Denver is considered a top spot for newcomers due to its high median household income, a large percentage of adults with bachelor’s degrees or higher, and appeal to millennials, however, it struggles with housing affordability, ranking 48th least affordable, only behind Boston and Honolulu.
In a survey of 1,000 Americans by Anytime Estimate, a website with real estate tools, Nashville topped the list as the ideal relocation choice, with 24% of respondents indicating it as their preferred destination.
- Survey Details:Anytime Estimate, a website offering real estate calculators and tools, conducted a moving trends survey of 1,000 Americans.
- Nashville’s Ranking:Nashville, Tennessee, emerged as the top-ranked city for relocation, with 24% of respondents naming it as their ideal destination.
- Other Cities Mentioned:The survey also mentioned Memphis as a popular relocation destination, along with other cities in the Sunbelt and Mountain West regions.
- Survey PurposeThe organization used data from the moving cost calculator to determine this year’s moving trends, which saw a continuation of people moving to the Sunbelt and Mountain West regions.
Here’s a more detailed breakdown:
- Nashville: Ranked as the most desirable city for relocation with 24% of respondents indicating it as their ideal choice.
- Denver: Secured the second spot with 23%.
- Las Vegas: Rounded out the top five with 21%.
- San Diego: Came in at 20%.
- Los Angeles: Finished the top five at 19%.
Denver 8th best capital city
Here’s a more detailed breakdown:
- Pros for Newcomers:
- High Median Household Income:Denver boasts a high median household income, making it financially attractive for potential residents.
- Educated Population: A significant portion of Denver’s adult population holds a bachelor’s degree or higher, indicating a skilled workforce and a focus on education.
- Millennial Magnet: Denver is a popular destination for millennials,attracted to the city’s vibrant culture, job opportunities, and overall appeal.
- Cons: Housing Affordability:
- High Housing Costs: Despite the other positive factors, Denver faces a significant challenge in housing affordability, with costs outpacing income for many residents.
- Low Ranking for Affordability: In a recent study, Denver ranked 48th out of 50 for housing affordability, placing it among the least affordable cities in the country, only behind Boston and Honolulu.
- Other factors:
- Net Inbound Migration: Colorado saw a net inbound migration of 31,000 people in 2023, bouncing back from a decline in 2022.
- Millennials make up 35% of Denver’s population .
Colorado ranks 8th for attracting and retaining residents
According to reports, Colorado attracts a significant number of millennials, accounting for 35% of newcomers, and has emerged as a remote work hub, with 27% of incoming residents working remotely.
Here’s a breakdown of the key points:
- Millennial Magnet:Colorado is attracting a large number of millennials, who constitute 35% of the newcomers to the state.
- Remote Work Powerhouse:The state has become a popular destination for remote workers, with 27% of incoming residents working remotely.
- Origin States:Newcomers to Colorado are arriving from states like Texas, California, Florida, Arizona, and North Carolina.
- Homeownership:Despite higher home prices, 35% of newcomers became homeowners within the first year.
- Remote Work Statistics:A recent study by SelectSoftware Reviews found that Colorado has the highest percentage of people regularly working from home at least one day a week, at an average 37%.
- Other States:In contrast, just 12% of people in Mississippi work from home on a regular basis – the lowest percentage in the country.
- Millennial Preferences:Millennials are increasingly drawn to smaller, more affordable homes that offer low-maintenance outdoor spaces situated in vibrant neighborhoods.
- Move-in Ready Homes:Millennial buyers want move-in ready homes and don’t want projects, they are too busy, not to mention many work from home and therefore wouldn’t be able to live through a lengthy renovation.
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