Coloradans Should Expect to See Over 100,000 More Housing Units

While owning a home is the "American Dream" it does seem harder and harder for Coloradans to do so. With the state needing so many more housing units, the price for owning and renting is sure to increase.

Many of us in Colorado work our tails off to not only put food on the table, but to have shelter. That shelter may come in the form of your own home, or a rental; either way, supply won't meet demand if we don't build more places to live.

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According to ColoradoNewsline.com, state demographers determined that we will need to build over 34,000 new homes every year over ten years to meet demand. That means 106,000 homes need to be constructed. Things were worse in 2019, according to the report, but that's still a lot of construction. With that, this is good news for those in the construction industry.

How Much Do Coloradans Need to Own a Home?

According to Axios and Refin, those living in the Denver area need to be earning about $155,000 per year to afford a home. Renters in the Denver area need to be brining in about $67,000. With demand for housing rising, there being a shortage, you can count on those numbers going even higher, across the state.

READ MORE: How Much Would It Cost to Own a Family Compound in Colorado

You may have heard that people are leaving the state, but not nearly the amount we would need to bring the housing demand down. In the meantime, over the next 10 years, we should start "pinching pennies" to brace ourselves for increased housing costs.