Alma, Colorado, standing at an elevation of 10,578 feet, holds the distinction of being the highest incorporated town in the United States. This unique position contributes to its vibrant community and dynamic economic landscape.
Local Businesses: The Heart of Alma
At the core of Alma’s economy are its local businesses, which cater to both residents and visitors. A notable example is the Al-Mart General Store, a family-owned establishment located in the historic Silverheels building at 11 South Main Street. Since its inception in 2007, Al-Mart has become a community hub, offering a wide range of products and serving as a gathering place for locals and tourists alike. The store’s motto, “If We Don’t Have it, You Don’t Need It!!”, reflects its commitment to meeting the diverse needs of the community. [Source]
In addition to Al-Mart, Main Street hosts other essential establishments such as the Bristlecone Bake Shop and The Black Kettle Coffee Shop, providing residents with local dining and shopping options. These businesses not only contribute to the local economy but also enhance the town’s charm and appeal. [Source]
Housing Market: Trends and Insights
The housing market in Alma has experienced notable fluctuations. As of March 2026, the median listing price for homes was $625,000, marking an 18.24% decrease from the previous year. The median price per square foot stood at $462, with active listings totaling 41. Homes spent a median of 147 days on the market, indicating a slower turnover rate. [Source]
For those considering real estate investment, Alma presents a balanced market. The average home value is approximately $606,110, with average monthly rents around $1,773. The price-to-rent ratio of 17.0 suggests a market that is neither strongly favoring buyers nor renters, offering opportunities for both. [Source]
Short-Term Rentals: A Growing Sector
The short-term rental market in Alma has been gaining traction. With about 101 active Airbnb listings, hosts earn an average annual revenue of $54,730, with an average nightly rate of $371. The occupancy rate stands at 42.0%, with December being the peak month. This sector provides an avenue for homeowners to generate additional income and caters to the influx of tourists seeking unique lodging experiences. [Source]
Economic Indicators: Income and Employment
Alma’s median household income has seen significant changes over the years. In 2023, the median income was $52,727, reflecting a 47.33% increase from $35,789 in 2020. Despite this growth, the median income remains below the national average, indicating potential areas for economic development and support. [Source]
The town’s economy is primarily driven by local tourism, crafts, and small businesses, reflecting its rich mining heritage. This economic structure underscores the importance of supporting local enterprises to sustain and enhance Alma’s economic vitality. [Source]
Conclusion
Alma’s economic landscape is characterized by a strong reliance on local businesses, a fluctuating housing market, and a growing short-term rental sector. As the highest incorporated town in the U.S., Alma offers unique opportunities and challenges. Continued support for local enterprises and strategic economic planning will be essential in fostering sustainable growth and maintaining the town’s distinctive character.