Denver more expensive then much wealthier metropolitan areas (apartments, leasing agent)

[davebarnes]

Originally Posted by lovecrowds

I still can't get over the insane home prices in Denver...the median home price is Denver is 398,000.... the 2010-2014 median household income is $64,000...median home is 6.2 times the median household income.

1. Supply - or lack of it. Builders are not building that many new houses and condos. Many apartments are under construction.
2. Demand - 50+K people moving into greater Denver every year. 10+K into just the City & County of Denver.
3. Anyone coming from expensive coastal areas laughs at the TCO for houses here. Real estate taxes are very compared with MA, NY, NJ, for example.

[Robert5]

Odd that the OP took the time to type that out but provides no link. I suspect at least one , propably more, of the follliwing problems with the analysis.

1 using city for income and metro area for home valuesor vis versa in different markets.

2. Defining home value as just SFRs in some markets, but combining SFRs and condos in other areas

3. Dated 2010 census data

4. Using chamber of commerce data which has variables

5. Using American community survey data which is close to worthless.

6. Failing to recognize price of average home sold is not the same as average home value, a misconcetion advanced by realtors. Areas with a lot of new construction like denver will have a disporptionatelly large number of new homes in sales data and thus prices skew higher

[poppunk]

Originally Posted by Robert5

Odd that the OP took the time to type that out but provides no link. I suspect at least one , propably more, of the follliwing problems with the analysis.

1 using city for income and metro area for home valuesor vis versa in different markets.

2. Defining home value as just SFRs in some markets, but combining SFRs and condos in other areas

3. Dated 2010 census data

4. Using chamber of commerce data which has variables

5. Using American community survey data which is close to worthless.

6. Failing to recognize price of average home sold is not the same as average home value, a misconcetion advanced by realtors. Areas with a lot of new construction like denver will have a disporptionatelly large number of new homes in sales data and thus prices skew higher

From an analytic standpoint, the OP did so many things wrong I was going to respond yesterday but then thought maybe I shouldn't because it would be less about economics and more about an emotional response to heavily increased sale prices. You've addressed some of the issues. I found the comparisons to Boston to be particularly troublesome.

Regardless about whether one thinks the prices here make sense and are indicative of reasonable economics or a bubble, it's a lot easier to have an analytic conversation when the items being discussed are grounded in good practices. I think the OP was far outside the realm of reasonable, and that makes it hard to have a discussion.

[Timmyy]

Originally Posted by bluescreen73

The biggest threat to the short-term health of Colorado's economy right now is Amendment 69. If that harebrained scheme passes I seriously believe the state's economy will tank. If it becomes law I'm outta here. Not gonna see my healthcare costs double or triple so I can subsidize the deadbeats who'll invariably move here looking for a handout.

I think it will get voted down. There will be more advertisement against it as the election gets closer.

[Timmyy]

Originally Posted by alloo66

I think Amendment 69 will be good for the citizens of CO. Healthcare for all. Great concept. We already pay too much for medical insurance.

Yes it would be great but not at the cost that is being proposed.

[guyatwork37]

Originally Posted by Timmyy

Yes it would be great but not at the cost that is being proposed.

Obviously everyone is different, but I am more then 3 percent of my income in just monthly insurance payments and my company pays more than 7 percent for their part. This seems like a win for me and my company personally.

[bluescreen73]

Originally Posted by guyatwork37

Obviously everyone is different, but I am more then 3 percent of my income in just monthly insurance payments and my company pays more than 7 percent for their part. This seems like a win for me and my company personally.

You're forgetting the part where all your investment income gets taxed at a 10% rate, too. It's not just a payroll tax. If this passes Colorado will have one of the highest - if not the highest - tax burdens in the U.S. No thanks.

[guyatwork37]

Originally Posted by bluescreen73

You're forgetting the part where all your investment income gets taxed at a 10% rate, too. It's not just a payroll tax.

Can you explain this further?

[bluescreen73]

Originally Posted by guyatwork37

Can you explain this further?

Yep. You see, this is the shady part supporters of A69 aren't telling you.

From ballotpedia:

The premium tax would be applied to most income sources, including:[4]

salaries, wages, and tips
rents, interest, and dividends
capital gains
business proprietors' income
Social Security benefits, pensions and annuities

[SeaDoo342]

Originally Posted by lovecrowds

Denver with it's May price tag of $398,000 exceeds the 1st quarter median home price of $378,000 for Boston and $356,000 for Fairfield County, CT which is driving distance to New York City.

I lived in Fairfield County CT for a short time and Denver for 6 months. The reason why Fairfield County CT appears cheaper overall is because they add in large cities like Bridgeport, Norwalk and Shelton, which are urban cities with a lot of crime. They drag down the overall home price.

Anywhere else in that area of CT outside those few cities, you're looking at small ranch houses for a million bucks. You can get triple the house in Denver for your money...that's before you factor in property taxes.