Denver, CO is one of the country's fastest-growing cities. About 100,000 individuals relocated to the city during the last seven years. With over three million people, the metro is scrambling to accommodate infrastructure demand. The town has a strong economy and a gleaming, new façade that will take your breath away. But, some contend that it may be costly and a little overcrowded. These statistics about living in Denver can help you decide if Denver is appropriate for you. Now, we will dive into some more reasons why you might want to consider it as your next home.
Quick Facts
- Denver has four distinct seasons and approximately 300 days of sunshine each year.
- With a poverty rate of 12.86%, the average household income in Denver is $99,151.
- In recent years, the median rental rate has been $1,311 per month, with a median house value of $390,600.
- Denver is increasing 1.46% every year, and its population has risen by 26.64% since the last census.
- With a population of 760,049, it is Denver's largest city.
Denver, CO in a Nutshell
The population of Denver leans toward young. With 760,049 residents in the city and almost 3 million in the metro, Denver is Colorado's most populous city. In retrospect, Denver's culture boasts of a "city mountain west" lifestyle. This description blends the finest of urban and western independence of the city. The city also has a vibrant nightlife with many local breweries. Live music from rock to country and an innovative cuisine completes the scene of Denver. And because of its weather and location, Denver attracts all kinds of activities. These activities range from biking and hiking in the summer to downhill skiing in the winter. Buses, commuter rail, and light rail are all options for public transit. Denver also benefits from its high-volume international airport, attracting business and leisure travelers.
Economy
Because many prominent organizations want are in Denver, higher-paying positions are accessible. But, this implies that the rivalry for a good job is much more fierce. Additionally, wages in Denver may not be as high as they need to be to cover living expenses. Denver has a poverty rate of 12.86% and a median income of $99,151. Even if you can afford to live in Denver now, keep in mind that average wage growth is not keeping up with growing rents. This discrepancy between rising housing costs and stagnant wages could become a concern. This event may force you to migrate away from the city. Before relocating to this coveted area, make sure you have a job lined up and some extra cash on hand.
Employment
Denver is one of the best place for employment, with a 3.8% unemployment rate and a 23% income per capita. As a young city, Denver is on the cutting edge of technology. It is home to many large tech firms like Google and Lockheed Martin. Additionally, Denver's mix of a thriving economy and a lower cost of living makes it for people in IT. The energy and natural resources business also employs roughly 150,000 people. Also, it generates almost $11.4 billion yearly, thanks to big corporations like Xcel Energy. But that's not all Denver has to offer for job opportunities. Work at DaVita, a Fortune 500 company that specializes in renal care. At Arrow Electronics, you will be on the cutting edge of production. At VF Corporation's Denver headquarters, you can support activewear and accessories businesses. Additionally, healthcare, banking, biotech, and hospitality are essential industries in Denver.
Real Estate in Denver, CO
Make sure you can live within your means before moving to Denver. This tip implies allocating no more than 30% of your pay to housing costs. Also, make sure you allow yourself plenty of time if you're seeking to buy or rent a home before relocating. Denver's property market is still hot, but the cost of living in Denver is still low compared to other US cities. Because of this, finding a place becomes hard, so most people hire an agent. With median property prices starting at $390,600, housing will be the biggest chink in your wallet. Additionally, Denver's rent prices have been skyrocketing. Apartment rents have increased by roughly 16 percent in the last year. Currently, the median rental rate is $1,311. So, if you decide to rent, make sure you understand your rights as a tenant in Colorado.
Real Estate Trends
A scarcity of inventory and sales ruled the first two months of 2022. There will be 8,761 properties on the market by the end of February 2022. Only 7,671 listings were available in 2022, a decrease of 12.44% in only two months. This figure corresponds to the 13.31% drop in closed properties this year. Prices have risen fast due to a supply shortage and a surplus of buyers. As a result, this led to an unprecedented close-price-to-list-price ratio of 104.75%.
Final Thoughts
Denver, CO is a city that is currently in the spotlight. And indicators show that it is doing something right to merit the attention. It is a burgeoning business center. Also, its central location in the country makes it a perfect crossroads for the east and west coasts. It is an appealing setting for family and business, with the mountains always in the backdrop. So, if the real estate and other factors are to your liking, consider Denver as your next potential home.
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