Gen Y's flight from costly coastal metros fueling Denver real estate boom

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The high cost of housing on the coasts is fueling a real estate boom in Denver, with young families shunning higher-tier cities like New York City and San Francisco to enjoy the Mile High City’s diverse economy and vibrant downtown, Bloomberg News reports.

Among the nation’s 25 biggest metros, only Washington, D.C., and Baltimore saw a greater increase in 25- to 34-year-olds from 2008 to 2012.

The influx of new residents helped push the median price of a single-family home to $285,000 at the end of September. That’s up 9.7 percent from a year ago, but Denver is still more affordable than many markets in New York or California. Source: bloomberg.com.