How much money do you need to be making to afford a home in Denver? Read the article from the Denver Business Journal to learn more:
Here's how much salary you'd need to buy a home in DenverFeb 21, 2017, 2:09pm MST
Caitlin HendeeDigital Producer / Social Engagement ManagerDenver Business JournalBUSINESS PULSEPOLLCould you afford to buy your home today?RELATED CONTENT9Neighborhoods: Local business surging in Denver's Berkeley districtThis Denver neighborhood is ranked No. 1 for environmental risks322-unit apartment complex to break ground in Golden TriangleHOME OF THE DAYSPONSOR LISTINGRare Divisible Property with a Mountain View
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Homebuyers have a lot more than just the home loan to consider when it comes to purchasing a house.
Besides the principal, mortgage payments also include interest, taxes and insurance payments, meaning things quickly start to get pricey.
EnlargeHomes line the street in the Stapleton neighborhood in Denver.
KELLY JENSEN | KUSA-9NEWS
So, just how much of an annual salary does someone in Denver need to make to really afford a median-priced home?
According to Riverdale, New Jersey-based mortgage company HSH.com's new report, the needed salary total is $72,771.94.
HSH compiled a list of the salaries required to buy a home priced at the median market rate in the U.S.'s 27 largest metros based on:
That means a homeowner would pay $1,698.01 a month for a home, requiring a salary of $72,771.94, the report says. That an increase of just over $2,000 compared to Q3.
Nationally, homeowners need to make $51,962.53 to afford the $235,000 median home price, according to the report.
Among the 27 metros analyzed, Denver ranked 20th for growth in the necessary salary. Pittsburgh ranked first, followed by Cleveland and Cincinnati, respectively.
HSH.Inc is a unit of Foster City, California-based marketing and media company QuinStreet Inc. (Nasdaq: QNST).
Caitlin Hendee is digital producer and social engagement manager for the Denver Business Journal and covers education. Email: firstname.lastname@example.org. Phone: 303-803-9226.
I am a real estate professional, serving Boulder and Denver, Colorado. My extensive knowledge of the market, coupled with my commitment to provide extraordinary service, has resulted in hundreds of successful transactions. Let me help you buy or sell your home.