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Homeowners in the Denver, Colo., metro area paid a median of $185,000 for their homes, according to a 2011 American Housing Survey profile released today. The median purchase price of homes constructed in the past four years was higher at $375,000. Nationally, homeowners paid $110,000 overall and $235,000 for new construction.
The profile released today provides information on the area's housing costs, mortgages and a variety of other physical and financial characteristics about housing in the Denver area. The statistics come from the American Housing Survey, which is sponsored by the Department of Housing and Urban Development and conducted by the U.S. Census Bureau, and is the most comprehensive housing survey in the United States. National data are collected every odd-numbered year and metropolitan area data are collected on a rotating basis.
"The last five years remind us how central housing is to each of us personally, to the fiscal health of our cities and counties, and the national economy. For 40 years, the American Housing Survey has provided a unique set of data that connects the detailed characteristics of who is living in homes to the detailed characteristics of the homes themselves," said Kurt Usowski, HUD's Deputy Assistant Secretary for Economic Affairs. "From the American Housing Survey, we can see why people chose to move, how often homes need repairs, and the extent to which housing costs are outpacing income growth. All this information can help inform policymaking around continued recovery in Denver and other metropolitan areas."
"We are pleased to have the opportunity to collaborate with HUD on these profiles," said the Census Bureau's Arthur Cresce, Jr., Assistant Division Chief for Housing Characteristics. "Analysts in government and business study the nation's housing very closely and the AHS yields a wealth of information that can be used by professionals in nearly every field for planning, decision-making, and market research."
Some highlights for the Denver area include:
The American Housing Survey coverage of the Denver, Colo., metro area does not match the 2009 Office of Management and Budget definition due to the exclusion of the new county of Broomfield. The American Housing Survey continues to use the old county borders from before Broomfield's creation to define the Denver Metropolitan Statistical Area.