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Centenial Colorado. Expanding homeownership opportunities, by Walter Huff.
Centennial Colorado
Expanding homeownership opportunities to the minority in the state that has the 11th lowest homeownership rate
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By Walter Huff
C
entennial is one of the best places to live in Denver.
9 out of 10 respondents rate the overall quality of life as good and excellent in research conducted in 2016 by the National Research Center. People living in Centennial experience a dense suburban feel, and most residents own their homes. Most people are attracted to many restaurants, public schools, parks, and coffee shops in Centennial. In 2021, the homeownership rate was 64.9% by the second quarter, according to the U.S. Census Bureau. This was a decline from the 71.6% homeownership rate in 2015. Centennial is among the bottom-ranked in homeownership in the United States. But this is an isolated city problem, but generally, Colorado also has the 11th lowest homeownership rate in the country. Two thousand twenty home listings dropped by 1.8% in Centennial compared to 2019, where there was an increase of 17.7% in home listings. The median home price in April 2022
was $625k, which was an increase year over year. Because Centennial is a sellers’ market, home prices will continue going up, which explains the 17.7 percent increase.
Population growth in Colorado is growing steadily, which means that demand will keep rising. In terms of ethnic composition, the white population in Colorado is 84.18%, the black population is 4.07%, and the Asian population is 3.03%. Hispanic are 18.7%, while Alaska Natives alone, 1.1% and 0.2% are Native Hawaiian.
To expand homeownership for the minorities in Centennial Colorado, the president set a goal to increase homeownership for the minority by 5.5 million families. To achieve this homeownership challenge by the minority, the president joined with several companies and organizations committed to increasing homeownership for the minority groups. He also signed the American down payment act for $ 200 million per year, and it has helped about 40,000 families with their down payment and closing cost. In addition, the president proposed a $2.7 billion USDA loan guarantee to support homeownership among the minority groups. To low-income borrowers who cannot secure a mortgage via a convectional lender are supported by these programs from the state and federal government. As a result, more homebuyers can buy homes in Centennial, and homeownership is at a high rate.
Centennial homeownership is increasing at a high rate because of the improved financial status of households associated with higher income and an improved economy. Improvement of the employment rate has increased homeownership because people can afford to buy a home to live in centile. Property values are also expected to rise. People in the construction are expected to put an extra effort into improving house supply in the future.
