Advertisement
Published: March 19th 2019
Edit Blog Post
Over the past few decades, Denver, Colorado and its surrounding areas have enjoyed a significant amount of growth. In fact, while the population of the United States increased by about 5%!b(MISSING)etween 2010 and 2017, the Denver Area increased in population by 13.55%!n(MISSING)early triple the national average.
Because Denver has been growing at such a rapid rate, many people are now considering moving there or even entering into the highly lucrative Colorado real estate market. With new construction projects beginning around the city every month, people are finding they now have a wide variety of Denver homes available to choose from.
Before you make the decision to move anywhere, it will be important to do plenty of research. Will the growth and investment in Denver continue into the future? Which Denver real estate investments make the most sense for you? These are all questions top Denver Littleton realtors like
Corken + Company are asked on a daily basis.
In this article, we will explore some of the many reasons why roughly 400,000 new people have decided to call the Denver Area their home this decade. By taking the time to understand what
has made living in the area attractive to so many others, you will be able to decide if making the move to Denver will be right for you.
1. Excellent Opportunities for Outdoor Activities Colorado has long been considered to be one of the most beautiful states in America and anyone who has lived here for very long knows that this title is well earned. Located within reach of the Rocky Mountains, living in Denver will provide plenty of excellent opportunities for anyone who loves (or wants to fall in love with) the great outdoors.
In addition to having dozens of the nation’s most highly rated ski resorts, Colorado also offers plenty of prime locations for hiking, camping, and mountain biking. The state is home to four National Parks (the closest to Denver being Rocky Mountain National Park), dozens of excellent state parks, and the most 14,000’ peaks of any of the 48 contiguous states.
2. Increased Job Opportunities Denver’s unemployment rate of 2.9%!i(MISSING)s notably better than the national average (3.9%!)(MISSING). Many new companies have been choosing Denver as their national headquarters, giving opportunities for people to earn
money in a variety of rapidly growing industries.
Over the past several quarters, Denver has been creating more jobs than nearly any other metropolitan area (adjusted per capita). The region offers an incredible amount of economic diversity, featuring industries ranging from craft brewing to finance and everything in between. Based on economic projections for 2019 and 2020, it appears that Denver will continue to remain ahead of the national curve.
3. High Yield Real Estate Investments If you are interested in purchasing Denver luxury real estate, you will naturally want to make an investment that will be worth more in the future than it is in the status quo. Contrary to many of the metropolitan areas in the Midwest and Northeast, Denver real estate has been appreciating—on average—every year since the housing bubble of 2008.
Due to the city’s economic momentum and above average growth rate, the appreciation of Denver real estate is likely to continue. As long as demand remains high, homes valued at $600,000 in the status quo may eventually be worth $1,000,000 or even more. When compared to alternative locations, investing in Denver real estate offers a relatively low degree of risk along with high returns.
4. Vastly Improved Public Transportation In order to remain competitive as a greater metropolitan area, Denver has committed a large amount of resources to developing its infrastructure. Recent improvements include a modern light rail system, expanded bus lines, wider highways, carpool lanes, and many others. The free shuttle along the 16
th Street Mall downtown has earned significant praise from both locals and visitors.
Additionally, the rising status of the Denver International Airport (DIA) has helped the city further connect itself to the rest of the world. The airport is now the second largest in the world (in terms of land area), the fifth busiest in the United States, and is consistently among the top rated in terms of quality. DIA is a hub for both Frontier Airlines and United Airlines. The airport also happens to be the largest employer in the State of Colorado.
5. Above Average Incomes In 2017, the median household income for the United States right around $60,000. In the Greater Denver Area, on the other hand, the median household income was over $76,000--$16,000 higher than the national average and among the highest of any major metro not located on the coasts.
The relatively higher income is due to Denver’s booming economy and highly educated workforce. With an additional $16,000 per year, you will be able to consider investing in real estate and possibly even purchase the luxury Denver home you’ve always wanted.
6. Relatively Low Cost of Living Usually, the above average household incomes of major cities can be attributed to the fact that these cities have a higher cost of living. But while the cost of living in Denver is higher than it is in the eastern portions of the state, it still remains quite manageable.
The Consumer Price Index (CPI)—a metric used to help indicate the average cost of living—for the entire country was about 252 in 2018. The
CPI for Denver was only 4%!h(MISSING)igher, clocking in at about 263. Because the median household income for Denver is more than 20%!a(MISSING)bove the national average, this means that the premium for living in the Mile High City is only one fifth of what you would typically expect.
7. Ample Room to Grow One of the reasons why Denver has been able to expand at such a notable rate is the fact that—contrary to many other cities—Denver has few geographic restrictions. While the Rocky Mountains do restrict the city’s growth potential to the West, there are almost limitless opportunities to expand North, South, and East.
As the Denver Metro continues to grow, homes that are closer to the core city are likely to disproportionately increase in value. Additionally, those who are willing to live a little further away from the core will have an affordable opportunity to build the custom luxury home of their dreams from scratch.
8. Plenty of Things to Do Lastly, people are also moving to Denver because—in addition to the great outdoors—the city itself offers plenty of things to do. Denver has a team in all five major sports, some of the nation’s most highly-rated museums, a world class zoo, and many other activities.
The city’s art, craft beer, and live music scenes have also attracted a significant level of attention. While there are many different types of people living in the city, finding someone who is genuinely bored is certainly a rare event.
Conclusion There is no surprise that thousands of people make the choice to move to Denver every year. Whether you are looking to purchase luxury real estate or explore some of the city’s innovative living communities, there will likely be a feasible way for you to call Denver home.
Advertisement
Tot: 0.293s; Tpl: 0.01s; cc: 6; qc: 44; dbt: 0.0265s; 1; m:domysql w:travelblog (10.17.0.13); sld: 1;
; mem: 1.1mb