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With homes averaging more than $250,000, some individuals, families and veterans may be priced out of affordable housing. Affordable housing is based on expenses, which should be less than 30 percent of your gross monthly income.
According to the City of Denver, only one-quarter of Denver’s renters can afford to buy a median-priced home. To bridge this gap, there are many programs to help, such as vouchers, mortgage assistance, special housing units and Veterans Affairs Supportive Housing.
Working with your real estate agent and these community resources can close the gap when looking to purchase a home.
– Paula DeCrescentis, RE/MAX of Cherry Creek