10 Cheapest Places to Live in Colorado (New 2024)
Key takeaways
Colorado is a haven for outdoor enthusiasts, offering a range of activities from the hiking trails, and skiing in the Rocky Mountains to exploring cultural landmarks like Mesa Verde. The state has a median home sale price of $580,900 as of July (2023), which might seem steep for some.
However, there are cities in Colorado that offer a more budget-friendly lifestyle without compromising on amenities or quality of life. Cities like Colorado Springs, Aurora, and Pueblo offer median home prices well below the state's average, making them attractive options for those looking to move to this beautiful state.
We'll dive into each of these affordable cities, providing you with key information such as median home prices, year-over-year trends, and our expert take on why each city could be a great fit for your real estate investment or new home. Let's get started by visiting the housing market details for the first affordable city name on our list.
1. Pueblo
Pueblo is a city in Colorado known for its rich cultural heritage and outdoor recreational and outdoor activities. It's also one of the cheapest places to live in southern colorado. The city offers a somewhat competitive housing market, with homes selling in an average of 43 days. Pueblo is an attractive option for those looking for affordability without sacrificing quality of life.
Median Home Price: $256,000
Trending: upward (0.2% YoY)
Our Take
Pueblo offers a unique blend of affordability and quality of life, making it an excellent choice for real estate investment. The city's somewhat competitive housing market indicates a steady demand, which is a positive sign for potential investors.
The city's rich cultural heritage and outdoor recreational activities with vast hiking trails add to its appeal. Whether you're an outdoor recreation enthusiast or someone who enjoys exploring local culture, Pueblo has something to offer.
2. Greeley
Greeley is a city located in northern Colorado and serves as the county seat of Weld County. It's also one of our top cheapest places to live in colorado. Known for its strong agricultural roots, the city has diversified its economy to include healthcare, education, and manufacturing sectors. Greeley offers a blend of urban and rural lifestyles in affordable places, making it an attractive destination for families and young professionals alike.
Median Home Price: $411,000
Trending: Downward -3.3% YoY
Our Take
Greeley's housing market is somewhat competitive but offers a more affordable entry point compared to other cities in Colorado. The median home price in the most populous city here is significantly lower than the state average, making it an attractive option for first-time homebuyers and real estate investors. The city has seen a slight decrease in home prices year-over-year, which could indicate a good buying opportunity.
The city is not just an affordable places to live, but also offers a range of amenities including good schools, parks, and a vibrant downtown area. Its location provides easy access to other major cities in Colorado, making it convenient and affordable town even for those who may need to commute for work or leisure.
3. Grand Junction
Grand Junction is a city in Colorado with a somewhat competitive housing market. Homes in Grand Junction sell after an average of 13 days on the market, which is faster compared to last year. The city has seen a decrease in the median sale price over the past year, making it an option worth considering for potential homebuyers and investors. The overall cost of living in Grand Junction is 2% higher than the national average.
Median Home Price: $417,500
Trending: downward (-1.8% YoY)
Our Take
Grand Junction offers a mix of opportunities and challenges for real estate investors and homebuyers. The somewhat competitive housing market and the speed at which homes are selling indicate a steady demand. However, the downward trend in home prices could be a red flag for some investors, suggesting the need for careful consideration and research.
The city's higher cost of living compared to the national average might be a deterrent for some, but it's balanced by the amenities and services that Grand Junction offers. From schools and parks to shopping centers, the city provides a well-rounded lifestyle. Additionally, the city's diverse economy, which includes healthcare, education, and manufacturing sectors, adds stability to the job market.
4. Colorado Springs
Colorado Springs is a somewhat competitive housing market where homes receive an average of 2 offers and sell in around 33 days. The city has seen an increase in the median sale price over the past year. The overall cost of living in Colorado Springs is 7% higher than the national average, making it a city that offers both opportunities and challenges for potential homebuyers and investors.
Median Home Price: $455,000
Trending: upward (4.7% YoY)
Our Take
Colorado Springs offers a blend of opportunities for both homebuyers and real estate investors. The city's somewhat competitive housing market and the upward trend in home prices indicate a healthy demand for homes. This makes Colorado Springs an attractive option for those looking to invest in a growing market.
The city is not just about numbers; it offers a quality lifestyle with various amenities like schools, parks, and shopping centers. Its higher cost of living compared to the national, or average rent price is balanced by the lifestyle it offers. Moreover, the city's diverse economy provides a stable job market, adding another layer of attractiveness for potential residents.
5. Aurora
Aurora is a very competitive housing market in Colorado where homes receive an average of 3 offers and sell in around 18 days. The city has seen a slight increase in the median sale price over the past year. The city offers a range of amenities and services that make it appealing to a broad audience.
Median Home Price: $470,000
Trending: upward (1.1% YoY)
Our Take
Aurora is a hotspot for real estate investors and homebuyers. The quick sales cycle and multiple offers on homes indicate a robust demand. This makes Aurora an attractive option for those looking to invest in a market with strong growth potential.
The former city center offers great amenities, including schools, parks, and shopping centers. The city's diverse economy, which includes sectors like healthcare, education, and manufacturing, provides a stable job market, adding another layer of attractiveness for potential residents.
6. Fort Collins
Fort Collins is a somewhat competitive housing market where homes receive an average of 2 offers and sell in around 46 days. The city has seen a decrease in the median sale price over the past year. The overall cost of living in Fort Collins is not specified, but the city offers many affordable housing options and a range of amenities that appeal to a broad audience.
Median Home Price: $532,000
Trending: downward (-1.3% YoY)
Our Take
Fort Collins presents a somewhat competitive market, indicating a steady demand for homes. However, the downward trend in home prices over the past year could be a concern for potential investors. This suggests that while the market is active, it may be good to wait. A small town with small-town charm.
The city offers a variety of amenities, including schools and parks, making it a well-rounded place to live. While the town's history and cost of living is not specified, the city's diverse economy provides a stable job market, adding another layer of attractiveness for potential new residents.
7. Westminster
Westminster is a city in Colorado that is part of the Denver metropolitan area. Known for its suburban feel, the city offers a variety of parks, shopping centers, and schools. The housing market in Westminster is very competitive, with homes receiving an average of 3 offers and selling in around 14 days. The city has seen a decrease in its median home prices compared to last year, making it an interesting option for investors and homebuyers alike.
Median Home Price: $505,000
Trending: downward (-2.4% YoY)
Our Take
Westminster presents a unique opportunity for real estate investors and homebuyers looking for a competitive yet somewhat affordable market. The city's housing market is very active, with homes receiving multiple offers and selling quickly. This indicates a high demand, which is a positive sign for those considering an investment in the area.
The city's location within the Denver metropolitan area adds to its appeal. Westminster offers a suburban lifestyle with easy access to urban amenities, making it a balanced choice for families and professionals alike. The city's cost of living is slightly higher than the national average, but its competitive housing market suggests that it's a sought-after location.
8. Loveland
Loveland is a somewhat competitive housing market where homes receive an average of 3 offers and sell in around 42 days. The city has seen a decrease in the median sale price over the past year.
Median Home Price: $470,000
Trending: downward (-6.0% YoY)
Our Take
Loveland presents a somewhat competitive market, indicating a steady demand for homes. However, the downward trend in home prices over the past year could be a concern for potential investors. This suggests that while the market is active, it may not offer the best returns on investment at this time.
The city offers a variety of amenities, including schools and parks, making it a well-rounded place to live. While the cost of living is not specified, the city's diverse local economy provides a stable job market, adding another layer of attractiveness for potential residents.
9. Longmont
Though not quite one of the cheapest places to live in colorado, Longmont is only a somewhat competitive housing market in Colorado where homes receive an average of 2 offers and sell in around 38 days. The city has seen a decrease in the median sale price over the past year.
Median Home Price: $575,000
Trending: downward (-2.5% YoY)
Our Take
Longmont presents a somewhat competitive market, indicating a steady demand for homes. However, the downward trend in home prices over the past year could be a concern for potential investors. This suggests that while the market is active, it may not offer the best returns on investment at this time.
The city offers a variety of amenities, including schools and parks, making it a well-rounded place to live. While the cost of living is not specified, the city's diverse economy provides a stable job market, adding another layer of attractiveness for potential residents.
10. Thornton
Thornton is a very competitive housing market where homes receive an average of 3 offers and sell in around 23 days. The city has seen an increase in the median sale price over the past year. The overall cost of living in Thornton is not specified, but the city offers a range of amenities and services that make it appealing to a broad audience.
Median Home Price: $555,000
Trending: upward (4.9% YoY)
Our Take
Thornton stands out as a very competitive market, which is a strong indicator of high demand for homes. The upward trend in home prices over the past year is a positive sign for potential investors, suggesting that the market offers good returns on investment.
The city offers a variety of amenities, including schools and parks, making it a well-rounded place to live. While the cost of living is not specified, the city's diverse economy provides a stable job market, adding another layer of attractiveness for potential residents.
Note on Data Sourcing: The information presented in this content has been meticulously sourced from Redfin Housing Data. Redfin is recognized for its comprehensive and accurate real estate and housing datasets, which undergo rigorous quality checks. Our reliance on Redfin ensures that our readers receive precise and up-to-date insights pertaining to the housing market.
