COLORADO COST OF LIVING: Here’s where you can find cheapest rent in Colorado

DENVER (KDVR) — If you’re thinking about living in Colorado, there are many factors to consider. Denver has the 10th fastest-rising rent in the United States over the last year. However, there are other counties in the state that are considered to be more affordable.

RentData.org showed that the average fair market rent for a 2-bedroom in Colorado was $1,088 per month in 2021.

Fair market rent is determined each fiscal year by the United States Department of Housing and Urban Development and is used to set payment standards for federal housing assistance programs in Colorado, according to RentData.org.

The data shows that the cheapest fair market rent price for a 1-bedroom in Colorado is $557 per month in Cheyenne County.

The most expensive fair market rent price for a 1-bedroom in Colorado is $1,428 per month in Boulder County.

Here’s a look at the Colorado fair market rent prices for 2021 from RentData.org:

Rent analysts at RentCafé and Yardi Matrix said a massive number of new apartments are coming on board in the Mile High City in the coming months that will help stabilize rent prices.

While it might sound like a good idea to buy a home in Colorado instead of renting, median home prices in Colorado were $594,500 in February of this year, which is about 51% higher than the national median of $392,450, according to Ramsey Solutions.

New data suggests more people are moving out of Colorado than into our state.

While there may be some factors that contribute to people leaving Colorado, there are also several reasons people want to move to the Centennial State.