Colorado Cities Set to Join the Million-Dollar Housing Market in Coming Years
The average cost of buying a house in Colorado already hovers around half a million dollars in some cities, but a new economic study suggests that these prices could surge past the million-dollar mark in the next decade.
Realtor.com recently analyzed the fastest-growing housing markets in the U.S. and identified several cities, including two in Colorado, where median home prices are expected to reach seven digits within the next 10 years.
Colorado’s Affordable Cities Headed for Million-Dollar Status
To project future home prices, Realtor.com examined sales price growth in the 100 largest metro areas from 2014 to 2019—a period unaffected by the pandemic and recession. The growth trends from that period were then applied to forecast prices for the next five to ten years.
Here are the cities projected to hit or approach the million-dollar mark by 2033, along with their recent growth trends and price projections:
| City | 2014-19 Growth | 2023 Median Price | 2028 Projection | 2033 Projection |
|---|---|---|---|---|
| Boise City, ID | 58.2% | $464,578 | $735,026 | $1,162,910 |
| Salt Lake City | 46.9% | $493,414 | $724,614 | $1,064,147 |
| Portland, OR | 44.9% | $501,245 | $726,105 | $1,051,838 |
| Colorado Springs | 49.8% | $454,673 | $680,980 | $1,019,929 |
| Stockton, CA | 58.0% | $579,292 | $915,467 | $1,446,731 |
| Denver | 53.8% | $547,966 | $842,932 | $1,296,676 |
| Sacramento, CA | 40.7% | $557,522 | $784,301 | $1,103,325 |
| Boston | 26.2% | $622,902 | $786,000 | $991,804 |
| Honolulu | 29.4% | $683,086 | $883,931 | $1,143,830 |
| Seattle | 46.3% | $694,351 | $1,015,739 | $1,485,885 |
Colorado’s Soaring Housing Market
Both Denver and Colorado Springs rank among the top cities with the highest projected price growth in the nation. By 2028, median home prices in these cities are expected to exceed $680,000 and $840,000, respectively, and by 2033, they are forecasted to surpass $1 million.
Challenges for Potential Homebuyers
While Colorado boasts one of the highest median salaries in the country at around $66,000, this income level falls short when it comes to keeping up with skyrocketing housing costs. For residents to afford a median-priced home in Denver or Colorado Springs by 2033, they would need to save their entire median salary for over 15 years—an unlikely scenario for most.
As these Colorado cities edge closer to million-dollar housing markets, affordability challenges will continue to grow, making it increasingly difficult for residents to achieve homeownership in the coming years.
