Denver has been ranked as one of the top 10 best cities to live, work, and play. It is a great place for people of all ages because of the many readily available family-friendly activities. There are plenty of outdoor recreational opportunities in all four seasons including skiing, hiking, fishing, and golfing.
Denver has an extensive public transit system with buses running 24 hours a day 7 days a week and the airport is located only about 15 miles outside the city limits which makes traveling within or out of town quick and easy! If you want to invest in residential housing this may be just what you’re looking for.
For both single-family residential and commercial multifamily properties, the Denver market is now hotter than ever as it has become the ideal place to live for families desiring a mix of city life with outdoor adventure, a location where every season is a beautiful experience, and that contains excellent opportunities for business, education, and leisure.
City Highlights of Denver, CO
The Mile High City is a blend of urban refinement and outdoor adventure. Denver is recognized for its world-class cultural attractions, burgeoning craft breweries, chef-driven restaurants, and a vibrant music scene that’s only minutes from the Rocky Mountains.
Denver offers thousands of parks, trails, and playgrounds for all walks of life and all levels of outdoorsmanship and difficulty. Denver also has Elitch Gardens Theme and Water Park, multiple zoos, an aquarium, The Butterfly Pavillion, Water World, The Wild Animal Sanctuary, multiple Botanical Gardens…the list goes on!
While the appeal of adventure is obvious, there’s also a thriving art scene, live music, and microbrewery. The Denver Art Museum houses the world’s largest collection of Native American artwork as well as frequent traveling exhibits. The Red Rocks Park & Amphitheatre is one of the world’s most famous concert venues, so it’s on many people’s bucket list.
There are three professional football, baseball, basketball, and hockey stadiums in the city, so Denver is a great location for sports fans of all types. All of these factors taken together provide insight into why the majority of Denver’s residents are from out of state.
The majority of Denver’s citizens are open-minded, and the metro area has made several forward leaps as a result, including the decriminalization of recreational cannabis use. With a median age of 36.5, Denver is one of the youngest cities in the country. The Mile High City is also popular among singles.
Why Denver’s Economy is Growing
Job opportunities are on the rise, and that means more people are flowing into the area, all in search of the “perfect” property. Even during the Covid_19 pandemic, Colorado was one of the only states that deemed construction as an essential business, which significantly contributed to the local economy’s quick bounce-back.
Denver has exhibited consistent population, economic, and job creation growth for decades, even through the Great Recession in ‘08 and the more recent 2020 drama. According to the 2019 CBRE Tech 30 Report, Denver is the 11th largest tech market in the country1 and ranks in the top ten nationally for tech talent.
The hospitality industry is also blossoming, with more than 17 million tourists visiting the region each year. Meanwhile, the flourishing recreational marijuana sector is creating employment and attracting additional visitors to the expanding metro area.
According to PayScale.com, people living in Denver earn more on average ($61,540 per year) than those from other areas of the nation ($53,490 national average)2.
The cost of living in Denver is on the higher end since it’s seen a steady increase over the past decade and since the average housing cost is about $200,000 over the national average of $315,7433. This reflects strong demand for the area and shows that even as people move into Denver, Colorado, they see value in paying upscale prices to live in such a beautiful bustling area.
Why the Denver, CO Housing Market is Attractive
According to a ranking published by U.S. News & World Report in 20204, Denver is the second-best city in which to live in the United States. Given the sector and employment variety, ease of access to activities throughout all seasons, high median income, and gorgeous scenery all around, this is no surprise.
According to Zillow’s estimates, we can expect to see property values rise by 19.5% next year5. The area’s current average rent of $1,8406 and average home price of $569,0077 are already higher than the national average. Historical value appreciation reflects an increase of 8.64% over the past 10 years8.
From primary to high school, there are 157 public schools and more than 200 private institutions in the area. 75 of the top high schools in the United States are located in this region.
Denver, Colorado continues to attract new residents with its excellent school system, thriving multi-industry job market, booming recreation, restaurant, and brewery scene, and prestigious reputation. This demand for the area is pressing rent rates, home prices, and the area’s popularity ever-upward.
Why You Should Invest in Denver, CO
As a real estate investor, you’re probably either looking to “break into” a bustling real estate market outside of where you live, interested in diversification, or looking to create passive income. Heck, maybe you’re interested in all three!
Denver, Colorado real estate is an excellent option in which to invest your capital because, as you can tell with all the interest points above, people love living and visiting this beautiful city.
With people constantly moving in and visiting Denver, real estate has spiked in demand as people are looking for rental, Airbnb, and ownership options. This demand makes investing in residential real estate very lucrative because it usually doesn’t take long before you see your money back and start making profits on what you originally bought.
Simply put, if you are interested in investing in residential real estate, you won’t want to miss a market opportunity in Denver, Colorado. While Colorado, in general, is a highly desired destination, particularly Denver, it will continue to be so.
Article Citations:
1- https://www.cbre.us/about/media-center/denver-sees-robust-tech-job-growth-and-moderate-office-rent-growth-in-cbres-annual-tech-30-report
2- https://realestate.usnews.com/places/colorado/denver/jobs
3- https://realestate.usnews.com/places/colorado/denver
4- https://www.usnews.com/info/blogs/press-room/articles/2020-10-13/us-news-unveils-2020-2021-best-places-to-live-best-places-to-retire
5- https://www.denverpost.com/2021/10/11/colorado-home-price-appreciation/
6- https://www.bestplaces.net/cost_of_living/state/colorado
7- https://www.zillow.com/denver-co/home-values/
8- https://www.neighborhoodscout.com/co/denver/real-estate#description
