Colorado Sees Home Inventory Growth Despite State’s Affordability Index
The Colorado Affordability Index, made available by CAR, showed a record low of 52 points out of 100. The index compares the median wage for workers to the median home price. A buyer with a median wage would need to supplement their income by about 48% to afford a home. “Affordability is far beyond what the local population can support,” said CAR Spokesperson Patrick Muldoon of Colorado Springs, “In the past, housing was a hedge for inflation. But this is a very different time.” There were 11,000 new listings created in May 2022 across Colorado, which is a 10% increase from last year. The state’s median price is around $600,000, which is still 15% higher than May 2021.