NeighborWorks America CEO Gives Advice to Potential Denver Homeowners
According to Porch, Denver has the 11th most expensive homes in the U.S. — and it doesn't look like that will change anytime soon.
A new report from Patch.com revealed that the cost of owning a home in Denver has increased by over 13% since March of last year. When paired with financial hardships caused by the COVID-19 pandemic, this is a daunting statistic.
"There's a lot of interest [in homeownership] and, as a result, home prices have gone up, primarily because there is just a general lack of inventory," Marietta Rodriguez, CEO of NeighborWorks America, a non-profit dedicated to housing affordability, said in our "Tuned In to NoCo" interview. "There was a lack of inventory pre-pandemic, and the pandemic has just exacerbated that problem."
In fact, NeighborWorks America's 2021 Housing and Financial Capability Survey discovered that 73% of people will take longer than six months to recover from pandemic-related financial challenges. Despite this, 1 and 3 Americans are still interested in homeownership.
Thankfully, this difficult climate doesn't make owning a home impossible. There are available resources, like HUD-approved housing counseling agencies, that can help potential homeowners develop a home-buyer plan.
"Right now is very tough, I will admit. But again, working with a housing counseling agency can help you time that purchase so that it is the best time for you," said Rodriguez. "And we have several in the Denver market you can work with."
Find a list of NeighborWorks America network organizations in Denver here.
Learn more about NeighborWorks America's survey by listening to the full "Tuned In to NoCo" interview with Marietta Rodriguez below.
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