More than half of all homes for sale in seven metro markets, including Denver, are unaffordable to typical buyers, according a Zillow analysis of income, mortgage and home-value data.
In metro Denver, 52.8 percent of homes are unaffordable and conditions could worsen as mortgage rates rise, says the report, released Thursday.
Other metro areas where buyers may have a tough time finding affordable homes are Los Angeles, San Diego, San Francisco and San Jose, Calif.; Portland, Ore.; and Miami.
Make sure that you are paying a fair price for your new home this year. Don't fall into the hype of the bidding wars and overpriced houses that this crazy market promises to produce.
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