In Denver, the recent trends in the housing market reflect broader challenges and opportunities for Black first-time homebuyers. According to a Zillow® survey, 62% of Black homebuyers who were first-time buyers in 2024 was notably higher than the 44% nationwide. This strong rebound in Black homeownership is part of a broader national trend, but affordability remains a significant barrier in Denver.

For the typical Black household in Denver, the affordability gap is stark. The median home value in the city is about $578,402, and the monthly mortgage for a typical home is $3,682. To afford such a home without being cost-burdened, a household would need an income of $147,269. This is far above the median income of Black families in Denver, which is $64,219. The median is the middle point of the income range, meaning half of the Black households earn more, and half earn less.

As a result, only 3.9% of homes are considered affordable to Black households in Denver, compared to 24% for white households.

Despite these challenges, Black homebuyers show resilience and a strong commitment to homeownership. Programs like Zillow’s down payment assistance tool, which connects buyers with financial resources, and BuyAbility, which helps buyers understand how interest rates impact their budget, are making homeownership more accessible. These efforts are part of Zillow’s broader advocacy for policies that expand credit access and improve housing affordability.

In summary, while Black first-time buyers in Denver are leading the way in homeownership growth, many Black, Brown, and White people still face significant affordability hurdles. Zillow’s tools and advocacy are helping to bridge the gap, but the overall market conditions continue to limit opportunities for many potential buyers.