Getty images; Tyler Le/BI
Matt Hutton was living the millennial homeowner dream. He scrimped and saved until he was able to buy his first place in 2019, paying $324,000 for a two-bedroom townhome in a suburb west of Denver. When mortgage rates dropped to record lows during the pandemic, he refinanced to slash his interest costs. Then home values ballooned, enabling him to sell in August 2024 for a gain of roughly $150,000 in just about five years. Hutton and his wife parlayed those earnings into their own slice of the American dream: a bigger, newly built single-family house on a premium lot.
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