DENVER — Newcomers moving to Denver have bigger budgets to spend on purchasing homes, according to a recent study from Redfin.
Denver ranked No. 8 on a list compiled by Redfin that tracked the difference between home budgets for out-of-towners compared to locals.
The real estate company’s report shows that out of towners could spend 11.8% more for home purchases than locals. For individuals moving to Denver, their average maximum budgets were $983,761, while locals could only spend an average maximum of $879,964, according to the analysis. Median sale prices in Denver were $610,000 in June 2022, according to Redfin.
Homebuyers flooding the state from elsewhere may be edging out locals struggling to buy. Denver's housing market — which has been frenzied amid the influence of the coronavirus pandemic — recently saw an increase in inventory but homebuyers are still typically paying over market price as of June.
> Top stories curated daily just for you! Sign up for the 9NEWSLETTER to get can’t-miss stories, Next and Broncos content, weather and more delivered right to your inbox.
SUGGESTED VIDEOS: Colorado Guide
MORE WAYS TO GET 9NEWS
Subscribe to our daily 9NEWSLETTER
ADD THE 9NEWS+ APP TO YOUR STREAMING DEVICE
ROKU: add the channel from the ROKU store or by searching for KUSA.
For both Apple TV and Fire TV, search for "9news" to find the free app to add to your account. Another option for Fire TV is to have the app delivered directly to your Fire TV through Amazon.