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Report: Denver's average rent now more than the median mortgage payment

Added 11-29-21 02:23:01pm EST - “Denver's average rent is now greater than the city's median mortgage payment, according to the latest monthly market data from Seattle-based real estate company Redfin.” - Washingtonexaminer.com

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Posted By TheNewsCommenter: From Washingtonexaminer.com: “Report: Denver's average rent now more than the median mortgage payment”. Below is an excerpt from the article.

Denver’s average rent is now greater than the city’s median mortgage payment, according to the latest monthly market data from Seattle-based real estate company Redfin.

According to the data , Denver’s average rent increased 19% year-over-year in October to $2,533 per month. For comparison, a homebuyer who purchased a home with a 5% down payment is making a medium mortgage payment of $2,143 per month, a 16% increase from last year.

The average rent in the 50 largest metropolitan areas surveyed by Redfin increased by an average of 13% to more than $1,800.

Twelve of the 50 metros surveyed saw their rents increase by more than 30%. Miami, Fort Lauderdale, and West Palm Beach, Florida led the way at a staggering 35.8% annualized increase.

While the news may be good for some landlords, Redfin’s chief economist Daryl Fairweather argued that the rent increase could add to the inflation woes many businesses are feeling.

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