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Get smarter, faster about what’s happening in your backyard with local reporters John Frank and Alayna Alvarez.

Axios Denver

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Axios Denver Thought Bubble

Denver locals need to earn 38.7% more than a year ago to afford the region's median-value home, per the latest analysis by real estate company Redfin.

The big picture: The income necessary to pay for a home in metro Denver has soared as limited inventory and strong demand have driven up sale prices, and surging mortgage rates have made home loans more expensive.

Why it matters: Wages and salaries are not growing at that pace, further constricting entry into the housing market.

By the numbers: In March 2021, hopeful homebuyers had to earn at least $80,161 to afford the median home for sale in the metro area, Redfin found.

This March, you needed to make no less than $111,213.

For a median sales price home of $600,625, a monthly mortgage, with 5% down, jumped from $2,004 to $2,780, per Redfin.

Of note: A monthly mortgage payment is considered affordable if the homebuyer spends no more than 30% of their income on housing.

Meanwhile, wages grew 5% nationwide over the same period, according to the Bureau of Labor and Statistics.

Median household income in the Denver metro is $83,289, newly released census data for 2016-2020 shows.

Zoom out: Across the U.S., buyers need 34% more income to afford a home, Redfin found.

What they're saying: "Housing is significantly less affordable than it was a year ago because the surge in housing costs has far outpaced the increase in wages, meaning many Americans are now priced out of homeownership," Redfin deputy chief economist Taylor Marr said.

Locals need to make more money to buy a home

Wages and salaries are not growing fast enough to keep up with surging home prices, further constricting entry into the housing market.

Illustration of a gold-plated house-for-sale sign.

Denver locals need to earn 38.7% more than a year ago to afford the region&#x27;s median-value home, per the latest <a class="gtmContentClick" data-vars-link-text="analysis" data-vars-click-url="https://www.redfin.com/news/homebuying-affordability-march-2022/?utm_source=newsletter&amp;utm_medium=email&amp;utm_campaign=newsletter_axiosmarkets&amp;stream=business" data-vars-content-id="03eb69df-cb3b-4d7e-afb2-6901f950f9ad" data-vars-headline="Locals need to make more money to buy a home" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.redfin.com/news/homebuying-affordability-march-2022/?utm_source=newsletter&amp;utm_medium=email&amp;utm_campaign=newsletter_axiosmarkets&amp;stream=business" target="_blank">analysis</a> by real estate company Redfin.The big picture: The income necessary to pay for a home in metro Denver has soared as limited inventory and strong demand have driven up sale prices, and surging mortgage rates have made home loans more expensive.

News

Real Estate

Axios Denver, anchored by John Frank and Alayna Alvarez, is here to help readers get smarter, faster on the most consequential news and developments unfolding in their own backyard.

Did someone say rooftop? Enjoy a drink with a view at these spots as the weather heats up.

Why it matters: Lofty bars and restaurants are multiplying as new developments crop up across the city.

Details: Bring a group and compare notes on the terrace's 56 different self-pour taps.

Go when: You want to set up camp at a long table on a good weather day.

People eat a variety of foods on a rooftop

Eat and drink al fresco. Photo courtesy of Dakota Thornton, The Golden Mill

Details: A top-tier boozy brunch spot inspired by kitchens around the world. 

Bonus: Not far away is sister restaurant El Five, serving small plates with flavors from Spain, North Africa and the Middle East. 

A look inside Linger. Photo: Cyrus McCrimmon/Getty Images

Details: An upscale perch slinging craft cocktails and skyline sights atop Le Méridien downtown.

Go when: You want a special date night experience or a celebratory drink. 

The unbeatable view at 54Thirty. Photo courtesy of Wes Anderson, Le Méridien Denver Downtown

3 must-try rooftop bars in Denver

Enjoy a drink with a view at these spots as the weather heats up.

Firepits on a rooftop in front of the mountains

The outdoor rooftop at The Golden Mill. Photo courtesy of Dakota Thornton, the Golden Mill

Did someone say rooftop? Enjoy a drink with a view at these spots as the weather heats up.Why it matters: Lofty bars and restaurants are multiplying as new developments crop up across the city.

Things to Do

Food and Drink

Denver is getting mixed reviews when it comes to two of our favorite things: biking and parks.

What's new: The city ranks as one of the best — No. 3 — for bikers in the U.S., according to a WalletHub report analyzing infrastructure, hills, destinations, road connectivity and the number of bike commuters.

Yes, but: Another recent ranking doesn't list Denver as a bike city, instead giving Boulder and Fort Collins the edge.

What's more: Denver once again landed at No. 18 on the Trust for Public Land's new rankings for parks released Wednesday. 

Aurora placed 33rd and Colorado Springs 58th, both declines from a year ago.

The latest: Bicyclists in Colorado may now treat stop signs as yield signs and stop lights as stop signs when they already have the right of way under a new law Gov. Jared Polis signed last month.

Other states that have adopted similar policies, such as Idaho and Delaware, have shown it reduces crashes between bikers and drivers, according to advocacy group Bicycle Colorado.

The measure "allows bicyclists, pedestrians, scooters, [and] skateboarders ... to make Safety Stops at intersections, putting into law what is already the safest thing to do," Polis said at the April 13 bill signing ceremony.

Yes, but: The city still has room for growth as it looks to technology to make streets safer. 

Data: WalletHub analysis of WalkScore metrics; Table: Axios Visuals

Denver posts mixed rankings for parks and biking

Denver is getting mixed reviews when it comes to two things we like to do: biking and parks.

Denver is getting mixed reviews when it comes to two of our favorite things: biking and parks.What&#x27;s new: The city ranks as one of the best — No. 3 — for bikers in the U.S., according to a WalletHub <a class="gtmContentClick" data-vars-link-text="report" data-vars-click-url="https://wallethub.com/edu/most-least-green-cities/16246" data-vars-content-id="760f3951-8691-4d5a-9061-d602c4719605" data-vars-headline="Denver posts mixed rankings for parks and biking" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://wallethub.com/edu/most-least-green-cities/16246" target="_blank">report</a> analyzing infrastructure, hills, destinations, road connectivity and the number of bike commuters.

Sports

Escape the summer heat with these swimming spots, all listed on pool-sharing app Swimply.

How it works: It's like Airbnb for pools. Swimming pool owners rent out their spaces for chunks of time.

The pandemic came with a silver lining for Swimply, which is now betting the market for opening private homes to leisure activities extends beyond shutdowns.

Kick back in this resort-like getaway, featuring lounge chairs, a slide and many pool floats.

Cost: $49.50-$55 per hour for up to five guests ($10 per hour, per guest after five guests).

Bring a group and enjoy this heated pool with mountain views, a grill and lots of space for yard games.

Cost: $48-$60 per hour for up to five guests ($5 per hour, per guest after five guests).

This luxe oasis in southeast Denver is private and great for entertaining.

Cost: $80.75-$95 per hour for up to five guests ($12 per hour, per guest after five guests).

3 private pools to rent near Denver starting at $48 an hour

SplashFork in Aurora. Photo courtesy of Swimply

Mobile apps

Escape the summer heat with these swimming spots, all listed on pool-sharing app Swimply.How it works: It&#x27;s like Airbnb for pools. Swimming pool owners rent out their spaces for chunks of time.

Business

Dating can be expensive, but you don't have to spend a ton to have a good time.

Whether it's your first date or you've been together for years, here are some date ideas under $25.

The quirky craft brewery's event calendar features weekly and monthly happenings like Foul-Mouthed Cross-Stitch Sunday, Crafty Monday, Bingo and Intro to Knitting. 

Best for: Couples looking to sip on beer while crafting curse-filled creations.

Of note: The South Broadway spot has opened a second location in Trinidad with a "sexy" twist.

Urban Putt offers two mini-golf courses for first-come, first-served games.

Cost: $10 for both courses during happy hour (4-6pm Tuesday through Friday).

Details: Expect a wait during peak times.

The museum offers penny admission for everyone the first Saturday of each month. Peruse their rotating exhibitions.

Details: "Penny Saturdays" are subject to availability. Book online.

3 Denver date ideas under $25

It might sound silly, but try hanging at Grandma's House.

The expanded patio space at Grandma's House

The expanded patio space at Grandma's House. Photo: Alayna Alvarez/Axios

Dating can be expensive, but you don&#x27;t have to spend a ton to have a good time.<ul><li>Whether it&#x27;s your first date or you&#x27;ve been together for years, here are some date ideas under $25.</li></ul>

Sami Sparber

Featured stories

3 private pools to rent near Denver starting at $48 an hour

Locals need to make more money to buy a home

3 Denver date ideas under $25

3 must-try rooftop bars in Denver

Denver posts mixed rankings for parks and biking