The Colorado housing market has been hot for the past year or so with a reduced number of available single-family homes and an increase in demand. However, many people aren’t aware of exactly what is driving the housing market in this direction. The following are a few of the factors that are making Colorado real estate so desirable.
Employment Opportunities
The pandemic caused many people to lose their jobs. Many other people saw it as an opportunity to pursue a new career path. Colorado offers plenty of opportunities for individuals to start fresh with their careers. Some of the top employment opportunities in the state include registered nurses, computer system engineers, tractor-trailer drivers, general and operations managers, and more. Individuals interested in a change of pace will find the options they want in Colorado.
Population Increases
Colorado has experienced a population boom, including a higher number of individuals migrating from other states. The state is becoming more diverse with extensive growth in urban areas throughout the state, including the northern portion, especially north of Denver.
Rental Income
While many new home buyers are interested in buying a primary residence, others are interested in purchasing properties with significant rental potential. Because Colorado is a popular travel destination, rental properties have also driven the housing market. More investors and individuals interested in investment properties are buying homes or multi-family complexes in the hopes of generating a passive income through rentals. Colorado offers excellent opportunities in real estate investments.
If you’re interested in learning more about the real estate market in northern Colorado, contact us to discuss your next real estate purchase.
