(The Center Square) – Unaffordability in Colorado's housing market "remains elevated," according to a new analysis.

The analysis from the Common Sense Institute found that while home prices in the state have decreased by 3 percent since May, mortgage rates are up by 32 percent. That's caused the Colorado Homebuyer Misery Index, which CSI calculates to measure new home affordability, to remain elevated around 190, which is up from the 130s range in 2019. 

“Due in large part to the cost of housing, Colorado is an increasingly expensive place to live,” CSI Senior Economist Dr. Steven Byers said in a press release. “With increased prices and rising interest rates, the affordability of purchasing a home is near the lowest point in more than 33 years.”

The analysis added that home affordability in the state is 86 percent lower today than in 2015. Confidence levels among homebuilders have also plummeted 75 percent since November 2020. 

Additionally, the state is facing a housing deficit of between 25,077 and 116,907 units, the think tank estimates.

"To cover the 2021 deficit and new demands for housing due to population growth by 2025, between 97,000 and 220,000 new housing units need to be built," the analysis said.