Colorado Mortgage Calculator

Mortgage Calculator in Colorado

The median home price in Colorado is $550,000, which is 31% above the national average of $420,000. Colorado's effective property tax rate of 0.51% is 0.59 percentage points lower than the national average of 1.1%.

Metric	Colorado (CO)	National Avg	vs National Average
Median Home Price	$550,000	$420,000	+31%
Property Tax Rate	0.51%	1.1%	-0.59%
Home Insurance (Annual)	$2,800	$2,300	+22%
State Sales Tax	2.9%	5%	-2.1%
FHA Loan Limit	$766,550	$472,030	Higher
Conforming Loan Limit	$766,550	$766,550	Standard

Homeownership in Colorado

Colorado's housing market has been shaped by a massive influx of tech workers, remote workers, and outdoor lifestyle seekers over the past decade. The Denver metro median now sits around $550,000, and mountain resort communities like Aspen, Vail, and Breckenridge have median prices that are multiples of the state average. Colorado's residential property is assessed at just 7.15% of actual value, keeping effective tax bills relatively low despite the strong market.

Tips for Colorado Homebuyers and Homeowners

• Colorado's residential assessment ratio of 7.15% significantly lowers the taxable base -- on a $550,000 home, your assessed value for tax purposes is roughly $39,000.
• The state passed Proposition HH in 2023 to limit property tax increases as values have surged; monitor your county assessor notices closely and appeal if the assessed value seems inflated.
• Wildfire insurance has become increasingly expensive and sometimes unavailable in mountain communities and the Front Range foothills -- get insurance quotes before making an offer on rural or semi-rural properties.
• Colorado has no state estate tax and relatively moderate income tax at a flat 4.4% -- this makes it appealing for high earners relocating from states with progressive income taxes.

Colorado Programs and Assistance

• Colorado Housing and Finance Authority (CHFA) First Step Program -- offers 30-year fixed mortgages below market rate paired with down payment assistance up to 3% of the loan amount.
• CHFA SmartStep Plus -- combines a competitive first mortgage with a second mortgage for down payment and closing costs, available for first-time and repeat buyers.
• Colorado Mortgage Credit Certificate (MCC) -- federal tax credit of 20% of annual mortgage interest, available to first-time buyers at or below income limits.

Did you know? Colorado home values increased by over 70% between 2018 and 2023 in the Denver metro, one of the steepest appreciation runs of any major U.S. metropolitan area during that period.