this post was submitted on 15 Jul 2023
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Colorado housing prices cool slightly, lower rates may be on the way (denvergazette.com)
submitted 1 year ago by [email protected] to c/[email protected]
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[–] [email protected] 3 points 1 year ago (1 children)

$500K+ house at 7% interest is $3,300/month payment (not including other fees) to give some perspective. It's eye watering.

Home prices have ticked down in Denver, but make no mistake: Buying a house here still requires a lot of cash. Within the city limits, median sale prices are $578,000, which would require a minimum down payment of $17,340 (3 percent) for a conventional loan if you have excellent credit. And to avoid paying mortgage insurance you’ll need to come up with a 20 percent down payment, which adds up to more than $115,000. (source: https://www.bankrate.com/real-estate/housing-market/denver-co/#buying)

Average salary in Denver is $78K. (source: https://www.payscale.com/research/US/Location=Denver-CO/Salary)

Sucks that this is the new normal somehow...

[–] [email protected] 2 points 1 year ago

Yes, we are a very long way away from "affordable." And I am afraid this is the new normal. All I can say is I wish I could go back in time 17 years and not have a kid so he doesn't have to try and figure this out.