Mortgage payments for the typical Denver Millennial household can become affordable within 33 months
A study from Trulia says that the risk young adults take on when buying a home in pricey metro Denver is low, and will pay off in under three years for the typical house.
"Denver is a market toward the lower end of how long it takes for mortgage payments to become affordable," Ralph McLaughlin, an economist with Trulia, told Denver Post.
Some lenders in the area are willing to fund borrowers with a debt-to-income ratio of up to 43 percent, far past the recommended 31 percent of monthly income.
Trulia’s data show how Denver differs from other pricey markets, such as San Francisco and San Jose, Calif., in that current rates of income growth can make the mortgage affordable within a few years.
Other expensive markets, such as New York, Honolulu, and Los Angeles, can require around 15 to 25 years before the mortgage payment becomes affordable.