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ACCRA Cost of Living Index
Fourth
Quarter 2001
The American Chamber of Commerce Researchers Association (ACCRA)
Cost of Living Index for the fourth quarter of 2001 shows that Denver
still has a higher cost of living index than Phoenix, Kansas City and
Salt Lake City. The consumer price index for Denver is also higher than
for the U.S. as a whole.
Housing prices are especially high compared to other parts of the country.
The lack of affordable housing opportunities in Colorado and our higher
cost of living will make it harder to attract new jobs. The ACCRA Cost
of Living Index for housing shows that the discrepancy between housing
costs in Phoenix, Kansas City, and Salt Lake City is even larger than
for total expenses.
The National Association of Homebuilders Quarterly Housing Opportunity
Index for the fourth quarter of 2001 shows that Colorado cities are much
more expensive than most areas in the nation.
Home prices are still rising and vacancy rates for affordable units remain
low in most market areas. Rising interest rates will make it more difficult
for renters to afford to purchase their first home in the coming year.
Many low wage workers such as those working in retail or in restaurants
and hotels suffer job losses in soft economic times. If newly created
jobs do not pay the high rates of the past few years, households will
have less to spend on housing costs. This may lead to more low and moderate
income households paying too much for housing in Colorado. |
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