The cost of entry to Denver home ownership
Source: Bill Hethcock and Denver Business Journal Staff of the Denver Business Journal
John Burns Real Estate Consulting has analyzed 130 metro areas in the United States for what percentage of their residents can afford an entry-level home in that metro. The report considered a home priced 20% lower than the median in that area as entry level and assumed a 5% down payment. It features an interactive infographic which allows you to compare Denver with other major metros across the country! Denver, with 50.2% of it’s residents able to afford a home in this range, is much more affordable than cities like San Francisco (11%), NYC (36%) and Boulder (40%), but less so than Boston (51%) and Chicago (59%) and several other metros.
Just how big is the barrier to entry to owning a home in Denver? Here are some numbers for the five most expensive zip codes in the city:
Cost of Entry in Denver's Most Expensive ZIP Codes
| ZIP Code | Denver Neighborhoods within ZIP Code | Median Home Value | Monthly Mortgage Payment | Minimum Salary Required |
|---|---|---|---|---|
| 80238 | Stapleton | $592,600 | $2,989 | $119,579 |
| 80210 | Platt Park Rosedale University | $603,900 | $3,046 | $121,860 |
| 80230 | Lowry | $626,300 | $3,159 | $126,380 |
| 80206 | Congress Park Cherry Creek | $664,800 | $3,354 | $134,148 |
| 80209 | Wash Park | $724,900 | $3,657 | $146,276 |
Looking for a neighborhood that’s more friendly to your pocketbook? Reach out to our team and we’d love to help you find your next place.
As metro Denver home prices continue to rise, one builder’s answer is to go smaller
Source: Aldo Svaldi of the Denver Post
Anyone with a “Native” bumper sticker can tell you how fast home prices have risen in the past decade. The median price is now over five times the median household income, a new record which has economists scratching their heads. This article touches on a frequently overlooked contributor to our current home prices: the size of new homes. With new homes going bigger and bigger in scale, some developers are focusing on building smaller homes to be able to reach the “median” Denver residents.
Read more about the reasons for the rise in Denver home prices and how one developer, Mission Homes, is thinking small in the full article below!
“There’s speculators buying up houses:” Denver’s East Colfax braces for transit, density and displacement
Source: Andrew Kenney of the Denver Post
Denver government and development reporter Andrew Kenney believes, “East Colfax is the next frontier.” From small-scale home-flippers, to development firms, to the City of Denver, investors have big plans for this neighborhood. The danger, as it always is with development, is displacement. Can the City of Denver and its housing market players revive this area’s businesses and public transportation? And, can they do it without destroying one of Denver’s last pockets of affordable housing? Read the full article below to learn more!
Curious what’s for sale in this neighborhood? Find out here:
Trying to sell a home in Denver? Ditch the carpet, shag or otherwise.
Source: Aldo Svaldi of the Denver Post
Companies that buy homes directly from sellers in enormous quantities have surged in popularity by simplifying the process for the seller. One of the most prominent companies with this model is Opendoor, who collects data on what home buyers are looking for — and what they’re not. Carpeted floors are at the top of Opendoor’s “not” list. Read the full article to see how much money carpet could knock off your sale price and what else Opendoor recommends avoiding.
Investors flip housing markets, and home buyers are reeling
Source: Ben Casselman and Conor Dougherty of the New York Times
Competition from investors has made the already tough housing market even more difficult for first time home buyers. Anyone who has ever seen HGTV knows the appeal to flip homes has been glamorized and popularized, and now big time Wall Street investors have entered the game. Last year, investors bought one out of five starter homes in the U.S. This is pushing prices up rapidly in areas of future growth. Coupled with their ability to pay with cash and sit on homes until they are double in price, first time home buyers have an added competitor.
To hear more about where investors are honing in on homes, read the full article below.
Here’s How Much More Homes with a Garage Sell for in Denver
Source: Carley Milligan and the Denver Business Journal Staff
It probably comes as no surprise that homes in Denver with a garage are selling at a higher rate than those without; but just how much higher? A whopping ten percent! For an average home in Denver, that’s roughly $35K extra for a roof over your car. For cities like Chicago, it’s an even more sought after commodity, where the snow fall (and lack of sunshine to melt it away) makes it less inviting to be outside and a real challenge to scrape off your car.
Check out the full article below for more information on where in the U.S. a garage will get you the most return!
New Census data: See How Denver’s Population Growth Compares to Other Large Metros
Source: Rebecca Troyer of the Denver Business Journal
The Denver metro area saw another jump in population, by an estimated 1.53% from 2017 to 2018. This data probably does not raise any eyebrows of anyone commuting to work on I-25. Greeley, CO, came in at No. 7 for fastest growth of metro’s nationwide.
Dive into the full article below for a comparison of Denver’s growth and that of other U.S. metros!
The 25 Best Places to Buy a House in the Denver Area
Source: Denver Business Journal Staff
Denver metro’s median home price jumped above $500,000 last month, strengthening Denver’s already highly sought after market. For a new home buyer though, searching in the Denver area might seem like a daunting job. Luckily, the Denver Business Journal has teamed up with Niche to showcase some neighborhoods with affordable prices, good schools, and great safety scores. Here are their picks within Denver County and what’s currently available for sale:
- #24 – Skyland
- #23 – South Park Hill
- #12 – Wellshire
- #10 – Stapleton
- #6 – North Park Hill
Denver’s Cole, RiNo neighborhoods set for dramatic redevelopment
Source: Matt Mauro of Fox 31 Denver
New projects, like the in-progress Denver Rock Drill renovation, are reshaping the city’s Northeast corridor. RiNo residents Kerry and Jay, interviewed by Fox 31, are excited for the change, but don’t love the construction. Cole and RiNo locals who tough out the noise and debris of redevelopment will be rewarded with more green space and exciting new neighborhood restaurants and bars. Watch and read the full story below.
$4M Cheesman Park Mansion Tops Local Home Sales in March
Source: Libby Flood of the BusinessDen
Fetching the highest sales price in the Denver Metro area for March was an 8,775 square foot mansion at 860 N. Vine Street. The buyers were represented by our very own Rebecca Cooper! The home, fortified by beautiful red brick, features historic details dating back to the 1920’s. Read the full article to find out more about this stunning home.