Average Denver Mortgages Now Cost More than Premium Furnished Rental Prices

Corporate Housing Solutions | July 15, 2018

One unique factor in the ever-increasing housing prices in the Denver Metro area is that the cost of an average mortgage is about the same price as a premium short term, furnished rental property.

For example, according to the Denver Business Journal the average cost of a single-family home in the Denver Metro area is $442,450.

“Two records were reached once more in the metro housing market in May: highest average price and lowest average days on the market.

That's according to the Denver Metro Association of Realtors market trends report.

At $540,624 for a single-family home, the average price continues to climb every month. The year-to-date average, $523,255, is up almost 11 percent from this time last year.

The median price year-to-date, $442,450, is up almost 10 percent.” (Denver Biz Journal)

 

So, the average monthly payment on a 30 year mortgage loan of $442,450 at a modest 4.5% interest rate equals $2,241. The average monthly rental price on an executive, furnished house in Down town or surrounding metro areas is about $2,000 + give or take.

This fact is something more and more people are considering when figuring out whether it is better to rent or buy in the Denver Metro area.

To think that the housing market is this expensive in the Denver area is giving more people pause before they sign that mortgage paperwork.

The better price option, furnished convivence, and also location options could very well be a furnished rental property from Corporate Housing Solutions rather than a large mortgage payment.

 




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8547 E. Arapahoe Road., #J-222, Greenwood Village, CO 80112
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