There was a time when a normal monthly mortgage payment in the Denver metro area was less than the national average. That ended in 1994. That’s according to a new study from the Joint Center for Housing Studies of Harvard University.
But from that point forward, the monthly mortgage payment on a median-priced home in Denver never fell below the national average. Read on to see how closely the metro’s mortgage payments followed the rest of the country. I’ve broken it down by decade.
At the onset of the Great Recession, mortgage payments closely followed the national average, but they never fell to quite the same lows.
In a shock to pretty much no one, the average Denver mortgage payment began to pull away farther from the national average within the past four years. However, mortgage payments on a Denver median-value home aren’t any higher than the levels that they hit from 2000 to 2006.
Anyway, a reminder that the Denver metro, being a city and all, has always been a more expensive area to live in.