Additional Coverage:
- A couple who moved from Hawaii to Colorado for a lower cost of living are struggling to afford a home on a six-figure income (newsbreak.com)
A couple moved from Hawaii to Colorado in 2017 to reduce their living expenses. Despite earning over $100,000 annually, they face challenges finding an affordable home.
High home prices and mortgage rates have made homeownership nearly unattainable for them. In their area, the median home price is around $537,000, while most homes in their budget require renovations.
Colorado’s high cost of living, including mortgage payments that are among the highest in the nation, further complicates their situation.
To improve their financial position, the couple is cutting expenses and seeking additional income through a real estate wholesaling business. However, their business is still in its early stages.
They anticipate home prices will continue to rise, making their target home price likely to increase in the future. Unless their business becomes successful, they expect to delay homeownership for several years.