Mile High Prices: Colorado’s Cost of Living Is Worse Than New York’s
Maybe it's because I've watched too many episodes of Gossip Girl, but I've always thought of New York as the pinnacle of richness. I've never been, but I imagine that the state has an A-list celebrity in a penthouse on every corner.
Am I wrong about that imagery? Probably. But New York is expensive — according to GOBankingRates, the average Empire State home costs $320,388. To afford to live there, you need to make at least $76,172 per year.
Unfortunately, it might be even pricier to live in Colorado.
The agency reports that the average home in the Centennial State costs $490,848. To afford that, you need to make at least $83,376 per year (*cries in broke*).
This trend isn't new, either. According to Only In Your State, in 2017, HowMuch reported that Coloradans needed to make at least $100,200 a year (or work 60 to 70 hours per week) to afford a home worth $415,000. Comparatively, New Yorkers needed to make $91,720 a year (they didn't mention a home price).
In June, Marietta Rodriguez, the CEO of Neighborworks America, told Townsquare NoCo that a "lack of inventory," spurred by the COVID-19 pandemic, is partly to blame for rising housing costs.
However, keep in mind that these statistics are based on the cost of the average home — there is cheaper housing available in Colorado.
When people think of our state, do they imagine that there are wealthy skiers in fancy mountain cabins on every corner? Honestly, they might.