It’s important for millennials – and anyone – planning to purchase a house to understand the financial nuts and bolts, as well as the market.
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Denver, CO (PRWEB) September 14, 2015
“Our area has a high rate of young people who will be looking to buy a home in the near future, but they have quite a big gap between their income and the money needed to purchase,” said Nickolas. According to the survey, 81 percent of millennial renters in Denver said they wanted to buy a home at some point. However, Denver is also ranked among one of the U.S. cities with the widest gap between income and salary needed to buy a home. The median millennial salary In Denver is $39,492 per year, $2,620 short of the minimum salary needed to buy the median home, including saving up a 20 percent down payment.
“It’s important for millennials – and anyone – planning to purchase a house to understand the financial nuts and bolts, as well as the market,” says RE/MAX Leaders real estate agent, Nickolas Terry. “Currently, Douglas County is a hot seller’s market . If you put a house on the market, you will likely get 2-10 showings, and about five offers. I haven't seen anything like this in 28 years of selling homes.”
Terry says many of the millennials that can buy are able to reduce their monthly outlay by having friends rent a room. “The survey’s numbers alone don’t tell the whole story. Younger people who love the idea of owning real estate are able to bridge the gap between income and home owning, if they are willing to become creative to make it work. Start saving now and become informed. Start looking at the neighborhoods you may want to buy in and the costs associated with purchasing a home. Have a goal and watch the market to time it right. ”
Nickolas Terry works in the RE/MAX Leaders office in Centennial, CO, selling primarily in Douglas County. He works with a variety of sellers and buyers, receiving many referrals from past clients. Nickolas has been ranked as a 5280 Magazine’s 5-Star Broker for four years.
About Nickolas Terry of RE/MAX Leaders
The RE/MAX story began in Denver in 1973 with a single office. Now it is a global real estate network of franchisee owned and operated offices with more than 100,000 sales associates. Nickolas Terry’s office is located at 6855 S. Havana St. Suite 150, Centennial CO 80112. For information, call 303-667-4800, visit his website at NickolasTerry.com, Facebook or Google +.
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