Income needed to buy a house in Colorado
A median-priced home in Colorado costs $574,600. With 20% down you'd need about $152,405 a year, $55,292 more than the state's median household income of $97,113. Colorado ranks #45 of 51 for the lowest income needed.
Income needed: $152,405 a year
Defaults: state median home value and property tax (Census ACS 2024), median homeowners insurance paid by owners with a mortgage (Census ACS 2024; quotes vary by home and ZIP code), 30-year rate 7.24% (Freddie Mac, week of 2026-10-29).
Estimated household income: about $152,405 a year for a $574,600 home in Colorado with $114,920 down.
Uses a 28/36 planning rule: modeled housing costs at 28% of gross income, housing plus other debt payments at 36%. Mortgage approval depends on the lender, loan program, credit and other circumstances. Excludes maintenance, repairs and utilities.
| Monthly cost | Amount |
|---|---|
| Principal & interest | $3,133 |
| Property tax | $236 |
| Homeowners insurance | $188 |
| Total | $3,556 |
Monthly cost by down payment
| Down payment | Cash down | Monthly cost | Income needed |
|---|---|---|---|
| 5% | $28,730 | $4,371 | $187,327 |
| 10% | $57,460 | $4,163 | $178,422 |
| 20% | $114,920 | $3,556 | $152,405 |
Income benchmarks use the 28/36 planning rule with no HOA or other debt payments. Mortgage approval depends on the lender and loan program. Monthly costs exclude maintenance, repairs and utilities. Under 20% down includes estimated private mortgage insurance of 0.5% of the loan per year.
Buying in Colorado: what's different
- Transfer tax
- 0.01% documentary fee
- On the median home
- $60
- Homestead break
- 65+ after 10 years
- First-time buyer help
- Colorado Housing and Finance Authority (CHFA)
- Transfer and recording taxes. Colorado charges a documentary fee of one cent per $100 of the price (0.01%) when the deed is recorded. The 1992 TABOR amendment bars new or higher real estate transfer taxes, but a few towns that already had one still charge it. On the median Colorado home ($574,600), that's about $60 in documentary fee.
- Property tax breaks for your home. There's no exemption for every homeowner. Owners 65 and older who have owned and lived in the home for at least 10 years, and qualifying disabled veterans, have 50% of the first $200,000 of its actual value exempted. Seniors who lost the exemption by moving can keep the reduction on their new home for 2025 and 2026.
- First-time buyer help. The Colorado Housing and Finance Authority (CHFA) offers FirstStep through participating lenders. Check its site for income and price limits.
Checked against official sources on September 25, 2026. Local transfer taxes and exemptions vary, so confirm with the county before you close.
Home prices in the Colorado metro areas we cover
| Metro area | Income needed | Median home value | Median household income |
|---|---|---|---|
| Denver, CO | $167,580 | $631,000 | $108,046 |
| Colorado Springs, CO | $129,415 | $487,900 | $90,760 |
| Fort Collins, CO | $161,813 | $610,000 | $93,276 |
| Greeley, CO | $133,563 | $496,100 | $101,563 |
| Boulder, CO | $206,296 | $783,000 | $102,697 |
With 20% down, the median home takes about $129,415 a year in the Colorado Springs area and $206,296 in the Boulder area, compared with $152,405 for the statewide median.
Metro medians from Census ACS 2024 cover the whole metro area, including any part in a neighboring state. Income needed: 20% down at 7.24%, the metro's median property tax and its main state's median homeowners insurance for homes with a mortgage (Census ACS 2024), under the 28% rule.
What makes owning in Colorado more expensive than most states
- Home prices: the median value of $574,600 is 59% above the U.S. median of $360,600.
- Property tax: about 0.49% of value a year ($236 a month on the median home).
- Insurance: owners with a mortgage paid a median $2,253 a year for homeowners insurance in 2024 (Census ACS). Premiums have risen in most states since then, and they vary a lot by home and ZIP code, so get quotes.
- Mortgage rate: each 1-point rise in rates adds roughly $317 a month on this loan.
38 states need at least 20% less income to buy their median home. States with a similar income requirement:
- New Jersey $154,201
- Washington $162,244
- Utah $140,843
- New Hampshire $135,430
- Massachusetts $169,548
- Oregon $134,176
Frequently asked questions
How much do you need to make to buy a house in Colorado?
About $152,405 a year for the median home of $574,600 with 20% down at 7.24%. With 10% down it's about $178,422.
What is the property tax rate in Colorado?
The median Colorado homeowner pays $2,828 a year, about 0.49% of the median home value (Census ACS 2024). Rates vary by county and city.
Is it cheaper to rent or buy in Colorado?
Median rent is $1,822 a month, while owning the median home costs about $3,556 a month with 20% down, before maintenance. Renting affordably takes about $72,880 a year under the 30% rule.