You Will Be Shocked When You Find Out How Much You Have to Make to Afford an Apartment in Colorado
The cost of living in Colorado comes up at least once a day? Thanks to a new study, it tells us exactly how much someone has to make an hour, in order to afford a two-bedroom apartment in Colorado.
With the economy improving, why does it seem to be more difficult for families to afford to live now a days? Many people are still finding themselves renting and unable to buy a home for their families to live. Even though the economy is doing better, many people are still recovering from the down economy of the bast decade. This means repairing credit, replenishing savings and establishing work history. These are things that do not happen overnight.
Because of this, if you are at all familiar with supply and demand, it has caused rents to skyrocket. A study by The National Low Income Housing Coalition has discovered what the average person needs to make an hour to afford a modest apartment, in this case, being one with two-bedrooms. Colorado falls on the higher end, with renters needing to make just under $20 an hour, $19.89. The highest locations were Washington D.C at $28.04, California at $26.65, Hawaii at $31.61 and New York at $25.67.
With it costing almost $20 an hour to afford a two-bedroom apartment, some people may point out that the media household income in Colorado is $58,823, $28.28 an hour. However this number is rather skewed, because it includes both home owners and renters. Other statistics from the National Housing Conference states that 90% of renters in Colorado make "Extremely Low-Income," and only 7% of Colorado renters make was is considered "Moderate Income."