{"id":64213,"date":"2019-05-23T18:27:22","date_gmt":"2019-05-24T00:27:22","guid":{"rendered":"https:\/\/dh.durangoherald.com\/tj\/cortez-two-bedroom-rental-prices-see-dip\/"},"modified":"2019-05-24T00:27:22","modified_gmt":"2019-05-24T00:27:22","slug":"cortez-two-bedroom-rental-prices-see-dip","status":"publish","type":"post","link":"https:\/\/dh.durangoherald.com\/tj\/cortez-two-bedroom-rental-prices-see-dip\/","title":{"rendered":"Cortez two-bedroom rental prices see dip"},"content":{"rendered":"\n

\"A
A new housing report found that renting a two- or three-bedroom unit in Cortez has dropped in price over the past four years.<\/span>Durango file photo<\/span><\/figcaption><\/figure>\n<\/p>

The cost of renting a two- or three-bedroom unit in Cortez has dropped noticeably in the past four years, according to a housing report released this month.<\/p>\n

The drop contrasts sharply with rental rates in neighboring La Plata County<\/a>, which saw a 20% rise in rent for a two-bedroom unit in the past four years. Elsewhere in Montezuma County, rental rates remained more stable in Mancos and Dolores.<\/p>\n

Overall median home prices countywide, however, saw a rise \u2013 going up from $171,000 in 2014 to $217,500 in 2018, according to the report.<\/p>\n

The report by the Region 9 Economic Development District of Southwest Colorado highlights 2018 prices and how much residents need to earn to afford a home.<\/p>\n

One purpose of the report, the district said, was to look at housing stability in the area.<\/p>\n

\u201cStable housing provides a platform where households can attend to the needs of children, pursue educational and career goals, take care of their sick and elderly, become members of a neighborhood and conduct other personal and social activities,\u201d the report says.<\/p>\n

Cortez<\/div>\n

In Cortez, the monthly cost of renting a one-bedroom unit was $690, just above the 2015 amount of $683. The rents for both two and three-bedroom units showed a sizable decrease, though: the two-bedroom average went down from $1,172 in 2015 to $900 in 2018, while the average rent for a three-bedroom unit dropped from $1,493 in 2015 to $1,225.<\/p>\n

In order to afford a three-bedroom unit in Cortez, someone would ideally be earning an annual income of at least $49,000, according to Region 9, which based its calculations on the general guideline that renters can spend 30% of their monthly income on housing.<\/p>\n

The Cortez median home price rose over the past few years, however, going from $147,250 in 2014 to $155,000 in 2018. Annual income needed to qualify for a home loan for a median-priced home is $30,300, according to Region 9 data.<\/p>\n

Dolores<\/div>\n

Dolores rental costs were a different scene, however. Monthly rent for a one-bedroom unit rose from $475 in 2015 to $650 in 2018, rent for a two-bedroom rental unit dropped from $800 to $750 last year, and the rent for a three-bedroom unit rose from $948 to $1,000 per month.<\/p>\n

To pay rent for a three-bedroom Dolores unit, a person or household should earn at least $40,000 per year, the Region 9 report said.<\/p>\n

The median home price in Dolores dropped. In 2014, a median home in Dolores cost $230,000, while in 2018 that amount stood at $210,000. At this price, the qualifying annual income for a home loan would be $41,057, according to the report.<\/p>\n

Mancos<\/div>\n

Rent in Mancos went up for one- and two-bedroom units, and down for three-bedroom units. The rental price for a one-bedroom unit was $700 in 2015 and $850 in 2018, while rent for a two-bedroom unit went up from $925 to $972. Three-bedroom rental rates dropped from $1,500 in 2015 to $1,200 last year.<\/p>\n

Affording rent for a three-bedroom unit in Mancos would require an annual income of $48,000, according to Region 9.<\/p>\n

The median home price in Mancos went up too, rising from $202,500 in 2014 to $222,225 last year, with a qualifying annual income of $43,414.<\/p>\n

ealvero@the-journal.com<\/a><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Housing report evaluates affordability in Southwest Colorado<\/p>\n","protected":false},"author":1,"featured_media":64214,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[],"tags":[21,44,28,83,60,29],"naviga_topic":[],"class_list":["post-64213","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","tag-cortez","tag-dolores","tag-headlines","tag-mancos","tag-montezuma-county","tag-newsletter"],"acf":[],"author_name":"dh_admin","_links":{"self":[{"href":"https:\/\/dh.durangoherald.com\/tj\/wp-json\/wp\/v2\/posts\/64213","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dh.durangoherald.com\/tj\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dh.durangoherald.com\/tj\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dh.durangoherald.com\/tj\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dh.durangoherald.com\/tj\/wp-json\/wp\/v2\/comments?post=64213"}],"version-history":[{"count":0,"href":"https:\/\/dh.durangoherald.com\/tj\/wp-json\/wp\/v2\/posts\/64213\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dh.durangoherald.com\/tj\/wp-json\/wp\/v2\/media\/64214"}],"wp:attachment":[{"href":"https:\/\/dh.durangoherald.com\/tj\/wp-json\/wp\/v2\/media?parent=64213"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dh.durangoherald.com\/tj\/wp-json\/wp\/v2\/categories?post=64213"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dh.durangoherald.com\/tj\/wp-json\/wp\/v2\/tags?post=64213"},{"taxonomy":"naviga_topic","embeddable":true,"href":"https:\/\/dh.durangoherald.com\/tj\/wp-json\/wp\/v2\/naviga_topic?post=64213"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}