According to a new study, Denver County has the second-worst home affordability of nearly 450 counties analyzed across the U.S. Not that we need to tell you that: For at least ten years, we've seen home prices climb and climb and more affordable abodes become a thing of the past.
Here's what readers had to say about the disturbing study results:
There’s a lot of people who would move but it’s simply not an option because it requires extra money that nobody has after paying for basic living expenses.
Have you gotten a two week notice to vacate your premises? Are you part of at risk, elderly, and low income that were pushed out of their homes as a result of gentrification? NO? Well then — STFU. If you cant handle other people having issues with whats been happening in Denver, then maybe YOU need to move, not them.
Nobody is going to change it. Americans will literally become priced out of both rental & ownership markets & over 50% of citizens will become transient. Then there will be rich & poor, housed & unhoused, upstairs/downstairs. Pretty simple.
It’s not that outside buyers are willing to pay more than locals. It’s that outside buyers are coming in with more money. Locals aren’t so well off that they can compete with the wealthy who are trying to gentrify.
Doesn’t this stat show that our affordability has gotten worse faster than most of the nation? Not that we are among the least affordable? That is a completely different metric. May still be bad, but no way to know from this metric?
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The big reason for our affordability issues? Over the past nine years or so, median home prices in Denver County have risen 215 percent, but during the same period, average wages have only gone up 17 percent.
"That's the evidence of the imbalance," says Daren Blomquist, senior vice president of ATTOM Data Solutions, which just released a comprehensive report about home affordability nationwide. "The numbers are almost absurd."
ATTOM's data crunchers calculate home affordability based on a number of factors, including annualized weekly wages and the percentage of annualized wages needed to purchase a home in a given area. They then assign a number to each county, with 100 serving as the base line. In counties that score above 100, homes are more affordable by comparison with historical average since the first quarter of 2005, when ATTOM started tracking the stats, and less affordable in counties that register less than 100.
Do you think Denver has become too expensive? Let us know in a comment or at email@example.com.