Colorado Inflation Soars to Top 10 in Nation
Does it feel like everything in Colorado is getting more expensive? That's because it is. Inflation is on the rise, and it's putting a strain on Coloradans' budgets.
A recent study by WalletHub found that the Denver metro area is one of the hardest-hit cities in the country by inflation. The study ranked cities based on the cost of goods and services, as well as the impact of inflation on residents' budgets.
WHERE DID DENVER RANK ON THE LIST COMPARED TO THE REST OF THE NATION?
Denver ranked seventh on the list, with costs for all goods and services rising by 5.10% compared to a year ago. This means that a dollar today will not buy as much as it did a year ago and that Coloradans are paying more for the same goods and services.
I decided to look into the most obvious areas where inflation is happening, and there is no doubt that the housing market is to blame.
Here is what Forbes said.
Over 12 months, the average home price increased by $52,047 for an 8.4% year-over-year increase.
ON A POSITIVE NOTE
Coloradans aren't alone when it comes to inflation. This is occurring across the entire nation. WalletHub stated that inflation hit a 40-year high last year. They also stated that we are starting to feel relief from the high inflation period we faced last year.
WHERE IS THE WORST INFLATION IN THE UNITED STATES?
#3 - Detroit, Michigan
#2 - Atlanta, Georgia
#1 - Tampa, Florida