A home for sale near East Jewell Avenue and South Oakland Street is shown Nov. 19. According to a recent report, Aurora topped the list of most affordable metro area cities to purchase a four-bedroom, two-bathroom home at nearly $300,000. Business experts say affordability, along with traditionally low taxes, helps make Aurora attractive for businesses looking to relocate. (Marla Keown/Aurora Sentinel)

AURORA | While the housing market across the metro region continues to tighten, homes in Aurora are some of the most affordable in the state, according to a new market report released Nov. 12.

Conducted by Coldwell Banker, the annual report identified Aurora as having the most affordable four-bedroom, two-bathroom homes in the metro area, outpacing Thornton, Littleton, Arvada, Parker, and Denver — the latter by nearly $200,000.

“Aurora offers a tremendous amount of affordability, even in newer neighborhoods,” said Ed Hardey, board chair of the Aurora Association of Realtors. “It doesn’t surprise me that there’s a difference in pricing.”

According to the report, average home prices in Aurora sit just under $297,000, which is significantly below the statewide mean of $407,000.

A home for sale near East Jewell Avenue and South Oakland Street is shown Nov. 19. According to a recent report, Aurora topped the list of most affordable metro area cities to purchase a four-bedroom, two-bathroom home at nearly $300,000. Business experts say affordability, along with traditionally low taxes, helps make Aurora attractive for businesses looking to relocate. (Marla Keown/Aurora Sentinel)
A home for sale near East Jewell Avenue and South Oakland Street is shown Nov. 19. According to a recent report, Aurora topped the list of most affordable metro area cities to purchase a four-bedroom, two-bathroom home at nearly $300,000. Business experts say affordability, along with traditionally low taxes, helps make Aurora attractive for businesses looking to relocate. (Marla Keown/Aurora Sentinel)

Looking across Colorado, Aurora sits seventh on the list of cities with the most affordable homes. Topping the list in Monte Vista, where the average four-bedroom home price is $178,000. Claiming the title of city with the most expensive homes in the state is Boulder, where the average peaks at $835,000. In Denver, the average is just over $494,000.

Hardey said Aurora’s pricing edge has the potential to attract businesses to the city, as well as position it to retain firms already established within its boundaries.

“One thing this helps us with is when employers want to relocate and they’re looking at home affordability, Aurora gives them a great bang for their buck with affordable homes in good neighborhoods with great schools,” he said.

Although cheap real estate is a promising prospect for growing Aurora’s economy, there are dozens of considerations ahead of home affordability a business and its employees thinking of relocating must take into account, according to George Peck, vice president of public affairs and operations at the Aurora Chamber of Commerce.

“Someone with a family will not only be looking at housing, but also at schools, commute times and taxes — where Aurora does pretty well,” Peck said. “All of those factors go into it.”

Low property taxes have long been a central pitch for city officials looking to cajole businesses into moving to the city, though available land with affordable homes could become an equally appealing selling point, according to Hardey.

“We have the land and places where people can build, so that keeps it more affordable than some other places,” he said. “And that’s pretty significant.”

While city officials in Aurora are hoping cheap home prices will incentivize businesses to open up shop within city limits, the business cart is far ahead of the housing horse in the most expensive market in the country. Los Altos, California, better known as Silicon Valley, stands light-years ahead of any Colorado listing price, with an average price tag of $1.9 million for a four-bedroom, two-bathroom home. According to the Coldwell Banker report, the average price of one Silicon Valley dwelling could purchase about 30 units in markets across the Midwest.

“The continued success of many tech companies throughout Silicon Valley has brought markets such as Los Altos into focus,” Joe Brown, a Los Altos-based real estate broker, said in a statement. “With Los Altos providing the utmost convenience and comfort as well as listing prices reflective of the ongoing demand of properties, it remains one of the most highly coveted places to live.”

Cleveland, Ohio, claims the title of most affordable market in the country, with an average listing price just shy of $65,000.

Though not nearly on par with the most expensive homes in the nation, Hardey said that the rate of appreciation in Aurora has been staggering.

“Aurora has seen dramatic appreciation in the past year, and prices show no indication of going down at all,” he said. “The home that you bought six months ago is worth far more today than when you made your initial purchase.”

5 replies on “Market appeal: Study tabs Aurora homes as most affordable in area”

  1. I posted this 6 months ago on the aurora sentinel when I bought my house. The market value is now $294k according to a realtor friend of mine. I still love the aurora area it has only grown on me more and more over the last 6 months.

    old post-
    Non racist Caucasian who makes 6 figures here. I just bought a 4500 square foot house south of Anschutz for 250k 10k
    under asking. Near Del Mar park this area is a beautiful established
    neighborhood. It has kind of a mix of some urban and suburban areas with
    a selection of ethnic restaurants on Havana and on Mississippi. This is
    probably one of the most diverse areas in the Denver area. With people
    from every country. Everyone I have met has been extremely nice. The
    Anschutz Medical campus is about a mile away. future plans of 16 million
    square feet of medical/research space. 20,000 current and 24,000 more
    future employees on the campus alone. To put into perspective these are
    bigger numbers then the DTC. These Employees will include intelligent,
    logical, educated medical professionals. This area is ripe for renewal. They are breaking ground on new developments almost
    everyday
    up here. Newest is 30,000 square foot Hyatt Convention Center on
    Colfax. They tore down a bunch of those seedy motels that used to be
    there.
    Aurora is really going through some incredible changes. I am really
    excited about my new community and it’s future. I can’t say that about
    where I just sold and moved from, Highlands Ranch it was fine down there
    I just found it really boring and everyone seemed to be aggravated. Not
    only that I just got 1500 more square feet for 150k less. Oh and I got
    almost a half acre. And it is really close to everything! I feel like
    Tap Dancing!

  2. I love my little house near the medical center. It’s perfect for my husband and I. Small, but not too small with a huge yard. I grew up in North Aurora then moved to Parker for 20 years to get my kids out of the “bad” neighborhood I grew up in. Now I’m back and very pleased with the great changes. And BTW, my house has SHOT up in value since I moved in 3 years ago. It was a grew financial decision.

  3. The new subdividions in SE and NE Aurora (Adonea, Cross Creek especially) are by far the best buys (not to mention hidden gems) for those working on the East Side of Metro Denver (DTC, Buckley, DIA, Anschutz). Small town atmosphere and lower crime than almost anywhere in Metro (check the crime maps on the City Data website) and a huge bang for the buck. The Central area is much improved (the push from Anschultz has been amazing) from 5 years ago, but still has a good ways to go. In 10-15 years people will be kicking themselves for not buying now. Once Anschultz is fully built out with it’s 60-80K jobs the boom will be unbelievable.

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