Report Says Coloradans Must Work Over 40 Hours Per Week to Afford Rent
'Cities Where Residents Have to Work the Most Hours to Pay Rent,' is a new report from Self Financial, and while you read that, please excuse us while we move to Wyoming.
'New data from the U.S. Department of Housing and Urban Development (HUD) reported fair market rents to be approximately $980 for a one-bedroom and $1,200 for a two-bedroom rental in 2020,' the report says. 'Meanwhile, the most recent median hourly wage estimate from the BLS is $19.14.'
So, here's what that means for cities in Colorado, which could be worse (hi, New York and California), but also could certainly be better. This figure is based on how many hours someone would need to work per week and not spend more than 28 percent of their monthly income on a one-bedroom rental.
- Boulder: 47 hours per week
- Denver-Aurora-Lakewood: 45.5 hours per week
- Colorado: 42.2 hours per week (which is the same for the U.S.).
For reference, our neighbors to the north in Wyoming could afford the average rent and work less than 30 hours per week. You can see the full report, and how affordable — or not affordable — other cities and states are here.