re: Moving out of NO and LA to Denver

It took us 6 months of constant offers to finally get something. Bidding 30% over ask only to lose out to 40% over in cash really blows. You have to stay the course if you really want it. Denver proper housing stock is old and not ideal modern living with two kids. 3 bedrooms above ground with a master bath is about $1.5m right now because there really isn’t much stock that fits that description.

You gotta pay if you want to play unfortunately.

Define upper middle class? 125,000k combined salary and above or 150k and above?

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Metairie ain’t all peaches and cream.

It has its fair share of crime.

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North Metairie is all peaches and cream

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In Denver, you’ll need to earn $141,801 or more to be considered a “rich” person in the top 20% of the city’s 700,000 residents.

The ultra-rich, or the top 5% of earners in Denver, make way more: $475,273 on average, according to the analysis.

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According to this it's about 140k in Denver yet we have people ITT saying they can't afford housing on 200k.

LINK

ETA - I'm guessing that's per person.

Wondering when the real estate market is going to stabilize. I’ve heard some say latter part of this year and others say 3-5 more years more than likely.

Mortgage rates should cause prices to come down but it won't be any better for the buyer. You'll still have a high mortgage payment, you'll just be paying more to the bank

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That is plenty of money earned to afford an expensive house. What exactly is your issue?

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For younger, first time home buyers like me, getting beat by cash offers was the biggest problem and there is not a damn thing you can do about it.

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People paying north of 500K for a 3b is crazy. My friend is buying her dump of a 2b rental on the West coast for nearly 900K. Nuts

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Yeah, assuming I had employment options elsewhere I'd just move somewhere cheaper rather than be saddled with some huge mortgage for 20-30 years.

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Mortgage rates should cause prices to come down but it won't be any better for the buyer.

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Right. Lower price tag, much higher interest rate.

People paying for bubble induced property now will be begging for a bailout in a few years. Just watch.

After moving to Denver from NOLA five years ago it was the best decision I made. Professionally, there are so many opportunities to grow in many fields and a ton of jobs are available. Denver proper is a massive upgrade from NOLA, as there is a solid LSU alumni/BR/NOLA presence, fantastic entertainment, recreation and schools. However, Denver has significantly changed since I moved here. Five years ago, $400-500k could get you into a decent starter home, downtown was clean, and homelessness was not a big issue. However, Denver and the surrounding suburbs are become insanely expensive. Denver does a great job of attracting younger folks with its glamour to move here; however, I found a lot of these folks don't stay if they are single and not in a position to buy a starter home in the $600-700k range. They end up renting for a year or two, and become frustrated with the market and leave for TX, FL, etc. Friends with several folks from LA who live here now, and our discussions lately are about how some are wanting to leave and head to Tennessee, Texas, Florida or the Carolinas. The commutes, costs, and homeless are getting to these folks with the only option of living and working exclusively in the $600k+ burbs. Living in the burbs is fantastic, but it puts you 25-60 minutes away from Downtown or other sides of the city. There is no telling how Colorado will be in the next few years, but I personally believe it will become CA.