Denver, Colorado, sees its cost of living 40 percent lower than such cities as San Francisco and San Jose, California.

Recent reported average home prices are $322,510. Condos are considerable cheaper at $182,000 -- though that price has actually fallen over the last year by 2.3 percent -- great news for buyers.

The good news for sellers? "Inventory of resale condo's and single-family homes are holding at lower levels and show promise for making 2007 a year [in which] inventory levels appear to be lowering." Fewer homes for sale mean more competition between buyers, which can translate to higher or more offers.

And Denver offers a great quality of life that draws in many residents -- such as having a healthy workforce and being one of the physically fittest cities in the U.S.

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