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Zillow report: Median rental value up 9.4 percent over past year in metro area

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DENVER — In a new report from Zillow, rents in the Denver metro area continue to spike, with renters needing to spend 31.8 percent of their income on the median rental.

Zillow says the historic percentage of income used on rent is 21.6 percent. The real estate information firm adds that home buyers in the Denver area need to spend 18.9 percent of their income on a median home compared to 21.6 percent historically.

Zillow added the median rental value rose a whopping 9.4 percent year-over-year to $1,712 in the Zillow Rent Index.

Home values are expected to rise 3.7 percent in the metro area over the next year, Zillow said.