When looking at the real estate landscape in the United States, and more specifically, Boulder, Colorado, considering how money moves geographically is crucial. Each year, the IRS tracks the migration of U.S. residents through their taxes and records how income travels across state and county lines. The report it publishes each year is an essential piece of information that realtors, home buyers, and home sellers can use to gauge when and where to buy or sell a home.
How Money Walks Map
This simple map shows where people moved to in the last year and how much wealth moved with them. In billions, the map shows that Colorado gained an estimated 12 billion dollars, whereas California lost a similar amount. By considering the map, we also learn that Florida and the Southeastern region on the whole are attracting more people and their money. The Pacific Northwest continues to attract Americans, whereas New York, Washington D.C., and Massachusetts has lost folks.
Boulder’s Population Drops Slightly
While the “How Money Walks” map shows Colorado gaining a large amount of wealth, Boulder, Colorado in particular actually lost a small percentage of its population. Research shows that a majority of inbound residents moved to the area for jobs and lifestyle, while a majority of outbound residents moved to be closer to family.
How Does This Impact the Housing Market?
The real estate industry has cooled significantly from the red-hot seller’s market that 2021 and early 2022 ushered in. It’s a great time to buy real estate in Boulder, especially for folks who can make a larger down payment and can secure a smaller mortgage payment. Interest rates remain high, but many homes are closing at or below asking price.
For sellers, working with a knowledgeable realtor who has access to a network of highly motivated buyers can be key to selling your home at or above the asking price. Boulder still remains one of the most sought-after places to plant roots and listings remain active for a median of 47 days.
Considering that people are still moving to Boulder, Colorado and our state’s economy and industries are growing, home buying is a safe bet in this area. Home selling can also be a great way to capitalize on a previous investment and a way to get some cash for future real estate investments in other growing Colorado cities.