In early 2024, Kelly Diehr and her husband set out to buy their first home in Denver.
With no kids, six-figure income and a budget of $600,000, the couple felt like they were in a solid position to afford a single detached home where they could raise a family.
However, like many first-time buyers, they were disappointed by what they could afford, as median home prices almost immediately started rising from $599,000 to $639,000 between January and May, according to Realtor.com.
And like many first-time buyers, the couple were forced to compromise by stretching their budget far beyond what they originally planned.
Such concessions are common in new developments, where developers often need to sell units quickly — even in a competitive market like Denver.
Persons:
Kelly Diehr, Diehr, you'd
Locations:
Denver