44.7% of Colorado renters believe they'll buy property within two years - but their finances tell a different story

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Jan 12, 2023, 08:04 ET

FORT COLLINS, Colo., Jan. 12, 2023 /PRNewswire/ -- Though the Colorado housing market has seen the median listing price drop steadily since June 2022, the latest price remains outside of most renters' reach at $579,700.

According to the latest report from TurboTenant, 77% of tenants want to own a home someday and nearly half of Colorado renters think they're likely to buy property within the next two years. But if they hope to stay in the Centennial State, their savings need to take a hike; 68.5% of Colorado tenants had less than $5,000 saved.

Understandably, 74.9% of renters said the state of the economy impacted their day-to-day life, citing increased worries about finances, the cost of living, and having to choose between rent and food. While landlords aren't exempt from economic hardship, some see opportunity on the horizon.

50% of Colorado landlords plan to purchase property next year, making the market that much more challenging for hopeful first-time homeowners.

TurboTenant deployed 11 surveys to landlord and renter audiences over the course of 2022, garnering over 11,000 completed responses. Their findings provide insight into which market predictions came true, current financial challenges, and what comes next for independent landlords across the nation. View the full State of the Rental Industry Report here.

About TurboTenant

More than 500,000 independent landlords across the U.S. enjoy TurboTenant's free, all-in-one online property management solutions. Features offered by TurboTenant include rental applications, tenant screening, property marketing, rent payments, lease agreements, and rent reporting. Please reach out to [email protected] for specific data requests.

Contact
Krista Reuther
TurboTenant
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SOURCE TurboTenant, Inc.