LendingTree found that nearly one in five metro Denver homeowners, or 19.5%, have moved into their current home since 2017, which is the 9th highest rate among the 50 major metros examined. In the United States, Las Vegas has the highest proportion of “newbies,” at 23.2%, followed by Phoenix at 22.3% and Jacksonville, Florida, at 22%.
Those in Los Angeles have only moved in 10.4% since 2017, and those up north have moved in 11.4%. Study findings showed that New Orleans, Buffalo, N.Y., and Pittsburgh have the lowest share of newcomers living in homes.
Recent buyers are less likely to be found in more expensive cities, but this isn’t necessarily the case. Denver ranks among the top 10 in terms of recent owner-occupants because of its popularity despite its high price tag.
Denver is already prohibitively expensive for many. In an email, Jacob Channel, the report’s author, said, “I think the housing market is hot at the moment, and its popularity continues to grow.”
Long-time residents are a smaller part of the mix when so many homes are sold to new buyers. Only 8.1% of Denver’s homes are owned by people who moved in before 1990, compared with 22% in Pittsburgh and 20.4% in Buffalo. 25.7% of metro Denver homeowners trace their residence back to the ’00s, the decade of the housing boom and bust when many new homes were built.
Houston has the highest share of homeowners who moved in during that decade at 30.15%, followed by Riverside, Calif., and Washington, D.C.
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During any period, home construction can influence housing trends, and popular metro areas tend to have more recent buyers. It doesn’t mean that the people selling to Denver’s recent home occupants have picked up and moved away just because Denver has a higher share.
For the most part, people who move from one home to another, tend to stay in the same area. They do this because they’ve already got a job in the area, or because they don’t want to uproot their families. Beyond that, moving long distances can be both expensive and logistically challenging,’ he said.
It means metro Denver is likely experiencing housing churn and not necessarily an outflow of longtime residents to more affordable markets.