Aurora, Colorado is situated east of Denver, and it is the 3rd largest city in Colorado. The area is known for its beer, gorgeous setting, and cultural attractions. IT is a military town, as it is home to Fitzsimons Army Hospital and Buckley and Lowry Fields. The outdoor recreational activities are endless. In fact, Aurora is considered one of the most active cities in the country. Youth sports are popular in the city, and the golf courses are some of the best in the nation. It is an excellent place to call home.
Demographics and Median Income of Aurora
The median household income of Aurora stands at $49,142. According to https://www.census.gov/quickfacts/table/PST045215/0804000, the population of the city is 359,407. 47.3% are the residents are white, 27.7% are Hispanic, and 15.7% are African American. 4.9% are Asian. The unemployment rate stands at 4.7%, and the people living below the poverty level is 15.3%.
Median Home Prices in Aurora
The city is creating new housing developments at a rapid pace. The cost of living in just slightly higher than the nation’s average, but it is a little lower than the state’s average. Agriculture, manufacturing, mining, and tourism are among the biggest contributors to the economy in Aurora. The median home price is $179,300. This is just a little higher than the national average.
Crime Rates in Aurora
Just over 12,000 crimes are reported in Aurora each year. About 1,660 of those are violent in nature. The crime rate is higher than the country’s average. The rate has increased some over the last year.
Schools in Aurora
The average test scores stand at 49%. This is quite a bit lower than the national average. It is also below the state’s average. Pine Ridge Elementary School and Grandview High School are two of the best schools in Aurora.
Mortgage Loan Options in Aurora
- Fixed-rate or adjustable-rate loans: Fixed-rate 30-year term is the most popular type of mortgage. With this loan, our rate will stay the same throughout the life of the loan. It will not increase or decrease. You also have the option to choose a 20, 15, or 10-year term. The shorter the term, the more money you will save throughout the life of the loan, but your monthly payment amount will be higher. An adjustable-rate mortgage offers less predictability. Your rate could increase or decrease. Some consumes get into trouble because they find themselves having trouble making the monthly payments if the rate increases. However, this could be a good option if you plan to stay in your home temporarily or if your interest rate is high.
- Government-Backed loans: Loans backed by the government in include VA loans, FHA loans, or USDA loans: VA loans are only available to those who have served in the military. The VA offers 100% of the financing. FHA loans are insured by the Federal Housing Administration. Many first-time homebuyers choose this option. You only need a 3.5% down payment, and the credit requirements are more flexible. The US Department of Agriculture offers USDA loans to people who make less money and live in certain rural areas.
- Conventional loans: These loans are not backed by the Federal Government. They are more difficult to obtain, but they might be cheaper. You might need a 20% down payment, and you need good to excellent credit.
One of the longest commercial streets in the country goes straight through Aurora, and the cuisine is mouth-watering. You will feel as if you were in paradise while living in the city. The people are friendly, and the atmosphere is stunning. If you need a home in Aurora, find the best lender available, and let them help you find the best loan for you. You can then enjoy living in the home of your dreams.