what you can buy with $1,390 if that were your monthly mortgage payment. The major upside to purchasing a home is that the monthly payment is also an investment, and instead of seeing your money go out the door to your landlord, you are putting the money into your home, and you can watch your money grow in value as you live there.
Using the Realtor.com mortgage calculator and assuming a 20% down payment and 30 year fixed loan, we found that a buyer who purchased a home or condo up to $275,000 would have a monthly mortgage payment of about $1,390.
Here is what our office has available that fits this budget (as of 11AM 3/30/15):
2550 Washington St #209
2 Bed / 1 Bath Condo in Five Points
Just one block from the light rail with easy access to shops, restaurants and downtown. Open and bright floor plan! New easy-care laminate flooring in the living, dining and kitchen areas. The living room has access to the private balcony. The kitchen is open to the living and dining areas and has a breakfast bar, great cabinet space and new countertops. The bedrooms are large and feature roomy closets. There is a convenient washer/dryer in the unit. The courtyard is getting a face lift and will have all new paver system installed by the end of April. The building also has a new stucco exterior. Reserved parking space is in the underground garage. Click here to view the full listing.
4167 Winona Court
1 Bed / 1 Bath Triplex Unit in Berkeley
This home includes a darling front porch, hardwood floors, charming white kitchen, the perfect backyard and covered patio for entertaining guests, 1 bedroom plus a bonus room in the back of the home perfect for an office, media room, or non-conforming bedroom. Walk and enjoy everything that the Berkeley neighborhood has to offer! Click here to view the full listing.
When you run a search on our website for properties up to $275,000, you get a large number of results. So if you are tired of spending your money on rent and watching it go to your landlord never to be seen again, be aware that buying is a fantastic option that puts you in control of both your home and your money. Contact our office to speak with our experienced brokers that can point you in the right direction and get your home search started.
Create your own search for Denver real estate on our website by clicking here.