In the past ten years, the U.S. has seen a dramatic increase in the number of high-income renter households, from 3.8 million in 2008 to 5.7 million in 2017. Nowhere has this surge been seen more than in Denver. Denver and Austin lead the nation in high-income renter growth. These metros housed nearly 2.5 times more six-figure renter households in 2017 than they did in 2008.
87% of millennial renters in the metro Denver area say that they plan to purchase a home at some point in the future, but just 5% expect to do so within the next year, while 28% say that they won’t buy for at least five years. This is bad news for the cheerleaders in the real estate industry who are banking on millennials to power home prices gains in 2019 after a lackluster year in 2018.