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Colorado Sees Highest Housing Cost Increase

DENVER-Families in Colorado must earn $15.23 per hour to afford a two-bedroom apartment, nearly three times the minimum wage. "There are just not enough incentives to build affordable housing," one multifamily expert says.

By John Rebchook | Updated on October 10, 2001

DENVER-Colorado’s Housing Wage, or the income needed to afford the average two-bedroom apartment, increased by 23% between September 2000 and 2001, says a report released by the Colorado Affordable Housing Partnership and the Colorado Coalition for the Homeless. This is the largest increase of any state, according to the ”Out of Reach” report prepared annually by the National Low Income Housing Coalition of Washington, DC.

The coalition analyzes the growing gap between rental housing costs and the minimum wage. The Housing Wage rose an average of 4.61%.

Colorado ranks in the 10 top least affordable states. Families in Colorado must earn $15.23 per hour to afford a two-bedroom apartment, nearly three times the minimum wage.

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