What salary it takes to buy a typical home in metro Denver
A buyer of a median-priced home in metro Denver needs to make a salary of $68,436 a year to qualify for a mortgage and cover basic expenses such as property taxes and insurance, according to a report from HSH.com.
That's assuming a 20 percent down payment on a 30-year mortgage with an interest rate of 4.05 percent. For buyers who put down only 10 percent, the required income jumps to $80,712, says HSH.com, a mortgage research firm based in New Jersey.
The median home price in metro Denver in the fourth quarter, based on numbers from the National Association of Realtors, was $353,500, up 12.3 percent from the same quarter a year earlier.
Buyers of a median-priced home in metro Denver need to make about $17,000 more than the U.S. average