Talk to anybody looking to buy a place to live in Denver and they’ll tell you about their struggles. Properties are too expensive for most mortals to afford, bidding wars have been raging, and even though there are slight signs the market is cooling down, prices are still higher than ever.
In fact, Denver just ranked as the fifth least affordable real estate market in the United States. That’s according to an April report from Ojo Labs, an Austin-based real estate company.
In March, the median selling price for a home in Denver was $564,990 (compare that $520,000 in the New York City area). That was 23.2% higher than the previous year, according to the report.
The least affordable city was San Francisco, where the median home price was $1.3 million.
Only four U.S. cities were less affordable than Denver in March
Other than San Francisco, San Diego, Los Angeles and Miami, pretty much everywhere else is cheaper to live.