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Colorado remains a popular place to live, despite recent upheavals

by | Feb 3, 2021 | Blog, Denver Real Estate Market, Relocating to Denver | 0 comments

In the past year, Americans have weathered a pandemic, social upheaval, political chaos. Yet while some states saw people fleeing in droves, Colorado has not only survived but maintained its reputation as a highly desirable place to live.

Recent statistics tell the tale.

According to the Denver Business Journal, population growth nationwide has dropped to its lowest level in at least 120 years. The country only grew around .35%— or about 1.1. million people—in 2020.

“These statistics paint a portrait of a nation that is experiencing unprecedented growth stagnation, even before the Covid-19 pandemic hit,” Brookings Institute Senior Fellow William Frey noted in an analysis reported by the Journal.  “The exceptionally low growth rate from 2019 to 2020 reflects the pandemic’s impact over part of that year.”

New York alone saw a drop of .65% in total population in 2020. It was the largest decrease in the country, amounting to a loss of 126,000 people. Illinois was second, with a loss of .63% of its total population, according to the Journal.

Colorado, however, bucked the national trend, showing the 12th highest growth in population in the country at .85% — or an addition of nearly 50,000 people. Since 2010, the state’s population has increased about 760,000, the 8th highest in the country.

Denver County alone gained 7,200 residents between 2014 and 2018, according to the most recent migration figures from the Census Bureau. And the city is increasingly attracting millennials seeking to put down roots. In a recent Lending Tree study, Denver ranked third in the country as a destination for millennials seeking homes in 2020.

This age group is making a substantial impact on the local home market. Millennials made up 59.07% of all Denver-area homebuyers requesting mortgages. Their average requested loan was $354,433, with an average down payment of $56,937.

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