If people are moving into to Denver they're usually coming from surrounding suburbs, If they're coming from somewhere, they're often moving from more expensive metros, writes Sarah Mikhitarian with Zillow.
There are a number of reasons why new residents might be flocking to the city of Denver, including abundant job opportunities and, for many, a relatively affordable cost of living. Those moving to Denver from cities like Los Angeles and New York – particularly renters – will find housing in the mile-high city to be a downright bargain compared to where they’re coming from.
In 2013, the typical renter in the city of Denver could expect to spend 37.4 percent of his income on rent, compared to 56.1 percent in New York County (essentially the island of Manhattan) and 48 percent in Los Angeles County (basically the city of L.A.).
That influx of residents doesn't come without repercussions.
But affordability in Denver is relative, and the rising cost of housing in the city is simultaneously pushing many existing Denver residents out of the city, even as it attracts others from more expensive locales. In 2013, the median home in Denver grew in value by 12.2 percent and median rent in the city grew by 10.8 percent. At the same time, median household income increased by just 1.2 percent in the city. Over the same period, national median home values grew by 7.4 percent and U.S. median rents grew by 3 percent – both healthy numbers in any period, but weak compared to Denver’s rapid housing appreciation. And that rapid appreciation, coupled with sub-par income growth, led many to flee the city of Denver in search of cheaper locales.