Metro Denver’s Most Affordable Cities: Part II
Following is Part Two of metro Denver’s most affordable cities in the seven-county metropolis for those seeking home ownership at a reasonable price.
Centennial: Boasting a median household income of $89,000, Centennial is a suburb that’s full of well-off people who know how to manage their expenses. Of course, a higher income means a higher median home price, as the average currently nears $300,000. Centennial is actually the 15th safest city in the country and is known for its great mix of both public and private schools, making the city a great place to raise a family. It might seem a little more expensive, but if it’s in your price range, Centennial is one of the most affordable middle-class metro Denver suburbs. Income spent on mortgage loans 28.7 percent; median home value $282,700.
Arvada: Located just seven miles northwest of Denver, Arvada is another cool suburb that places you between the city and the mountains, providing you with the best of both worlds. Arvada’s location near I-25 and I-70 makes it convenient to get anywhere you want to go, whether it’s a ski resort on the weekend or your job in downtown Denver. Arvada is also served by several bus routes and is on schedule for extended light rail service. This city has been recognized by the League of American Bicyclists for bike-friendliness. Old Town Arvada is the revitalized part of Arvada’s original downtown with numerous shops and boutiques, big box retailers, restaurants, and much more. Median household income $68,210; median home value $242,700.
Broomfield: This city located northwest of Denver has experienced tons of technological growth throughout the 1990s and much of the $2000s and is still on the rise today. Broomfield is home to several large companies such as Level 3 Communications and Oracle. But it’s not all about business here with an extensive trail system that connects Stearns Lake and Josh’s Pond, as well as a skate park with a huge half pipe, numerous parks and playgrounds, and master-planned communities with exceptional amenities, such as championship golf courses and recreation centers. Median household income $77,998; median home value $275,900.
Lakewood: This community is home to approximately 150,000 residents. This means that living here might give you the touch of hustle and bustle you have been looking for, only without the chaos that exists in downtown Denver. Lakewood was named an All-American City for the first time in 2011, an award given to outstanding communities around the country that have accomplished certain goals that create an enviable lifestyle. And the famous Casa Bonita restaurant is scheduled to reopen this summer after a major renovation. Median home value $238,500; income spent on mortgage loans $30.9 percent.
Erie: This city is the wealthiest on our list but also affordable by most standards. One thing that makes this suburb attractive is the low percent of income spent on home loans or rent. While most of the country is spending around a third of their income on mortgages, Erie residents spend just a little over a quarter of what they make. Located just 25 minutes from Denver and 20 minutes from Boulder, Erie provides convenient commutes to either city for work, recreation, and higher education. Median home value $203,796; median household income $340,800.