Yup, it IS Californians that made Colorado so unaffordable

We joke about Californian's moving to Colorado all the time. At least some of us are joking. But, it turns out it's true.

It is Californians that made Colorado so unaffordable.

California transplants with lot's of money played a part in the spike in Denver-area home prices.

Redfin, a national real estate brokerage firm, released data Thursday that shows a national pattern of highly paid workers from major job hubs bringing large salaries with them to more affordable areas through the late 2010s and early 2020s.

Redfin’s data analysis includes U.S. cities with at least 1,500 Redfin.com home searchers from inside the metro and 1,500 from outside the metro from January through June 2022. 

Over the past five years, the people moving into Colorado have had significantly higher budgets than the people already living in Colorado. The trend is especially clear in Denver in 2020 and the years afterward.

The year before the COVID-19 pandemic began, transplants looking for homes in the Denver area had a housing budget 3.8% higher than Colorado residents.

That changed in 2020 when COVID restrictions triggered a race for space. That year, transplants’ housing budgets were 16.5% higher than people already in Colorado, the equivalent of $100,000 for the current median-priced home.

Transplants have continued to hold higher home budgets. In 2021, they had 15% more to spend on housing and 11.8% more through June 2022.

Redfin’s migration data says transplants came from everywhere, but the biggest chunk was from California.

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