Average rent $1952, home values up 15.5% in November in Denver, says Zillow report

The price of housing in the Denver metro area continues to grow.

A new report by Zillow says home values in the Denver metro rose 15.5 percent in November.

"Overall, the cumulative value of all homes in the Denver metro is $347 billion," the Zillow report said.

Renters are also seeing nearly double digit price increases. Zillow said rents in the Denver metro area rose 9.7 percent in November.

The median price of rent is $1,952. However, that's for all rental properties including single-family residences, condominiums, cooperatives and apartments in Zillow's database.

"More renter households and rising rents combined to set new records in rental spending in 2015," said Zillow Chief Economist Dr. Svenja Gudell. "Americans are spending a lot of money on housing, and that will make affordability an important issue next year.”

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