What Kind Of Salary Do You Need To Buy A Home In Denver

Dated: 02/20/2014

Views: 508

Denver is the most expensive inland city to buy a house, according to a study released Tuesday by HSH.com, a mortgage information website.HSH.com looked at mortgage rates and median home prices in 25 of the country's largest metropolitan areas to determine how much salary is needed to cover the principal and interest payments on the average home.

Property taxes, insurance and other expenses do not factor in this calculation.Denver was wedged between Portland, Ore., and Seattle as the 18th most affordable city out of 25, requiring an annual salary of $48,122 to afford a median-priced home here.  
Want to browse homes for sale in Denver? buydenverrealestate.co
HSH.com used a mortgage rate of 4.43 percent and a median home price of $279,300 to calculate its Denver salary requirement. In fact, HSH.com reports that a 2.65 percent drop in the media home price in Denver in the fourth quarter of 2013 and a slight drop in mortgage rates equated to drop of about $2,500 in the salary requirement here.
"The Denver housing market has been known for its consistency — prices never rose too fast or fell too hard. The depreciation in quarterly prices was milder compared with some cities," HSH.com said in the report.Nationally, HSH.com found that affordability has increased significantly since the third quarter of 2013 as home prices and mortgage rates have fallen.
Michael Steffen Denver, Colorado Realtor-
Michael is a motivated realtor specializing with investors and new home buyers located in the following areas;DenverArvada Aurora Bennett Byers Castle Pines Castle Rock Centennial Cherry Hills Village Columbine Valley Deer Trail Denver Elbert Englewood Franktown Greenwood Village Highlands Ranch Larkspur Littleton Lone Tree Parker Sedalia Sheridan Strasburg Watkins, Wheat Ridge, Lakewood, Castle Rock, Thornton, Westminster, Evergreen, Golden. Michael Steffen uses advanced internet marketing to insure your property gets maximum exposure and holds a high value of ethics in his work to ensure the ideal scenario for everyone! 
Blog author image

Generation Property Group

My name is Michael Ross Steffen. I’m an Exit Realty Cherry Creek Agent in the Denver metro area and Team Leader For Generation Property Group! We specialize in advanced Internet marketing, buying, s....

Latest Blog Posts

This home decor sale is a STEAL

Nothing is more fun than shopping for new items to perk up your Denver home! We do know that sometimes it can be expensive! Here is a great sale on home decor items! CLICK HEREStill don't own your

Read More

Don't miss out on this HOT property!

Just like new! This gorgeous townhome has everything you could ask for! Located just west of Denver University this home has quality and style to the max! Beautiful quartz countertops and a modern

Read More

Check out this AMAZING condo!

Don't miss this opportunity to live in one of Denver's most popular UPTOWN! This beautifully updated condo is a one bedroom.. right in the middle of the restaurants and shops on 17th Avenue in.

Read More

Should I Update my home before Selling???

I think one of the biggest questions when thinking about listing your home is "Should I Rennovate?" There are so many variables invovled and it can be overwhelming to say the least! I found this

Read More