As reported yesterday in the Denver Business Journal and citing HSH.com, a mortgage information web-site, the salary required to buy a median priced home in Denver was $48,122. The median priced home was determined to be $279,300 at the time of the data used by HSH.com. The current median home price for the 6-county metropolitan area is $275,000.
Does this mean if you are not making at least $48,122 that you cannot afford to purchase a home? No, as there are plenty of options both above and below the median home price that are available. However, an annual income around $48,000 is what is needed to begin considering a purchase of the “average” home in the Denver market. If home ownership is something you are considering and you would like to explore your options feel free to reach out to us for a no obligation consultation.