Three Colorado Cities Claim Smokin’ Hot Zip Codes

Colorado Springs’ 80922 zip code is the No. 2 spot hottest zip code in the country – moving up from No. 7 in 2017, according to analysis of 32,000 zip codes by realtor.com®.

The annual analysis of zip codes looks at how long it takes homes to sell and how frequently properties in each zip code are viewed to determine which zip codes are most popular and fastest moving.

Greeley’s 80631 and Broomfield’s 80021 zip codes also ranked in the top 50 hottest, coming in at Nos. 44 and 48 respectively.

High-income millennials helped fuel a 10 percent rise in how fast homes sold in popular areas in 2018. More and more millennials are getting older and buying homes, which realtor.com says is driving demand in smaller, more affordable suburban areas. These 25- to 34-year-olds are attracted to affordability, strong local economies, and outdoor and cultural amenities.

The number of households in Colorado Springs grew 21 percent from 2010-2018. Homes in El Paso County sell in 15 days with a median list price of $297,811 – an increase of 9.7 percent in the last year. Located 60 miles south of Denver, Colorado Springs offers lifestyle features millennials want – outdoor activities, popular local breweries, and more affordable housing than Denver.

Here are the top ten hottest zip codes in the U.S.

Homes in the top 10 hottest markets sell in 20 days on average, 46 days faster than the rest of the country, 25 days faster than their respective metro areas, and 18 days faster than their respective counties.

In eight out of the top 10 ZIPs, millennial median household income is 1.3 times higher than the national median, $78,000 versus $60,000, respectively. Mortgage originations in nine of the top 10 counties are millennial-dominated with 34 percent of mortgage originations.

For the full report visit https://www.realtor.com/research/hottest-zip-codes-2018/

 

Originally posted here by Tom Kalinski Founder RE/MAX of Boulder on Wednesday, October 24th, 2018 at 2:19pm.

Posted on October 25, 2018 at 7:07 pm
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Boulder Rent Prices Decline

The usual story of ever-rising Boulder rents took a new turn this month. Data for August 2018 shows Boulder rents fell slightly by 0.1 percent last month and by 0.1 percent year-over-year, according to the latest report from rental site Apartment List.

That translates into median apartment rent of $1,150 for a one-bedroom and $1,410 for two-bedrooms. But even with the minor dip, Boulder’s median two-bedroom rent is above the national average of $1,180.

Nationwide rental rates went up about 1.5 percent, which the report found is down from a high of 3.6 percent in 2015.

Compared to the state and nation, Boulder’s rental price growth is below average. The city lags the state average of 0.4 percent rent growth year-over-year.

Rent also decreased in Colorado’s City of Aurora with a reduction of 0.8 percent year-over-year. A two-bedroom apartment in Aurora rents for $1,560.

But statewide, rental prices continue to trend upward. Colorado’s rental prices rose 0.4 percent over the past year. Eight of Colorado’s ten largest cities show rising rents.

Loveland, Thornton, and Westminster all have year-over-year growth above the state average with rent increases of 2.8 percent, 2.6 percent, and 1.9 percent, respectively.

Thornton is the most expensive of all Colorado’s major cities with a median two-bedroom rent of $1,860.

Many cities nationwide saw increases, including Phoenix, Atlanta, and San Francisco, rising 2.5, 1.5 and 1.1 percent, respectively.

Orlando has the fastest rent growth in the nation with an increase of 5.3 percent over last year. Second in the nation is Riverside, CA with 4.1 percent year-over-year growth, followed in third place by Anaheim at 3.6 percent.

The state of Nevada leads the country for the fastest rent growth at 3 percent, followed by Arizona at 2.2 percent.

Apartment List determines rent standings using reliable median rent statistics from the Census Bureau and extrapolates forward to the current month using a growth rate calculated from Apartment List listing data.

You can read the full report at https://www.apartmentlist.com/co/boulder#rent-report, see the national rental statistics at https://www.apartmentlist.com/rentonomics/national-rent-data/. If you want to know where rents are growing fastest, visit https://www.apartmentlist.com/rentonomics/rents-growing-fastest/.

 

Originally posted here by Tom Kalinski Founder RE/MAX of Boulder on Monday, September 17th, 2018 at 2:39pm.

Posted on September 24, 2018 at 7:50 pm
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Boulder Performs Well Among Top Innovation Cities

Boulder stands tall when compared with much larger metropolitan areas that excel in innovation and entrepreneurship.

A report produced by the Boulder Economic Council compares Boulder with leading innovation centers including Silicon Valley, San Francisco, Austin, Boston, Seattle, Portland, Denver and Raleigh.  Though these metropolitan areas have a much larger population than Boulder, they were selected as peer communities following input from local focus groups and ranking reviews published by Inc., Forbes, and others.

To get a meaningful comparison, data was normalized for population size and other measures in analysis by CU-Boulder’s Leeds School of Business Research Division.

And the news is good, according to findings published in the Boulder Innovation Venture Report. Boulder compares favorably in key success metrics from education and jobs to quality of life. The area is challenged, however, by a lack of affordable housing to supply its workforce with a place to live.

The Boulder metro area ranks first among the peer communities for the percentage of population 25 and up who hold a bachelor’s degree or higher. Over 60 percent of residents have a bachelor’s degree, which is among the highest in the United States.

In the jobs ranking, the City of Boulder has about 100,000 jobs, a number two or three times larger than almost any other U.S. city comparable in population size. Among those jobs, Boulder has the second highest concentration of science, technology, engineering and math (STEM) occupations among all the peer regions.

Boulder has the second-highest per capita venture capital investment in comparison to the peer communities.

In fact, Boulder is ranked number one nationally in the “Bloomberg Brain Concentration Index,” which tracks business formation as well as employment and education in the sciences, technology, engineering and mathematics.

Drilling down into the creative services industry – advertising agencies and web and app developers – outdoor recreation and food manufacturing, Boulder’s concentration of local businesses was significantly higher than peer communities.

Even in coffee shops the Boulder area percolates, achieving a tie with the Seattle-Tacoma-Bellevue metro for the highest concentration of coffee shops among peer communities. Boulder outranked all the peer cities on restaurants per 1,000 residents.

While any amount of time stuck in traffic is too much, Boulder drivers spend less than all but one of the peer communities with 10 percent of total driving time in congestion. Boston drivers spend the most time driving in congestion.

The challenge for Boulder is housing affordability, according to the report. Measured by median metro area home values, Boulder has the third highest housing costs among its peer communities, behind the San Jose and San Francisco regions and just ahead of Seattle and Boston. But the city is not alone – its peer communities face the same challenge. All but one of the metro areas studied for this report ranked among the 25 most expensive housing markets in the U.S.

For the full Boulder Innovation Venture Report, visit: http://issuu.com/boulderchamber/docs/innovation_venture_report_v26?e=33607933/61913820

 

Originally posted here by Tom Kalinski Founder RE/MAX of Boulder on Tuesday, September 11th, 2018 at 3:05pm.
Posted on September 17, 2018 at 6:58 pm
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Colorado’s Top Cities for First-Time Home Buyers

Nine Colorado cities rank in the top 50 best cities for first-time home buyers, according to recent analysis by WalletHub, a personal finance website. Four of those made the top 20 – Centennial, Thornton, Arvada and Greeley, coming in at Nos. 3, 6, 17, and 20, respectively.

With home prices rising in Colorado and across the nation, buying a first home is challenging. Potential buyers need to develop a realistic perspective on market prices, their financing options, and neighborhoods that have a good reputation and appeal to their lifestyle.

To help potential buyers target possible locations, WalletHub compared 300 cities of varying sizes across 27 key indicators of market attractiveness, affordability, and quality of life. Data includes important factors like cost of living, real-estate taxes, and property-crime rate.

Here are the rankings of the Colorado cities reported:

3. Centennial

6. Thornton

17. Arvada

20. Greeley

23. Longmont

25. Fort Collins

27. Colorado Springs

28. Westminster

39. Pueblo

51. Denver

67. Aurora

137. Boulder

 

Among those cities, Colorado Springs has the fourth-lowest real estate tax rate in the nation.

First-time home buyers are often in the millennial generation. As it turns out, Colorado is the ninth-best state for millennials, according to a separate WalletHub report.

Millennials – those born between 1981 and 1997 – make up over 35% of the workforce. While often thought of as “kids,” the oldest are 37 years old.

In addition to a total score of 9, Colorado ranks high for quality of life (7), economic health (3) and civic engagement (10).  No. 1 ranked District of Columbia also ranked first in the nation for quality of life and civic engagement.

Colorado was evaluated along with all 50 states and the District of Columbia across 30 key metrics, ranging from share of millennials to millennial unemployment rate to millennial voter-turnout rate.

Here’s a look at the top 10 states for millennials:

For more information, see the full reports at https://wallethub.com/edu/best-and-worst-cities-for-first-time-home-buyers/5564/#methodology and https://wallethub.com/edu/best-states-for-millennials/33371/ .

 

 

Posted by Tom Kalinski Founder RE/MAX of Boulder on Friday, August 24th, 2018 at 10:36am.

Posted on August 25, 2018 at 7:19 am
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