DENVER (CBS4) – A new report finds that Denver and a handful of surrounding counties are among the least affordable places in the country to buy a home.
The research, compiled by Attom Data Solutions, shows that seven counties along the Front Range are among the country’s top 12 least affordable home-buying counties.
The property data company compared current median home prices with average wages to determine how much of a person’s income a mortgage would consume.
In terms of unaffordability, the study ranked Adams County as number one, Arapahoe County as number two, and Denver County as number three. Weld, Jefferson, Larimer, and Boulder Counties came in not far behind, making Northern Colorado the most unaffordable place to be a home buyer.
Findings of the new study were not surprising to Brennan and Colleen Pecha, who have been trying to buy a home in the Denver metro area for about four weeks since they moved to Colorado from Washington state.
“I think we’ve put in eight offers and all of them have been rejected,” Brennan told CBS4’s Melissa Garcia.
“We keep getting outbid by investors or just other people who are willing to spend $50,000, $60,000 over the asking price,” Colleen added.
Despite rising home prices, Denver-area realtors said that the benefits of owning a home far outweigh the costs.
“It’s always better to buy a home and pay that mortgage instead of rent,” said Denice Reich, a broker with Re/Max Alliance.
She said that with the right attitude and some patience, the goal of home ownership was within reach.
“That ‘can-do’ attitude,” Reich explained. “I mean, we’ve seen buyers get great deals.”
For buyers worried about affordability, Reich recommended buying off-season, being flexible on home location, and having a willingness to overlook some cosmetic deficiencies.
She also said that buyers’ dollar could stretch further in some of the more ‘up and coming’ neighborhoods as opposed to some of Denver’s older, more established areas.