Home Ownership Takes a Massive Hit in Colorado
As we have come to learn here in Colorado, it’s getting exceedingly difficult to find affordable housing prices.
The average rent, for example, is extremely high, sitting at $1,594. That’s the fifth highest average in the entire country.
Not to mention, we’re also the 9th worst state in the country to save money in. In particular, it’s hard to do when we spend on average 22.12% of our income on housing alone.
This has led Coloradans to naming the state’s biggest issue to be housing costs. In fact, 89% of Colorado residents would label this to be an “extremely or very serious problem” here in the state.
Now, new research has been made available that seems to give credence to these concerns.
Colorado Ranks 47th in Homeownership Rate
ColoradoBiz took a look at homeownership trends that were given by Agent Advice and found something that may surprise absolutely no one.
Colorado is near the bottom when it comes to the rate of homeownership.
Agent Advice looked at the ten year period between 2014 and 2023 to find out homeownership trends in each state.
In 2014, Colorado had a homeownership rate of 64.8%. In 2023, that number was down to 62.7%.
Agent Advice calculated a 3.24% drop in homeownership in this time.
What States Have the Best and Worst Homeownership Rates?
The state with the worst homeownership rate in this time is New Jersey. They saw a 5.47% decrease in homeownership between 2014 and 2023.
On the other end, Maryland was the state that saw the largest growth in homeownership in that time, rising 12.15%.
Taking third is another Mountain West state, Montana. They actually saw a growth of 11.93%.
ColoradoBiz notes it is both due to the state’s booming economy along with people seeking nice mountain views.