By Hannah Goodman of Trulia
For the outdoor enthusiast looking to relocate, there is no better place than Denver, Colorado. Not only is the city within an hour's drive of three different Colorado ski areas, it is also home to many fantastic hiking and biking trails. Interested? Now is a great time to invest in Denver real estate.
Although the market has fluctuated greatly over the last few years, Denver is still one of the more reasonably-priced metropolitan areas in the country with a current average sale price of $300,000.
In addition, Denver has some of the lowest commuting and utility costs in the country.
According to Trulia research, 10.8 percent of monthly middle class income in Denver is spent on commuting and utilities. Comparatively, metropolitan areas in Texas have utility and commuting costs as high as 15.2 percent of monthly middle class income. Trulia also recently named Denver as the seventh “Fastest Moving Market,” with only 48 percent of homes still for sale after two months on the market. Trulia economists consider Denver’s one of the best housing markets in the nation due to the strong job and wage growth that the Denver area has seen since 2012.
Clearly, there are many reasons to buy in Denver. However, it is a large metropolitan area, which begs the question what neighborhoods offer the best real estate and amenity bang for your buck?
Just two miles from Downtown Denver and the home of the Denver Broncos, Sports Authority Field, is the area known as the Highlands. This northwestern Denver neighborhood boasts an average listing price of $435,500. The Highlands is a great neighborhood for millennials and young professionals looking for safe, semi-affordable real estate, (the average listing price for a home in the Highlands is $435,500), within walking distance to great restaurants and nightlife. The Highlands are also just a short commute to Downtown Denver. Although pricey, there is almost always a deal to be found in this up and coming area.
The neighborhood of University Hills caters to a crowd of Generation Xers, young professionals and millennials. Two miles from the University of Denver, University Hills is home to some excellently priced starter homes. Easy access to nearby Interstate 25 makes the eight mile commute into downtown Denver relatively quick and easy. With an average listing price of $327,250 the area’s affordability, as well as, its high-ranking schools make it an attractive option for home buyers with families looking to move out of the urban hub.
A few miles east of University Hills lies Hampden, another quiet, safe, and extremely economically priced neighborhood. Hampden is home to a mix of Gen-Xers and Baby Boomers, attributing to the area’s neighborly vibe. The area is walking distance to a few parks and a short drive to the Cherry Creek Reservoir and Bike Trail, catering to the outdoor enthusiast crowd. Most homes in Hampden are ranch-style homes, a baby boomer favorite, according to Trulia’s American Dream Home survey. Built in the 60’s and 70s these “ranchers” sell for a reasonable average of $220,000.
If you are seeking a more urban experience...
Check out Capitol Hill. Just outside of Downtown Denver, Capitol Hill epitomizes the urban experience. While it has a pricier market than that of something further away from Denver’s center, there are some real estate deals to be found. Buyers with slightly deeper pockets should check out City Park and Congress Park. Although more expensive, buyers who purchase a home in either neighborhood will enjoy security, proximity to great schools and a short commute to downtown Denver.
The Highlands, University Hill, and Hampden are just a few examples of Denver’s many affordable neighborhoods. With great amenities and easy access to Colorado’s great outdoors there is a home to be found in Denver for even the most particular home buyer.