Denver ranks as third most desirable city for homebuyers despite high costs

Denver remains a popular destination for homebuyers but rising prices and high interest rates make homeownership increasingly arduous While of Americans are willing to relocate for affordable housing a large number of Denver residents struggle with critical mortgage debt Denver s ongoing popularity A JW Surety Bonds account shows Denver ranks as the third the majority desired city to buy a home For millennials Denver ranks No According to the account of Americans say they d move to another city to afford a home complain that home prices are too high think mortgage rates make monthly payments unaffordable would move out of state while nearly in would buy internationally would choose a smaller home would consider co-buying with friends or family to make ownership feasible would get a second job or a side hustle Denver ranks as an unaffordable area A WalletHub analysis of home prices in markets from the first quarter of to the first quarter of shows Denver ranks th for affordability Another WalletHub assessment analyzing mortgage debt trends for the third and fourth quarters of shows Colorado ranking th for states that have added the the bulk mortgage debt A account by Clever shows that only Detroit and Pittsburgh pay residents median salaries high enough to afford a median-priced home The description also reveals that the West is home to seven of the largest part unaffordable cities based on median income and home prices Colorado ranks th on that list While Colorado s median income is higher than the U S median of the state s median home price of significantly exceeds the U S median of To afford a median-priced home in Colorado with a down payment home buyers need an annual income of creating a gap of from the actual median income Using the current median income Colorado homebuyers could only afford a home costing Mortgage debt burden A Highland Cabinetry survey ranked the U S states the majority burdened by mortgages in based on factors such as homeownership rates median home prices mortgage rates average debt and salaries to calculate the debt-to-salary ratio for the rankings California is the bulk mortgage-burdened state with a debt-to-salary ratio of meaning residents mortgage debt nearly equals their entire annual salary Colorado isn t much better ranking second with a mortgage-to-income ratio of The examination shows Colorado homeowners have an average mortgage debt of Although Colorado s home prices are lower than those in California they are still substantial at a median price of The news and editorial staffs of The Denver Post had no role in this post s preparation