Denver, CO
Colorado homes acquired by inheritance reach record 12% of home transfers
In “The Game of Life,” landing on the “Inherit a House” square is one of the most coveted on the board. In real life, a home or condo is also one of the greatest financial gifts that can be passed on, especially in a housing-strapped state like Colorado.
More Coloradans are seeing the big wheel spin in their favor each year. But the pace won’t be enough to make up for a housing shortfall estimated at more than 106,000 units in 2023, according to a report from the Colorado Department of Local Affairs.
About one in eight homes that traded hands in Colorado last year represented an inheritance, which is a little below the share that new home sales represented, according to data from the real estate research firm Cotality.
“Inheritance in the 12 months ending in 2025 totaled nearly 12,000 homes, which happened to be almost 12% of all total property transfers. This is higher, both in terms of the number and the share, than previous years — in line with the national trend,” said Matt Delventhal, a principal economist at Cotality.
Cotality measured the 12-month pace of home sales, new and existing, and inheritance transfers in Colorado through October for the odd-numbered years from 2019 to 2025. Existing home sales were down sharply between 2021 and 2025, falling from 128,899 in 2021 to 75,833 in 2025.
Likewise, new home sales fell from 22,064 in 2021 to 15,610 in 2023 to 12,755 in 2025, according to Cotality.
Inheritances, by contrast, continued to chug along, going from 10,052 in 2021 to 10,243 in 2023 to 11,945 in 2025. The gap between new home sales and inheritances was only 810. Inheritances are contributing almost as much to inventory as new home construction.
A lack of enough new construction, especially for first-time buyers, has pushed up existing home prices. High prices, when combined with higher mortgage rates, have resulted in fewer sales. Because home sales have fallen so much, the “inheritance” share of all home transfers has nearly doubled in Colorado, from 6.2% in 2021 to 9.9% in 2023 to a record 11.9% in 2025.
“The increase in the share is a bit sharper than the national trend, mostly because Colorado resales drop off a bit more sharply in 2023-25 than the national average,” Delventhal said.
Nationally, the market share of inherited homes went from just under 5% in 2021 to 6.8% in 2023 to 8.7% in 2025, which translated into 412,174 homes and condos passed down. Those percentages also reflect the 12-month tally through October.
“The behavior around inherited homes does feel different from what it did pre-2022. Historically, most estate transfers functioned as pass-through transactions. Heirs would inherit the property, do some light clean-up or updates, and put it on the market fairly quickly. That still happens, but I am seeing more cases where families pause and evaluate other options first,” said Cooper Thayer, a Realtor with the Thayer Group in Castle Rock.
Because inherited homes have little or no debt and strong rent potential, and because selling has become more difficult, heirs are increasingly looking at keeping the homes as rentals or to move into, he said.
While Colorado’s share of inherited homes is above average, it lags behind California, a more expensive market where 18% of home transfers involved an inheritance, according to Cotality.
In California, favorable tax laws locked in lower property tax rates and provided beneficiaries with an incentive to use an inherited home as a primary residence. For the first time this year, passed-down homes ran more than double the number of new homes sold in the state, according to Cotality.
Prop 19, passed in 2020, limited the transfer of a lower tax base only to homes that a child or heir actually occupied, and excluded rental homes. It also excluded only the first $1 million in added value beyond the original value used to determine property taxes. The state, however, could see a ballot measure this year that would restore some of the more generous property tax breaks to heirs.
At first glance, the increase in home inheritances seems to validate the “Silver Tsunami” hypothesis. Baby Boomers, those born between 1946 and 1964, were not only huge in numbers, but also more likely to own homes than earlier generations. By the time they turned 65, individuals born in 1948 owned 50% more homes than those who were born in 1938 did at the same age.
Compared to prior generations, baby boomers have also shown a greater propensity to hold onto their homes more tightly, adding a different meaning to “until death do us part.” About six in 10 say they don’t plan to ever sell their homes, and three in 10 are holding on so they can pass the properties down, according to HousingWire.
“They are going to have to take me out of there in a box, even though it is a two-story home,” said Jennifer Antonio, an agent with Sotheby’s International Realty in Denver.
Antonio, who puts herself in the never-sell boomer group, said she and her husband purchased their first home when she was 23. They did so on two minimum wage salaries, proof of just how much better the market did in matching options to incomes. Now the average age of a first-time homebuyer is 38, she said.
Her four millennial children still don’t own, despite being college-educated. With her parents too old to host big events, her home has become a stable gathering place for the family, where adult children can flow in and out, and where everyone gathers for Thanksgiving and Christmas.
“I need to stay in that home,” she said. Antonio said her older clients complain about a lack of good options if they do sell, which can keep them locked into homes that have become burdensome. Builders, seeking to get as much square footage as they can on a lot, aren’t building enough products like ranch homes that would appeal to older buyers.
That baby boomer hesitancy, Cotality says, is “effectively freezing the anticipated flow of supply.” Boomers can’t hold on forever, but it could be well into the 2030s before a substantial amount of older housing stock better-suited for young families emerges. Younger generations could find themselves stuck renting for longer than they would like.
Cotality suggests the “tsunami may, instead, hit the beach as a soft, rolling wave.”
Tax policy changes could help free up some of those homes. Federal rules make any net home value gain above $250,000 for a single filer and $500,000 for joint filers subject to a capital gains tax. Many long-time owners in Colorado have surpassed those limits and then some. Raising the capital gains caps or eliminating the tax for seniors could speed up sales.
Colorado’s homestead exemption provides homeowners age 65 and above with a 50% discount on the first $200,000 in property value. But someone must have lived in a home for the prior 10 years to qualify. If they sell and move to a smaller home in an active adult community, they lose their tax break. Making the tax break transferable could help as well.
The state has seen a noticeable improvement from the shortfall of 140,000 homes and apartments in 2019, right before a sharp drop in interest rates during the COVID-19 pandemic unleashed a surge in construction. New home construction has struggled ever since the Federal Reserve lifted interest rates in 2022 and 2023 to combat inflation, and it has largely fallen on apartment developers to try and close the gap.
More is needed. Slower migration to the state, both domestic and international, may help ease the shortfall. After fueling Colorado’s economy for years, migration could reverse this year. With high housing costs making Colorado less attractive to those relocating from other states, and with international migration going negative, natural increases, or the gap between births and deaths, will drive housing demand in the next few years.
Births are down from what they were in the early 2000s, in part because young adults are having a harder time getting established and finding stable housing. Deaths are expected to rise in the years ahead because of an aging population, freeing up more homes.
Colorado may eventually find itself with too many homes. But that is a problem for another day.
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Factors such as declining birth rates and families moving out of the city are contributing to declining enrollment at Denver Public Schools. In turn, it’s reshaping the district’s future.
“I think we’re in a good position, but it’s responsible for us to always be looking in the future and knowing we have to make some adjustments,” said Chuck Carpenter, the district’s CFO.
In a two-year span between this past school year and next, DPS expects a decline in enrollment of around 1,700 students.
“We haven’t really seen anything like this,” said Carpenter in response to the consistent decline.
Because of this trend, the district is facing a $28 million structural deficit over the next five years.
“We have a balanced budget now, and we’re not predicting that we’ll have an unbalanced budget in three years,” said Carpenter. “We’re saying we need to make adjustments over the next three, four years, so that our budgets are balanced.”
DPS’s Director of Campus Planning, Andrew Huber, told CBS Colorado in an interview last month that those adjustments will likely include closing down more schools.
“Additional school closures will be necessary in the upcoming years. When exactly that would be is hard to forecast right now,” said Huber.
The district’s CFO says his biggest takeaway from a recent round of closures is to make sure to give families options for what’s next.
“No one wants their school closed, but the second-best option isn’t going to be the same for every family,” said Carpenter.
This issue could be one Denver faces for years to come.
“We sort of say, how many kids are born here? Because in five years, those kids will be kindergartners,” Carpenter added.
The city’s birth rate peaked in 2005, meaning those babies have already graduated high school. And, according to the Colorado Department of Local Affairs, more young families move out of Denver and into surrounding counties than move into the city.
“I think school consolidation is very — I understand why people want to talk about it, but I think it’s more about, like, how do we make sure that the programs that are offered are rich programs,” said Carpenter.
Carpenter also says the district is closely monitoring some potential cuts to federal grants for students of poverty and language learners. He says those decisions will be made by October for the start of the new fiscal year, and cuts would have a “terrible” impact.
The Denver Broncos hosted eight tryout players at mandatory minicamp this week, including quarterback Sawyer Robertson. It sounds like the team has made decisions on those tryout players, and Robertson won’t be signed (at least not right now).
Instead, the Broncos are signing offensive lineman Reid Holskey (according to ESPN’s Jeremy Fowler) and cornerback Blake Cotton (according to the Denver Post‘s Parker Gabriel). Holskey (6-6, 306 pounds) spent time on the Houston Texans’ practice squad in 2025 before joining the New York Giants in January. He was cut by New York last month. Cotton (6-2, 195 pounds) is a rookie who spent last fall at Utah, totaling 30 tackles and seven pass breakups in 13 games.
The two moves came one day after Denver wrapped up minicamp. The 91-man offseason roster was already full, so the Broncos will need to make corresponding moves to make room for Holskey and Cotton on the roster.
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Sean Payton has seen enough. The Denver Broncos’ third practice of mandatory minicamp, which was set to happen on Thursday, has been canceled.
“Just schedule-wise, today will be our last day,” Payton said after Wednesday’s practice. “I just finished telling them that. It’s unusual because there’s a lot of packing, a little bit more than normal when you’re moving into another facility. So when we’re back here, we’ll be in the new building.”
The Broncos are moving into their new state-of-the-art facility, but the decision to cancel the final practice of the offseason was motivated primarily by what Payton has seen thus far and how the team is shaping up.
Thus concludes the Broncos’ offseason training program, which featured eight total practices as a team, four of which were open to the media. There was more on-field activity than that, including walkthrough practices unseen by the press, but in essence, we’re talking about eight sessions.
Some players have already begun to separate themselves in their respective competitions. Others have really popped, while some have failed to really stand out in any meaningful way.
By way of a Broncos stock report, let’s get to the biggest winners and losers of mandatory minicamp.
Winner: Bo Nix | QB
Nix finally returned to the practice field on Tuesday, the first day of minicamp. He was limited to individual drills only, but it was still great to see him out there.
On Day 2, though, Nix took another big step forward, participating in a 7-on-7 drill that included a highlight-reel touchdown pass to RJ Harvey. Just getting Nix back on the field was a big win for the Broncos, but seeing him progress over two days and look overall very sharp was more than a little encouraging.
Winner: Jaylen Waddle | WR
Waddle has been a lightning rod since the practices were opened to the media. He just looks different. That speed and explosiveness really add an element to the Broncos’ offense that has been lacking.
It’s been palpable. But arguably just as exciting is what Waddle’s teammates and coaches have been saying about him. Payton has called him a “force multiplier,” which is another way of saying that he makes everyone around him better.
Not that we really had reason to doubt it, but Waddle has been as advertised thus far, and then some.
Loser: Marvin Mims Jr. | WR
Mims is not listed as a loser because of any specific negative plays, like a dropped pass or a mental miscue. It’s just that, with other receivers, including Waddle, shining, generating buzz, and earning plaudits from Payton, Mims didn’t really.
Mims is a similar receiver type as Waddle, but the newcomer made it clear how much separation exists between them in practice. Now, Mims is still important to the Broncos, especially as a returner, and Payton did compliment his clutch gene and contributions in big games, but you have to wonder how he fits into the game plan on offense. That question still hasn’t been answered.
Winner: J.K. Dobbins | RB
Dobbins was his usually talkative self at minicamp, but the fact that he was healthy and out there doing his thing is a major win for the Broncos. It’s good to have him part of the daily process at Broncos HQ again because he’s one of those veterans that takes players under his wing, and elevates them.
Winner: Que Robinson | OLB
With the recent off-the-field drama the Broncos have dealt with, some extra attention was paid to the Broncos’ outside linebackers. Robinson, in particular, separated himself during minicamp.
His get-off is something else, and he was dispruptive during the Broncos’ team periods. Vance Joseph has said he views Robinson as a “future starter.” Pending Cooper’s situation, the future could be now, though Elliss will also have something to say about that.
Robinson had one heck of an offseason. I’m really looking forward to his second year.
Loser: Jonathon Cooper | OLB
After being arrested twice in the span of a week, the Broncos excused Cooper from mandatory minicamp. It would seem the Broncos want to create some distance from Cooper until his legal troubles are resolved, one way or another.
It’s a shame, in more ways than one. Beyond what legal ramifications might await Cooper, he’s very likely to be suspended by the NFL, and the Broncos releasing him at some point is not outside the bounds of the plausible. It’s a good thing that rush linebacker room is stacked.
Winner: Matt Henningsen | DL
None of these winners has been quite as surprising as Henningsen. He made a huge play on Day 1 of minicamp, tipping a Sam Ehlinger pass and returning it to the house.
Henningsen followed that up with another disruptive Day 2. He’s gone from being an after thought in the Broncos’ defensive line conversation to establishing himself as a bona fide threat for the roster.
Loser: Jahdae Barron | CB
Like Mims, Barron wasn’t bad during the offseason; he just didn’t pop, really, in any way. He broke up one pass on Day 2 of minicamp, but beyond that, there wasn’t much to see.
It will be interesting to see how Barron performs in training camp. We know the Broncos have high expectations for him, and a role on defense, even if as a depth piece, will be created for him, but I was hoping to see more signs of a Year-2 leap by now.
Winner: Jonah Coleman | RB
Another as-advertised player. Coleman has proven he’s ready for the NFL, which was partly what attracted the Broncos to him in the draft.
Coleman stood out in a major way at minicamp and made it clear that the Broncos have more than just a J.K. Dobbins insurance policy on their hands. Coleman is a force to be reckoned with.
Winner: Tyler Onyedim | DL
Like Coleman the Broncos’ first pick in the 2026 draft has looked NFL-ready. The Broncos still haven’t signed Onyedim, but that didn’t stop him from participating in the offseason program, which is a good harbinger.
Rocking the No. 98 jersey, it’s easy to mistake Onyedim for the guy he was drafted to replace: John Franklin-Myers. That’s especially true when the rookie is out there making plays like JFM. Onyedim has earned praise from his teammates, including the All-Pro Zach Allen.
Winner: Evan Engram | TE
Engram looked very good in minicamp this week. He looked like a big, athletic, smooth, explosive receiver, which is what he’s been in the NFL.
Engram wasn’t really all those things in his first year with the Broncos, but I’m hopeful that Year 2 will be different for the two-time Pro Bowler. He’s had a good summer.
Winner: Troy Franklin | WR
Franklin seems like the obvious No. 3 receiver in the pecking order. That doesn’t mean he’ll get the No. 3 snaps on an exclusive basis, though.
As the Broncos’ No. 2 last year, Franklin wasn’t able to fully live up to that, although he took some big steps forward in his second year. As the No. 3, it’s more his natural spot and that should allow him to continue to thrive in the offense, especially with the connection he has with Bo Nix dating back to Oregon.
Winner: Sam Ehlinger | QB
Ehlinger had a great offseason. He looked way more comfortable and far sharper in the offense in what is his second go-around in Payton’s offense.
Ehlinger was sharp this summer, and if he can continue to build on the foundation he’s created, it could create some uncomfortable conversations at Broncos HQ.
Loser: Jarrett Stidham | QB
Stidham has been less noteworthy this summer, but that doesn’t mean he’s been bad. In comparison to Ehlinger, though, Stidham wasn’t as good, which is curious, considering his standing as the team’s primary backup since 2023.
If Ehlinger ends up leapfrogging Stidham, what do the Broncos do? They’re holding a competition for QB2, and they have to be prepared for the possibility of Ehlinger winning it, especially after his strong summer.
If Ehlinger forces this issue, Stidham could become expendable. Stidham is very unlikely to be a cut candidate because of his contract, but as a trade piece? There’s a reason the rumor mill has been active on the Stidham topic this offseason. It’s something to watch.
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