Like most people, if I had a six-figure salary, I'd definitely be happy. A $160,000 a year salary is a lot of money. Maybe not in a city with a very high cost of living, like New York City or San Francisco, but it's certainly a good salary in Colorado.
A salary of $167,000 per year means two monthly paychecks of just under $7,000 before taxes. Who wouldn't want the opportunity to get paid twice a month like that? Some people in Colorado turn down jobs at companies that offer this high salary.
According to NBC News, the city of Steamboat Springs can't find a single candidate to fill the position of Director of Human Resources by March 3, 2024. Why has not a single applicant for the job offered at a salary of $167,000 per year? On a monthly salary of nearly $14,000, you'd think you could live like a king or queen. But not in this small mountain town in northwest Colorado.
Why wouldn't you want to take a six-figure salary job in Steamboat Springs, Colorado?
You could live comfortably in Steamboat Springs even with a mortgage payment of $5,000 a month. Yes, that's right. The reason no one is taking this high paying job in the city of Steamboat Springs is solely due to the real estate market.
According to Realtor, there isn't a single single-family home for sale in Steamboat Springs, Colorado, for under $1 million. The cheapest home currently for sale in Steamboat Springs is $1.275 million. Even with a 20% down payment of $255,000, a potential buyer would have to pay $7,400 per month on a 30-year fixed-rate mortgage. Such a high mortgage payment would essentially wipe out half of a $167,000 annual salary.
According to CBS News, Steamboat Hospital doctors are willing to pay more than $1 million for a home and are routinely outbid by out-of-state buyers who pay cash. The housing market in Steamboat Springs has worsened, with most of the homes being converted into short-term vacation rentals for out-of-state buyers, prompting local ski resorts to lease hotels to house their employees.
Related: How much do you need to earn to live comfortably in Colorado?
It's no wonder applicants are turning down the Human Resources Director position at the City of Steamboat Springs, which comes with a hefty six-figure salary — they have no place to live. Currently, the City of Steamboat Springs does not have a Human Resources Director position listed on its governmentjobs.com jobs page.
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