Here’s the Salary You Need to Afford the Average Colorado Home
This is also a breakdown of how much you need to make each month.
When it comes to buying a home, it's not so much the price of the home as it is the monthly payments. Are you able to afford the house note? Can you take on that kind of payment while also balancing your living expenses? It is a very big decision and one that shouldn't be made lightly.
Have you ever wondered what the average home in our state costs?
We've seen plenty of lists of the most expensive homes out there. You know, the homes that could be featured on Lifestyles of the Rich and Famous. However, what about for just a standard home. Recently GoBankingRates conducted a survey and found the minimum salary you would need to purchase an average home in every state.
In Colorado you need a salary of $73,600.
You monthly mortgage payments would be $1,840. In order to cover the rest of the bills and maintain a decent living, you need a monthly income of $6,133.33. Colorado is one of the more expensive places to live. In fact, it's the fifth most expensive place to purchase a home with an average home price of $405,000.