Cost-burdened renters in metro Denver soar, according to new report
Six in 10 renters in Boulder County are cost-burdened, according to a recent report from the Joint Center for Housing Studies of Harvard University.
- That means a person is spending 30%-50% of their income on rent and utilities.
- Meanwhile, 50.6% of renters in the Denver-Aurora-Lakewood metro area are in a similar position.
- The report says $1,830 is the median monthly rent costs for Boulder County, and $1,743 for the metro area.
Why it matters: The high cost is forcing some people to consider alternative housing options and could force people into making difficult financial decisions.
Zoom in: 52% of local renters are looking at apartments outside the metro area, according to Apartment List's most recent Renter Migration Report.
- Colorado Springs, Boulder and Kansas City, Missouri were the top potential moving destinations.
- Millennials are still living with their parents, while Gen Zers are staying with roommates or getting side gigs to help cover costs.
Between the lines: Spending 30% of your income on rent is now considered normal — a conclusion recently drawn by economists at Moody's Analytics.
The big picture: In 2022, 22.4 million renters — a record number — used more than 30% of their income on rents and utilities, an increase of 2 million households since 2019.
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