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Arvada homes - 72% of American families could afford to buy a home

By
Real Estate Agent with The DiGiorgio Group

 

About Arvada Real EstateI saw this article and the words, '72% could buy a home' caught my eye, so I'm using it just as I saw it - except I added the 'if they have a job' part! I wondered, "How does Arvada real estate compare to this article's claim?" I'll address that later, but first, here's the link to the CNN story for those of you who like to read it yourself.

And the 'peak your interest quote': "NEW YORK (CNNMoney.com) -- It's prime time for house hunters. Nearly anyone with a decent job and a good credit score can afford to buy in their home towns."

Then, we get into some of the nitty-gritty: "More than 72% of American families making the nation's median income of $63,800 a year, could afford to buy a home during the first three months of 2010, according to a report from the National Association of Home Builders (NAHB) and Wells Fargo" and, "The national median home price for the quarter was $175,000."  (emphasis added)

Which is why I thought this line was nutsy: "Many of the old industrial outposts of the Northeast and Midwest are among the most affordable places to live." Isn't that where no one has jobs right now?  Hmmmm ...

Now to bring this down to Arvada, Colorado real estate. How does Arvada's median income and median home price compare to the nation?

The most recent figures I can find are from 2008, when Arvada's median income was $66,353, and median house value was $244,200 (that number includes both detached homes and condos).  

Now for the most important question - what does this mean to you, if you want to buy a house in Arvada, or any of the towns between Denver and Boulder?

First - no national news story, national bank, or national association of home builders can decide on your behalf whether or not you can afford to buy a home! What you need to do is one of two things - either sit down face to face with a mortgage lender at your bank (or get a name of a good one from a friendly real estate agent) who will discuss with you interest rates, monthly payments, options, etc., or - if you're not ready for that - call me and we'll talk through what it would look to buy a house. For instance, you tell me how much of a payment would be comfortable, and I'll tell you what kind of house you could most likely buy between Denver and Boulder.

After that, we may go look at a few homes, but really you would need to have that chat with a lender before we spend too much time. It's unwise to proceed without knowing anything about debt ratio, credit score, etc.

If you would like to read more about buying a house instead of renting, check out my earlier post, Can You Own a Colorado Home for About What You Pay in Rent?

If you are thinking about selling a current home and buying another, that's a lot more complicated. Please call for a market evaluation and net estimate statement.

Have a wonderful day!

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I write posts on real estate issues and local events in the Denver metro area, especially those communities between Denver and Boulder, as a public service. My hope is to give people an idea of the ‘flavor’ of our community, in case they’re new or moving to the Denver area.Read about life in Arvada, Colorado. And here’s a little intro to Olde Town Arvada.

Find all the homes available in Arvada, Westminster, Broomfield, North Denver, Thornton, Lafayette, Louisville, Wheat Ridge and Golden.

Gardeners might enjoy my posts about gardening in Denver to Boulder’s front range.

I am a residential real estate agent, happily helping folks buy a house or sell a house in the beautiful and friendly suburbs northwest of Denver.

Copyright © 2011 Joetta Fort, The DiGiorgio Group

 
Posted by

Joetta Fort, Realtor       720-353-8031       joetta.fort@gmail.com


Comments (2)

Adam Malachi
A 2 Z Realty LLC - Castle Rock, CO
QSC,CDPE,CIPS,CNE,CRB,CRS,GRI,MRE,SFR

Great post! That's very good statistics! I lived in Arvada before it's wonderful city!

Thanks for sharing.

Adam

May 26, 2010 09:30 AM
Joetta Fort
The DiGiorgio Group - Arvada, CO
Independent Broker, Homes Denver to Boulder

Thanks for stopping by Adam! I think I'll visit your blog to see how Aurora's doing.

May 27, 2010 02:06 AM