By Dr Denver H. Bubble
NerdWallet recently calculated affordability for 173 metropolitan areas by comparing the median annual household income and the monthly principal-and-interest payment for a median-priced single-family home. Our neighbor to the north, Boulder, CO, joined three California cities and Honolulu as the top 5 most unaffordable places to live in the country. The median home price in Boulder $546,400 much further north than the metro Denver area at $502,000. The median income is $74,615. Average mortgage principal and interest payments are $2,107 which 33.9% of monthly income. Boulder like the metro Denver area has been experiencing rapid population growth. It grew by almost 24,000 between 2010 and 2016, to 313,961. It should also be affected by the same forces that are slowing down the Denver market which are the rising interest rate, low supply, and buyer weariness.