It's a Good Time to Purchase an Investment Property
Millennials are Waiting Longer to BuyIn July 2016, U.S. homeownership rates hit their lowest percentage on record at 62.9%. What is the major cause of this trend? The dip in homeownership is most likely due to millennials waiting longer than ever to purchase their first home. Factors that influence the home buying decisions of the younger demographic are increased student debt, delayed marriage, and waiting to have children. As a natural result, this has impacted rent and vacancy numbers across the state. According to the Colorado Department of Local Affairs, vacancy rates have been declining since the 4th quarter of 2016. At the same time, the average rent reached an all-time high of $1,292.50 in the second quarter of 2016.
Now is the TimeNow, with historically low interest rates, it's the perfect environment to purchase an investment property. Whether you are looking to diversify your portfolio, or simply purchase a “Kiddie Condo” for your college-bound kid, now is the time to act.
The BenefitsInvestment properties can offer many benefits that you won’t see with the stock market or mutual funds.