How much income do I need to buy a home in Denver?

To buy a home in Denver, you would likely need an annual household income of $120,410. This income allows you to comfortably afford the median listing price of $589,000, assuming a 20% down payment and a 30-year mortgage at a 6.5% interest rate, with your housing costs making up no more than 30% of your gross income. The median listing price in Denver is $589,000. This is actually a little lower than last year, down 1.8% from a year ago. It also went up just slightly from last month, by 0.3%. There are 11,465 homes for sale right now, which is 7.2% fewer than last year. New homes coming on the market are also down, with 5,876 new listings, a drop of 2.6% from last year. Homes are staying on the market longer, taking 43 days to sell, which is 13.2% more than last year. Also, fewer homes are having their prices cut, with 25.5% of listings seeing a price reduction, down 3.9% from last year. For someone looking to buy, the slightly lower median price compared to last year could be a small benefit. However, fewer homes for sale might mean less variety to choose from, and homes staying on the market longer suggests buyers might have a bit more time to make decisions. As a buyer, you should focus on understanding your budget and what you can afford comfortably. Knowing the median price can help you set realistic expectations for what types of homes are available at that price point.

To buy a home in Denver, you would likely need an annual income of about $118,000. This estimate is based on the median home price of $589,000 and standard lending guidelines. Right now in Denver, the median home lists for $589,000. While this is a slight increase of 0.3% from last month, it's actually 1.8% lower than a year ago. This means prices have come down a bit over the past year, which could be helpful for buyers. There are currently 11,465 homes for sale, which is fewer than last year. New listings are also down by 2.6%. This smaller number of available homes means buyers have somewhat fewer options to choose from compared to last year. Homes are taking a bit longer to sell, staying on the market for an average of 43 days. This is 13.2% longer than last year. Also, about 25.5% of homes have had their prices lowered. This suggests that some sellers are adjusting their expectations. For prospective buyers, the slightly lower prices compared to last year and longer time on market could create opportunities. It's a good time to work with a local real estate agent to find a home that fits your budget and needs.