The median home price in Colorado is $591,400, which has increased by 7.7% since the last year. The Colorado housing market has witnessed a 10.5% year-over-year growth in the number of homes listed. With a 4-month supply left, you will get your choice of house with the seller being more willing to negotiate.
As per our research, home prices are relatively higher in central areas near Denver, CO. On the other hand, as you move towards the eastern areas of the Centennial State, like Lamar, you can find cheaper housing options.
4 Reasons to live in Colorado 🏖️
- Cheaper Houses: The median home sale price in Colorado is ~591K. But you can get houses between $150K and $388K in cities like La Junta, Cañon City, and Fountain.
- Tax Benefits: Colorado offers a range of incentives and tax credits for businesses, aiming to encourage business development and economic growth in the state.
- Affordable Healthcare: Healthcare in cities that are listed below is up to 17.4% lower than the national average.
- Cheaper Rentals: The rent prices of these cities are lower than national average. You can save up to $100 per month in rent.
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View 26,669 Homes For Sale in Colorado
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Cheapest Places to Live in Colorado in 2024
This list provides insights into the average household income, median listing price, population, unemployment rate, and poverty rate of the cities.
| City | Median Household Income | Median Home Value | Population | Unemployment Rate | Poverty Rate |
|---|---|---|---|---|---|
| La Junta | $50,799 | $150,680 | 7,152 | 7.3% | 23.1% |
| Lamar | $48,422 | $165,582 | 7,591 | 3.8% | 21.2% |
| Pueblo | $52,794 | $279,812 | 111,456 | 4.2% | 20.6% |
| Brush | $64,475 | $284,627 | 5,256 | 2.3% | 15.9% |
| Cañon City | $54,308 | $318,237 | 17,258 | 4.7% | 15.8% |
| Grand Junction | $62,993 | $376,395 | 68,034 | 3.4% | 12.6% |
| Fountain | $80,311 | $388,347 | 28,907 | 3.5% | 8.5% |
7 Cheapest Places to Live in CO
The annual population growth of 15.7% since 2010 is reflective of people’s intention to move to Colorado. If you’re considering shifting to the Centennial State, here are some cities that offer affordable living options:
1. La Junta
| 🟢 Cost of Living Compared to National Average | 27.8%⬇️ |
| 🏡 Median Home Price | $150,680 |
| 💲 Median Rent | $1,000 |
| 🌅 Known For | Picketwire Canyonlands |
La Junta is an affordable place to live in Colorado. Its median house rent ranges from $700 – $1,850. It also offers affordable healthcare which is 9.6% lower than the national average.
With a history spanning over a hundred years, La Junta offers a rich cultural heritage. The city is dotted with historical sites and landmarks like Bent’s Old Fort and Watrous La Junta provide insights into its past.
» Homes for Sale in La Junta, CO: Find your dream home in this city.
2. Lamar
| 🟢 Cost of Living Compared to National Average | 28.8%⬇️ |
| 🏡 Median Home Price | $165,582 |
| 💲 Median Rent | $900 |
| 🏞️ Known For | The Madonna of the Trail |
Lamar is one of the most budget-friendly rental destinations in Colorado with an average home rent ranging from $900 – $1,400. It also offers affordable grocery, which is 2.5% lower than the national average.
Lamar is a great place for people looking to buy a home. This is due to various factors such as its rapid growth and diverse academic opportunities provided by Lamar University.
» Homes for Sale in Lamar, CO: Browse thousands of property listings in Lamar.
3. Pueblo
| 🟢 Cost of Living Compared to National Average | 9.7%⬇️ |
| 🏡 Median Home Price | $279,812 |
| 💲 Median Rent | $1,200 |
| 🏖️ Known For | Pueblo Weisbrod Aircraft Museum |
With rental costs below the national average, Pueblo stands as one of the most affordable cities to live in Colorado. The house rent price is between $550 – $3,800.
Pueblo is recognized as a great place to live. The city is a major steel-producing city with a thriving arts and culture scene, offering a low cost of living, beautiful sunny weather, and abundant outdoor activities.
» Homes for Sale in Pueblo, CO: View all the properties for sale in this city.
4. Brush
| 🟢 Cost of Living Compared to National Average | 12.4%⬇️ |
| 🏡 Median Home Price | $284,627 |
| 💲 Median Rent | $950 |
| 🏖️ Known For | Pawnee Pioneer Trails Byway, |
Brush offers budget-friendly living with a median rent that is $1,050 lower than the national median. Moreover, the grocery costs being 3.8% below the national average in this city.
Brush boasts a strong agricultural economy due to its fertile soil and favorable farming climate, fostering a sense of connection to the land among residents. This robust agricultural sector also offers ample employment opportunities for the local population.
» Homes for Sale in Brush, MT: Browse through thousands of affordable properties.
5. Cañon City
| 🟢 Cost of Living Compared to National Average | 9%⬇️ |
| 🏡 Median Home Price | $318,237 |
| 💲 Median Rent | $1,400 |
| 🎨 Known For | Royal Gorge Bridge |
Often referred to as the ‘Little London,’ Cañon City’s cost of living is 9% lower than the national average. The median home rent price of the city range between $500 – $3,000.
Cañon City’s affordable food, health, housing, and transportation facilities make the city one of the cheapest places to live in the US.
» Homes for Sale in Cañon City, CO: Browse through thousands of properties in Havre.
6. Grand Junction
| 🟢 Cost of Living Compared to National Average | 0.9%⬇️ |
| 🏡 Median Home Price | $376,395 |
| 💲 Median Rent | $1,560 |
| 🏫 Known For | Museum of the West |
The house rent in Grand Junction is between $495 – $5,000. With an average household income of $62,993, you can comfortably live in this city.
Grand Junction is a compelling real estate choice for outdoor enthusiasts seeking affordable living in Colorado. This city is known for being affordable. Houses don’t cost a lot, and the everyday expenses are low.
» Homes for Sale in Grand Junction, CO: Find a home in one of the cheapest places to live in Colorado.
7. Fountain
| 🟢 Cost of Living Compared to State Average | 10.2%⬇️ |
| 🏡 Median Home Price | $388,347 |
| 💲 Median Rent | $2,000 |
| 🖼️ Known For | Pikes Peak |
Fountain is indeed one of the best places to live in Colorado, with a median home price of $388,347. The monthly expenditure on food for an individual amounts to $662. This makes it one of the most budget-friendly options across the country.
Fountain is a community where numerous families and young professionals reside, with a prevailing conservative inclination among residents. The public schools in Fountain boast above-average quality education.
» Homes for Sale in Fountain, CO: Get yourself a home in Fountain.
- 🏡 Do You Need Professional Assistance While Buying a Home?
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The Bottom Line
The cost of living in Colorado is 6% higher than the national average. It is also home to some of the most expensive cities in America. However, if you want to shift to Colorado, you can find affordable housing in cities like La Junta, Lamar, and Pueblo.
Cities like Grand Junction and Fountain have a slightly expensive cost of living but provide better job opportunities. You must research the city’s home prices and living costs before relocating.
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View 26,669 Homes For Sale in Colorado
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» Need More Clarity? Read these exclusive Houzeo reviews and learn why the platform is the best in America’s competitive housing market.
Research Methodology
We’ve created this list by considering factors such as cost of living, median home price, and rental price range. We have also accounted for the population, median household income, poverty rate, and unemployment rate in these cities.
To compile this list of the cheapest areas to live in Colorado, we have drawn data from the Economic Research Institute, World Population Review, Rent Cafe, and Zillow, Best Places.
FAQs
What is the cheapest place to live in Colorado?
The cheapest place to live in Colorado is La Junta.
» 7 Cheapest Places to Live in Colorado: Find out the other cheapest places to live in Colorado!
Is Colorado the cheapest place to live in?
No, it is not. The median home value is $591,400. If you're looking for cities with affordable housing and a low cost of living, you can try your luck in some of these cheapest places in America.
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