Nearly 73% of Denver homeowners carry a mortgage. That’s the second-highest rate in the country, behind only Washington, D.C., according to Realtor.com research .

Nationally, homeowners own nearly 40% of U.S. homes outright , marking the highest percentage ever recorded.

But Denver’s mortgage-free rate rests at a mere 27%, far below the national average.

Several factors explain Denver’s high mortgage rates:

Rising home values: Home prices have surged, making cash purchases challenging.

In-migration of buyers: Many newcomers from pricier markets, like California, are relocating to Denver, often outbidding residents and driving prices higher.

High competition: Over the past few years, demand for homes has exceeded supply, driven by both new buyers and existing homeowners looking

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