By: Kevin Pryor July. 17, 2018
Colorado’s homeowners with a mortgage spend a median amount of 29.2 percent of their income on housing costs. This amount is similar to the national rate of 30.9 percent.
In a recent study, Gavop used statistics from the United States Census Bureau to calculate the amount of income people allocate to housing costs to measure homeownership debt in Colorado. Housing costs include mortgage payments, real estate taxes, home insurance, and utilities.
Homeowners with a mortgage pay a median housing cost of $19,164 per year for homes with a median value of $314,200. The median income of such homeowners is $65,685. These figures help estimate the income spend on housing expenses per year.
The following table compares the housing costs in Colorado with the national levels.
|Location||Income Spent on Housing by Homeowners with Mortgages (%)||Annual Housing Costs for Homeowners with Mortgages||Median Income||Median Home Value|
The data show that the ratio of overall income to housing cost in Colorado is not significantly lower than the national value. At a more localized level, the residents of Douglas County spend the lowest proportion of income on housing costs (23.0 percent).
Broomfield County reports the second lowest percentage of income at 26.5 percent, followed by Jefferson County (27.4 percent), Adams County (27.6 percent), and Arapahoe County (27.7 percent). The following table presents these figures in further detail.
Counties with Lowest Housing Costs as a Percentage of Income
|Rank||County||Income Spent on Housing by Homeowners with Mortgages (%)||Annual Housing Costs for Homeowners with Mortgages||Median Income||Median Home Value||Number of Housing Units|
On the other hand, Pueblo County residents spend the highest proportion of their earnings on homeownership expenses at 32.2 percent. Denver County shows the second highest at 31.9 percent, followed by Mesa County (30.3 percent), Boulder County (29.9 percent), and Larimer County (28.5 percent).
Counties with Highest Housing Costs as a Percentage of Income
|Rank||County||Income Spent on Housing Costs by Homeowners with Mortgages (%)||Annual Housing Costs for Homeowners with Mortgages (%)||Median Income||Median Home Value||Number of Housing Units|
Kevin Pryor currently works as a data analyst and public relations associate where he takes pride in analyzing data and sharing the amazing insights it presents to various target audiences. Kevin graduated from the University of Connecticut with a bachelor’s degree in communication and has a passion for the results that can come from effective communications. While at school, he interned with Total Mortgage, Stafford Motor Speedway and UConn Community Outreach. In his free time, Kevin enjoys outdoor activities, cinema, traveling, and spending time with friends and family.