Tag: Housing

Denver Housing – Unaffordable

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.
Kyle Harris

The Housing Crisis – Denver

Housing prices for renters and owners are sky high, while homes are in short supply. According to the latest Census, over 115,000 newcomers moved to Denver over the past decade and more are coming every day, putting even more stress on the housing market

Where should all these people live?

The need for new housing for people making less than the area median income — which is $94,320 for a three-person family and $73,360 for a single person — is extreme. In Denver, the median home price was around $545,000 in December, and median rent is currently $1,798, according to Apartment List’s February rent report.

Denver must build more than 50,000 affordable homes a year to meet demand. The city’s largest affordable housing developer can build around 300.
The city’s largest affordable housing developer can’t keep up with the need.
Kyle Harris
Denverite

Lack of Housing – Massachusetts

Build up or pay up.

That is the message Massachusetts is sending to 175 cities and suburbs in the Boston area, as a bill passed last year to boost housing production begins to take effect. Almost every jurisdiction in eastern Massachusetts, from the New Hampshire border to Worcester to the Cape Cod Canal, will have to do its part zoning for 344,000 new units of as-of-right multifamily housing—or lose access to some state grant programs. That means allowing apartments in many tony subdivisions currently reserved for single-family homes.

For perspective, all of Massachusetts currently builds just 15,000 new units a year—a huge drop-off from the 20th century and one reason that the Boston area has some of the highest rents and home prices in the country. “Massachusetts is the first state to actually get a policy like this,” said Jessie Grogan at the Cambridge-based Lincoln Institute of Land Policy. “Are the incentives strong enough? Probably not. But it will have some impact, and more than the other housing tools we’ve tried.”

Can You Force the Suburbs to Build Apartments? Massachusetts Is Trying.
Even if some towns “have to go kicking and screaming.”
BY HENRY GRABAR

NOTE –
The estimated population of Massachusetts is 6,984,723

Getting By in Denver

The_Raji
I was living with roommates when I was making 40k a year.

PandaKOST
Notice, too, “roommates” and not “a roommate.” The housing situation out here is bonkers.

Lonely-Criticism1419
Fiancé and I both work full time and we have a studio apt, no kids

ashrnglr
… I make decent money but a house still seems like a dream. Maybe one day

TheAbbott418
… I make good money and a house in this state just is not happening. Remote life is about to be for real…plan to move to a place that hasn’t gone insane.

throwawaypf2015
i make 50k. union job. on a good year maybe 55k with overtime and differential. have my own place. no debt, no kids. i’m struggling tbh.

UBsamsongz
Roommates. 3 bd 2 bt house in the Westminster area. $2200 a month. It goes up in February though

NOTE –
If you’d like to see similar discussion pertaining to any particular city, google something like this:
reddit afford living San Francisco
Results:
1 How do you guys afford to live here? : San Francisco … – Reddit
2 If “nobody” can afford to live in SF – who exactly inhabits all …
3 Is this enough money to live and save in San Francisco – Reddit
4 What do a lot of people in San Francisco do for a living to …
5 How can people afford living alone in SF? : r/AskSF – Reddit
6 I can’t afford to live in SF. : r/sanfrancisco – Reddit
7 How do people afford to buy in the Bay Area without rich …
8 How Do People Afford to Live in the Bay Area? We Asked …
9 Can someone from SF explain to me how people afford to live …

Denver Home Price Average Over $700,000

As documented by the January 2022 market-trends report from the Denver Metro Association of Realtors, the red-hot real estate scene in Denver has defied expectations, with the average price for a detached home in greater Denver rising above $700,000, a mark associated with the eye-popping peaks registered during the spring and early summer.

Denver Home Price Average Over $700,000 — Again
Westword
MICHAEL ROBERTS

The Housing Crisis – Years in the Making

As Nicole Friedman explains in The Wall Street Journal, the housing crisis can be understood as a 20-year-old supply-and-demand problem:

Between 1968 and 2000, the United States built an average of about 1.5 million new housing units every year. But in the past two decades, in part because of a slowdown during the Great Recession, the country has added only 1.225 million new housing units every year.

Today, the country is 6.8 million units short of what was needed to meet new housing needs and to replace units that were aging or destroyed by natural disasters.

The upshot: Between 2001 and 2019, median rents rose faster than median renter incomes in nearly every state, according to the Center on Budget and Policy Priorities. In only 7 percent of counties can a minimum-wage worker afford a one-bedroom rental.

America’s Housing Crisis Is a Choice
Spencer Bokat-Lindell
NYTIMES

Renting in Denver – Rent Going Up

Blake Kittridge has lived in Denver for 4 years. He moved into the Infinity LoHi building in the middle of the pandemic. He likes living there but recently, they told him they are raising his rent by more than $800 a month.

“I know that this is more of like a price-gouging thing,” he says. “The entire reason they are raising my rent like they are is because they believe they can get that on the market so they can push me out.”

He rents a one-bedroom apartment for $1,650 per month. His landlords just told him rent for next year is going up to $2,490 per month.

Ron Throupe, an associate professor of real estate at the University of Denver. He just completed a second-quarter study about the rental market in Denver. He says rent is up on average by $107 for the quarter.

“That’s the largest rent increase quarterly we’ve ever seen in this survey,” Throupe says.

CBS Denver
Michael Abeyta

Eviction Moratorium – Ending Tonight

For almost a year, a federal moratorium on evictions allowed tenants who suffered economic losses from the coronavirus pandemic to stay in their homes.

Now, the moratorium’s scheduled expiration at midnight on Saturday has left renters around the country packing their belongings and facing an uncertain future as they search for housing options. Already, homeless shelters have been adding beds in preparation for an influx of people in need of a safe place to live.

The Census Bureau’s most recent Household Pulse Survey, which captures the impacts of the pandemic, found that 3.6 million people thought it was somewhat or very likely they would be evicted within the next two months.

For Tenants Nationwide, a Scramble to Pay Months of Rent or Face Eviction
A federal eviction moratorium is scheduled to end on Saturday. Many tenants are packing up and facing an uncertain future.
Sophie Kasakove
NYTIMES