Author Topic: Boulder Affordable Housing???  (Read 2248 times)

emptymusic

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Boulder Affordable Housing???
« on: September 19, 2014, 01:35:23 PM »
Just relocated from Indiana - still in shock with housing prices. Right now we are renting, but with rent going up around the region, we are considering buying. Anyone have experience with Boulder Affordable housing? I realize it isn't a crazy return for an investment vs buying a conventional home, but it allows me to live near work and bike commute.

We've also been looking at homes in Longmont - MMM headquarters, Lafayette, and other surrounding areas, but would love to drop to one car and bike to work.

Thoughts?

emptymusic

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Re: Boulder Affordable Housing???
« Reply #1 on: September 19, 2014, 09:00:15 PM »
I'm in the application process now, so I'm hopeful right now that I'd qualify. If I were to get in, i understand that I won't be looking at as much as an investment but it cuts my housing costs in half by being in the program and it gets me out of renting which seems to be going up each year.

Mostly looking for feedback from anyone who may have experience with the program. Regret it or love it?

waltworks

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Re: Boulder Affordable Housing???
« Reply #2 on: September 19, 2014, 10:19:11 PM »
Fire up the NYT rent vs. buy calculator but set your home appreciation to inflation (~2 percent or something). I have a hard time (as a former Boulder landlord, no less) that owning a home, even in the affordable housing program, makes sense vs. renting. What does even the crappiest of Martin Acres places cost now? $500k?

-W

monarda

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Re: Boulder Affordable Housing???
« Reply #3 on: September 20, 2014, 10:12:04 AM »
What does even the crappiest of Martin Acres places cost now? $500k?

-W

!!!!
I rented a Martin Acres 3BR place through most of grad school. Started at $600 per month (1986) and we moved out (I bought a condo) when it was going to go up to $1100 (talk about a rent increase for grad students!). Rents are $1500-$2000 now (according to rentometer.com).  Not surprised if those places would be $500K!

AdventurousZ

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Re: Boulder Affordable Housing???
« Reply #4 on: September 22, 2014, 08:27:09 AM »
I have a bunch of friends who has used the Boulder Affordable Program to buy and all of them love it. They still appreciate 1-3% a year, which is better than most places over the last few years. My friend got a brand new 2bd/2ba 10 yrs ago for $100k, it's now worth $175k in the affordable program. If you can qualify, go for it! It's a great way to save, build equity, etc.