A recent Wall Street Journal article titled: Passive Migration: Denver Wins Big as Financial Firms Relocate to Cut Costs, detailed how many big players in the financial sector are making the move to the mile high city.
Denver migration isn’t exactly a new trend. Companies like Charles Schwab began relocating their staff back in 2013 from places like San Francisco. The reason? Real estate costs. Despite the fact that Denver prices are higher than ever, for those moving in from the coasts, Denver’s average home price of nearly half a million dollars is a breath of fresh air.
Today, Charles Schwab’s largest office in the country is here in Denver, where they employ more than 4,000 people. Along with the Denver migration, other areas seeing movement from the costs are Utah, Arizona and Texas.
Of course despite the economic growth, Denver natives aren’t all too excited about the 1,000+ people moving here every month. For those trying to buy a home, it can be challenging having to compete with buyers coming from California and New York, where similar real estate costs double.
Fortunately, the Denver migration wave appears to be slowing down.
Let’s hope it does, nobody wants California style traffic!