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Relocating to Colorado: What Salary is Needed to Afford a Denver Home?

Selling a home in Cherry Hills VillageCompared to other metro areas in the United States, the salary needed to afford a home in the Denver area is in the middle. A recent survey conducted by HSH.com revealed that it takes a salary of about $61,642 to afford a median-priced home in Denver. For professionals relocating to Colorado, that could be good news or bad news depending on whether you sold a home in a more expensive real estate market. The study shows it takes a salary of about $89,000 to afford a home in Los Angeles, a salary of about $87,000 in New York City and $142,448 in San Francisco, a Washington Post article reports.

While it will likely be difficult for people in less expensive areas to afford a luxury home in Denver, it’s not impossible. It only takes a salary of about $31,000 to afford a home in Pittsburgh and $32,000 in Cleveland. Not everyone can find the jobs they desire in Midwestern states. Relocating to Colorado is an adventure filled with great promise if you work with an experienced Denver-area Realtor like me. Whether you prefer a Colorado country club home, a Golden horse property or Cherry Hills Village golf course home, there are hundreds of neighborhoods to explore.

Choosing the suburbs or the city

One decision you need to make when relocating to Colorado is whether you want to live in one of the fantastic downtown Denver neighborhoods, such as LoDo (Lower Downtown), Uptown, Washington Park or other trendy neighborhoods or whether you prefer the suburbs. Some of the advantages of living downtown include the fact that you can walk to new restaurants that offer craft beer and wine tastings and have an easier commute. People who want their own private yard or want to raise horses, live on a golf course or have a private pool often buy in the Denver suburbs.

Finding ways to afford luxury

If you make less than $61,000, you could more easily qualify for a luxury home if your spouse works as well. A growing trend is for extended family members to co-sign a mortgage on a multi-generational home with plenty of space for children, parents and grandparents. I can show you luxury homes featuring game rooms, separate living spaces or dual master bedrooms. Other strategies for affording a home on a lower salary include putting down a large down payment of at least 20 percent so you don’t owe PMI (private mortgage insurance.)

For tips for finding a luxury home in the best Denver neighborhood as part of a corporate relocation, please contact me. You’ll have me and the RE/MAX relocation team behind you, supporting you every step of your move.

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