Forget buying a place solo, two incomes are increasingly required to even rent an apartment.
The Denverite graduated and landed a solid job at a public relations firm, but the idea her generation was sold about working hard to one day earn the white picket fence doesn’t seem to be unfolding as promised.
“It does dramatically change the picture when you have another earner in the household,” said Jennifer Newcomer, research director with the Colorado Futures Center, which has studied housing affordability and economic well-being.statewide would need to drop 32% to get affordability back to where it was in 2015, which wasn’t a particularly affordable year, but more manageable than today. That kind of correction is highly unlikely, and if it did happen, it would devastate the real estate market.
, had metro Denver with an average apartment rent of $1,846 in the first quarter, with rents ranging from $1,973 a month in Douglas County and $1,940 in Boulder/Broomfield counties to $1,686 in Adams County. Denver’s average apartment rent was $1,903 a month. “Rising mortgage rates caused many households to be priced out from home buying and would-be buyers to remain renters. Apartment demand surged as a result and drove rates sky-high. As the disparity between rent growth and income growth widens, American’s wallets feel financial distress as wage growth trails rent growth,”
About a week into the hunt, Clemmons found a studio apartment near City Park she liked online. The building boasted a small gym and the unit had a balcony on which Clemmons envisioned herself growing vegetables. The rent was more than Clemmons wanted to pay at $1,395 a month, but she felt pressure to apply for the unit when others showed up for her tour.“I’m very nervous about paying that amount of money but I’m just doing it because I don’t know what else to do,” Clemmons said.
And if that weren’t daunting enough, homeowners face an increase of between $2.8 billion to $4.4 billion in property taxes due in 2024, Byers said in his report. Four metro counties can expect to see taxes for the median-priced home rise by more than $1,000 a year, with Douglas County looking at a $1,759 gain.
“I’m trying to remain positive, but I have no idea where we’re going to be come June 1,” Seery said. “I’m looking at changing my career because I’m just sick of this. I can’t keep living like this.” “A job is no longer a protection against homelessness. For families with children, it is doubly hard,” she said.
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