When I arrived in Denver in October to take a job as a Denver-based real estate agent, my first instinct was to apply for every single job out there, because I’d have to rent an apartment at the end of the year, and it was all the rage.
My first choice was the one that was the most tempting: the one with the biggest parking garage and most available open space, in a location I’d been looking forward to for months.
“There’s nothing like this in Denver,” I said.
But then I remembered that the other big choice was probably the one I’d made a year earlier, when I was applying for a job that would allow me to rent out my house, which was still a relatively modest place.
I could find an apartment with just a $700 monthly mortgage payment and a large parking garage, which would leave me with the freedom to live where I wanted, when and where I pleased.
It was, I thought, a win-win.
A year later, I’m still living in a $800,000 home that I can easily afford to buy again, even if I do need to live in a less-affordable neighborhood.
And I’m not alone.
In Denver, where home prices have risen more than 30% in the past decade, a new report from the Urban Institute found that about three-quarters of the apartments in metro Denver are in a “substantial” or “significant” price-rise range.
That is, the average rent is about $2,000 a month, and the average sale price is about double that amount.
In a neighborhood where average home prices are about $100,000, it’s easy to see why that makes the area a tough sell.
The median home price in Denver is $2.5 million, according to the U.S. Census Bureau.
The average sale sale price in the area is $10.6 million.
That’s a lot of money for a place with a median income of just $30,000.
And it’s just the tip of the iceberg.
The data from the UPI study found that in Denver, median income is only $38,700, which is almost half the national average.
In other words, the median income for a single person in Denver today is about twice as much as the median household income.
That means that for a family of four with an income of $20,000 per year, the rent for an apartment in the metro area is about the same as it was in 2010.
Even for a household with a single parent and two kids, the monthly rent is more than double what it was 10 years ago.
The real estate industry in Denver has been under fire for years, with reports of underperforming apartment towers, rising prices and a lack of competition.
And in a city where the median salary is more expensive than in other large metro areas, it has become a popular recruiting ground for those looking for work.
“If you’re going to live here, you have to have the ability to buy your own home,” said Sarah Kocher, a spokeswoman for Realtor.com.
“The only way to get there is to rent a house.
And the more you can rent a home, the more affordable it becomes.”
So what’s a buyer to do?
As I’ve written about in my column for Re/code, it can be a little daunting to find an affordable home in Denver.
Even when I searched for apartments in the city, I couldn’t find an average price below $1,000 for a two-bedroom.
I was frustrated, and I was looking for the right place.
But as the Urban Center report shows, the process is not as daunting as you might think.
The number of apartments that are within walking distance of a grocery store, or in a shopping center, or near a public transit station, or within a mile of the city’s core makes the process of finding the right house in the suburbs easier than ever.
It’s also not hard to find the right apartment in an area.
The city’s housing bureau has a listing of the top 200 metro areas in the country, with the highest median income in each one.
There’s even a map of Denver that shows the metro areas with the best and worst affordability.
So, to get the most bang for your buck, it pays to start with the right market and then move into your desired neighborhood.
Here are the five steps you can take to make the most of your available real estate: Select the Right Neighborhood Denver’s metro area includes some of the most expensive areas in America, with median incomes above $50,000 and median home prices above $100.
And those prices aren’t going anywhere anytime soon.
But the median price in metro areas outside of Denver are starting to climb, as prices in major cities like San Francisco and Boston continue to rise.
As the UHI report shows: Median home prices in Denver