A new joint analysis by ATTOM Data Solutions and Down Payment Resource found that first-time homebuyers in Denver — the least affordable market in Q1 2017 according to the ATTOM Affordability Index — can increase their down payment on a median-priced home by $13,900 (129 percent above just the minimum 3 percent down) and save nearly $5,000 in monthly house payments over the next five years by taking advantage of just one out of 89 down payment assistance programs available to home buyers in Colorado.
“With Denver-area rents rising at nearly four times the rate of wage growth and home prices rising at 10 times the rate of wage growth over the last five years, prospective first-time home buyers are faced with a long and steep uphill climb to attain homeownership. This analysis demonstrates that down payment assistance programs can provide a substantial lift and make that climb faster and less strenuous,” said Daren Blomquist, senior vice president, ATTOM Data Solutions.
Median home price data collected from publicly recorded sales deeds by ATTOM Data Solutions along with average weekly wage data from the Bureau of Labor Statistics and mortgage interest rate data from Freddie Mac were used to calculate home purchase affordability. Average fair market rents were from the U.S. Department of Housing and Urban Development, and millennial population data was derived from Census Bureau data. For purposes of this report, a millennial is defined as anyone born from 1979 to 1994.
By Jennifer Von Pohlmann