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Renters now nearly outnumber homeowners in Denver; Colorado Springs also sees big increase

Renters now nearly outnumber homeowners in Denver; Colorado Springs also sees big increase
Posted at 8:52 AM, Jan 30, 2018
and last updated 2018-01-30 10:52:31-05

DENVER - In a sure sign that Denver is becoming an increasingly unaffordable place to buy a house, the share of renters in the Mile High City has nearly caught up with the percentage of residents who own their homes.

That's according to a new report from RentCafe, which analyzed U.S. Census data for 100 of the largest cities in the United States.

Their analysis found that in most major cities - including Denver and Colorado Springs - renter growth outpaced growth in home ownership between 2006 and 2016.

RELATED: 2017 ended with record-high home prices, record-low inventory in Denver

Colorado Springs was actually among the cities with some of the biggest changes in the share of renters, climbing from 31.3 percent in 2006 to 40.4 percent in 2016, a change of more than 29 percent in a decade.

In Denver, the number of renters rose from 226,832 (40.8 percent) in 2006 to 320,149 (47.1 percent) in 2016. At the same time, the number of homeowners rose from 329,162 (59.2 percent) to 359,158 (52.9 percent).

If the current trend continues, Denver will soon join other cities like Boston, Los Angeles, Miami and New York City, all of which have higher percentages of renters than homeowners.

To read the full report, log on to rentcafe.com.

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