5 affordable places to live in Colorado
Colorado is a nature lover's haven, and while home prices have climbed in some of its metro areas in recent years, there are still plenty of affordable places to buy. Here are a few to consider.
1. Pueblo
About 40 minutes south of Colorado Springs, Pueblo is home to parks, museums, and attractions that draw in locals and tourists alike. According to Niche, the median home value in Pueblo is $130,000. That's a steal compared to the median home value in Colorado as a whole -- $408,794, according to Zillow. Meanwhile, Tax-rates.org reports the average property tax rate in Pueblo County is 0.71% of a home's assessed value. That's just a bit above the average property tax rate for the whole state -- 0.6%.
2. Aurora
Just outside Denver, Aurora is known for its diverse neighborhoods and extensive network of parks. The median home value in Aurora according to Niche is $259,000. The average property tax rate in Arapahoe County, where Aurora is located, is 0.67% of a home's assessed value. That's right in line with the state's average property tax rate.
3. Colorado Springs
Colorado Springs is an outdoor enthusiast's dream. Nearby Pike's Peak and Garden of the Gods are just a couple of the attractions that are easily accessible from Colorado Springs, and the city is also home to great restaurants and shops. The median home value in Colorado Springs is $248,700, while the average property tax rate in El Paso County, where Colorado Springs is located, is 0.47%.
4. Lakewood
Just minutes from Denver, Lakewood tends to attract young professionals, and is loaded with restaurants, coffee shops, and parks. The median home value in Lakewood is $333,400, while the average property tax rate in Jefferson County, where Lakewood is located, is 0.7%.
5. Denver
With a thriving economy, countless restaurants and shops, and walkable neighborhoods each with its own unique character, Denver is a major cultural and entertainment draw. It also offers residents easy access to parks and hiking trails galore. Though home prices in Denver have been rising, the median home value is still below that of Colorado as a whole -- $357,300. Property taxes, meanwhile, are quite reasonable. The average property tax rate in Denver County is 0.54%.
To land the best deal on a mortgage in Colorado, you'll want to make yourself as strong a borrower as possible. That means working to improve your credit score and lowering your debt-to-income ratio. Taking these steps will help you land a great deal on a mortgage so that the home you buy doesn't bust your budget. Our mortgage calculator can help you estimate your monthly payment, including principal, interest, insurance, taxes, and PMI.
