Some frustrated homebuyers may wish they could build a time machine and go back a year, even six months.
Between much higher home prices and sharply higher interest rates, the monthly payment on a typical home purchased in metro Denver last month was 54.5% higher than it was in May 2021, according to an updated study from Seattle-based real estate research firm Zillow.
That “typical” payment in Denver hit $3,394 a month in May, which is above the national average of $2,031 and above the typical rent payment in metro Denver of $1,988 captured in the Zillow Observed Rent Index. Rent inflation is running 14.2% a year in metro Denver, a fraction of the 54.5% gain seen in home payments on new purchases.
