Housing prices are skyrocketing across the United States, especially in the Denver area. Despite this, it appears that there are some areas in Colorado where buying a home is cheaper than renting one, according to Axios.
Data from ATTOM, a real estate database company, looked at the monthly payment for a median-priced home versus the average rent on a three-bedroom property in Colorado counties with at least 500 sales from January to November 2021. According to the study, it's more affordable to buy than rent in these four counties:
- Morgan
- Park
- Pueblo
- Fremont
"Even with home prices continuing to climb, the affordability gap is narrowing, which may signal the imminent end to what's been a steady run-up in home prices," according to Alayna Alvarez. "In roughly 90% of the U.S., home prices are rising faster than wages."
Reporters say it's cheaper to buy homes in rural areas in the United States, particularly in the West and Northeastern areas. They also noted that the "least affordable homeownership markets" are in those areas, as well.
Good luck searching for that forever home! And if you need more affordable ideas on where to move, check out the cheapest places to live in Colorado.