Born between 1981 and 1997, millennials make up roughly 24% of the Denver Metro’s population. In fact, the Brookings Institute recently named Denver the top city for Millennial Relocation. This explains why home buying in Denver for millennials is on the rise.
In 2019, Denver ranked #4, just behind Minneapolis, Buffalo and San Jose for hot housing markets for Millennials. Between January 2019 and November 2019, 50% of the mortgage requests in the Denver Metro area were from the Millennial demographic. Millennials buying a home in Denver put down an average of $49,361 and the average mortgage was $316,524. The average cost of a single family home in Denver is currently $431,790.
Millennials are choosing Denver for the outdoor lifestyle and employment opportunities. According to the NY Times, Denver ranks #1 in the nation for Millennial employment. With a 3% unemployment rate paired with an increase of the Millennial population, it seems the two are offsetting the cost of living. This has contributed to the increase of home buying in Denver for millennials.
With a strong and growing economy, Denver’s Millennial population is expect to grow, however the 65 and over crowd have become the fasted growing age group in the state.
On average, Colorado receives between 70,000 – 80,000 new residents a year.
Below are the Top 20 Cities with hot Millennial Housing Markets
- Minneapolis
- Buffalo
- San Jose, CA
- Denver
- Salt Lake City
- Pittsburgh
- Milwaukee
- Austin, TX
- St. Louis
- Detroit
- Philadelphia
- Cleveland
- Chicago
- Kansas City, MO
- Boston
- Cincinnati
- Harford, CT
- Seattle
- San Francisco
- Washington
