Denver (KDVR)-Housing markets throughout the United States are facing some of the most troubled times in decades, as homes are paid out of reach in the five years since the Covid-19s have begun.
The housing market in Colorado is not different. Real Estate Service Reports The average price of the house in the state centenary Nearly $ 200,000 has risen between February 2020 and February 2025. With this sale price increased, as well as increased mortgage rate over the past five years and other countless factors, the income needed to provide a house in Colorado has increased dramatically since 2020.
On Monday, the Bankrase Personal Finance website issued a study of the ability to afford housing The income required to provide homes throughout the United States As of January 2025 and compared those income to the needs of five years. Colorado’s model home income needs are higher than the national average and are classified among the country’s highest.
Here is how the centenary is compared to the rest of the country.
Colorado is among the 5 best states that require most income for the home
On average, Americans need an annual family income of $ 116,986 to provide a model house worth $ 418489 in January 2025, according to Bankra. This is approximately 50 % of January 2020.
“Between high mortgage rates and high home prices at the national level to a record level, many aspiring home buyers feel that owning a long -standing house,” said Mark Hamrik, chief economist in Bankraate. ))
In 2025, Colorado joined the states of expensive reputation, such as California and Hawaii, which requires the largest income to provide a typical home.
The first five countries are:
- Colombia Province: 240,009 dollars
- Hawaii: 235,638 dollars
- California: 213,447 dollars
- Massachusetts: 174,392 dollars
- Colorado: 168,643 dollars
On the contrary, the middle and southern states had some of the lowest income needs:
- Western Virginia: 64,179 dollars
- Iowa: $ 70,437
- Ohio: 71,080 dollars
- Mississippi: 72,072 dollars
- Indiana: $ 72342
Colorado sees a 70 % increase in the income needs of the typical home
Pancret said that the annual family income needs of a typical home over the past five years have increased by more than 50 % in most states. Caully due to the high rates and requirements of friendly immigration.
In January 2020, the average medium income of the United States was to provide a shy model of $ 79,000; This condition, as of January 2025, is now approximately $ 117,000. The increase in Colorado for five years was more than the average United States.
The home buyer in Colorado in January 2020 needed slightly more than $ 100,000 to provide a typical house. With the amount of $ 16,643 needed to honor a house in January 2025, the state has made a 67.1 % increase over the past five years.
Bankrate provided several tips for potential home buyers who look at this data and said there is no defect in patience and waiting.
“For anyone who believes he cannot buy in the short term, there is no defect in rent,” says Hamrik. “The best person’s vision continues to enhance his savings, including the batch box, as well as emergency savings and debt payment.”
The full income menu needs to afford home costs throughout the country, as well as tips for buying a house in this economy, which can be found Bankrate website.