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

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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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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