Estimated Monthly Payment — Median Colorado Home
$3,552
Based on $550,000 home · 20% down · 6.7% APR · 30-year fixed · taxes & insurance included
Median Price
$550,000
Property Tax
0.51%
Avg. HOA
$250/mo
Median Rent
$1,800/mo
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Estimate only. Not a loan offer, approval, pre-approval, or financial advice. Actual payments and terms may vary. Consult a licensed mortgage professional before making real estate decisions.
Market Insights
About the Colorado housing market
Colorado's housing market is above the national average, with a median home price around $550,000. Denver is the largest metro, with Colorado Springs a close second. Colorado's effective property tax rate is one of the lowest in the country, though Denver-area prices have surged with tech-industry migration. Colorado's effective property tax rate of 0.51% is below the national average.
The median Colorado home costs $550,000. At today's average 30-year fixed rate (6.7%) with 20% down, principal & interest works out to roughly $2,839, and the total monthly payment including taxes, insurance, and average HOA comes to approximately $3,552. First-time buyers in Colorado can explore programs through Colorado HFA.
Photo by Thomas Morse on Unsplash
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FAQ
Colorado mortgage FAQs
What's the property tax rate in Colorado?
Colorado's effective property tax rate averages about 0.51% — below the national average. On a $550,000 home, that's roughly $234/month or $2,805/year.
How much do I need to earn to afford a typical Colorado home?
Using the 28/36 rule, a buyer would need roughly $133,000–$171,000 in gross annual income to comfortably afford Colorado's $550,000 median home with 20% down at current rates.
What first-time buyer programs are available in Colorado?
CHFA offers CHFA FirstStep and Preferred programs with down payment assistance up to 5%, plus the Mortgage Credit Certificate for first-time buyer tax savings. Eligibility typically requires being a first-time buyer with income within program limits and completing homebuyer education.
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