While it is no secret that the Denver metropolitan area is gaining in popularity month over month, and the rental rate for people looking to lease property in the area is getting out of hand for many Denver residents. Zillow said both renters and buyers in the Denver metro area historically have spent about 21.6 percent of income on housing, and housing is at the more affordable end of the spectrum for Denver residents. To break down the numbers, median rent for all metro Denver residential properties in July was $1,712, up 9.4 percent from July 2013, a level Zillow described as “very unaffordable.” Only San Francisco; San Jose, Calif.; and Pittsburgh logged greater rent increases.
The scary part for Denver renters is that the price rises aren’t really showing signs of slowing down. In fact, metro Denver home values are expected to rise 3.7 percent by next July, compared with a 2.7 percent increase nationally, Zillow said. If you are moving to Denver, you might want to assess your financials and see if homeownership is a feasible option. Rent isn’t the only cost going up in the Denver-Boulder-Greeley metro—in fact, cost of living is on the rise and consumer prices are up 2.9 percent over the last year.