You need to make this much money to buy a home in Colorado
Apr 3, 2024, 12:03 PM | Updated: 12:37 pm
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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