Homeowners unable to cope with metro Denver’s rising home prices used to be able to look up and down the Front Range or in other areas of the state for a substitute, but affordable alternatives are getting harder to find.
Using the statewide median price of $600,000 and an interest rate of 5.5% on a 30-year loan, a household would need an annual income of $166,860 to qualify for a home that expensive, assuming they can make a 20% downpayment and stick with standard underwriting on a loan. Colorado’s median household income in 2020 was just above $75,0000, according to the U.S. Census Bureau.
Eagle, San Miguel, and Routt, all ski resort areas, are the other counties where the median sales price of a single-family home was above $1 million last month.
That's okay. We can just cut out all that avocado toast and fancy lattes, right?
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