Rental prices are Mile High in Denver, it just might be time to buy.

Rental prices are Mile High in Denver, it just might be time to buy. My middle son recently had several friends graduate from college and many are finding their first "big-boy/girl" job as an adult. After living away from the parents for the past 4-5 years, it is very difficult to transition back into living under mom and dad's roof again. However with rental rates approaching $2,000 for a 3 bedroom townhome that makes for a very difficult decision.

Do you sink everything into a rental with a couple friends, so you can be on your own, or do you play it smart, move back home for a year or so and start saving some money to put a down payment on a house. That would be the smarter move.

Although I am seeing an even smarter move, several parents are in a position to help their adult kids purchase a starter home, the young adult moves in with a couple buddies and they pay a smaller rental fee to offset the mortgage, the young adult learns to take care of the house, make their mortgage payment and after a couple years of building up credit they can purchase the home very simply from their parents.

This is a great way to solve several problems at once, the high cost of rentals that goes to paying someone elses mortgage, not having to live under your parents roof any more and allowing a couple mature friends a better alternative to renting a sky high rental.

A little simple math - a 3-bedroom townhome can get $1800 a month rent, however the exact same unit can be purchased with a mortgage payment of around $1200, let me see, rent.... or buy? Even if you have your buddies pay you 450 a month rent, your share is only $300 and you are going to own the house, they are also saving $150 a month.

Parents help your kids, kids tell your parents you might be ready to buy, the worst that could happen is you get to experience the Mile High rental prices as an owner instead of a tenant.