In an economy where many people are scaling back and might even be considering the safety of renting over purchasing their homes across the nation, the Denver housing market is proving an exception to the rule.

According to Forbes magazine (in an article printed January 21, 2010 by Francesca Levy), the premium to buy—the spread between what a homeowner would spend to rent and what they’d pay for a mortgage—is much lower right now than the 15-year average in several cities - and Denver makes the list at number five.  Here in Denver, it makes more sense, dollar for dollar, to own your home, rather than rent. 

In determining what makes a city a smart one in which to buy a home, Forbes magazine computed the premium and also identified locales where economists predict home prices will go up the most over the next five years. The top 10 cities the magazine chose as the best places to buy right now are:

1. Boston-Cambridge-Quincy, Mass.
2. Charlotte-Gastonia-Concord, N.C.-S.C.
3. Chicago-Naperville-Joliet, Ill.-Ind.-Wis.
4. Cincinnati-Middletown, Ohio-Ky.-Ind.
5. Denver-Aurora-Broomfield, Colo
6. Minneapolis-St. Paul-Bloomington, Minn.-Wis.
7. Philadelphia-Camden-Wilmington, Pa.-N.J.-Del.-Md.
8. Portland-Vancouver-Beaverton, Ore.-Wash.
9. San Francisco-Oakland-Fremont, Calif.
10. Washington-Arlington-Alexandria, D.C.-Va.-Md.-W.V.

Making this top ten list is confirmation for what we’ve known all along - Denver is a great place to live, home values are holding relatively strong during this economic downturn, and prices are expected to rise into the future.  If you’ve been on the fence about whether to buy a home or continue renting, it seems the time to buy is now! And it’s not too late to take advantage of the $8000 first time buyer tax credit.

Let the experts at Bandy Homes help you find a great deal on your Denver metro area home!  Whether you’re looking to buy in Denver’s Washington Park area, or would prefer a home in Cherry Creek, we will be there for you every step of the way!

Marianne Bandy
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