Talk to anybody looking to buy a place to live in Denver and they’ll tell you about their struggles. Properties are too expensive for most mortals to afford, bidding wars have been raging, and even though there are slight signs the market is cooling down, prices are still higher than ever.
In fact, Denver just ranked as the fifth least affordable real estate market in the United States. That’s according to an April report from Ojo Labs, an Austin-based real estate company.
In March, the median selling price for a home in Denver was $564,990 (compare that $520,000 in the New York City area). That was 23.2% higher than the previous year, according to the report.
The least affordable city was San Francisco, where the median home price was $1.3 million.
The only other cities that were less affordable last month than Denver, according to the report, were San Diego, Los Angeles and Miami.
If Denver’s home prices are too steep for you, you might consider moving to Green Bay-Appleton, Wisconsin, where the median home price is $150,000; Buffalo, New York, where it’s $165,000; and the Cleveland-Akron metro area in Ohio, where it’s $176,000.
Committed to Colorado? Maybe move to Colorado Springs, where the median price was $435,000.