Spring is a popular home selling time, and though the Denver market is cooling slightly, buyers should still prepare themselves for the possibility of a bidding war. While the action here is slowing
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 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!
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 ....
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