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Old 06-14-2007, 04:51 PM
 
2 posts, read 25,593 times
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Default most affordable place

If i only make around 60k a year which is the most affordable city to live in? i have visited colorado many times and I LOVE IT. but i just dont think i could live comfortably there and still be able to save up money for the future
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Old 06-14-2007, 05:41 PM
 
Location: South Metro Denver for 25 years
8,585 posts, read 18,727,491 times
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General rule of thumb says you can afford a purchase price of 2.5 times your annual salary. For a monthly payment about 28% of your gross income - that includes principal, interest, taxes, insurance and HOA fees. (Easiest to think of it a a weeks pay.)

But if you lived in the cheapest possible housing - where would you work?

I see 1 bedroom condos for $45,000 and studios for less than that in Denver.

The cheapest big city is Pueblo. Then Ft Collins/Greeley, Colorado Springs, Denver, then Boulder.
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Old 06-17-2007, 08:00 AM
 
Location: Lincoln, Nebraska (moving to Ohio)
673 posts, read 2,895,227 times
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Yeah, Colorado is overall not an expensive state. It has some very expensive areas however. I assume on your 60,000 dollar salary you probubly would be able to afford a 180,000 dollar home or so (but thats just a guess). Property taxes in Colorado are very low on average.

Here is how I would rank the counties on housing values from what I remember seeing on the census....
Most expensive to least
Boulder- very expensive, especially city proper
Douglas- lots of very large houses in the 3,000 sq ft plus range
Broomfield- very nice area, so high demand= expensive
Arapahoe- cheaper up towards Englewood
Denver- lowest home values SW Denver and North Denver towards I-70
Larimer- (Fort Collins) probubly just shy of Denver on housing values, but its very popular so who knows where its at
El Paso- (Colorado Springs) lots of middle-of the road housing
Adams- cheapest of the metro denver counties
Weld- cheapest of the denver combined statistical area counties
Pueblo- one county south of el paso, very very inexpensive by Colorado or even national standards. Youll probubly be shocked at how low the housing values are in the city of Pueblo proper. Becoming an alternative to alot of Colorado Springs commuters do to huge housing value disparity.

Colorado has a higher median home value then the national average but not by much and alot of that is Boulder and the mountain resort towns such as Aspen, Vail, Edwards really causing the median home values to increase for the state.

As for metro Denver. Probubly Adams county has the most home for the buck overall alot of it is they have lots of land up there that hasnt been devoloped and the housing values are just far cheaper in Adams County then most of the Denver metro area. Also in Northern Arapahoe County up towards Englewood they might have some bargain's up there.

In the city of Denver proper. Globeville, Elyria-Swansea, South-West Denver have lots of inexpensive, small homes with very low housing values you could probubly get a very small house for less then 100,000 and property taxes would only be around 500 but those areas could use some gentification.

Overall, in metro Denver though as far houses go probubly Adams County would be your best value, if your looking at condo's you could probubly look just about anywhere in metro Denver except maybe Cherry Creek or Boulder County you might have to make some concessions in certain neighborhoods on size but just about anywhere in metro Denver except for some of the priciest neighborhoods.

Colorado Springs has lower housing values then Denver but entry-point is higher you would probubly see tons and tons of houses in Colorado Springs valued in the 150,000-180,000 range which would probubly be what most people with your salary would be looking for. Pretty much most of the houses from Fountain to North-East Colorado Springs to Powers Blvd to Downtown would be available in your range. They also have lots of inexpensive condo devolopments in Colorado Springs and property taxes are very, very low also in El Paso County. I know in Northern Colorado Springs when I was on the assessors website when I was having insomnia one night the houses around 2000-2200 square feet were valued at around 170-180,000 dollars and this was in North-central Colorado Springs.

Pueblo county is by far the cheapest county along the front range. It has been for a very long time and probubly will reign supreme on low housing values for a very, very long time. The city of Pueblo proper has lots of inexpensive home for less then 100,000 although Pueblo is very, very economically depressed but it pretty much has anything an area of 150,000 people would.

Last edited by MattDen; 06-17-2007 at 08:08 AM..
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Old 06-29-2007, 03:54 PM
 
Location: Broomfield CO
9 posts, read 60,575 times
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Grand Junction.
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Old 07-03-2007, 10:14 PM
 
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I Have 2 -5 Acre Ranchettes In Costilla County ,rio Grande Ranchos
I Am Looking For A Realtor In The Area To Handle This Property For Me.i Will Watch This Site For A Response.........gypsea
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Old 07-04-2007, 08:10 AM
 
Location: Las Flores, Orange County, CA
26,362 posts, read 54,170,320 times
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Quote:
Originally Posted by kimberlyann557 View Post
If i only make around 60k a year which is the most affordable city to live in? i have visited colorado many times and I LOVE IT. but i just dont think i could live comfortably there and still be able to save up money for the future
What do you do?
Where are you moving from?
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Old 08-16-2007, 03:30 PM
 
Location: Montrose
63 posts, read 226,677 times
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You might want to look into the Western Slope Area ......which includes the citys of Grand Junction and Montrose ..

HM
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Old 08-16-2007, 08:38 PM
 
7,993 posts, read 15,556,390 times
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Grand Junction and Montrose are no bargain when one looks at the local incomes versus housing costs. It's another area of Colorado that is increasingly supported by a "mailbox economy" of affluent retirees that have bid up real estate prices beyond what those reliant on local income can afford. That is, of course, unless you work in the gas drilling industry where salaries are higher.

Truth is, the affordability index in most areas of Colorado (as I have posted before) are pretty middling in most areas, at best. In the resort areas--well, forget it. I just talked to a fellow in the Grand Junction area today. He bought his house there in 1992. It has tripled in value since then--his salary has increased about 40%. He could not afford to live and work in Grand Junction if he moved there today. He can afford to stay there--of course, his kids couldn't when they grew up and left home, and now live on the Front Range.
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Old 08-17-2007, 11:02 AM
 
Location: Wherabouts Unknown!
7,479 posts, read 11,009,555 times
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I considered Grand Junction ( GJ ) affordable when I moved here a year ago. If the Zillow.com numbers are anywhere close to being accurrate, my home has already appreciated in value by 20% ( but I take those Zillow numbers with a grain of salt and hope for the best! ). Point is, I couldn't afford to buy the same type of home in GJ If I was moving from Virginia Beach (VB ) this year instead of last becasue housing values actually dropped slighty in VB. Depending on where you're coming from, the $60K you are currently earning might drop considerably in many areas of Colorado. Both my wife and I took big paycuts compared to our VB incomes for doing the same jobs. All things considered though...it was a good move for us.

I encourage you NOT to put too much emphasis on the future, which may or may not come to pass as you imagine. Rather, live your life now. The boomers are reaching retirement age and moving in droves to the nicer, more desirable locations. An influx of newcomers tends to drive up real estate prices. If you are wanting to live in a more desirable location I think you must act soon or you'll be priced out of the housing market. Re-read my story above. One year CAN make a big difference. But who really knows for certain what the future holds in store. Maybe prices will come crashing down which would be big boost to those who wait. Do what your heart is telling you to do, and go where your heart is leading you.

good luck in your search.....Franco
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