How Much Do You Need To Make To The Buy A House Denver

Dated: 11/26/2018

Views: 164

Image titleAccording to a recent analysis from HSH.com,  the nation's largest publisher of mortgage and consumer loan information, the salary needed to afford the typical home in metro Denver is catching up to Washington, D.C., and already exceeds Miami, Portland, and Sacramento. So just how much do you need to pull in annually to afford the average place in Denver?

Keith Gumbinger, HSH.com’s vice president, calculates a metro Denver buyer in the third quarter needed to earn $91,276.61 to afford a loan on the median-priced home, which the National Association of Realtors lists at $450,100.

That puts Denver at the 9th highest salary requirement among the 50 large metros included in the survey, and this assumes buyers put 20 percent down. If they only put 10 percent down, then the salary requirement increases to $105,319.45 in metro Denver. The estimate also used a 4.69-percent interest rate on a 30-year mortgage.

Over the past year, metro Denver’s median home prices are up 7.65 percent, while the salary required to purchase that median home in Denver is 14.9 percent higher. The difference can be explained by higher interest rates.

Just ahead of Denver in the rankings for income required were New York City, Seattle, and Washington, D.C.

While affordability may be on the decline in Denver, there are still some really solid deals to be found for potential buyers. That is if you know where to look. If you’re on the hunt for a house in the Mile High, contact Metrowest. We’d love to show you around!

Blog author image

Brent Sena

Brent was born and raised in Colorado and enjoys all that the state has to offer. Brent is a graduate of Metropolitan State University of Denver, where he received a BS in Business Management. After ....

Latest Blog Posts

Denver Market Sees Another Cool Down In November

 Denver home sales cooled a bit in September but seemed to stabilize in October of this year. However, according to the most recent report from the Denver Metro Association of Realtors (DMAR),

Read More

Denver Real Estate Forecast For 2019

According to a recent analysis from realtor.com, metro Denver home sales could slow significantly next year, but the decline in activity won’t necessarily derail home price gains as existing

Read More

How Much Do You Need To Make To The Buy A House Denver

According to a recent analysis from HSH.com,  the nation's largest publisher of mortgage and consumer loan information, the salary needed to afford the typical home in metro Denver is catching

Read More

Denver Ranks High Among Single CareerMinded Women

According to a new report from owners.com, a tech-driven online real estate brokerage, Denver is a highly-sought after city for working single women.If you’re looking for the number 1 spot, that

Read More