The 81004 zip code in Pueblo tops our ranking of the most affordable places to live in Colorado.
Whether you're searching for affordable cities and towns to buy a home or the places with the lowest cost of living to rent, consider the following zip codes.
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Top 10 most affordable places to live in Colorado
| Rank | City | Affordability Score | Median home value | Rental costs |
|---|---|---|---|---|
| 1 | Pueblo 🥇 | 100.0 | $195,458 | $1,229 |
| 2 | Johnstown 🥈 | 97.0 | $510,439 | $1,981 |
| 3 | Colorado Springs 🥉 | 96.7 | $448,974 | $1,861 |
| 4 | Denver | 95.6 | $429,912 | $1,700 |
| 5 | Trinidad | 94.6 | $230,181 | $1,996 |
| 6 | Littleton | 89.4 | $731,208 | $2,300 |
| 7 | Aurora | 88.1 | $543,356 | $2,469 |
| 8 | Fort Morgan | 87.1 | $326,454 | $1,996 |
| 9 | Castle Rock | 86.5 | $662,958 | $2,427 |
| 10 | Highlands Ranch | 85.6 | $693,100 | $2,487 |
What these affordable cities and towns have in common
The 10 zip codes we ranked share a common trait: a low cost of living relative to the Colorado median.
Median home values, rental costs, and property taxes generally sit below the state averages, while household incomes remain strong enough to keep home affordability ratios manageable. Below, we look at each market in detail.
1. Pueblo
Here's why the 81004 zip code in Pueblo is Colorado's most affordable place to live.
🔎 Key data about Pueblo
| Data point | Value | Rank (out of 169 markets) | Difference from median or average |
|---|---|---|---|
| Affordability Score | 100.0 | No. 1 | N/A |
| Median home value | $195,458[1] | No. 1 | -$372,153 |
| Home affordability ratio | 3.8 | No. 1 | -1.8 |
| Home value five-year change | 17.6%[2] | No. 92 | -0.6% |
| Home value one-year forecast | -2.0%[3] | No. 67 | -0.3% |
| Rental costs | $1,229[4] | No. 4 | -$766 |
| Rent affordability ratio | 2.37% | No. 143 | 0.4% |
| Median household income | $51,789[5] | No. 164 | -$50,272 |
| Property taxes | $1,067[6] | No. 8 | -$1,778 |
| Energy costs | $0.17 kWh[7] | No. 166 | $0.02 |
Pueblo's 81004 zip code is the cheapest place to live in Colorado, leading the 169 markets we evaluated.
The median home value is $195,458, making it the 1st-cheapest housing market in the state. Forecasts project a -2.0% change in home values in the next year. Rent in the zip code averages $1,229 per month, which is the 143rd cheapest amount in Colorado.
The median property tax for homeowners in Pueblo is $1,067 per household, the No. 8 ranked market in Colorado.
Residents pay $0.17 per kWh of electricity, which ranks No. 166 among Colorado markets.
📈 Thinking about buying in Colorado? See our complete housing market outlook for the data, trends, and timing insights Colorado buyers need to know.
2. Johnstown
The 80534 zip code is the 2nd-cheapest place to live in Colorado.
🔎 Key data about Johnstown
| Data point | Value | Rank (out of 169 markets) | Difference from median or average |
|---|---|---|---|
| Affordability Score | 97.0 | No. 2 | N/A |
| Median home value | $510,439[1] | No. 73 | -$57,171 |
| Home affordability ratio | 4.0 | No. 3 | -1.6 |
| Home value five-year change | 15.4%[2] | No. 59 | -2.8% |
| Home value one-year forecast | -1.8%[3] | No. 107 | -0.1% |
| Rental costs | $1,981[4] | No. 94 | -$14 |
| Rent affordability ratio | 1.54% | No. 21 | -0.4% |
| Median household income | $129,024[5] | No. 33 | $26,963 |
| Property taxes | $3,390[6] | No. 124 | $545 |
| Energy costs | $0.14 kWh[7] | No. 19 | -$0.01 |
Johnstown's 80534 zip code has a median home value of $510,439, which is the 73rd-cheapest housing market in Colorado. You can rent for an average of $1,981 per month. That's the 94th-cheapest price in the state.
The average household income in the zip code is $129,024, which ranks 33rd-highest in the state.
Homeowners in Johnstown pay a median property tax of $3,390 per year, making it the 124th-most affordable market in Colorado.
Johnstown ranks No. 19 among Colorado energy markets. You'll pay $0.14 per kWh of electricity.
3. Colorado Springs
The 3rd-least-expensive place to live in Colorado is Colorado Springs's 80922 zip code.
🔎 Key data about Colorado Springs
| Data point | Value | Rank (out of 169 markets) | Difference from median or average |
|---|---|---|---|
| Affordability Score | 96.7 | No. 3 | N/A |
| Median home value | $448,974[1] | No. 51 | -$118,637 |
| Home affordability ratio | 4.2 | No. 11 | -1.4 |
| Home value five-year change | 18.0%[2] | No. 99 | -0.2% |
| Home value one-year forecast | -1.8%[3] | No. 107 | -0.1% |
| Rental costs | $1,861[4] | No. 75 | -$134 |
| Rent affordability ratio | 1.72% | No. 43 | -0.2% |
| Median household income | $108,019[5] | No. 63 | $5,958 |
| Property taxes | $1,596[6] | No. 31 | -$1,249 |
| Energy costs | $0.15 kWh[7] | No. 29 | $0.00 |
The No. 51 cheapest housing market in Colorado is Colorado Springs's 80922 zip code, with a median home value of $448,974. Rents in the market average $1,861 per month, making it the 75th-most affordable rental market in the state.
The median property tax for households in Colorado Springs is $1,596, which makes it the 31st-cheapest place in Colorado. Colorado Springs ranks No. 29 among Colorado markets by energy costs. Residents pay $0.15 per kWh of electricity.
4. Denver
The 80239 zip code in Denver comes in at No. 4 on our list of the cheapest places to live in Colorado.
🔎 Key data about Denver
| Data point | Value | Rank (out of 169 markets) | Difference from median or average |
|---|---|---|---|
| Affordability Score | 95.6 | No. 4 | N/A |
| Median home value | $429,912[1] | No. 45 | -$137,699 |
| Home affordability ratio | 4.4 | No. 23 | -1.2 |
| Home value five-year change | 11.8%[2] | No. 27 | -6.4% |
| Home value one-year forecast | -2.0%[3] | No. 67 | -0.3% |
| Rental costs | $1,700[4] | No. 44 | -$296 |
| Rent affordability ratio | 1.73% | No. 44 | -0.2% |
| Median household income | $98,148[5] | No. 79 | -$3,913 |
| Property taxes | $1,918[6] | No. 49 | -$927 |
| Energy costs | $0.15 kWh[7] | No. 52 | $0.00 |
The No. 45 cheapest housing market in Colorado is Denver's 80239 zip code, where the median home value is $429,912. Renters here pay an average of $1,700 per month.
When it comes to energy costs, Denver ranks 52nd among Colorado markets. Residents pay $0.15 per kWh of electricity.
The median property tax for households in the zip code is $1,918, which makes it the 49th-cheapest market in Colorado.
5. Trinidad
The 81082 zip code in Trinidad ranks No. 5 among Colorado's most affordable places to live.
🔎 Key data about Trinidad
| Data point | Value | Rank (out of 169 markets) | Difference from median or average |
|---|---|---|---|
| Affordability Score | 94.6 | No. 5 | N/A |
| Median home value | $230,181[1] | No. 4 | -$337,429 |
| Home affordability ratio | 3.9 | No. 2 | -1.6 |
| Home value five-year change | 28.1%[2] | No. 146 | 9.9% |
| Home value one-year forecast | -1.7%[3] | No. 131 | 0.0% |
| Rental costs | $1,996[4] | No. 97 | $0 |
| Rent affordability ratio | 1.96% | No. 78 | 0.0% |
| Median household income | $58,589[5] | No. 159 | -$43,472 |
| Property taxes | $536[6] | No. 1 | -$2,309 |
| Energy costs | $0.18 kWh[7] | No. 169 | $0.03 |
Trinidad's 81082 zip code has a median home value of $230,181, the 4th-cheapest housing market in the state. Forecasts project a -1.7% change in home values in the next year.
The median property tax per household in Trinidad is $536. It's the 1st-cheapest market by tax rate in Colorado.
6. Littleton
The No. 6 most affordable city in Colorado is the 80125 zip code.
🔎 Key data about Littleton
| Data point | Value | Rank (out of 169 markets) | Difference from median or average |
|---|---|---|---|
| Affordability Score | 89.4 | No. 6 | N/A |
| Median home value | $731,208[1] | No. 142 | $163,598 |
| Home affordability ratio | 4.1 | No. 6 | -1.5 |
| Home value five-year change | 18.4%[2] | No. 108 | 0.1% |
| Home value one-year forecast | -2.1%[3] | No. 40 | -0.4% |
| Rental costs | $2,300[4] | No. 138 | $304 |
| Rent affordability ratio | 1.28% | No. 6 | -0.7% |
| Median household income | $179,983[5] | No. 3 | $77,922 |
| Property taxes | $4,945[6] | No. 159 | $2,100 |
| Energy costs | $0.15 kWh[7] | No. 41 | $0.00 |
The back half of our top 10 kicks off with Littleton's 80125 zip code, which has the 142nd-cheapest home values in Colorado. The median home value is $731,208. Rents average $2,300 per month, making it the 138th-most affordable rental market in the state.
Residents pay $0.15 per kWh of electricity. It's the 41st-cheapest energy market.
7. Aurora
Aurora's 80018 zip code is the 7th-cheapest place to live in Colorado.
🔎 Key data about Aurora
| Data point | Value | Rank (out of 169 markets) | Difference from median or average |
|---|---|---|---|
| Affordability Score | 88.1 | No. 7 | N/A |
| Median home value | $543,356[1] | No. 88 | -$24,255 |
| Home affordability ratio | 4.0 | No. 4 | -1.6 |
| Home value five-year change | 18.2%[2] | No. 105 | 0.0% |
| Home value one-year forecast | -1.9%[3] | No. 82 | -0.2% |
| Rental costs | $2,469[4] | No. 148 | $473 |
| Rent affordability ratio | 1.80% | No. 56 | -0.2% |
| Median household income | $136,895[5] | No. 23 | $34,834 |
| Property taxes | $4,153[6] | No. 152 | $1,308 |
| Energy costs | $0.15 kWh[7] | No. 52 | $0.00 |
You'll find the 88th-cheapest home values in Colorado in Aurora's 80018 zip code. The median value: $543,356. Renters in Aurora pay an average of $2,469 per month.
Homeowners in Aurora pay a median property tax of $4,153 per year, which is Colorado's 152nd-most affordable market.
The average household income is $136,895, which ranks 23rd-highest in the state.
8. Fort Morgan
The 8th-least-expensive place to live in Colorado is Fort Morgan's 80701 zip code.
🔎 Key data about Fort Morgan
| Data point | Value | Rank (out of 169 markets) | Difference from median or average |
|---|---|---|---|
| Affordability Score | 87.1 | No. 8 | N/A |
| Median home value | $326,454[1] | No. 13 | -$241,156 |
| Home affordability ratio | 4.6 | No. 36 | -0.9 |
| Home value five-year change | 20.1%[2] | No. 122 | 1.9% |
| Home value one-year forecast | -1.2%[3] | No. 150 | 0.5% |
| Rental costs | $1,996[4] | No. 97 | $0 |
| Rent affordability ratio | 1.96% | No. 78 | 0.0% |
| Median household income | $70,302[5] | No. 141 | -$31,759 |
| Property taxes | $1,735[6] | No. 41 | -$1,110 |
| Energy costs | $0.11 kWh[7] | No. 1 | -$0.04 |
The 13th-cheapest housing market in Colorado is Fort Morgan's 80701 zip code, with a median home value of $326,454. Renters pay an average of $1,996 per month, the No. 97 rental market in the state.
The median property tax for households in Fort Morgan is $1,735, which makes it the 41st-cheapest place in Colorado. The average household income of $70,302 ranks 141st.
9. Castle Rock
Castle Rock's 80109 zip code is one of Colorado's most affordable towns, sneaking into the top ten of our rankings.
🔎 Key data about Castle Rock
| Data point | Value | Rank (out of 169 markets) | Difference from median or average |
|---|---|---|---|
| Affordability Score | 86.5 | No. 9 | N/A |
| Median home value | $662,958[1] | No. 126 | $95,347 |
| Home affordability ratio | 4.3 | No. 17 | -1.3 |
| Home value five-year change | 20.7%[2] | No. 126 | 2.4% |
| Home value one-year forecast | -2.1%[3] | No. 40 | -0.4% |
| Rental costs | $2,427[4] | No. 145 | $431 |
| Rent affordability ratio | 1.57% | No. 22 | -0.4% |
| Median household income | $155,025[5] | No. 11 | $52,964 |
| Property taxes | $3,573[6] | No. 134 | $728 |
| Energy costs | $0.15 kWh[7] | No. 40 | $0.00 |
The 126th-cheapest housing market in Colorado is Castle Rock's 80109 zip code, where the median home value is $662,958. Renters pay an average of $2,427 per month. It's the state's 145th-cheapest rental market.
The median property tax for households within the zip code is $3,573, which makes it the 134th-cheapest property tax rate in Colorado.
10. Highlands Ranch
The final spot on our list of the most affordable places to live in Colorado goes to the 80130 zip code in Highlands Ranch.
🔎 Key data about Highlands Ranch
| Data point | Value | Rank (out of 169 markets) | Difference from median or average |
|---|---|---|---|
| Affordability Score | 85.6 | No. 10 | N/A |
| Median home value | $693,100[1] | No. 134 | $125,489 |
| Home affordability ratio | 4.4 | No. 21 | -1.2 |
| Home value five-year change | 19.5%[2] | No. 119 | 1.3% |
| Home value one-year forecast | -2.2%[3] | No. 11 | -0.5% |
| Rental costs | $2,487[4] | No. 150 | $491 |
| Rent affordability ratio | 1.57% | No. 23 | -0.4% |
| Median household income | $158,741[5] | No. 8 | $56,680 |
| Property taxes | $3,544[6] | No. 129 | $699 |
| Energy costs | $0.15 kWh[7] | No. 52 | $0.00 |
Rounding out our top 10 is Highlands Ranch's 80130 zip code, with the 134th-cheapest home values in Colorado.
The median home value is $693,100. Rent in the market costs $2,487 per month on average.
The median property tax for households in Highlands Ranch is $3,544, which is the 129th-cheapest property tax rate in the state.
Highlands Ranch ranks No. 52 among Colorado markets by energy costs, with households paying $0.15 per kWh of electricity.
What questions about these cities should I ask local agents?
Once you've found a town you're interested in, you'll want to ask a local agent for details our rankings can't capture. Start with these four questions:
- What neighborhoods inside this zip code have the best resale value?
- What's the rental market like right now?
- Are there local property tax exemptions or homestead programs you'd qualify for?
- What are the most common surprises buyers run into here?
🏡 Need a local agent? We can connect you with an expert who knows the market.
Frequently asked questions about the least expensive places to live in Colorado
Based on Clever's Affordability Score, the 81004 zip code in Pueblo is the cheapest place to live in Colorado.
The median home value is $195,458, and the median household income is $51,789, giving Pueblo a home affordability ratio of 3.8, meaning a typical home costs about that many times the median annual income.
See our Affordability Score methodology and the full ranking of the 10 cheapest places to live in Colorado.
The median home value in Colorado is $567,611.
See the rankings above for how individual cities compare to these state-wide figures.
Colorado is currently a moderate buyer's market, according to Clever's Market Heat Index.
The index reflects the balance between buyer demand and seller supply, which affects how much negotiating power buyers and sellers have in any given market.
Markets also vary by city, county, and neighborhood. It's always good to check with a local real estate agent to understand the dynamics of a given local market.
The median amount homeowners pay in property taxes in Colorado is $2,845 per year.
Property taxes are a key part of the overall cost of living, and they vary significantly by location. The per-city tax figures in the rankings above show how each of the 10 cheapest places stacks up against the Colorado median.
📍 The 10 cheapest places to live in your region
How we ranked the most affordable cities and towns in Colorado
We evaluated 169 zip codes in Colorado with a population over 10,000 on home values, rental costs, energy rates, property taxes, and five other affordability indicators. We then assigned each market an Affordability Score based on its weighted and combined rankings.
Our proprietary Affordability Score is a score on a scale of 0 (worst in state) to 100 (best in state) that estimates the affordability of a particular zip code. It takes into account these key data points for each zip code.
- Median home value: The median home value for each zip code comes from the Zillow Home Value Index. The lower the median home value relative to the median value in Colorado, the higher our score on this component. We assign a weight of 13.0% to median home value.
- Home affordability ratio. The home affordability ratio is the typical median home value divided by the median household income in the zip code, which reveals the number of years of household income needed to afford a home in that zip code. A lower ratio is better because it means more households can afford a home. The data comes from the Zillow Observed Rent Index and the U.S. Census American Community Survey. We assign a weight of 28.0% to the home affordability ratio.
- Home value five-year change: The home value five-year change is the amount that the median home value in the zip code has risen or fallen during the last five years. Our data comes from the Zillow Home Value Index. We assign a weight of 10.0% to the home value five-year change.
- Home value one-year forecast: The home value one-year forecast comes from Zillow Forecast data. It projects how much home values in the zip code are forecasted to change in the next year. We assign a weight of 8.0% to the home value one-year forecast.
- Rental costs. The rental costs are the observed rents in the zip code, sourced from the Zillow Observed Rent Index. The index includes "listed rents that fall into the 40th to 60th percentile range for all homes and apartments in a given region." We assign a weight of 7.0% to rental costs.
- Median household income: The inflation-adjusted median household income figures for the zip code comes from the U.S. Census American Community Survey. We assign a weight of 5.0% to median household income.
- Rent affordability ratio. The rent affordability ratio is the ratio of rental costs divided by median household income, which provides the percentage of household income needed to pay a typical month’s rent in the zip code. The data comes from the Zillow Observed Rent Index and the U.S. Census American Community Survey. We assign a weight of 17.0% to the rent affordability ratio.
- Property taxes: The property tax figures are the median real estate taxes paid in the zip code, sourced from the U.S. Census American Community Survey. The lower the property tax rate relative to the Colorado average, the higher our score on this component. We assign a weight of 8.0% to property taxes.
- Energy costs: The energy costs are the costs of a kilowatt hour (kWh) of residential electricity in the zip code, sourced from the U.S. Department of Energy. The lower the cost of electricity relative to the Colorado average, the higher our score on this component. We assign a weight of 4.0% to energy costs.
✍️ Editor’s note: Our Affordability Score identifies the most affordable places in a state by zip code. Often the zip code we identify will represent an entire city or portion of a city.
Occasionally the zip code we identify will encompass an area that includes one or more small towns. In these cases, the data we’ve gathered applies to the entire zip code, not just the single town we’re using to help identify the zip code's location.
If you’re looking to move to one of these affordable places, we recommend doing additional research to make sure the costs in the area — and the quality of life it offers — meet your specific needs.
Why you should trust us
Clever has earned home buyers’ and home sellers' trust with more than 4,000 5-star customer ratings on Trustpilot.
Our team is committed to making home purchasing more transparent by educating buyers and sellers through guides like this one. Our writers, editors, and industry-leading researchers strive to provide readers with the most up-to-date, accurate, and useful information.
Our research has been featured in The New York Times, Business Insider, Inman, Housing Wire, and many more publications.
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