DENVER HOUSING COSTS: What do renters and buyers need to make to afford metro area?

DENVER (KDVR) — Most single adults in Colorado cannot afford their own place in the Denver metro without being cost-burdened.

Real estate records show a single-adult household is about $18,000 a year short of being able to afford a median-priced one-bedroom apartment. The income needs for both rented and purchased homes in the Denver area far exceed the national median income.

An apartment in Denver costs an average of $1,879 per month. The standard advice says households should not spend more than one-third of take-home pay on housing, or 30%. Households that pay more than the recommended share are deemed “cost-burdened.” A recent QuoteWizard study found that half of Colorado households are…