Colorado Springs ranks in top 10 for least affordable metro area according to new report
COLORADO SPRINGS, Colo. (KKTV) - A new report lists Colorado Springs as the number 10 least affordable metro area in the United States.
OJO, a real estate platform, uses an “unaffordability score” to create the list. The score is a ratio that is derived from monthly median housing prices and median household income. OJO pulls median home price data from local listing service sold data and median household income from 2016-19 census data. The unaffordability score for Colorado Springs in February was 5.62. The median sold price for Colorado Springs was $440,000.
In the most recent report released on March 3, OJO Labs ranked Denver number eight in the February “Unaffordability List.” According to the director of storytelling at OJO Labs, Patrick Kearns, Denver was the biggest mover in the month-to-month list, climbing four spots due to a 21.3% rise in the median home sold price year over year. The unaffordability score for Denver was 5.67 with a median sold price of $540,000.
Number one on the list for unaffordable markets was San Diego with an unaffordability score of 8.27 and the median sold price from homes sitting at $777,000.
Number one on the list for top 10 affordable markets was Green Bay-Appleton, Wisconsin, with an unaffordability score of 2.58 and a median sold price of $179,000
Click here to view the entire list.
To read more on the topic from the Denver Post, which first posted details on the report in Colorado, click here.
The report by OJO Labs states the median annual home price increase in the country dropped significantly from $376,730 in January to $364,116 in February. Home prices rose 14.9% year over year in February. OJO Labs is part of Movoto by OJO.
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