When it comes to building wealth, some Denver residents may want to thank those rising home prices.
It's one of the factors considered in a new report that says Denver ranks as the No. 8 best city for building wealth, according to a report compiled by New York-based BankRate.com.(NYSE:RATE). The study ranked 21 large metro areas in five categories: savable income, human capital, debt burden, homeownership and access to financial services.
Denver has the 4th-highest savable after-tax income among the 21 surveyed areas at $13,099 per year. It also has above-average home-price appreciation and a high homeownership rate.
The city's real estate market helped push the metro Denver area to a top ranking, the report says. The average home price in metro Denver, including both detached single-family houses and attached condominiums and town homes, rose by 11.8 percent year-over-year in September, to $396,706. The median rose by almost 13 percent to $348,000.
Read more at the Denver Business Journal: http://bizj.us/1ordam
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