Want to Live in Denver? You Might Need a Career Change
Purchasing a home is not a cheap endeavor — especially in the Centennial State.
Last year, GOBankingRates discovered that Colorado's cost of living is worse than New York's. In March, Porch.com ranked it as the No. 2 state where homebuyers need co-signers to purchase a house.
Still, property costs do vary across the state.
Living in the Mile High City will cost you
Home prices are particularly dismal in Denver (although people still want to rent there). According to a new report from StorageCafe, the average home in the Mile High City costs around $590,000, despite that Denverites are only making about $74,000 a year.
"If you want to become a homeowner in Denver now, you need to earn above six figures, to be able to pay a mortgage and to save up for down payment within five years," reads the report.
So, what job do you need to afford a home in the Mile High City? Let's find out.
Dreaming of Denver? Don't be an IT professional
StorageCafe reports that, even though the average salary of an IT professional is a healthy $107,000, they still don't make enough to swing it in Denver — the numbers show they'll have to save over five years for a down payment.
What career can buy you a home in Denver?
StorageCafe says that if you're hoping to afford a house in the Mile High City, you might want to consider becoming a marketing manager.
Marketing managers in the Denver area earn up to $162,980, making it the seventh-highest paying place they can live. Colorado Springs is another good option for marketing managers — they can make around $160,000 there.
The report notes that, along with marketing, managers in finance, sales, and legal industries also have homebuying potential in Denver, stating that "these professions can save for a down payment in around four years."
Looking for some real estate relief? Check out 30 Colorado counties with the lowest home prices in the gallery below.
30 Colorado Counties With the Lowest Home Prices
PICTURES: See Inside America's Jaw-Dropping Most Expensive Home