Colorado home buyers are more willing to spend more for transitional-style homes, according to a study by NoTriangle Studio.
This design, which blends modern and traditional elements, is not only the most popular style in the state but also commands an average value of $1.7 million, far above November’s median close price of $585,000 for the Denver metro area.
NoTriangle Studio, a creative agency specializing in cutting-edge architectural 3d visualization, analyzed real estate data nationally to determine the prices potential buyers spend on different home styles.
The transitional style is a clear favorite, topping the charts in eight states, including Colorado.
Transitional architecture mixes traditional and modern styles to create bright, open, and inviting spaces.
These homes often feature large windows with dark frames and open layouts. Because the style provides flexibility, it is popular in areas with different climates and lifestyles.
While transitional architecture is the most popular, it’s the second most expensive, according to the study.
Neoclassical homes, which average $2.1 million and are most popular in California, Florida, and New York, boast intricate columns, symmetrical designs, and lavish interiors.
Denver makes richest cities list
A study by Evernest, a property management company, evaluated 45 U.S. cities to identify the ten richest.
It used five indicators:
- Personal income
- Cost of living
- Homeownership rate
- Percentage of households with over $1 million in investable assets
- Median household income
Everest weighted and normalized the indicators to create a richness index to rank the cities.
Denver comes in ninth with an index score of 0.67 thanks to a balanced combination of factors, including a relatively high homeownership rate of 62.7% and a median household income of $88,909.
Baltimore, Boston, Newark, Honolulu, Virginia Beach, Anchorage, Los Angeles, Seattle, and Minneapolis are the other cities in the top 10.
Denver loses cachet with millennials
Millennials, born between 1981 and 1996, stepped into the workforce right when the 2007 recession hit. Because of this, they struggled more with high unemployment and lower wages, which led to fewer people starting families and buying homes.
Now that many in this generation are nearing their 40s, their preferences for where to live are changing. And cities like Denver and Austin have become less appealing, while places like Spartanburg, South Carolina, and Spring Hill, Tennessee, are becoming more attractive.
An analysis by moveBuddha shows Denver’s rising home prices contributed the most to its decline in popularity.
While Denver’s outdoor recreation was once a significant draw, younger millennials are more likely to move to the southeast for lower housing costs.
The news and editorial staffs of The Denver Post had no role in this post’s preparation.
