Colorado has the highest rural median home prices in the nation

A new Redfin analysis shows Colorado now has the highest rural median home prices in the country — and the highest income needed to afford one.

Rural households in Colorado must earn $171,000 a year to buy a median-priced home. Nationally, rural buyers need less than half that — around $75,000. Only Hawaii and Utah come close to Colorado’s income requirements.

Redfin says rural Colorado has seen the biggest jump in home prices and the smallest gains in household income since the pandemic. Rural incomes would need to be 120% higher than they were before 2020 to keep pace with prices. By comparison, urban Denver households need about 84% more, and suburban households about 70% more.

Chief economist Daryl Fairweather says resort-area demand is a major driver. High-end amenities, ski towns, and second-home buyers with big-city salaries continue to push prices beyond what local workers can afford.

Median rural home prices in Colorado have climbed to $645,000, the highest in the nation. And in some resort counties, second homes make up more than half of all housing.

Removing those resort markets paints a slightly better picture. In counties like Morgan, Alamosa, and Moffat, median home prices range from $334,000 to $352,000, though values are still up sharply from 2019. According to the Colorado Association of Realtors in Morgan County, for example, the median price of a home sold was $340,000 in October, which is up 31% from $259,900 in October 2019.

Statewide, affordability continues to deteriorate. Since the pandemic, rural home prices have jumped 72%, while rural incomes have risen just 35%. Higher interest rates, insurance costs, and property taxes are piling on.

Realtors warn that expensive housing is worsening labor shortages across Colorado’s mountain communities — but so far, the predicted “tipping point” for demand hasn’t arrived. Some resort areas are cooling, but others remain as competitive as ever.