Business

How Many People in Denver Who Want to Buy a Home Can't Afford One

Earlier this year, Realtor.com named Denver one of the ten best U.S. cities for singles wanting to buy a home.

But according to a new study by Zumper, a website focusing on housing and rentals, plenty of them won't be able to afford such a purchase once they arrive here.

In part one of a renter survey headlined "The American Dream Is Alive, But Out of Reach for Many," Zumper collects data from fifteen major markets, including Denver. Among the questions posed to more than 6,000 of the site's users: How many of you want to buy a home, and how many of you will be able to afford a mortgage?

The answers land Denver among the places with the largest gap between the desire for home ownership and the ability to make it a reality.

Why? Zumber marketing associate Crystal Chen drills into the data after the following countdown, with the cities ranked from those with the smallest discrepancy to the largest.

Number 15: Austin
Percentage of people who want to buy a home: 94.3 percent
Percentage of people who are able to afford a mortgage: 72.1 percent
Difference: 22.2 percent

Number 14: New York City
Percentage of people who want to buy a home: 89.8 percent
Percentage of people who are able to afford a mortgage: 66.8 percent
Difference: 23 percent

Number 13: Chicago
Percentage of people who want to buy a home: 89.2 percent
Percentage of people who are able to afford a mortgage: 63.4 percent
Difference: 25.8 percent

Number 12: Atlanta
Percentage of people who want to buy a home: 83.8 percent
Percentage of people who are able to afford a mortgage: 57.4 percent
Difference: 26.4 percent

Number 11: Washington, D.C.
Percentage of people who want to buy a home: 90.5 percent
Percentage of people who are able to afford a mortgage: 63 percent
Difference: 27.5 percent

Number 10: Las Vegas
Percentage of people who want to buy a home: 88.5 percent
Percentage of people who are able to afford a mortgage: 55.9 percent
Difference: 32.6 percent

Number 9: Dallas
Percentage of people who want to buy a home: 97.2 percent
Percentage of people who are able to afford a mortgage: 63.2 percent
Difference: 34 percent

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Michael Roberts has written for Westword since October 1990, serving stints as music editor and media columnist. He currently covers everything from breaking news and politics to sports and stories that defy categorization.
Contact: Michael Roberts

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