Denver Tops The List
Should come as no surprise that according to a recent Realtor.com article Denver is one of the most desirable places to live right now, topping America’s top cities list. According to the article the capital of Colorado is the top migration center in the nation.
Move Settle Buy Next
The article states many rent just long enough to learn the area, before becoming home owners. The reason being the exorbitant cost of rent. An average two bedroom rental is fetching $1,352. I would hazard a guess that is probably for a one bathroom and limited parking (i.e. off street or only one designated space). Renting along the Front Range can be challenging to young people just moving into the area. It is much more expensive here than say, Orlando Florida which the article bills as a spot people are fleeing.
In any event, a good number of young people move to the area, get settled and then purchase a home. With more and more people relocating to the area, it makes good financial sense to buy into this real estate market and start gaining equity. And home mortgage rates remain super low, under 4% as I jot this blog.
Local Versus National
But I have to take issue with the article as well. And this reminds me to mention – real estate is hyper local.
The author of the article suggests recently relocated Coloradans are turning to smaller cities for home purchases – such as Boulder. Well, Boulder Colorado is smaller than Denver — Erica Sweeney got that part right. But price-wise, Boulder outstrips Denver in a heartbeat.
The median home price in Boulder is tad north of a million bucks. And inventory is very tight several years running now.
Permanently Affordable Program Grown From Skyrocketing Home Prices
Housing can be so shockingly expensive here that it should be no surprise we have a city-mandated Permanently Affordable Program. The PA program critically assists would-be home owners seeking a place within reach. Boulder is certainly not a city people turn to in order to find affordable homes when moving from Denver. It is more the reverse in fact.
Plenty of would-be Boulder Colorado home owners buy in Denver to find affordable places to call home.
Having A Local Real Estate Agent Pays For Itself
This is reflective of why it is so important to have a local agent – someone who really knows the market to best assist you. Moreover, much of the Front Range continues to experience a Sellers Market. Meaning a home buyer can run into multiple offers, frequently for better than full price. Knowing how to navigate this common occurrence can make the difference between buying your dream home and watching someone else move into it!
I have proven strategies to win in a multiple offer scenario, sometimes without having the highest or best offer! Give me a shout to discuss your home buying needs today.
Denver, Boulder, Fort Collins and Denver are strong tech hubs. Compared to places like LA and San Francisco, the cost of living is much more affordable here. So while home prices can be shocking compared to, “back home,” young tech workers love Boulder for its relative affordability compared to, say, Silicon Valley.
Meanwhile, back in Orlando, a city young people are fleeing, rental prices remain high and most of the jobs are centered on low wage tourism opportunities. For the Florida crowd really looking to stay in the area, Saratoga, Miami and Tampa are the big draws.
Side Note: Boulder has a thriving tourism scene. Read up on it with this economic review I did awhile back.
Americas Top Cities
- Denver, Colorado
- Baltimore, Maryland
- San Diego, California
- Tampa, Florida
- San Francisco, California
- Boston, Massachusetts
- Seattle, Washington
- Charlotte, North Carolina
- Houston, Texas
- St. Louis, Missouri (Go Chiefs)