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These days, finding an affordable place to live in the Colorado area can be challenging. Home prices in Colorado are now at a median cost of $430,259, higher than the the United States average of $313,691.
The average cost of rent is $1,571/mo in Colorado, primarily driven by the current value of real estate in the Colorado area. While nearly 31.30% of residents own their homes outright in Colorado, 30.38% rent.
Housing affordability isn’t just about home prices, though. The average household income in Colorado is $7,539 per month. Households that rent pay about 20.84% of their income on rent here. Colorado's most expensive areas are in the central regions, while the cheapest areas are in the southern parts of the state.
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