April 14, 2024

Denver Becomes Hub for New Home Constructions as Existing Home Prices Skyrocket

2 min read

New home construction framing

For those hoping to live in the Denver metropolitan area, there is some bad news — the cost of buying a house in or near Denver has skyrocketed to an unprecedented level.

According to the National Journal, the average price of a single-family home in Denver is approximately $300,000, a figure that could shake Denver’s previous role as one of the most popular places for millennials to relocate. In fact, Denver recently made RealtyTrac’s list of the top 10 least affordable counties for millennials.

Typically, a recent college graduate or young professional would first rent an apartment in the Denver area before purchasing a home, anyway. But apartments and condominiums are all but filled, and finding accommodations is harder than ever, the National Journal reports. Among people who have found a place to rent, some 27,200 of them are struggling to afford their monthly rent payments.

However, the news isn’t all bad for those hoping to find housing in the Denver area.

City officials recently established a five-year plan called “Housing Denver” that aims to create more affordable housing and galvanize new home constructions throughout the area, according to the Denver Post.

As early as next year, the city of Denver will allot an extra $3 million of its budget to go toward a “revolving-door loan fund” for new home and apartment constructions that will be affordable for people of a wider range of income levels.

Another surprisingly affordable option? Custom building one’s home instead of buying a pre-existing house. Research has shown that funding the construction of a custom-built home has a more reasonable price tag than purchasing a house of the same size and with the same features.

So despite news of Denver’s metropolitan area being a high-priced place to live, there are housing options available that can fit every income and budget — all it takes is a little extra research to find them.

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