In Aurora, CO $318,700 is median home value. In Aurora, 8.2 percent is the amount that the value of homes has increased in the last year. There has been a prediction that 5.7 percent is the amount that the value of homes will increase in the following year.
This amount of increase in real estate value in a two year period makes it difficult for many people to enter the real estate market. The young adult who is new to the work market and has little or no savings, and not a high income, could especially find it difficult to be able to afford getting into the housing market.
In Aurora, per square foot, the list cost median is $221. The Metro Area of Denver-Aurora-Lakewood has a higher per square foot list cost average of $266.
In Aurora, $351,875 is the presently listed cost of homes median. For homes that have been sold, $314,100 is the cost of homes median.
$1,850 is the rent cost median in Aurora. The Metro Area of Denver-Aurora-Lakewood Metro has higher rent cost median of $2,000.
When it comes to the real estate economy, foreclosures are an important ingredient. The higher the foreclosure rate, the lower the value of property. The opposite is also true. The lower the foreclosure rate, the higher the value of property.
If a particular location has a very high foreclosure rate, the value of real estate could go way down. If much of our nation has a high foreclosure rate, the value of real estate could go way down in our nation. This is what happened in the recession of 2008 in which there were so many foreclosures in the United States that the value of real estate sank.
In Aurora for every 10,000 houses, 0.2 houses are foreclosed. The Denver-Aurora-Lakewood Metro Area has a lower foreclosure rate of 0.1 houses being foreclosed for every 10,000 houses.
When a homeowner is heading for foreclosure of their home, there is a first step that homeowner will experience—And that is mortgage delinquency. What is meant by mortgage delinquency? It means that the owner of the home skipped making a payment on their mortgage.
0.5 percent is the percentage of homeowners who are delinquent on their mortgages in Aurora. The USA has a higher mortgage delinquency rate of 1.1 percent.
As a result of the 2008 recession, the value of real estae dropped more than 20% in the United States. That recession affects quite a few homeowners because it caused them to currently be underwater regarding their mortgages.
What does it mean to be underwater regarding a mortgage? It means that the homeowner owes more on their mortgage than the value of their house.
In Aurora, 4.5 percent of owners of houses are currently experiencing being underwater on their mortgage. The Metro Area of Denver-Aurora-Lakewood has a lower underwater rate of 3.9 percent.
Being underwater on a mortgage is a very negative place to be financially. For the homeowner it means being in the hole financially on their house. It is particularly difficult for the family that is struggling financially and needs to move.
Not only does this family have the expenses of selling their home, but they also are likely to have the expense of owing the bank money in order to sell their home.
For this reason, homeowners may want to have second thoughts about getting a 2nd mortgage to avoid going underwater on their mortgage. This holds true especially if a 2nd mortgage puts them in a position of having little equity on their home. If the value of their property should plunge, they could end up being underwater on their mortgage.
Homeowners might also consider putting a healthy amount down on their property. This makes them less vulnerable to becoming underwater on their property should real estate values drop.
The median annual household income in Aurora, CO is $59,467.