How much do households in Colorado spend on rent?
Data updated September 16, 2024
About $1.65K per month, or 32.7% of their income, in 2022. This is measured by comparing median rent and median monthly income for renting households.
Showing data for
In 2022, median rent was
32.7%
of median income
In 2022,
$1.65K
was the median rent per month
Comparing rent to renter income provides one measure of rental affordability. Dividing rent by income provides what is called a rent-to-income ratio. A higher ratio of rent-to-income indicates rent is less affordable while a lower ratio indicates it’s more affordable.
The Department of Housing and Urban Development considers households with a rent-to-income ratio of more than 30%, that is, households that spend more than 30% of their income on housing, to be cost-burdened. Cost-burdened households may have less money for other necessities such as food, healthcare, or savings. When median monthly rent is more than 30% of average monthly income, it means a typical household would meet the definition of housing cost-burdened.
Colorado's rent-to-income ratio was higher than in the US overall in 2022.
Ratio of median rent to median renter household income
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The national rent-to-income ratio reached a high of 33.8% in 2011 following the Great Recession. In Colorado, the rent-to-income ratio reached 31.6% that year. Most recently, in 2022, Colorado’s rent-to-income ratio was 32.7%, 1.0 percentage points higher than the national rate.
Across metro areas, the average rent-to-income ratio was 30.8% in 2018–2022.
Ratio of median rent to median renter household income, 2018–2022
In 2018–2022, the average rent-to-income ratio across metro areas was 30.8%. The metro areas with the highest and lowest ratios were the Mayagüez, Puerto Rico area at 56.9% (highest) and Sheboygan, Wisconsin area at 21.7% (lowest). In Colorado, the highest and lowest were Boulder, CO area at 37.3% and Grand Junction, CO area at 29.7%.
During that period, the Boulder, CO area had the highest median rent at $1.83K per month and the highest median monthly income at $4.89K out of seven Colorado metro areas. Its rent-to-income ratio was the highest in the state.
Renter income and rent, Colorado metro areas (2018–2022)
| 1. | Boulder, CO area | $4,895 |
| 2. | Colorado Springs, CO area | $4,637 |
| 3. | Denver, CO area | $5,342 |
| 4. | Fort Collins, CO area | $4,685 |
| 5. | Grand Junction, CO area | $3,668 |
| 6. | Greeley, CO area | $4,239 |
| 7. | Pueblo, CO area | $2,888 |
