Colorado has become one of America's biggest boom states
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Coloradans are far better off financially than they were 50 years ago, a new Urban Institute analysis finds.
Why it matters: The state's economic boom has helped lift incomes. But it's also fueled soaring housing costs, widening inequality and a growing gap between who can afford to live here and who can't.
By the numbers: Colorado's median household income has jumped 67% since 1970, after adjusting for inflation — more than double the national growth rate of 32%, per the report.
- That's a rise from $55,766 five decades ago to $92,911 in 2023.
Zoom out: The state's growth ranks second-highest in the nation, trailing only Utah (78%).
- Colorado now has the ninth-highest median household income among all 50 states.
What they're saying: "Income alone does not determine a family's prosperity, but it does offer a snapshot of economic growth," the D.C.-based think tank wrote.
Between the lines: Education is the single strongest factor tied to income growth, per the report.
- Another contributor: Immigrants. "This could be because immigration leads to economic growth, immigrants seek out growing areas, or both."
Zoom in: Bachelor's degree holders in Colorado increased 31% from 1970 to 2023, according to the Urban Institute.
- Its foreign-born population rose 7%.
The big picture: Income growth has surged in parts of the West, Mid-Atlantic and Northeast, while other regions have largely stagnated.
- New Hampshire (62%), California (61%), and Arizona (60%) round out the top growth states.
- Michigan (2.9%) saw the weakest gains.
- West Virginia was the only state where median household income fell, down 0.4%.

