Predictions are out! Zillow recently projected that Denver would be the nation’s hottest real estate market in 2016. Big surprise! But what may come as a revelation is which suburb Zillow expects to see the most growth in 2016: Aurora.
Underdog of Denver?
While it is the largest eastern suburb in Denver, Aurora has often gotten the short end of the stick. It’s farther from the mountains and the Downtown Denver hub, and it has a rather rough-around-the-edges reputation, whether earned or not. But ever since the Denver International Airport opened its doors in the 1990s, Aurora has seen quite a bit of growth. It’s home to Buckley Air Force Base, which opens up the suburb for a large community of military personnel, and it’s an affordable alternative for those who desire to live in the Mile High City, but cannot afford Downtown living or those areas close to the mountains. And with Denver’s price boom, many new and long term city residents have found themselves seeking homes in Aurora.
Change Is Coming!
With new residents comes new diversity to the region, specifically in the areas of jobs, income, ethnicity, religion, etc.. And as more and more single-family homes and multi-family complexes begin to pop up, the layout and landscape of Aurora is bound to change. Things begin to grow more crowded as people, both local and new to Colorado, scramble to snatch up all the available housing in the Mile High Country.
If So, Then What?
Housing sale prices, according to the article on Examiner.com, about 16% in 2015, while rents rose around 12.4%. And as we’ve said on multiple occasions, the increase in housing prices hasn’t exactly kept pace with income growth, making it harder and harder for people to afford housing. Hence the rush for the suburbs! As Metro Denver continues to out-price people, the appeal of outlying suburbs, such as Aurora, begin to strengthen, which adds to the growth factor exponentially.
Here’s to Growth in 2016!
As Denver grows, so do the surrounding suburbs as more and more people seek a place to live. So here’s to another great year for the Denver real estate market!