Where Denver-area starter homes cost at least $1 million
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At least three communities in metro Denver are on the growing list of U.S. cities and towns where a typical starter home costs at least $1 million, according to a recent Zillow report.
Why it matters: It's another reminder that homeownership in many places is slipping further out of reach, especially for younger people.
Zoom in: The three Denver-area towns where typical starter homes — defined as being among those in the lowest third of home values in a given region — are more than a million bucks are:
- Cherry Hills Village, $2.1 million
- Bow Mar, $1.6 million
- Columbine Valley, $1.2 million
The big picture: Nationwide, 233 cities now have million-dollar starter homes, according to Zillow's report — nearly three times as many as in March 2020.
- Half of all states have at least one such city, up from just 10 states five years ago.
Between the lines: While Denver proper isn't on that $1 million starter list, it's still far from affordable.
- Buyers need an annual income of nearly $127,000 to afford a typical starter home in the city, per Redfin figures.
- The median age of first-time buyers here is over 40, data shows.
What they're saying: Even renting remains out of reach for many, city leaders acknowledge.
- "Fifty percent of the people who rent in Denver … cannot afford to live in the city," Mayor Mike Johnston said last month at a community event.
The bottom line: Denver isn't cheap — but compared to its wealthiest southern suburbs, it almost looks like a bargain.