Millennials In Denver Are Turning Toward Homeownership
The homeownership rate of young adults in Denver is 34.2 percent, higher than the national average of 32.1 percent.
The Denver Post reports that the city is 15th among the 45 largest metro areas in Millennial homeowners. Denver has experienced positive job growth and declining unemployment rates over the last seven years, and has become a popular place for young professionals.
Millennials in Denver buy homes at an average price of $291,000. The metro area has the fourth-fastest annual home appreciation pace in the country at 8.2 percent.
“The greatest barrier for millennials owning homes in Denver now compared to those in past decades is the fact there are very few condos and homes available under $300,000,” said Kelly Hepburn, an agent with Colorado Craft Brokers who helped Watkins and Dolge find their new home.
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