Home prices have surged in the U.S. in recent years. Driven by rising demand and supply constraints during the pandemic, the median home sale price spiked by nearly 50% from the second quarter of 2020 to Q3 in 2022. While the sale price of a typical American home has fallen in recent months since, housing prices remain at historic highs.
Not only have home values soared, but borrowing costs for home buyers have also climbed. The average interest rate on a 30-year fixed mortgage has been above 6% since September 2022, a high not seen in nearly a decade and a half. In a market defined by high prices and high mortgage rates, homeownership has become prohibitively expensive for a large number of Americans.
Still, housing prices are also subject to a number of factors that can be isolated from broader, nationwide market trends — and location is one of them. Two homes that are virtually identical can vary in price by hundreds of thousands of dollars, depending on where they are. And for prospective homeowners on a budget, some Colorado cities are far more affordable than others.
According to five-year estimates from the U.S. Census Bureau’s 2022 American Community Survey, the typical home in Colorado is worth $465,900. But across the 34 cities, towns and unincorporated communities in the state with populations of at least 25,000, median home values range from less than $200,000 to nearly $920,000.
In any local market, home prices are often a reflection of what residents can afford. In Colorado, many of the least expensive cities for homebuyers are not high-income areas. Of the 34 Colorado cities with available data from the ACS, 13 have a median home value that is less than the statewide median. In all but three of these places, the typical household earns less than the statewide median household income of $87,598. Similarly, most of Colorado’s more expensive housing markets have higher earning populations.
Why It Matters
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Homeownership is one of the most practical ways to build wealth in the United States, and rising borrowing costs and home values are pricing out a growing share of the population. The state of the U.S. housing market also has broader economic implications. According to the Congressional Research Service, spending associated with homeownership totaled $1.1 trillion in 2021, or nearly 5% of U.S. gross domestic product.
These are the cheapest and most expensive housing markets in Colorado.
34. Pueblo
- Median home value: $197,700
- Homes worth over $1 million: 0.7%
- Homeownership rate: 59.0%
- Median household income: $52,794
- Total population: 111,430
33. Grand Junction
Source: Adventure_Photo / E+ via Getty Images
- Median home value: $317,700
- Homes worth over $1 million: 0.8%
- Homeownership rate: 62.9%
- Median household income: $62,993
- Total population: 65,918
32. Security-Widefield
Source: Jeffrey Beall / Wikimedia Commons
- Median home value: $323,300
- Homes worth over $1 million: 0.3%
- Homeownership rate: 82.4%
- Median household income: $80,458
- Total population: 39,150
31. Pueblo West
Source: Jeffrey Beall / Wikimedia Commons
- Median home value: $330,000
- Homes worth over $1 million: 0.7%
- Homeownership rate: 86.0%
- Median household income: $89,530
- Total population: 34,337
30. Fountain
Source: WesterlyRider / Wikimedia Commons
- Median home value: $338,000
- Homes worth over $1 million: 2.8%
- Homeownership rate: 72.1%
- Median household income: $80,311
- Total population: 29,498
29. Greeley
Source: Wirestock / iStock via Getty Images
- Median home value: $346,400
- Homes worth over $1 million: 0.7%
- Homeownership rate: 60.6%
- Median household income: $65,525
- Total population: 107,949
28. Colorado Springs
Source: Jacob Boomsma / iStock via Getty Images
- Median home value: $383,000
- Homes worth over $1 million: 2.1%
- Homeownership rate: 61.1%
- Median household income: $79,026
- Total population: 479,612
27. Northglenn
- Median home value: $399,700
- Homes worth over $1 million: 0.8%
- Homeownership rate: 58.9%
- Median household income: $77,797
- Total population: 37,948
26. Aurora
Source: arinahabich / iStock via Getty Images
- Median home value: $409,700
- Homes worth over $1 million: 1.7%
- Homeownership rate: 62.5%
- Median household income: $78,685
- Total population: 387,349
25. Loveland
- Median home value: $426,900
- Homes worth over $1 million: 1.5%
- Homeownership rate: 62.9%
- Median household income: $81,898
- Total population: 76,500
24. Brighton
Source: BOB WESTON / iStock via Getty Images
- Median home value: $429,600
- Homes worth over $1 million: 1.9%
- Homeownership rate: 69.0%
- Median household income: $86,975
- Total population: 40,569
23. Commerce City
Source: mtcurado / iStock via Getty Images
- Median home value: $436,500
- Homes worth over $1 million: 0.7%
- Homeownership rate: 77.0%
- Median household income: $96,484
- Total population: 63,050
22. Thornton
- Median home value: $445,200
- Homes worth over $1 million: 1.3%
- Homeownership rate: 72.7%
- Median household income: $95,064
- Total population: 141,799
21. Westminster
Source: Public Domain / Wikipedia
- Median home value: $467,200
- Homes worth over $1 million: 2.9%
- Homeownership rate: 63.8%
- Median household income: $90,651
- Total population: 115,502
20. Englewood
- Median home value: $472,400
- Homes worth over $1 million: 2.7%
- Homeownership rate: 48.2%
- Median household income: $79,375
- Total population: 33,634
19. Longmont
Source: GerardoBrucker / iStock via Getty Images
- Median home value: $488,100
- Homes worth over $1 million: 4.1%
- Homeownership rate: 63.3%
- Median household income: $89,720
- Total population: 98,282
18. Lakewood
Source: Sparty1711 / iStock via Getty Images
- Median home value: $494,100
- Homes worth over $1 million: 4.0%
- Homeownership rate: 58.0%
- Median household income: $82,786
- Total population: 156,149
17. Fort Collins
Source: marekuliasz / iStock via Getty Images
- Median home value: $497,400
- Homes worth over $1 million: 4.4%
- Homeownership rate: 51.7%
- Median household income: $78,977
- Total population: 168,758
16. Ken Caryl
Source: Sparty1711 / iStock via Getty Images
- Median home value: $498,700
- Homes worth over $1 million: 2.1%
- Homeownership rate: 83.1%
- Median household income: $113,459
- Total population: 33,505
15. Dakota Ridge
Source: Jeremy Janus / iStock via Getty Images
- Median home value: $511,800
- Homes worth over $1 million: 1.5%
- Homeownership rate: 83.5%
- Median household income: $116,683
- Total population: 34,234
14. Windsor
Source: marekuliasz / iStock via Getty Images
- Median home value: $533,300
- Homes worth over $1 million: 3.6%
- Homeownership rate: 78.5%
- Median household income: $121,754
- Total population: 33,905
13. Wheat Ridge
- Median home value: $538,300
- Homes worth over $1 million: 4.3%
- Homeownership rate: 52.3%
- Median household income: $79,567
- Total population: 32,263
12. Denver
Source: Kruck20 / iStock via Getty Images
- Median home value: $540,400
- Homes worth over $1 million: 12.4%
- Homeownership rate: 49.4%
- Median household income: $85,853
- Total population: 710,800
11. Columbine
Source: EdwardSnow / iStock via Getty Images
- Median home value: $550,500
- Homes worth over $1 million: 3.1%
- Homeownership rate: 88.5%
- Median household income: $122,048
- Total population: 25,940
10. Littleton
Source: milehightraveler / iStock Unreleased via Getty Images
- Median home value: $552,100
- Homes worth over $1 million: 7.1%
- Homeownership rate: 60.2%
- Median household income: $90,273
- Total population: 45,531
9. Arvada
Source: Jacob Boomsma / iStock via Getty Images
- Median home value: $553,000
- Homes worth over $1 million: 3.4%
- Homeownership rate: 74.2%
- Median household income: $106,014
- Total population: 123,066
8. Parker
Source: arinahabich / iStock via Getty Images
- Median home value: $573,000
- Homes worth over $1 million: 1.4%
- Homeownership rate: 73.9%
- Median household income: $126,615
- Total population: 58,733
7. Castle Rock
Source: SWKrullImaging / iStock via Getty Images
- Median home value: $577,500
- Homes worth over $1 million: 4.1%
- Homeownership rate: 78.5%
- Median household income: $135,985
- Total population: 74,065
6. Broomfield
Source: bauhaus1000 / iStock Unreleased via Getty Images
- Median home value: $581,600
- Homes worth over $1 million: 6.7%
- Homeownership rate: 63.9%
- Median household income: $117,541
- Total population: 73,946
5. Centennial
Source: Faina Gurevich / iStock via Getty Images
- Median home value: $586,500
- Homes worth over $1 million: 6.0%
- Homeownership rate: 82.3%
- Median household income: $124,617
- Total population: 107,702
4. Lafayette
Source: Lunnderboy / iStock via Getty Images
- Median home value: $611,500
- Homes worth over $1 million: 9.2%
- Homeownership rate: 67.9%
- Median household income: $105,819
- Total population: 30,295
3. Highlands Ranch
- Median home value: $637,400
- Homes worth over $1 million: 8.8%
- Homeownership rate: 79.4%
- Median household income: $148,227
- Total population: 101,514
2. Erie
Source: arinahabich / iStock via Getty Images
- Median home value: $644,300
- Homes worth over $1 million: 7.1%
- Homeownership rate: 86.5%
- Median household income: $154,509
- Total population: 30,447
1. Boulder
- Median home value: $919,700
- Homes worth over $1 million: 42.8%
- Homeownership rate: 47.2%
- Median household income: $80,243
- Total population: 106,598
| Rank | Places in Colorado with at least 25,000 residents | Median home value ($) | Homeownership rate (%) | Median household income ($) | Total Population |
|---|---|---|---|---|---|
| 1 | Boulder | 919,700 | 47.2 | 80,243 | 106,598 |
| 2 | Erie | 644,300 | 86.5 | 154,509 | 30,447 |
| 3 | Highlands Ranch | 637,400 | 79.4 | 148,227 | 101,514 |
| 4 | Lafayette | 611,500 | 67.9 | 105,819 | 30,295 |
| 5 | Centennial | 586,500 | 82.3 | 124,617 | 107,702 |
| 6 | Broomfield | 581,600 | 63.9 | 117,541 | 73,946 |
| 7 | Castle Rock | 577,500 | 78.5 | 135,985 | 74,065 |
| 8 | Parker | 573,000 | 73.9 | 126,615 | 58,733 |
| 9 | Arvada | 553,000 | 74.2 | 106,014 | 123,066 |
| 10 | Littleton | 552,100 | 60.2 | 90,273 | 45,531 |
| 11 | Columbine | 550,500 | 88.5 | 122,048 | 25,940 |
| 12 | Denver | 540,400 | 49.4 | 85,853 | 710,800 |
| 13 | Wheat Ridge | 538,300 | 52.3 | 79,567 | 32,263 |
| 14 | Windsor | 533,300 | 78.5 | 121,754 | 33,905 |
| 15 | Dakota Ridge | 511,800 | 83.5 | 116,683 | 34,234 |
| 16 | Ken Caryl | 498,700 | 83.1 | 113,459 | 33,505 |
| 17 | Fort Collins | 497,400 | 51.7 | 78,977 | 168,758 |
| 18 | Lakewood | 494,100 | 58.0 | 82,786 | 156,149 |
| 19 | Longmont | 488,100 | 63.3 | 89,720 | 98,282 |
| 20 | Englewood | 472,400 | 48.2 | 79,375 | 33,634 |
| 21 | Westminster | 467,200 | 63.8 | 90,651 | 115,502 |
| 22 | Thornton | 445,200 | 72.7 | 95,064 | 141,799 |
| 23 | Commerce City | 436,500 | 77.0 | 96,484 | 63,050 |
| 24 | Brighton | 429,600 | 69.0 | 86,975 | 40,569 |
| 25 | Loveland | 426,900 | 62.9 | 81,898 | 76,500 |
| 26 | Aurora | 409,700 | 62.5 | 78,685 | 387,349 |
| 27 | Northglenn | 399,700 | 58.9 | 77,797 | 37,948 |
| 28 | Colorado Springs | 383,000 | 61.1 | 79,026 | 479,612 |
| 29 | Greeley | 346,400 | 60.6 | 65,525 | 107,949 |
| 30 | Fountain | 338,000 | 72.1 | 80,311 | 29,498 |
| 31 | Pueblo West | 330,000 | 86.0 | 89,530 | 34,337 |
| 32 | Security-Widefield | 323,300 | 82.4 | 80,458 | 39,150 |
| 33 | Grand Junction | 317,700 | 62.9 | 62,993 | 65,918 |
| 34 | Pueblo | 197,700 | 59.0 | 52,794 | 111,430 |
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