According to The US Department of Housing and Urban Development, the Colorado “Front Range” counties hit a record high for average monthly rent in July. The overall average rent is now $1,155 a month. It’s up about 10% from the same time last year. So the question that begs to be asked is, wouldn’t it be cheaper to just buy a house?
Rent is rising across the nation, causing many large cities to actually be an average of 38% cheaper for homebuyers than for renters. This does not hold true, however, for us in Colorado. The same area that costs an average of $1,155 a month to rent costs around $2,109 a month to buy (based on the average home price of $466,535 with 20% down and “good” credit).
Here’s a breakdown by county:
