Denver, CO

Denver’s newcomers can spend nearly 12% more on homes than locals

Margaret Jackson
(Tierra Mallorca on Unsplash)

By Margaret Jackson / NewsBreak Denver

(Denver, Colo.) People moving to Denver have about 11.8% more to spend on a house than those who already live here.

The average maximum budget out-of-towners can spend on a house is $983,761, compared to an average maximum of $879,964 for locals, according to an analysis of average maximum list-price filters for homes set by users in their saved searches.

Redfin’s analysis includes U.S. cities with at least 1,500 searchers from inside the metro and 1,500 from outside the metro from January through June.

“Even though the housing market has slowed, the share of homebuyers moving to different parts of the country has not,” Redfin Deputy Chief Economist Taylor Marr said. “That’s partly because home prices and mortgage rates have increased so much that homebuyers with flexibility to relocated are seeking out affordable areas. Someone moving from Los Angeles to Philadelphia may have a higher monthly housing payment than they would have six months ago, but it’s still much lower than it would be in coastal California.”

Philadelphia has the biggest budget gap at 39.3%, followed by New York at 31.3% and Atlanta at 29.9%. Denver ranks eighth on the list.

“The market looks different for locals, many of whom are priced out or driven to search in the suburbs because both home prices and mortgage payments have risen significantly in the last year,” Marr said. “But local buyers may get a break as the market cools and competition slows.

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I'm a Denver-based business writer with expertise in commercial and residential real estate as well as general business news.

Denver, CO

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