About 30 percent of renters seeking Denver housing are coming in from another city, according to a Zillow study. That makes the city one of the most desirable to outsiders.
To get these figures, Zillow used data from their Renter Profiles. And since not everyone who moves to Denver is required to fill out one of these, there’s certainly cause to treat the figures with a grain of salt. But it speaks to Denver’s popularity among a certain sample of renters.
Zillow also looked at markets with the largest share of renters seeking to move out of the city. San Jose and San Francisco also rank among the metros with the most people trying to move out. And there’s a cautionary tale there.
“Housing affordability has deteriorated to crisis levels” in these two metros, Zillow says, creating a lot of turnover in residents. Long-time residents however, help shape the character of a city, according to Governing magazine.
In some ways, new residents have the potential to accelerate housing unaffordability. People willing to move long distances tend to have higher incomes households moving within a metro. Like in San Francisco where newcomers make $23,000 more than current residents on average, according to Zillow.
Plus, if you earn more money you find housing faster. I’d wager that means more new residents not thinking about housing affordability. Or at least, I’ll cop to not thinking much about it when I first moved here.