How Much You Need to Make to Afford Colorado Rent in 2021
We all know rent isn't cheap in Colorado, and neither is owning a home — though the latter is a whole other conversation to have over a slice of avocado toast.
The National Low Income Housing Coalition has published its annual 'How Much Do You Need to Earn to Afford a Modest Apartment in Your State' report; 'modest' meaning a typical two-bedroom rental, not a penthouse or downtown loft. Still, Colorado ranked the ninth most-expensive state.
According to the report, Coloradans need to make at least $27.50 per hour to afford an average two-bedroom rental. That's more that twice Colorado's $12 minimum wage. If you're making minimum wage, you'd have to work 89 hours per week to afford rent.
The report details that Fair Market Rent in Colorado is $1,430 per month for a two-bedroom or $1,154 for a one-bedroom. And while a renter would need to bring in at least $27.50 per hour to not spend more than a third of their income on rent and utilities, the average Colorado renter's wage is only $20 per hour.
The most-expensive areas to rent in Colorado are Boulder County, Eagle County, Pitkin County, Summit County and the Denver Metro region. Larimer County residents need to make at least $25 per hour to afford rent, and Weld County residents need to make at least $22 per hour. Where are Fort Collins' most expensive neighborhoods? See below.
To the north of us, Wyoming ranked 38th, with workers needing a $16 per hour wage to afford rent. Not surprisingly, California ranked first for the highest housing wage, at nearly $40 per hour needed. You can see the map here.