Colorado consistently ranks as one of the top places to live in the United States and its appeal continues to slowly rise. With a ton of outdoor activities, beautiful natural scenery, an incredible cultural scene, and a thriving economy, it’s no wonder that it’s such an attractive place to live.
However, as housing prices continue to rise, finding an affordable place to live in Colorado has become more challenging. So this begs the question—where is the cheapest place to live in Colorado?
Below, we’ll explore the five cheapest places to live in Colorado—particularly the areas where the cost of living is lower but you won’t have to compromise on safety or quality of life.
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Understanding Affordability in Colorado
When looking for the cheapest place to live in Colorado, understanding affordability is key. This is typically measured by housing costs, cost of living, and overall quality of life.
In January, the average price of a Colorado home was $713,001—a whopping 6.8 increase since the previous year. For context, NAR predicted the national average of home prices to be around $395,100 in 2024. So why are home prices so steep in Colorado?
Since it’s such a desirable state to live in, the housing market is a direct reflection of that. This competitiveness is also driven by factors like population growth and demand for housing.
However, despite the competitiveness of the housing market, there are still areas within the state where housing prices are more affordable and the cost of living is lower compared to other cities in Colorado.
The good news? This gives you the chance to explore a range of options that fit your budget while still enjoying the perks of Colorado living.
Criteria for Selection
If affordability is what you desire in Colorado, there are several key factors to consider when evaluating potential areas to live.
First, look into the median home prices in different cities. This can help you gauge affordability, indicating areas where housing costs align with your budget. Lower median home prices have more accessible housing options, which is beneficial in putting down roots in Colorado without overextending financially.
Next, you’ll need at least a basic understanding of the overall living expenses within each city or region. Consider how much you’ll spend on groceries, transportation, healthcare, and utilities.
Finally, there’s another crucial step that shouldn’t be overlooked—evaluating the accessibility of each location to employment centers. How close will your new neighborhood be to where you’ll likely find work?
Having easy access to an abundance of job opportunities not only reduces commuting costs but also improves your chances of finding a job quickly. This may not be top of mind but proximity to major employment hubs and industries relevant to your career will help you get re-established in Colorado quickly.
By prioritizing these criteria—median home prices, living expenses, and employment accessibility—you can make informed decisions about your housing choices in Colorado. This approach will help you find an affordable and suitable place to call home, ensuring a fulfilling and financially sound living experience in your chosen Colorado community.
1. Pueblo
Pueblo is an attractive option for budget-conscious homebuyers, with median home prices way lower than the state average. This is one of the cheapest places to live in Colorado, with the median home price sitting around $283,725 in 2024. It’s no wonder this is such a desirable city for those looking to stretch their housing budget even further.
The cost of living in Pueblo is notably lower than many other areas in Colorado as well. According to BestPlaces, the cost of living index in Pueblo is 25.1% lower than other cities in the same state. This just goes to show that you can live a more affordable lifestyle in Colorado.
Beyond its affordability, Pueblo has a wide range of outdoor recreation opportunities. From hiking trails at Lake Pueblo State Park to fishing spots and camping grounds, outdoor enthusiasts will find no shortage of activities to enjoy here.
The city’s cultural scene is also highly attractive. With the Pueblo Heritage Museum, many art galleries, and other historical sites, there’s no shortage of fun leisure activities to do in Pueblo.
2. Greeley
Known for its economic opportunities in agriculture and education, Greeley is next on the list of top affordable places to live in Colorado. The median home price in Greeley is relatively affordable compared to other parts of the state—sitting at around $413,326.
Residents love that Greeley also has a strong sense of community and local culture. The city often hosts events and activities that bring residents together, creating a close-knit atmosphere. Whether it’s cultural festivals, farmers’ markets, or community events, there’s always something happening in Greeley to engage the community and network with the locals.
3. Grand Junction
Grand Junction is a top contender if you’re on the hunt for affordable housing options coupled with easy access to nature. With median home prices below the state average, Grand Junction presents an appealing opportunity for budget-conscious homebuyers.
As of April 2024, the median home price in Grand Junction was approximately $383,283, making it an attractive option for those looking to enjoy the beauty of Colorado without breaking the bank.
In terms of the job market in Grand Junction, employment is on the rise in the healthcare, social assistance, and education sectors. So if either of these industries is aligned with your current career or experience, this can help you land a new job and enjoy a good quality of life in Grand Junction.
And, if you’re an outdoor enthusiast, you’ll find even more to love about Grand Junction, as the city has no shortage of activities in nature. From hiking and mountain biking to skiing and river rafting, there are endless opportunities to explore the stunning landscapes that surround the area.
4. Colorado Springs
Colorado Springs strikes a nice balance between affordability and ease of access to urban amenities, making it an attractive option for residents.
While median home prices in Colorado Springs are slightly higher than other areas within the state, they’re still relatively affordable compared to the state average. At this time, the median home price in Colorado Springs is approximately $449,123, which provides potential homebuyers reasonable housing options.
Another selling point for Colorado Springs is its talented arts and cultural scene. Here, you’ll find numerous galleries, theaters, and live music venues running any given night of the week. As a resident here, you’ll have all of the entertainment you need right at your fingertips.
On the other hand, if you prefer getting outdoors, there’s plenty to explore year-round thanks to the moderate climate. Abundant hiking trails, and rock climbing spots—among the most renowned in the area are Red Rock Canyon, Palmer Park, and the iconic Garden of the Gods.
5. Lamar
Do you prefer a more laid-back lifestyle? Then you’ll want to hear this.
Lamar is a charming town with a population of just 7,591 people in southeastern Colorado, according to the United States Census Bureau. The city is known for its low cost of living and welcoming community atmosphere.
It also just happens to be the cheapest place to live in Colorado at this time. With a median home price of approximately $166,076, you can buy a property for far less than the U.S. average. Most citizens know it doesn’t get much better than that when buying property in the United States.
The town’s economy is mainly driven by agriculture and the renewable energy industries, providing its residents with stable employment opportunities in these industries. With a strong sense of community and a friendly atmosphere, Lamar also offers residents the chance to enjoy the charm of small-town living while still being just 130 miles from Colorado Springs and 172 miles from Denver.
Lamar has plenty of vast open spaces and scenic landscapes for nature lovers to enjoy. Whether it’s exploring nearby hiking trails, fishing in local lakes, or simply taking in the picturesque views of the surrounding countryside, residents of Lamar can embrace a lifestyle that celebrates the natural beauty of Colorado.
Benefits and Challenges
In the grand scheme of things, living in these affordable areas in Colorado comes with a blend of both benefits and challenges.
On the positive side, residents of any of these five cities can enjoy lower living costs than many other states, allowing them to have a higher quality of life without the financial strain.
At the same time, the sense of community in these smaller areas also tends to be stronger. Each of these cities has tight-knit neighborhoods creating connections and support among residents, providing a sense of belonging and security.
However, it’s essential to consider any potential challenges of living in an affordable city as well.
Quite often, when the cost of living and real estate is lower, it goes hand-in-hand with fewer employment opportunities (especially compared to larger cities). This is particularly true for cities like Lamar and even Greeley, where opportunity is limited with their smaller populations.
Transportation is another possible challenge. In rural and smaller communities, your means of getting around may be limited, with less robust infrastructure compared to urban centers. Longer commute times and limited public transit options could become a challenge for residents, particularly those reliant on public transportation or commuting to work.
Despite these challenges, the growing job markets in various sectors offer hope for future economic growth and opportunities. But with thoughtful consideration and planning, you can navigate these challenges and enjoy the benefits of living in these affordable areas in Colorado.
Making The Move
If you’re considering making the move to one of these affordable places in Colorado, here are a few tips to help you get started.
First, create a budget that considers the cost of housing, living expenses, and potential job opportunities. Research the home-buying process and connect with local real estate agents who can assist you in finding the right property on a budget.
Once you’ve established your budget, it’s time to start the home-buying process. Work closely with your real estate agent to identify properties that align with your budget and preferences.
During the process, take the time to visit potential neighborhoods and explore amenities, schools, and other factors that are important to you. Remember to consider factors such as commute times, access to healthcare facilities, and recreational opportunities when exploring different areas.
As you prepare to make the move, take proactive steps to integrate into your new community. Participate in local events, join community organizations, and connect with neighbors to build relationships and establish roots in your new hometown.
Embrace the unique culture and lifestyle of your chosen area, whether it’s attending art gallery events and farmers’ markets or exploring nearby parks and trails. By getting to know your new community, you’ll not only feel more at home but also form connections that will make moving to Colorado that much more worth it.
Lastly, don’t hesitate to seek support and guidance throughout the moving process. Whether it’s from friends and family, local community resources, or professional services, having a support system in place can make the transition smoother and more manageable.
Remember that moving to a new area is an exciting opportunity to start fresh and open a new chapter in your life. With careful planning, research, and a positive attitude, you’ll be well-equipped to make the move to one of these affordable places in Colorado and create a fulfilling life in your new home.
Conclusion
We hope you found this helpful in understanding where the cheapest places to live in Colorado are. With this information, you can find the right city for yourself or your family after selling your out-of-state home. Whether you’re seeking outdoor adventure, a popular cultural scene, or the laid-back atmosphere of a small town, Colorado has something to offer everyone.
By considering the affordability, accessibility, and overall quality of life laid out in this guide, you can find a place that suits both your budget and lifestyle. With lower living costs, a strong sense of community, and access to beautiful natural landscapes, one of these affordable areas in Colorado may be the right choice.
If you’re looking to make a quick and easy sale on your first home, get in touch with us at iBuyer today! We specialize in buying homes for cash, providing a hassle-free and convenient solution for homeowners looking to sell quickly and move to Colorado.
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Don’t let high housing prices hold you back when buying your next home – request an estimate to take the first step towards your new life in Colorado today.
