Many would say that being a homeowner is a part of the American Dream. However, in the past decade, there has been a steady increase of home renters from all age groups, up to the upper-middle class. Prompted by the recession of 2008 according to some experts, they predict this trend continue, stating that cities with more homeowners are more inflexible to the demands of the knowledge economy.
For supercities and tech hubs like New York, Los Angeles and Silicon Valley, renting seems to be more practical, a necessity even, but other US cities may offer more leeway. After all, wanting to own a home is rarely just about getting a place to hang your hat at the end of the day. To have a familiar and intimate place of refuge where you can grow old and raise a family, and maybe something to pass onto the next generation, the experience of living in a place you call your own is vastly different from one that you just rent.
Now if you’re considering moving to Denver, you might find that buying and owning a home might be more advantageous to your situation. Here are some things to consider:
Rent is still going up in Denver
Rent has been rising in Denver and is expected to continue to do so this 2017. With 2016’s short-lived, month-after-month decrease ending last January, rent came back at a 2.7% increase is predicted to go up to 5% for the year. The completion of new apartment units this year versus the momentum of the local economy will be the major determining factor that will affect rent growth.
You get tax breaks for owning a home
A Denver homeowner can take advantage of several tax deduction that adds up to a significant sum. Some of these are:
- Home Improvement Tax Deduction
- Home Equity Loan Interest Deduction
- Property Tax Deduction
- Mortgage Interest Deduction
- Energy Efficiency Deduction
- Home Office Expenses Deductions
There can be other deductions aside from these depending on the homeowners circumstances.
300 Days of Sunshine
It has been a popular misconception that Colorado is always cold, but Denver actually gets a lot of sunshine, 300 days of it! Aside from the occasional bouts of snowstorms, the nice weather and clean air is something that a lot of other cities in the country envy, and is the reason why a lot of people come to stay for good.
Named U.S. News #1 Best Places To Live In 2016, there are in fact, so many more reasons why you should consider being a homeowner, and a permanent resident of Denver – it’s a craft beer mecca, the assortment of free public parks, the bike culture, the flourishing art and music scene, the world-class ski resorts, the excellent global cuisine… perhaps too many to mention, so if you think this is a kind of town where you’d want to put down your roots, check out the infographic “Five Reasons Why You Should Move To Denver” by Clean Conscience Home Cleaning and Denver Party Ride.