In a bit of good news for area home buyers, the median home price in metro Denver remained unchanged in June, which may be a signal that the real estate market in the Mile High City is hitting its
Denver Doesnt Make The List For Affordability
The city of Denver makes a lot of lists, but unfortunately for buyers in this market, affordability isn’t one of them. That’s according to the second-quarter Attom Data Solutions 2018 U.S. Home Affordability Report, which states that the Denver area has nearly the lowest home affordability in the country.
Only one place as a lower affordability index, and that’s a county in Michigan, according to the report.
Attom said its affordability index (is) based on the percentage of income needed to buy a median-priced home relative to historic averages, with an index above 100 indicating median home prices are more affordable than the historic average, and an index below 100 indicating median home prices are less affordable than the historic average.
Attom estimated the median Denver County income was $67,678 and the second-quarter median sales price for a home was $441,000.
The problem of affordability is rising across the nation. In fact, Attom said that an average wage earner would not qualify to buy a median-priced home in 326 of the 432 counties (75 percent) analyzed in the report based on a 3 percent down payment and a maximum front-end debt-to-income ratio of 28 percent.
While the news may seem bleak for would be home buyers, there are still some great deals to be found in the Denver metro area. You just have to know where to look! Contact Metrowest today – we’d love to show you around!
DAVE NELSON, 4-time 5280 Magazine 5 Star Real Estate Professional. Dave’s career in real estate has chronicled more than 15 years. Known as a true real estate professional, Dave is experienced i....