Colorado Homeownership Slips Further Out of Reach as Prices Outpace Incomes
By Nate Trela | The Coloradoan
A new study on homeownership shows just how unaffordable buying a home is across the country, including two Colorado metro areas where homebuying is out of reach for most of their residents even if mortgage rates were set to 0%.
The report using data .from Ziffy.ai, an AI-powered real estate investment platform, included the Boulder and Grand Junction areas among dozens of examples of markets where more than half of the homes are unaffordable for most households, even if mortgages did not require paying interest.
The analysis defines affordability as when the total monthly housing costs — principal, interest, taxes and insurance — are no more than 30% of the median household income in a market. It based the mortgage calculations...