The housing market in Denver is still a tough nut to crack for first-time buyers

First-time homebuyers do not need another report that tells them how difficult it is to get a foot in the door, but the Denver subway continues to rank as one of the least affordable housing markets off any of the coasts, according to a new study from NerdWallet.

If that wasn’t bad enough, there was a 32% drop in available lists between the third and fourth quarters biggest drop of any major subway. But buyers took a break from a 2% drop in the average list price, which fell from $ 536,378 in the third quarter to $ 524,387 in the fourth in the Denver subway.

The NerdWallet study looked at what multiple of the median household incomes a first-time buyer would need to spend to buy a home at the average listing price in the 50 largest U.S. cities during the fourth quarter.

“Value for money is really a buying tool to quickly determine if a home is a realistic goal. Looking at housing three times, your income has generally been considered a good place to start, but none of the 50 largest subways in our analysis made this cut, says Elizabeth Renter, a NerdWallet data analyst.

Nationally, the multiple goes 5.2 times the average household income for buyers in the age group 25-44 years, a power of attorney for the first time. In the Denver subway, the median income to average price list was 5.7 times, down from 5.9 times in the third quarter.