The Denver Post had a story last week titled, “With home prices in metro Denver up 65%, renting long-term may not be a bad option”. According to Case-Shiller Denver home prices have risen 65% this decade. Zillow estimates a buyer would need to remain in the home 2.25 years to break even when selling their home. But, Zillow has a much lower estimated appreciation rate that has been WRONG for several years. Still, 2.25 years is a short amount of time to break even. So, is Denver really a good place to rent, when long-term is only 2 years? I say NO!
In another story in the Denver Post last week was titled, “Saving for a down payment could take Colorado renters nearly 12 years.” This story was based on the FALSE premise that you have to put 20% down to buy a home. NO YOU DON’T! This is an example of FAKE NEWS in my humble opinion.