While 2016 seemed to be an amazing year for real estate and business growth in Colorado, 2017 is on track to not disappoint. While we may cringe at the following statistic when it comes to traffic and congestion, Colorado’s net migration hit an all time high last year of 45,000 new people. 2017 is expected to bring slightly less at 40,000. A good sign for the long term economic health of the state is with so many millennials coming to Colorado, they will hit their income potential years of 35 to 55 over the next 10-15 years, so they will be here when they start to make real money! Another statistic according t the Colorado Real Estate Journal is that 2017 will see Colorado in the top 10 for employment.
This is good because as inflation increases all of us will need to make more money to retire. In 1980, a person needed $763,395 to have $100,000 in interest income per year. By 2000, you needed $2 million in the bank to earn that same $100,000 in interest. Today, you need $14 million! So while low interest rates make it so that now is THE BEST TIME EVER TO BUY A HOME, it also makes it much more difficult to save.
If you have any questions about this information, or would like to chat about how this will affect real estate in the Northern Colorado area this year, give me a call!