A recent report from Bankrate reveals that home prices in Colorado are increasing despite rising household incomes. This trend is attributed to factors such as a strong job market, low unemployment rates, and limited housing supply. According to the data, the median home price in Colorado has reached $430,000, with some areas experiencing significant growth. However, the increase in home prices has raised concerns about affordability for many households. The report suggests that household income growth is outpacing home price appreciation, but this trend may not be sustainable in the long run due to factors such as inflation and rising interest rates.
Source: https://www.9news.com/article/money/markets/real-estate/bankrate-new-home-household-income-colorado/73-88aa2a88-62b2-4350-86f4-1b8d8e153f53