Colorado Housing: Now Among the Nation's Least Affordable

People living in Colorado, and people moving out of Colorado, often have a similar complaint about life in the Centennial State. That complaint is that housing in this state is way too expensive for the average person.

For some residents, the quality of life offered in the Rocky Mountains sometimes makes up for the high cost of living. For most people, however, the skyrocketing cost of housing makes staying in Colorado impossible.

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National Low Income Housing Coalition Report

According to a report from the National Low Income Housing Coalition, Colorado is ranked as the 8th least affordable state in America. In a city like Denver, the minimum wage has increased to over $18 per hour. At this income rate, one might be able to afford to pay around $750 to $800 a month in rent.

Income Required To Make Rent in Colorado

According to Apartmentlist.com, the average cost of a one-bedroom apartment in the state of Colorado starts between $1250 to $1500 per month. In the city of Denver, that cost is between $1500 and $1700. To be able to afford this, you would need to make an hourly wage closer to $28 or $29 per hour.

Unaffordable Housing in Colorado

According to the Colorado Coalition for the Homeless, there are more than 20,000 units of both luxury and market-rate housing sitting vacant in the Denver metro right now because people can not afford to live there.

According to NLIHC, Colorado has the 8th highest housing wage in America. This means the average person would need to make $37 per hour to afford a two-bedroom rental home, and that person would need to work about 104 hours per week at that wage to be able to pay for the two-bedroom rental home.

See the full state of Colorado snapshot from the National Low Income Housing Coalition here. The data is enough to make you want to start planning to move tomorrow.

LOOK: Colorado’s 10 Most Affordable Places to Live

Are you looking for a place to live in Colorado that doesn't cost a fortune? So are we. Here come ten cities in the Centennial State that boast rent below the national average and some reasonable home prices, too.

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UP NEXT: The 13 Worst Places To Live in the State of Colorado

No state is perfect. Colorado is one of the most beautiful places in America, but even we have a few towns that could use some work. The following communities rank the lowest in the state of Colorado for one reason or another and have ended up on the list of worst places to live.

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MORE: The 10 Most Expensive Neighborhoods in Grand Junction

Did you know that Grand Junction is home to 22 different neighborhoods? We're taking a look at the ten most expensive ones according to real estate prices and the average rental cost. Which neighborhood do you think is at the top of the list? Scroll on to find out.

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Source: Colorado Housing: Now Among the Nation’s Least Affordable