The following table shows current 30-year Rye mortgage refinance rates. You can use the menus to select other loan durations, alter the loan amount. or change your location.

Home Mortgage Rates in Colorado

Colorado Real Estate Trends

Strong Performance In The Wake Of The 2008 Housing Crash

The S&P/Case-Shiller Home Price Index shows a gradual advancement in Colorado home prices up until the Great Recession of 2007. A fairly modest decline begins in the spring of 2006 in Denver and continues, at a more rapid pace, until the spring of 2009, at which time prices pick back up again. They stalled in the summer of 2010, only to start upwards once again. Property values were back to pre-crisis levels as early as 2013. By Q3 of 2017 home prices across the state were nearly 50% above the prior peak.

Although it took more than seven years for the real estate market in Denver to recover, the city’s revival is more impressive than the performance of many other property markets around the country.

Take Chicago as an example. The Windy City saw home values plummet by more than 35% during the housing crisis. Denver’s home price index only declined 11% during the same timeframe. And as we have already seen, property values in Denver are now fully recovered. Chicago is still struggling to get back to pre-Recession values, more than a decade later.

The S&P/Case-Shiller National Average Home Price Index also demonstrates Denver’s above-average performance during and after the housing crisis. According to the index, it took until October 2016 for the national average to recover from the housing crisis, and the index shows only a very small increase since the Recession.

The personal finance company WalletHub analyzed the performance of the real estate markets in various American cities post-crisis. It found some cities like Newark, New Jersey still well below 2007 levels. One of the best performing cities in its survey was Denver. WalletHub noted that Denver property values have advanced far beyond 2007 levels.

Recent Real Estate Trends

Home prices in Colorado are rather steep, and only a few towns have high enough median salaries to justify them. There is nevertheless a lot of activity in the state’s real estate market, and it’s driving prices even further. Coloradans in return get some of the best ski resorts in North America and a very favorable property tax rate.

Home prices in Colorado tend to be higher than in most other states. According to the real estate tracker Zillow, the median home value in the Centennial State is $427,659. This is quite a bit higher than the national average, which is around $262,604. Not only is Colorado above the national average, it’s also increasing at a faster pace.

Zillow estimates that home values in Colorado were recently increasing at around 9% per year in recent years, well above the national figure of 7%. According to NeighborhoodScout, a website that monitors demographics, local crime rates, and home values, the appreciation rate in Colorado is roughly 10%, which the website also estimates to be the national average. The S&P/Case-Shiller Home Price Index, one of the most widely followed real estate trackers, shows significant increases in home values in the state from 2011 onwards.

Zillow calculates the median list price in Colorado to be above $400,000, more than $60,000 higher than the median value. On a per-square-foot basis, the list price is $216. This is higher than the national average of $139. The National Association of Realtors puts the median sale price across the country at more than $250,000. So Colorado is more expensive judged by several indicators.

NeighborhoodScout shows that the majority of homes in Colorado are single-family dwellings, followed by apartment complexes. The three-bedroom single-family home is the most common type of house. According to figures from the NeighborhoodScout website, the most common home price in Colorado is between $128,000 and $634,000.

The real estate monitor Trulia has a heat map on its website that shows property values from green (low price) to red (high price). Compared to the rest of the country, the Centennial State has a lot of orange and red. Only a few places in the country, such as Boston, New York, and parts of California and Florida, show equal amounts of heat. Most states are green.

According to NewHomeSource, a group of 32 home builders in the United States, there are more than 400 construction companies in Colorado that are currently building new homes. The prices of these new dwellings can range from $37,000 for a small unit in an inexpensive town up to $3,000,000 for a luxury home in a more expensive area.

According to Trulia, the property market in Colorado Springs also has delivered excellent performance. The real estate website compared home prices in 2007 to the same homes in 2017 in one hundred American cities. It found that only 34% of homes had recovered to pre-Recession prices. In Colorado Springs, 93% of homes had met or exceeded 2007 values. Such strong performance in the Centennial State bodes well for the future of real estate there. Colorado Springs was also a strong performer after the COVID-19 crisis hit, with the FHFA listing the Q3 2020 gains at 11.3% year over year, making it the fifth best performing metro area nationwide. The Denver metro region was also up 7.7% year over year.

COVID-19 Impacts on the Colorado Real Estate Market

Through the first 3 quarters of 2020 real estate held up far better than it did during the 2008 housing recession. Central banks and politicians reacted faster and much more aggressively to the COVID-19 crisis than they did to the 2008 recession. Many novel and unconventional policies which began in response to the prior recession were used much more aggressively in this recession. For instance, here are some of the policies which were enacted:

• The Federal Reserve quickly dropped the Fed Funds Rate to zero while suggesting they would buy an unlimited number of Treasury securities and mortgage-backed securities to keep those markets functional.
• In 4 months the Federal Reserve expanded their balance sheet by over $3 trillion from $4 trillion to over $7 trillion.
• The Federal Reserve offered forward guidance stating they were unlikely to lift interest rates through 2023.
• Unemployment benefits were extended in duration, amount, and to people who previously could not qualify for unemployment like self-employed people.
• The CARES act was a $2.2 trillion economic stimulus bill. It prohibited evictions for lack of rent payment and prohibited foreclosures for lack of mortgage payments while allowing homebuyers to payment forebearance for up to 360 days.
• In the 2008 economic criss the FASB did not relax mark-to-market accounting rules until April, 2009. In 2020 domestic & international regulators worked much more quickly to adjust financial reporting requirements.

On November 24, 2020 the Federal Housing Finance Agency (FHFA) raised conforming loan limits by 7.42%, reflecting strong annual growth in the nationwide FHFA House Price Index (HPI).

From 1984 to 1989 homeownership rates across the state slid from 64.7% to 58.6%. Homeownership then boomed, peaking at 71.3% in 2003. This rate has since slide to 62.4% in 2016.

Favored Cities in Colorado

Largest Metropolitan Areas

CO Rank	US Rank	Metro Area	2016 Pop	2010 Pop	Change	% △
1	19	Denver-Aurora-Lakewood	2,853,077	2,543,482	309,595	12.17%
2	79	Colorado Springs	712,327	645,613	66,714	10.33%
3	150	Fort Collins	339,993	299,630	40,363	13.47%
4	155	Boulder	322,226	294,567	27,659	9.39%
5	163	Greeley	294,932	252,825	42,107	16.65%
6	257	Pueblo	165,123	159,063	6,060	3.81%
7	278	Grand Junction	150,083	146,723	3,360	2.29%
8	458	Glenwood Springs	76,639	73,537	3,102	4.22%
9	552	Durango	55,623	51,334	4,289	8.36%
10	561	Edwards	53,989	52,197	1,792	3.43%
11	616	Cañon City	47,446	46,824	622	1.33%
12	678	Montrose	41,471	41,276	195	0.47%
13	814	Breckenridge	30,374	27,994	2,380	8.50%
14	832	Fort Morgan	28,274	28,159	115	0.41%
15	868	Steamboat Springs	24,648	23,509	1,139	4.84%
16	892	Sterling	21,919	22,709	-790	-3.48%
17	932	Craig	13,109	13,795	-686	-4.97%

The largest city in Colorado is Denver, and the Denver metro area is the most populated region of the state. With roughly 3 million people, it breaks into the top 20 among America’s most populated areas.

Denver’s economy is diverse with a variety of engines. The city is Colorado’s capital, so naturally there is a large public sector. Private companies that employee many people include Lockheed Martin and United Airlines. Energy and mining also play a key role in the area’s economy; notable companies include Halliburton and Rio Tinto Group.

The median price in Denver for a single-family detached home is $420,000, and the average price is $490,000, according to the Denver Metro Association of Realtors. The group estimates that the average time a home is on the market is about one month. Zillow pegs the average home value in the city at $386,000.

The average condo sale price in Denver is approximately $320,000. Condos typically stay on the market an extra ten days, compared to detached single-family houses. There are about 1,200 condos on the market at any one time.

The median household income in Denver County is $54,000 according to the U.S. Census Bureau. This produces a home value-to-income ratio of 7.1, which is fairly high compared to national standards.

Sports fans can enjoy sports year round. Denver has p rofessional baseball, basketball and football teams in the Rockies, Nuggets & Broncos.

Aurora and Denver, both part of Colorado’s largest populated area, are growing faster than other municipalities in the state.

According to the Denver Business Journal, Denver, the city is not only popular locally, but is the second most popular city nationally to live in, behind only New York City. Other experts who rated cities consider Colorado Springs as one of the top places to live, when considering cost of living, unemployment, green spaces, and other factors. Other areas rated as desirable places by some experts for various reasons, and that might be popular at least among some groups of people for those same reasons include:

• Highland Ranch, which was rated high by Money Magazine because of its strong job growth.
• Castle Rock, which was called the best place for familes, by Family Circle
• Gunnison, because of the terrain, things to do, and economic opportunity.

Some of the best values in real estate will be found in Pueblo County. Trulia estimates the average list price to be $218,000, while the median sale price is a much better $167,000. Zillow’s home value index for Pueblo is $141,000. The property tracker grades the city an 8.4 out of 10 for real estate health, which is considered very healthy. With a typical annual income of just under $42,000, the area has a home value-to-income ratio of 3.4, much better than Denver’s.

Schools, hospitals, and government bureaucracies are major employers in the region. Vestas Wind Systems operates the largest wind turbine factory in the world just outside of Pueblo.

Skiing & Tourism

Although some real estate experts point out that real estate prices in Colorado are one-third what they are in some other popular areas, like California, they also note there might be some obvious reasons prices are still above the national average. Some reasons include: the natural beauty of the state, including a mountainous area six times the size of the whole country of Switzerland, with many mountains more than 14,000 feet high; the amount of outdoor recreation available; the largest city park system in the country in Denver; a mild climate; and more than 30 major colleges and universities.

There are several ski towns in the Centennial State including Aspen, Vail, Breckenridge, Telluride, Steamboat Springs, Crested Butte, Winter Park & Keystone.

Vail is located an hour and a half west of Denver, with the local economy derived mostly from tourism. NeighborhoodScout lists the median home value in Vail at north of $650,000. Apparently, being near the slopes comes at a price. The Zillow home value index actually lists the number at north of $900,000 with an annual increase at nearly 12%. The real estate website also displays a property market health grade of 9.7 out of 10.

The tourism industry is strong in Vail, boosting median incomes to$68,000. Based on Zillow’s figure, this produces a home value-to-income ratio of 13.2, the worst figure in our survey.

Statewide legalization of recreational marijuana use has driven additional tourism, though the legal shift has unaccounted for costs including traffic fatalities.

Colorado Census Data

As of July 1, 2016 the state of Colorado has an estimated population of 5,540,545 across 104,094 mi² yielding a population density of 52.0 people per mi² across the state.

The following table highlights the July 1, 2016 populations of cities, towns & Census Designated Places (CDP) with over 1,000 residents based on United States Census Bureau estimates. For Census Designated Places (CDP) where there was no population estimate available for 2016, the 2011-2015 American Community Survey 5-Year Estimates data was used.

All table columns are sortable. Click on the column headers to sort by that column. Click again to sort low to high. Cities with higher levels of population growth typically see the increased demand drive faster real estate price appreciation.

Rank	Geography	County	2016 Pop	2010 Pop	Change	% △	Land mi²	Pop Den mi²
1	Denver	Denver	693,060	600,158	92,902	15.48%	153	4,529.80
2	Colorado Springs	El Paso	465,101	416,427	48,674	11.69%	194.54	2,390.77
3	Aurora	Arapahoe, Adams & Douglas	361,710	325,078	36,632	11.27%	154.73	2,337.68
4	Fort Collins	Larimer	164,207	143,986	20,221	14.04%	54.28	3,025.18
5	Lakewood	Jefferson	154,393	142,980	11,413	7.98%	42.88	3,600.58
6	Thornton	Adams & Weld	136,703	118,772	17,931	15.10%	34.84	3,923.74
7	Arvada	Jefferson & Adams	117,453	106,433	11,020	10.35%	35.14	3,342.43
8	Westminster	Adams & Jefferson	113,875	106,114	7,761	7.31%	31.55	3,609.35
9	Pueblo	Pueblo	110,291	106,595	3,696	3.47%	53.64	2,056.13
10	Centennial	Arapahoe	109,932	100,377	9,555	9.52%	28.72	3,827.72
11	Boulder	Boulder	108,090	97,385	10,705	10.99%	24.66	4,383.21
	Highlands Ranch CDP	Douglas	104,432	96,713	7,719	7.98%	24.26	4,304.70
12	Greeley	Weld	103,990	92,889	11,101	11.95%	46.55	2,233.94
13	Longmont	Boulder & Weld	92,858	86,270	6,588	7.64%	26.19	3,545.55
14	Loveland	Larimer	76,897	66,859	10,038	15.01%	33.59	2,289.28
15	Broomfield	Broomfield	66,529	55,889	10,640	19.04%	33.03	2,014.20
16	Grand Junction	Mesa	61,881	58,566	3,315	5.66%	38.22	1,619.07
17	Castle Rock	Douglas	57,666	48,231	9,435	19.56%	33.79	1,706.60
18	Commerce City	Adams	54,869	45,913	8,956	19.51%	34.29	1,600.15
19	Parker	Douglas	51,163	45,297	5,866	12.95%	20.48	2,498.19
20	Littleton	Arapahoe, Jefferson & Douglas	46,333	41,737	4,596	11.01%	12.98	3,569.57
21	Northglenn	Adams & Weld	38,982	35,789	3,193	8.92%	7.41	5,260.73
22	Brighton	Adams & Weld	38,314	33,352	4,962	14.88%	19.98	1,917.62
	Security-Widefield CDP	El Paso	34,836	32,882	1,954	5.94%	13.64	2,553.96
23	Englewood	Arapahoe	34,050	30,255	3,795	12.54%	6.56	5,190.55
	Dakota Ridge CDP	Jefferson	33,580	32,005	1,575	4.92%	9.28	3,618.53
	Ken Caryl CDP	Jefferson	33,021	32,438	583	1.80%	9.72	3,397.22
24	Wheat Ridge	Jefferson	31,372	30,166	1,206	4.00%	9.3	3,373.33
	Pueblo West CDP	Pueblo	30,440	29,637	803	2.71%	70.43	432.20
25	Fountain	El Paso	28,753	25,846	2,907	11.25%	23.98	1,199.04
26	Lafayette	Boulder	28,261	24,453	3,808	15.57%	9.46	2,987.42
	Columbine CDP	Jefferson & Arapahoe	24,709	24,280	429	1.77%	6.65	3,715.64
27	Erie	Weld & Boulder	22,803	18,135	4,668	25.74%	17.18	1,327.30
28	Windsor	Weld & Larimer	22,776	18,644	4,132	22.16%	24.44	931.91
29	Evans	Weld	21,615	18,537	3,078	16.60%	10.2	2,119.12
30	Louisville	Boulder	20,801	18,376	2,425	13.20%	7.89	2,636.38
31	Golden	Jefferson	20,696	18,867	1,829	9.69%	9.92	2,086.29
	Clifton CDP	Mesa	20,079	19,889	190	0.96%	6	3,346.50
32	Montrose	Montrose	19,311	19,132	179	0.94%	17.8	1,084.89
	Sherrelwood CDP	Adams	19,209	18,287	922	5.04%	2.43	7,904.94
33	Durango	La Plata	18,503	16,887	1,616	9.57%	9.92	1,865.22
	Cimarron Hills CDP	El Paso	16,746	16,161	585	3.62%	6.06	2,763.37
34	Cañon City	Fremont	16,679	16,400	279	1.70%	12.5	1,334.32
	Welby CDP	Adams	16,408	14,846	1,562	10.52%	3.69	4,446.61
35	Greenwood Village	Arapahoe	15,749	13,925	1,824	13.10%	8.27	1,904.35
36	Johnstown	Weld & Larimer	15,389	9,887	5,502	55.65%	13.52	1,138.24
	Fort Carson CDP	El Paso	14,742	13,813	929	6.73%	8.71	1,692.54
37	Sterling	Logan	13,988	14,777	-789	-5.34%	7.61	1,838.11
38	Lone Tree	Douglas	13,271	10,218	3,053	29.88%	9.57	1,386.73
39	Superior	Boulder & Jefferson	13,155	12,483	672	5.38%	3.96	3,321.97
40	Fruita	Mesa	12,924	12,646	278	2.20%	7.12	1,815.17
	Black Forest CDP	El Paso	12,918	13,116	-198	-1.51%	100.65	128.35
41	Firestone	Weld	12,917	10,147	2,770	27.30%	10.37	1,245.61
42	Steamboat Springs	Routt	12,690	12,088	602	4.98%	10.14	1,251.48
43	Federal Heights	Adams	12,458	11,467	991	8.64%	1.78	6,998.88
44	Frederick	Weld	12,154	8,679	3,475	40.04%	13.44	904.32
	Cherry Creek CDP	Arapahoe	12,087	11,120	967	8.70%	1.68	7,194.64
	Berkley CDP	Adams	11,599	11,207	392	3.50%	3.71	3,126.42
	The Pinery CDP	Douglas	11,384	10,517	867	8.24%	10.36	1,098.84
45	Fort Morgan	Morgan	11,348	11,315	33	0.29%	3.93	2,887.53
	Castle Pines North	Douglas	10,360	10,360	0	0.00%	9.01	1,149.83
46	Castle Pines	Douglas	10,284	10,360	-76	-0.73%	9.57	1,074.61
	Redlands CDP	Mesa	10,086	8,685	1,401	16.13%	13.38	753.81
47	Glenwood Springs	Garfield	9,997	9,614	383	3.98%	5.68	1,760.04
48	Alamosa	Alamosa	9,918	8,780	1,138	12.96%	5.39	1,840.07
	Roxborough Park CDP	Douglas	9,859	9,099	760	8.35%	9.23	1,068.15
	Edwards CDP	Eagle	9,792	10,266	-474	-4.62%	26.64	367.57
49	Rifle	Garfield	9,665	9,172	493	5.38%	5.61	1,722.82
	Stonegate CDP	Douglas	9,264	8,962	302	3.37%	1.99	4,655.28
	Gunbarrel CDP	Boulder	9,184	9,263	-79	-0.85%	6.24	1,471.79
50	Cortez	Montezuma	9,007	8,482	525	6.19%	6.21	1,450.40
51	Craig	Moffat	8,952	9,464	-512	-5.41%	5.14	1,741.63
52	Delta	Delta	8,914	8,915	-1	-0.01%	13.74	648.76
	Evergreen CDP	Jefferson	8,688	9,038	-350	-3.87%	11.52	754.17
	Derby CDP	Adams	8,565	7,685	880	11.45%	1.74	4,922.41
53	Wellington	Larimer	8,516	6,289	2,227	35.41%	3.37	2,527.00
	Woodmoor CDP	El Paso	8,427	8,741	-314	-3.59%	6.27	1,344.02
	Fairmount CDP	Jefferson	8,222	7,559	663	8.77%	6	1,370.33
54	Trinidad	Las Animas	8,103	9,096	-993	-10.92%	9.28	873.17
55	Fort Lupton	Weld	7,971	7,377	594	8.05%	7.19	1,108.62
	Applewood CDP	Jefferson	7,623	7,160	463	6.47%	4.08	1,868.38
56	Lamar	Prowers	7,534	7,804	-270	-3.46%	4.23	1,781.09
	Fruitvale CDP	Mesa	7,458	7,675	-217	-2.83%	2.91	2,562.89
57	Woodland Park	Teller	7,390	7,200	190	2.64%	6.53	1,131.70
58	Gypsum	Eagle	6,969	6,477	492	7.60%	7.67	908.60
59	La Junta	Otero	6,930	7,077	-147	-2.08%	3.02	2,294.70
60	Aspen	Pitkin	6,871	6,658	213	3.20%	3.87	1,775.45
61	Carbondale	Garfield	6,777	6,427	350	5.45%	2.04	3,322.06
62	Eagle	Eagle	6,739	6,508	231	3.55%	4.59	1,468.19
	Twin Lakes CDP	Adams	6,698	6,101	597	9.79%	1.65	4,059.39
63	Milliken	Weld	6,678	5,610	1,068	19.04%	11.73	569.31
64	Cherry Hills Village	Arapahoe	6,585	5,987	598	9.99%	6.21	1,060.39
65	Monument	El Paso	6,556	5,530	1,026	18.55%	4.83	1,357.35
66	Avon	Eagle	6,525	6,447	78	1.21%	8.03	812.58
	Gleneagle CDP	El Paso	6,470	6,611	-141	-2.13%	2.42	2,673.55
	Orchard Mesa CDP	Mesa	6,385	6,836	-451	-6.60%	3.88	1,645.62
67	Berthoud	Larimer & Weld	6,368	5,105	1,263	24.74%	11.43	557.13
68	Estes Park	Larimer	6,362	5,858	504	8.60%	6.71	948.14
69	Gunnison	Gunnison	6,261	5,854	407	6.95%	3.23	1,938.39
70	Sheridan	Arapahoe	6,041	5,664	377	6.66%	2.22	2,721.17
	Stratmoor CDP	El Paso	6,035	6,900	-865	-12.54%	2.83	2,132.51
	Air Force Academy CDP	El Paso	5,864	6,680	-816	-12.22%	9.99	586.99
71	Lochbuie	Weld & Adams	5,719	4,726	993	21.01%	3.74	1,529.14
	Dove Valley CDP	Arapahoe	5,600	5,243	357	6.81%	3.73	1,501.34
72	Salida	Chaffee	5,581	5,236	345	6.59%	2.57	2,171.60
73	Vail	Eagle	5,483	5,305	178	3.36%	4.67	1,174.09
74	Brush	Morgan	5,408	5,463	-55	-1.01%	2.47	2,189.47
75	Edgewater	Jefferson	5,323	5,170	153	2.96%	0.7	7,604.29
76	Manitou Springs	El Paso	5,317	4,992	325	6.51%	3.16	1,682.59
77	Glendale	Arapahoe	5,197	4,184	1,013	24.21%	0.55	9,449.09
78	Dacono	Weld	5,090	4,152	938	22.59%	7.94	641.06
79	Eaton	Weld	5,086	4,365	721	16.52%	2.36	2,155.08
80	Breckenridge	Summit	4,896	4,540	356	7.84%	5.91	828.43
	Shaw Heights CDP	Adams	4,760	5,116	-356	-6.96%	0.7	6,800.00
81	New Castle	Garfield	4,753	4,518	235	5.20%	2.66	1,786.84
	Battlement Mesa CDP	Garfield	4,689	4,471	218	4.88%	11.57	405.27
82	Mead	Weld	4,553	3,405	1,148	33.72%	9.64	472.30
83	Silverthorne	Summit	4,505	3,887	618	15.90%	3.97	1,134.76
	Castle Pines Village CDP	Douglas	4,504	3,614	890	24.63%	4.97	906.24
	Niwot CDP	Boulder	4,497	4,006	491	12.26%	4	1,124.25
84	Monte Vista	Rio Grande	4,266	4,444	-178	-4.01%	2.59	1,647.10
85	Burlington	Kit Carson	4,184	4,254	-70	-1.65%	2.09	2,001.91
86	Severance	Weld	4,021	3,165	856	27.05%	6.15	653.82
87	Florence	Fremont	3,943	3,881	62	1.60%	4.17	945.56
88	Basalt	Eagle & Pitkin	3,921	3,857	64	1.66%	1.98	1,980.30
	Todd Creek CDP	Adams	3,879	3,768	111	2.95%	9.84	394.21
	West Pleasant View CDP	Jefferson	3,830	3,840	-10	-0.26%	1.49	2,570.47
89	Rocky Ford	Otero	3,816	3,957	-141	-3.56%	1.66	2,298.80
	Genesee CDP	Jefferson	3,703	3,609	94	2.60%	6.66	556.01
	Castle Pines CDP	Douglas	3,614	3,614	0	0.00%	4.97	727.16
90	Yuma	Yuma	3,582	3,524	58	1.65%	3.12	1,148.08
	El Jebel CDP	Eagle	3,526	3,801	-275	-7.23%	5.33	661.54
	Lincoln Park CDP	Fremont	3,222	3,546	-324	-9.14%	3.76	856.91
	Ponderosa Park CDP	Elbert	3,211	3,232	-21	-0.65%	14.54	220.84
	Penrose CDP	Fremont	3,211	3,582	-371	-10.36%	17.85	179.89
	Meridian CDP	Douglas	3,107	2,970	137	4.61%	0.9	3,452.22
91	Silt	Garfield	3,087	2,930	157	5.36%	1.44	2,143.75
92	Frisco	Summit	3,084	2,683	401	14.95%	1.69	1,824.85
93	Orchard City	Delta	3,065	3,119	-54	-1.73%	11.41	268.62
	Strasburg CDP	Adams & Arapahoe	3,027	2,447	580	23.70%	20.8	145.53
94	Walsenburg	Huerfano	2,966	3,068	-102	-3.32%	3.17	935.65
95	Timnath	Larimer	2,947	625	2,322	371.52%	4.83	610.14
	Acres Green CDP	Douglas	2,921	3,007	-86	-2.86%	0.6	4,868.33
96	Snowmass Village	Pitkin	2,900	2,826	74	2.62%	25.74	112.67
97	Buena Vista	Chaffee	2,778	2,617	161	6.15%	3.45	805.22
98	Platteville	Weld	2,722	2,485	237	9.54%	2.53	1,075.89
99	Leadville	Lake	2,693	2,602	91	3.50%	1.1	2,448.18
100	Palisade	Mesa	2,644	2,692	-48	-1.78%	1.14	2,319.30
101	Palmer Lake	El Paso	2,637	2,420	217	8.97%	3.09	853.40
102	Bayfield	La Plata	2,628	2,333	295	12.64%	1.44	1,825.00
	Holly Hills CDP	Arapahoe	2,560	2,521	39	1.55%	0.57	4,491.23
	Laporte CDP	Larimer	2,497	2,450	47	1.92%	6.11	408.67
103	Bennett	Adams & Arapahoe	2,488	2,308	180	7.80%	5.56	447.48
104	Telluride	San Miguel	2,444	2,325	119	5.12%	0.74	3,302.70
105	Wray	Yuma	2,367	2,342	25	1.07%	3.39	698.23
106	Rangely	Rio Blanco	2,364	2,365	-1	-0.04%	4.15	569.64
107	Meeker	Rio Blanco	2,352	2,475	-123	-4.97%	3.51	670.09
	Colorado City CDP	Pueblo	2,249	2,193	56	2.55%	13.7	164.16
108	Center	Saguache & Rio Grande	2,234	2,230	4	0.18%	0.83	2,691.57
109	Cedaredge	Delta	2,220	2,253	-33	-1.46%	1.96	1,132.65
110	Holyoke	Phillips	2,213	2,313	-100	-4.32%	2.37	933.76
111	Las Animas	Bent	2,207	2,410	-203	-8.42%	1.62	1,362.35
112	Lyons	Boulder	2,148	2,033	115	5.66%	1.24	1,732.26
113	La Salle	Weld	2,126	1,955	171	8.75%	0.89	2,388.76
114	Limon	Lincoln	1,955	1,880	75	3.99%	2.14	913.55
115	Granby	Grand	1,916	1,864	52	2.79%	12.76	150.16
	Coal Creek CDP	Jefferson, Boulder & Gilpin	1,894	2,400	-506	-21.08%	9.39	201.70
116	Hayden	Routt	1,874	1,810	64	3.54%	3	624.67
117	Pagosa Springs	Archuleta	1,838	1,727	111	6.43%	4.86	378.19
	Leadville North CDP	Lake	1,815	1,794	21	1.17%	2.55	711.76
118	Olathe	Montrose	1,808	1,849	-41	-2.22%	1.45	1,246.90
119	Idaho Springs	Clear Creek	1,746	1,717	29	1.69%	2.17	804.61
120	Akron	Washington	1,735	1,702	33	1.94%	2.63	659.70
	Perry Park CDP	Douglas	1,727	1,646	81	4.92%	8.55	201.99
121	Ault	Weld	1,683	1,519	164	10.80%	0.79	2,130.38
122	Crested Butte	Gunnison	1,604	1,487	117	7.87%	0.84	1,909.52
123	Del Norte	Rio Grande	1,598	1,686	-88	-5.22%	1.01	1,582.18
124	Kersey	Weld	1,593	1,454	139	9.56%	1.22	1,305.74
125	Hudson	Weld	1,585	2,356	-771	-32.72%	4.72	335.81
	Alamosa East CDP	Alamosa	1,576	1,458	118	8.09%	3.61	436.57
	Cascade-Chipita Park CDP	El Paso	1,561	1,655	-94	-5.68%	13.5	115.63
126	Nederland	Boulder	1,534	1,445	89	6.16%	1.51	1,015.89
127	Kremmling	Grand	1,492	1,444	48	3.32%	1.32	1,130.30
128	Mancos	Montezuma	1,460	1,336	124	9.28%	0.64	2,281.25
129	Paonia	Delta	1,425	1,451	-26	-1.79%	0.85	1,676.47
130	Mountain Village	San Miguel	1,415	1,320	95	7.20%	3.38	418.64
131	Columbine Valley	Arapahoe	1,406	1,256	150	11.94%	1.02	1,378.43
132	Elizabeth	Elbert	1,394	1,358	36	2.65%	1.25	1,115.20
	Indian Hills CDP	Jefferson	1,380	1,280	100	7.81%	4.68	294.87
133	Springfield	Baca	1,378	1,451	-73	-5.03%	1.12	1,230.36
	Byers CDP	Arapahoe	1,357	1,160	197	16.98%	11.45	118.52
	Kittredge CDP	Jefferson	1,324	1,304	20	1.53%	1.88	704.26
	Aristocrat Ranchettes CDP	Weld	1,275	1,344	-69	-5.13%	1.86	685.48
	Pine Brook Hill CDP	Boulder	1,263	983	280	28.48%	2.92	432.53
	Loma CDP	Mesa	1,254	1,293	-39	-3.02%	10.89	115.15
134	Fraser	Grand	1,252	1,224	28	2.29%	3.54	353.67
135	Julesburg	Sedgwick	1,241	1,225	16	1.31%	1.48	838.51
136	Keenesburg	Weld	1,200	1,127	73	6.48%	2.24	535.71
137	Cripple Creek	Teller	1,175	1,189	-14	-1.18%	1.55	758.06
	Aetna Estates CDP	Arapahoe	1,165	834	331	39.69%	0.13	8,961.54
	Floyd Hill CDP	Clear Creek	1,153	998	155	15.53%	5.27	218.79
138	Fowler	Otero	1,145	1,182	-37	-3.13%	0.52	2,201.92
	Upper Bear Creek CDP	Clear Creek	1,143	1,059	84	7.93%	3.79	301.58
139	Parachute	Garfield	1,113	1,085	28	2.58%	1.61	691.30
	Inverness CDP	Arapahoe	1,109	1,532	-423	-27.61%	1.7	652.35
140	Gilcrest	Weld	1,085	1,034	51	4.93%	0.82	1,323.17
	Keystone CDP	Summit	1,067	1,079	-12	-1.11%	40.61	26.27
142	Pierce	Weld	1,060	834	226	27.10%	0.82	1,292.68
141	Georgetown	Clear Creek	1,060	1,034	26	2.51%	1.06	1,000.00
143	Ordway	Crowley	1,049	1,080	-31	-2.87%	0.77	1,362.34
145	Ouray	Ouray	1,033	1,000	33	3.30%	0.88	1,173.86
144	Minturn	Eagle	1,033	1,027	6	0.58%	7.57	136.46
146	Winter Park	Grand	1,029	999	30	3.00%	16.5	62.36

Annual Estimates of the Resident Population: April 1, 2010 to July 1, 2016
Source: U.S. Census Bureau, Population Division
Release Date: May 2017.

Qualifying for a Home Loan in Colorado

Residents of Colorado have a variety of loan options available to them. Fixed-rate loans are common, including terms of 10, 15, 20, and 30 years. Adjustable-rate mortgages (also known as ARM loans) can be found as well. An interest-only option is available, too.

The most popular type of mortgage in the Centennial State is the 30-year fixed rate loan. Homeowners choose this term because it produces a low monthly payment. However, because the mortgage lasts three decades, the total amount of interest that must be paid throughout the life of the loan is far higher than with a 15-year mortgage. Switching to a shorter term can literally save hundreds of thousands of dollars just in interest.

ARM loans are also common because they have lower initial APR’s than 30-year fixed loans. However, the interest rate on an adjustable-rate mortgage can change (that’s why it’s called an adjustable-rate loan). Typically, the rate goes up after a certain number of years. For example, a 5/1 ARM loan has a fixed rate for 5 years, and then the rate changes once every year for the remaining term. There are also 3/1, 5/1, 7/1, and 10/1 ARM loans available in Colorado.

Interest-only loans are available in Colorado, although they are less common. Under this scheme, payments are applied for a fixed number of years to interest only, meaning that the principal does not go down. Typically, it is for 3, 5, 7, or 10 years, just like the ARM loans. Once the target date arrives, the mortgage is re-amortized with a variable rate, and all future payments are applied to both interest and principal. This increases the monthly payment, of course. Banks that provide these loans normally require a 20% down payment. They also want to see debt-to-income ratios less than 40%, although many factors are considered on a loan application. These numbers are expected with any credit score.

The piggyback loan is another type of mortgage available to Colorado residents. This is simply two mortgages in one. The piggyback loan can eliminate the need for private mortgage insurance by covering 80% of the home's value with the first loan, while the second loan helps to pay for part of the down payment. This mortgage is a good way to avoid the standard 20% down payment, which is required by most private banks issuing loans.

Relatively high real estate prices around the Denver metro area make a large portion of loans jumbo mortgages, as they exceed the conforming limit. As of 2024 the conforming loan limit across the United States is set to $766,550, with a ceiling of 150% that amount in areas where median home values are higher. Jumbo loans typically have a slightly higher rate of interest than conforming mortgages, though spreads vary based on credit market conditions. Here are the conforming mortgage limits in different areas of the state.

County	Metropolitan Area	1 Unit Limit	2 Unit Limit	3 Unit Limit	4 Unit Limit
Adams	Denver-Aurora-Lakewood, Co	$816,500	$1,045,250	$1,263,500	$1,570,200
Arapahoe	Denver-Aurora-Lakewood, Co	$816,500	$1,045,250	$1,263,500	$1,570,200
Boulder	Boulder, Co	$856,750	$1,096,800	$1,325,800	$1,647,650
Broomfield	Denver-Aurora-Lakewood, Co	$816,500	$1,045,250	$1,263,500	$1,570,200
Clear Creek	Denver-Aurora-Lakewood, Co	$816,500	$1,045,250	$1,263,500	$1,570,200
Denver	Denver-Aurora-Lakewood, Co	$816,500	$1,045,250	$1,263,500	$1,570,200
Douglas	Denver-Aurora-Lakewood, Co	$816,500	$1,045,250	$1,263,500	$1,570,200
Eagle	Edwards, Co	$1,149,825	$1,472,250	$1,779,525	$2,211,600
Elbert	Denver-Aurora-Lakewood, Co	$816,500	$1,045,250	$1,263,500	$1,570,200
Garfield	Glenwood Springs, Co	$1,149,825	$1,472,250	$1,779,525	$2,211,600
Gilpin	Denver-Aurora-Lakewood, Co	$816,500	$1,045,250	$1,263,500	$1,570,200
Jefferson	Denver-Aurora-Lakewood, Co	$816,500	$1,045,250	$1,263,500	$1,570,200
Park	Denver-Aurora-Lakewood, Co	$816,500	$1,045,250	$1,263,500	$1,570,200
Pitkin	Glenwood Springs, Co	$1,149,825	$1,472,250	$1,779,525	$2,211,600
Routt	Steamboat Springs, Co	$1,012,000	$1,295,550	$1,566,050	$1,946,200
San Miguel	Non-Metro	$994,750	$1,273,450	$1,539,350	$1,913,000
Summit	Breckenridge, Co	$1,006,250	$1,288,200	$1,557,150	$1,935,150
All Others	Rest of the State	$766,550	$981,500	$1,186,350	$1,474,400

Government Funding Programs

Borrowers who don’t qualify under these standards might find better deals through government programs. The Veterans Administration, for example, assists former members of the armed forces in acquiring necessary financing. A VA loan is sponsored by a private home loan company, although the VA insures the mortgage. Remarkably, the VA does not require any down payment.

The Federal Housing Administration also provides mortgage services. Unlike the VA, the FHA does require a down payment, although it is only 3.5% with a credit score of 580 or higher. Borrowers with lower scores can still get by with only putting 10% down, half the amount a private-sector mortgage company requires. The FHA does require insurance premiums on any loan that has a down payment less than 20%.

USDA loans can help people with low incomes in rural parts of the state qualify for a subsidized low-interest loan.

The state government operates the Housing Choice Voucher Program in conjunction with the Department of Housing and Urban Development. There are a variety of housing options available to low-income families through the state’s program.

Natural Disasters

Flood Insurance

Homeowner's insurance policies typically do not cover flooding. Most of the state of Colorado is considered to have a very low flooding risk. Montrose county has a low flooding risk. Boulder, Clear Creek, Eagle, Fremont, Gunnison, La Plata & Rio Grande counties have a moderate flooding risk.

Home buyers with mortgages in high-risk areas are required to buy flood insurance. Most flood insurance policies are sold by the United States federal government through The National Flood Insurance Program. Under-priced flood insurance in high-risk areas act as a subsidy to wealthy homeowners.

Homeowners who live in lower risk areas & are not required to purchase flood insurance heavily cross-subsidize homeowners who are in areas where floods are more common.

Earthquakes

Colorado has a low earthquake risk, with the risk jumping to moderate along the central portion of the area of the state near the southern border. Standard rental and homeowner insurance policies typically do not cover earthquake damage, though they usually cover losses caused by fires which resulted from an earthquake. You can supplement your homeowner's insurance with an earthquake policy.

Tornadoes

The eastern portion of the state is considered to have a moderate tornado risk. A basic homeowners policy should cover financial damages from tornadoes.

Hail

Hail damage is common across the eastern half of the state. Damage from hail is typically covered by home insurance policies.

Laws Particular to the Centennial State

Property Taxes

According to the largest newspaper in the Centennial State, The Denver Post, home owners in Colorado pay one of the lowest property taxes in the nation. In 2016, the effective tax rate assessed against single-family homes was just 0.52%. This is less than half the national average of 1.15%. The 0.52% figure is a state average. Residents in Grand Junction paid on average just 42 basis points, while Denver was the most expensive city at 0.56%. On average, single-family home owners paid $2,046 in property taxes in 2016.

The Gallagher Amendment was added to Colorado’s constitution in 1982. It limits the amount of property tax the government can collect from residential properties to just 45% of its total real estate tax revenue. The other 55% must come from commercial properties. The 45/55 ratio is set at the state level, meaning that some cities could be far from this figure.

Foreclosures

Colorado is a recourse state. This means a lender can pursue a variety of assets owned by a borrower if the borrower defaults on the mortgage. Foreclosures operate outside of the judicial system. Under Colorado law, lenders have the right to file a lawsuit after a nonjudicial foreclosure if a property’s market value isn’t enough to cover the remaining balance on the mortgage.

Additional Resources

The Centennial State has a strong property market that blew through the Great Recession without a hitch. The state has a strong economy with good income levels, but above-average home prices may put larger residences out of reach for some buyers. For additional information on the housing market in the Centennial State, browse through the following sites:

• Colorado Housing Assistance Corporation
• The Colorado Association of Realtors
• Denver Metro Association of Realtors
• HUD: Colorado

Rye Homeowners May Want to Refinance While Rates Are Low

The Federal Reserve has started to taper their bond buying program. Lock in today's low rates and save on your loan.

Are you paying too much for your mortgage?

Find Out What You Qualify For