How Much Do Coloradans Have To Make To Afford A Home In Denver?

Greg Bacheller

Jun 20 2024

We’ve all felt it for a while now: that increased pressure when it comes to the cost of living here in Colorado. With rising home prices and increased interest rates, buying a home has stretched further out of reach for many. And the increase in rental rates hasn’t alleviated that burden much either. Studies currently show that buyers and renters are struggling with affordability issues when it comes to housing, with many indicating they’re cost burdened, or pay more than 30% of their income towards housing. But just how much do Coloradans have to make to afford a home in Denver these days?

According to data, the average home price in Denver increased 2.7% in the last year, while interest rates currently sit at the highest level since late November 2023 according to Freddie Mac.

The median income currently for Denver households stands at a little over $98,000/year, falling short of the $160,000+ needed to afford the average home price.

Housing is a need that isn’t ever going away and Colorado continues to be a hot spot for many looking to make a move. The choice to buy or rent a home comes with a lot of considerations, including financial, lifestyle, and personal preference. And while affordability continues to apply pressure in many aspects of our lives, we will continue to be a resource to both renters and property owners alike. Contact us about our available rentals and our property management services for more information.