New Study Reveals What We Already Know About Colorado Real Estate: It Sucks
In 1950, you could purchase a home in Colorado for just over $7,000. Today? Not so much.
The Centennial State's current real estate market is expensive — in fact, GoBankingRates reports that Colorado's cost of living is even worse than New York's.
In Fort Collins, the median home price is now $600,000 (the Choice City's cheapest house is going for $365,000). As a whole, Colorado's least expensive home on the market is $10,000...but it's more than just a fixer-upper.
Given this dismal data, it's not surprising that a new report from Porch.com ranks Colorado as the No. 2 state where homebuyers need co-signers to purchase a home.
"After two years of high competition and fast-rising prices in residential real estate, the market is at last seeing signs of cooling off," reads the report. "While many buyers may be starting to feel relief, younger buyers have had an especially difficult time in this market and may continue to struggle."
According to Porch.com, just over 1% of Colorado's homebuyers require a co-signer — this may not seem significant, but Hawaii is the only state in the U.S. with a higher percentage.
The median property value for these homebuyers is just over $400,000, while they're putting down a median down payment of $60,000.
States like California, New York, Montana, Nevada, Utah, Vermont, New Jersey, Oregon, Massachusetts, Rhode Island, Nebraska, New Mexico, and Illinois are facing similar issues.
Perhaps renting is the new way to go (although you might need a co-signer for that too). Check out the cheapest houses for rent in Fort Collins right now in the gallery below.