Denver’s unprecedented growth in recent years has caused many to wonder how long the upward trajectory can last. What comes up, the thinking goes, must soon come down.
But if a recent study is any indication, worries of a housing bubble here are unfounded. According to the finance website SmartAsset, The Denver-Aurora-Lakewood area, Boulder and Fort Collins, are among the top ten most stable housing markets in the country.
SmartAsset looked at 358 markets in America, analyzing two factors: the overall home price growth rate since 1991 and the average odds that a homeowner in a particular market would have experienced significant price declines (at least 5% relative to the original home price) within the decade after buying a home.
For the second year in a row, Boulder ranked number one for stability. The city has enjoyed a 308% overall growth rate since 1991, and the average homeowner in Boulder, notes the site, hasn’t “suffered any significant price declines since 1991.”
Fort Collins came in number 6, with growth fueled partly by manufacturing and the tech industry, which has benefitted from proximity to Colorado State University. On average, says SmartAsset, Fort Collins’ homes had a 5% chance of declining in value by 5% if bought within the last 25 years.
And, finally, the Denver metro area came in at number 9, with a 270% total growth rate since 1991.
The full list:
1. Boulder, CO
2. Austin-Round Rock, TX
3. Casper, WY
5. Midland, TX
6. Fort Collins, CO
7. Billings, MT
8. Missoula, MT
9. Denver-Aurora-Lakewood, CO
10. Grand Forks, ND-MN