If you are going to own a home in Colorado you are going to pay the price.

According to a recent report from Porch, out of 40 states with complete data, Colorado has the 6th most expensive homes in the nation and the numbers are pretty staggering.

Half A Million Dollars

The typical price of a 2,000 square foot home in Colorado is $530,326. Compare that to the national average of $342, 719 and you have quite a disparity. Breaking that down even further, the median price per square foot in Colorado is $265.16 compared to the national average of $171.36. Over half a million dollars for 2,000 square feet of living space seems extremely high - until you compare it with the average price in a place like Hawaii where the typical price for a 2,000 square foot home is more than $1.1 million.

To come up with the numbers, researchers at Porch use data from Realtor.com and also analyzed data from the U.S. Department of Housing and Urban Development and the U.S. Bureau of Economics.

Housing prices have increased nearly 45% over the last five years, and there was a 20% increase from 2020 to 2021. Record-low inventory and increased demand have created the recent surge in housing prices, according to the report.

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Rent Isn't Cheap Either

Renting in Colorado is also more costly than the national average.  The average monthly price for a 2-bedroom apartment in Colorado is $1,538 compared to the national average of $1,333.

The high cost of homes and renting contributes to an overall cost of living in Colorado that is nearly 2% above the national average.

There are a lot of good things about living in Colorado, but the cost to live here isn't one of them. But, as long as people keep flocking to the state, the demand for housing will remain sky-high  - as will the cost. The people that can afford it will fork out the money, and those who can't will have to live somewhere else.

 

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