Cost of living (Denver, Arvada, Loveland: real estate, rentals, condo)

[hoosierteacher]

I'm wanting to move to Ft. Collins and I'm worried about home prices. I've searched and it looks like about $175,000 gets you into something liveable. My wife and I are just out of college one year, I teach and shes in retail management. Right now we both make about 35,000 a year but she'll get a promotion that bumps her up to about $45-50,000 this spring. Can we make it on $70,000 to $85,000 a year?!?

[2bindenver]

Most lenders will lend based on your good credit and suffiecient income. Housing expenses are generally allowed to take up to 30% of your gross monthly income. There are a few banks that have special programs for teachers. Total debt (credit cards, student loan, car...) plus house can be a total of 35 to 38% of your income.

In short, yes you can live in a $175,000 house with that income, provided you have good credit and small amount of "bad" debt.

[hoosierteacher]

Would you say that $175,000 is about what you'd have to spend not to live in a dump?

175 buys alot where I'm at now about 35 miles north of Louisville. I'm in a 3 bedroom, 1 bath, basement 1970's home for $70,000.

I also lived in Bloomington for awhile. There a newer 3 bed, 2 bath, with about 1500 sq. ft. runs $135-$165. I'm not looking for a "dream" home by any means. Just a nice, clean, starter home.

[hoosierteacher]

anyone who lives in that area? thanks!

[Snowbird]

hoosierteacher, we moved to Arvada (a northern suburb of Denver) about 5 years ago and thought our upper limit of $175,000 would buy us a good place. Where we moved from (in Idaho) we had a nice 3 bedroon on 1/4 acre that we bought for $77,000. Were we in for sticker shock! To make a long story short, we paid $285,000 for our home and sold it 4 years later for $330,000. It depends on what you mean by a dump, but the front range of Colorado has some of the most expensive (non-coastal) real estate in the country. Check out a website like realtor.com. You can plug in locations and prices and see if it is what you were expecting. Best of luck!

[hoosierteacher]

Thanks for the tip. I had been searching cohomefinder.com. Realtor.com had a lot more listings, some that I hadn't seen on cohomefinder.com. I haven't seen anything listed thats not "in town". We can afford to live in one of the subdivisions easily, I just wonder how much more it would cost to live outside of Loveland/Ft.Collins?

[COflower]

hoosierteacher -- you really should connect with a realtor. Nothing like a realtor to give you the truth and they watch the market very closely.

I would give you some leads in terms of real estate companies but I don't think I can do that here. A realtor will get you into your market and with what you say, in Ft. Collins (price range and your income) may place you more into a condo or a townhouse. I can't say that for sure but please call up a few realtors and find one that you like. Look at the BBB to see what realtors are good ones. There's one that starts with r and ends with x that might help you. They are (mostly) good people and I have been dealing with them for years in my websites and with other things.

So yeah, find a realtor to help you out. Some are relocation experts and will help you with transitional housing (rentals) until you are ready to buy.

[hoosierteacher]

Thanks. I have already done that!