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Old 02-01-2012, 07:28 AM
 
37 posts, read 26,561 times
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Quote:
Originally Posted by distinctivedman View Post
There is also a program that creates below market priced homes for buyers who make less than the area median income households. Search for Denver affordable housing program on google. These can often be found in some of the best neighborhoods in Denver, Like Stapleton, Lowry and Downtown.
Do you have any links? I have been trying to see if there is a program like that there. Here in New Orleans, they are offering "soft-second mortgages". The city is giving up to $65k, and a suburb is giving up to $50k, in grants to keep people's payments at 30% of their income. The decent houses are still so expensive that I can only possibly afford the suburbs. Even with $65k grant in New Orleans, that still isn't getting you in a safe neighborhood. It takes about $400k to get in a safe hood here besides the far suburbs. What is Denver's program like? I know I'd qualify. I make $35k, and it doesn't appear I have much room to move in salary. Science technicians get pooed on in salary considering the importance of our work.
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Old 02-01-2012, 10:01 AM
 
Location: South Metro Denver and looking at houses
8,356 posts, read 17,751,899 times
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Denver's affordable property program has enough restrictions that make it difficult to enter the program, find a property you can afford in the program, and then restricts who can buy the property when you sell it.

Affordable Housing Program | Denver Office of Economic Development
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Old 02-01-2012, 11:23 AM
 
2,286 posts, read 774,356 times
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Originally Posted by 2bindenver View Post
Denver's affordable property program has enough restrictions that make it difficult to enter the program, find a property you can afford in the program, and then restricts who can buy the property when you sell it.

Affordable Housing Program | Denver Office of Economic Development
Yeah, same with the rent program. Very hard to get into, and some of the apartments are stunning. Most of the time, you need to make less than $25k. I was told by a long time resident that it's usually college students with rich parents who get into those places.
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Old 02-02-2012, 11:22 AM
 
3,405 posts, read 3,659,740 times
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Originally Posted by Z3N1TH 0N3 View Post
A) I find it hard to believe that Denver's median household income is above New York's or Chicago's. Did that not raise a red flag with you?

B) I don't like household income as an indicator of individual wealth in a city, because that accounts for family incomes. What about the single guys? Heck, if my gf lived with me, I guess our household income would be on par with your data. My complaint was never that family incomes are low in Denver. My complaint is that individual salaries seem low here relative to home values.

C) Assuming this data is accurate, $50k/yr does not seem like a lot when you have a mortgage, possibly a car payment, don't even think about kids. From what I've seen, home values in decent neighborhoods are astronomical. I think most homes here go for $200k+ in these decent neighborhoods. If you made $50k, which I don't yet, you could reasonably afford a $200k home on your salary, but you aren't going to afford a car payment, kids, or a decent savings fund. You'd just be scraping by, like my friend was when he had a car payment and a mortgage for a home in the Bear Valley area.
Facts dont have bias. I think the idea that Chicago or New York incomes are much higher is a total myth. Same for much of California. There are a few professions which pay higher that might have a larger number of positions, say investment bankers or movie directors, but they are a very small percentage of total jobs. Most of the lower and middle management jobs are nominally different in wage levels. Even if like for like pay is say 5-10% higher in New York, the difference can easily be washed away based on the composition of the millions of jobs from highest to lowest. There are nearly a million people living on government assistance in NYC out of the 8 million residents. They are why the median income isnt very high there, but they also are non-participants in the housing market either.

As for "astronomical" values, its rather limited to central Denver and Boulder. Outside these pockets of high demand single family housing sells for $110-130 per sq ft on a pretty consistent basis. That level is pretty much in line with replacement cost. I'd hardly call that astronomical. When I hear the complaining about housing price it usually boils down to people want housing in higher priced areas to cost the same as it does in Aurora.

Yeah $50k isnt enough to buy a house in Cherry Creek or Wash Park, but a 1000 sf condo is easily obtainable on 50k in nearby suburbs but I'm guessing that just isnt what you'd like to have
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Old 02-02-2012, 06:25 PM
 
Location: Denver, CO
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Quote:
Originally Posted by Willy702 View Post

As for "astronomical" values, its rather limited to central Denver and Boulder. Outside these pockets of high demand single family housing sells for $110-130 per sq ft on a pretty consistent basis. That level is pretty much in line with replacement cost. I'd hardly call that astronomical. When I hear the complaining about housing price it usually boils down to people want housing in higher priced areas to cost the same as it does in Aurora.

That's kind of what I was thinking as well. You can find a decent house that isn't in a terrible area for $100-200K depending on where you look. You might have to compromise on location, but homes at those prices are out there!
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Old 02-02-2012, 09:44 PM
 
Location: Denver, CO
5,457 posts, read 13,437,847 times
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Originally Posted by Z3N1TH 0N3 View Post
The problem with Denver Metro, unlike a LA Metro or a Chicago Metro, is that incomes are relatively low here.
I won't comment on Chicago, but I'll coment on LA since I know something about it. Denver incomes are NOT lower than LA incomes for the equivalent type of job, especially when you're talking entry level/ career developing jobs for young people. The salary levels are often very similar, and when you factor in the lower income tax rates and the much lower cost of living, in Denver you typically come out far ahead financially. LA, being a much larger city and being a higher caliber world city and business center, does have more high paying (which I'll losely definite as $100k+ a year) jobs than Denver. I know this because I live in Denver and am from Denver but went to school in LA and have a number of friends who live in LA.
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