Oct 8, 2024 - News
You'll need $127K a year to buy a starter home in Denver
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Denver is one of 21 major U.S. metros where buyers need at least a six-figure income to afford the area's typical starter home, according to Redfin's latest analysis.
By the numbers: Only 10% of metro Denver starter-home listings are affordable for middle-income households, the report shows.
- As of August buyers needed an annual income of nearly $127,000 — down 1.5% from a year earlier — to afford the metro area's average starter home, priced around $412,000.
Yes, but: Despite the slight dip in Denver home prices as the housing market stabilizes, it's still challenging to be a first-time homebuyer.
The big picture: The income required to afford a starter home is nearly two-thirds higher than the national average of $77,000.