DENVER – If you’re in the market for your first home you know it’s tough to be a buyer in Colorado right now.
An analysis from financial services website Bankrate lists the Centennial State among the worst in the country for first-time homebuyers. Colorado comes in at number 43 out of 50 states.
The Bankrate report is based on a number of factors: Housing affordability, job market for young adults, tightness of the housing market, credit availability and home ownership for adults under 35.
Colorado’s housing market is extremely tight, with demand in the Denver area in particular far outpacing supply. That continues to push up home prices, making them less affordable for those trying to find their first home.
Based on all of those variables, Colorado lands in the eighth-worst spot on Bankrate’s list. But hey, at least Colorado wasn’t named the “worst” state. That honor goes to California.
Here are the top 10 “worst” states, according to Bankrate:
45. Rhode Island
48. New York
Our neighbors to the west and north were named among some of the “best” states for first-time homebuyers, with Utah and Wyoming coming in at second and eighth places, respectively.
Colorado lawmakers are trying to take measures to turn the tide and help ease some of the pressure on the housing market. A bill headed for the legislature this week would create a statewide fund for investing in affordable housing.
To see the full Bankrate list, including all the “best” states for first-time homebuyers, log on to bankrate.com.