Denver millennials need at least 11 years to save for a home

staff photo

Even college-educated millennials with no debt need at least a decade to save for the down payment on a Denver home, says a new report from Apartment List.

The firm’s data science director tells the Denver Post that’s because millennials in the city make (and save) less than in other places:

“The takeaway for Denver is that it is quite unaffordable for all three groups of renters,” said Andrew Woo, director of data science at the San Francisco-based provider of apartment listings and market research.

Mix in the city’s high home prices, and you end up with a city unusually difficult for would-be millennial homebuyers. As the Denver Business Journal points out:

“Nationwide, the report found that most college-educated millennials can afford a home in their metro, with it taking fewer than 6 years to save for the downpayment. Denver was one of the outliers: It would take the average college-educated millennial (with or without debt) more than 13 years to save for a home.”

Hi! You’re like us!

Looks like you’re the type of person who reads to the ends of articles! Well, true believer, you might really like our morning newsletter. It’s quick, free and gets you up to speed on the important and delightful things happening right here in Denver.

Thanks for reading another Denverite story

Does Denverite help you feel more connected to what’s up in your area? Do you want to be a part of it?

Member donations are critical to our continued existence and growth.

You’re our superpower

Denverite supporters have made the decision to financially support local journalism that matters to you. Ready to tell your networks why? Sharing our “About” page with your own personal comments could really help us out.

You’re our superpower

Denverite members have made the decision to financially support local journalism that matters to you. Ready to tell your networks why? Sharing our “About” page with your own personal comments could really help us out.