Is your hourly wage enough to afford 2-bedroom rent in Colorado?
DENVER (KDVR) — Coloradans must make $37.47 an hour to afford fair market rent on a modest two-bedroom apartment — some $11.81 more than the average Colorado renter's hourly wage, according to a new report.
Alternatively, workers earning Colorado's minimum wage must work 104 hours per week, or 2.6 full-time jobs, to afford the local fair market rent.
The report comes from the National Low Income Housing Coalition, a research and advocacy organization with a mission to make affordable, decent homes achievable for the lowest-income households. The full report shows how wages and cost of living differ by county across the U.S.
Colorado ranked as the eighth most expensive state to live in. According to the report, the local fair market rent is $1,948 for a two-bedroom apartment.
Wages not keeping up with fair-market rent in ColoradoThe average Colorado renter earns $25.66 hourly, which is up just 19 cents from 2023, according to the report. During the same period, the wage needed to earn fair market rent increased by $5.34, from $32.13 in 2023 to $37.47 in 2024.
"In order to afford this level of rent and utilities — without paying more than 30% of income on housing — a household must earn $6,495 monthly or $77,940 annually," the report stated.
The high cost of renting in Colorado impacts a lot of people. According to the report, 34% of Coloradans are renters, with 770,497 renter households in the state.
Here are additional notable findings from the report:
These are the most expensive areas in Colorado to live in, along with the necessary hourly wage to afford a two-bedroom apartment at fair market rent, according to the report:
- Eagle County: $44.60
- Summit County: $42.69
- Boulder metro area: $42.63
- Denver-Aurora-Lakewood metro area: $42.33
- Pitkin County: $39.62
