Denver ranked fifth among cities that people are saying goodbye to.
Who didn't see this coming? While everyone has been bragging on the booming economy in the Denver metro area, the insane house prices and overall high cost of living are finally taking their toll.
Moneywise.com released a ranking of metro areas in the United States that people are more interested in moving from than moving to. The ranking was based on real-estate website Redfin's migration report. The report determined the places where people looking to leave most outnumbered people who were considering moving in during the final months of 2018.
Denver ranked No. 5 behind San Francisco (1), New York (2), Los Angeles (3), and Washington, D.C. In the Mile High City's case, people are fleeing the ridiculous housing market and wages that aren't rising anywhere near fast enough to keep people afloat.
"Housing costs are going into the stratosphere in the Mile High City. They're rising faster than wages, as new luxury homes pop up and push housing values higher across the metro area," Moneywise.com says, adding that homes are selling for an average of $370,000 and are on the market for an average of just 25 days.
It appears that people who once looked to Denver for a city without high taxes and closely located to mountains and recreation are now setting their sites on Seattle.
"People looking to leave high-tax metros for a city with mountain views and top-notch hiking are more likely to pick Seattle over Denver because Washington state doesn’t have an income tax," says Daryl Fairweather, Redfin chief economist.
Rounding out the top 10 on the list were, in order from No. 6 to No. 10, Chicago, Milwaukee, Orlando, Houston, and Rockford, Ill.
What do you think about the report? Are you planning on moving from Denver? Do you see Denver's economy taking a turn for the worse any time soon? Let us know in the comments below.
