According to a real estate report released earlier this month, the average price of a home in Grand Junction rose nearly 17% to $187, 106 in the first quarter which ended March 31st, that's compared to the same time period last year.
But one thing that's not going up is what people are making. Grand Junction Economic Partnership President & CEO Ann Driggers says the average wage in Grand Junction is about $33,500, but that includes overtime so that's not really the base salary, but that's the latest data she can find for end of 2006. Driggers adds that it's also below the state and national average. However, the cost of living in Grand Junction is right near the national and state average.
Driggers also says while Grand Junction does have slightly higher priced housing than the average, the city also has lower costs in utilities and other things so in the end it all evens out.
What kind of expenses could you expect to endure if you bought a median priced home today? Rick Thurtle, a real estate agent with Century 21 Homestead Realty says, "If you want to go for the median price at $187,106, your principal in interest alone would be $1121.80, and that 's not including another $70 to $80 for taxes and another $35 to $40 for home owners insurance."
So buyer beware, it's a seller's market and experts say it could remain that way for quite some time.
You can catch Growing Grand Junction every Tuesday night at 5:30p.m. and 10:00p.m. only on 11 News Colorado.