You need to make this much money to buy a home in Colorado

By Melissa Moore on April 3, 2024

Denver, CO – Colorado has joined a new list and it may be discouraging for people looking to buy a home.  According to a new report from Bankrate that looked at Redfin data, the average person needs to make $110,871 a year to buy a median priced home of $402,343 in the US  today.  That is a 40% increase in salary needed since January 2020.

In Colorado that income number jumps even higher.  In fact, Colorado is now the 6th highest state for income needed to buy a median home in that state. In the Centennial state you now need to earn $152,229 annually to afford to buy a home here. Colorado’s median home price as of January of 2024 was $591,400.  The median price for Denver in February 2024 for $600,000.

To put this into perspective, there are now 23 states that require you to earn at least $100,000 in order to buy a home there.  In 2020, only seven states required an income of at least $100,000.

 

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