at the end of last year, just behind the New York City metropolitan area. Ranking by price per square foot, or what buyers get for what they pay, metro Denver ranks as the 21st most expensive market out of the 100 largest metros, according to aDenver has seen a substantial rise, going from $293.86 a square foot in 2019, before the pandemic, to $367.62 a square foot this year. But well before that, migration from costlier markets was pushing up prices.
RealtyHop looked at how many square feet a buyer could purchase in the 100 largest metro areas at the median U.S. home price of $375,000. Granted, neither are typical home sizes in either market, but the exercise, based on 1.5 million listings available on RealtyHop in the first quarter, offers a way to compare. In Denver, a buyer paying $375,000 could get 1,067 square feet. Assuming a 20% downpayment at current mortgage rates, that household would need to make $84,000 a year.
“Major cities in coastal states tend to have higher paying jobs and, therefore historically higher home prices and cost of living,” Lee said. “Once you move inland, states generally have less population, more land, and therefore are less dense. Homes are generally bigger.”
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