Denver, Colorado has ranks No. 1 on U.S. News & World Report’s list of the 2016 Best Places to Live. This study took into consideration the job market, cost of living and education. Austin, TX was the No. 2 pick on the list. Denver really excelled in the quality of life score which launched it to the number one spot.
Denver has a very high quality of life for many reasons. Denver is a major city with plenty of jobs, cultural centers, health care facilities and an established education system as well as an amazing outdoor open space park system for residents to enjoy and stay healthy. You also have major ski resorts in close proximity to Denver that also make for a major attraction.
Denver is ranked #3 for the hottest real estate market in the US. The average home price in Denver is $327,000 which is up 11% as of March, 2016 which is twice the national average. The Denver housing market has been very competitive with home owners receiving multiple offers on their home. It is a sellers market to say the least. One of the problems is so many people are relocating to Denver that the demand out ranks the supply. Low mortgage rates are also contributing to the high demand for real estate.
Most of the pressure is felt by first time home buyers as well as lower income home buyers. Not only does rising home prices make it more difficult for them to afford a new home but the fact that they typically have less money to put down for a down payment makes their offer less attractive to home sellers.
Denver Metro has a 1.1 percent income growth, a very low 3.2 percent unemployment rate and strong home price appreciation put it first on Zillow’s “hottest housing markets” list for 2016.