Cheapest cities to live in Colorado: Home prices, rental costs, and more!

Colorado is known for its forests, mountains, canyons, and other picturesque landmarks. Many would love to reside here due to its culture and history. However, the rising cost of living in major cities has made homeownership increasingly difficult for many buyers. Areas like Denver and Boulder have seen home prices and rental rates soar. 

This has caused many home buyers to explore more affordable alternatives. While larger areas tend to be expensive, there are cities and smaller municipalities that offer lower housing costs without compromising quality of life. If your clients are searching for the cheapest cities to live in Colorado, they still have options. 

Guiding property buyers toward more affordable locations can open new opportunities in the market. Many of these cities still offer the benefits of Colorado living. This includes stunning mountain views and a strong sense of community—without the high price tag.  

In this article, Mortgage Professional America will highlight the cheapest cities to live in Colorado. We will discuss figures like rental fees and household incomes to help you better assist your clients in their homeownership journey. Want to learn which town in Colorado has the lowest cost of living? Keep reading for more. 

Which cities in Colorado are the cheapest to live in? 

Colorado’s breathtaking landmarks and thriving economy make it an attractive place to live. But affordability varies greatly across the state. Whether your clients are first-time buyers, retirees, or families looking for a fresh start, finding an affordable home is possible. 

Here are 10 of the cheapest cities to live in Colorado: 

1. Pueblo  
2. Cañon City  
3. Fountain  
4. Grand Junction  
5. Greeley  
6. Colorado Springs  
7. Fort Collins  
8. Aurora  
9. Longmont  
10. Lakewood 

Let's dive deeper into what these cities can offer: 

1. Pueblo 

• Median rent for a one-bedroom apartment: $1,000 
• Median household income: $55,305 
• Median home price: $283,136 

Pueblo is a home rule municipality located in Pueblo County. The city is located at the confluence of the Arkansas River and Fountain Creek. Pueblo has been a major center for steel production, earning it the nickname Steel City. 

Colorado's largest single event, the Colorado State Fair, is held in this municipality every year. The Chile and Frijoles Festival also takes place in Pueblo. 

Aside from attending festivals, there are other fun activities that your clients might enjoy if they choose to live in this city. Watch this video to know more: 

Aside from Colorado, check out these other states with cheap housing in the US. 

2. Cañon City 

• Median rent for a one-bedroom apartment: $1,400 
• Median household income: $66,068 
• Median home price: $300,000 

Cañon City is known for its scenic Royal Gorge and outdoor recreation. In this vibrant city, housing remains relatively affordable. The cost of living is also lower than Colorado’s average.  

If your clients are looking for locations with public parks, outdoor recreation, and more, Cañon City might be the perfect choice! Here are some of Cañon City's top attractions: 

• Royal Gorge Bridge & Park 
• Arkansas Riverwalk Trail 
• Museum of Colorado Prisons 
• Rudd Park 
• Temple Canyon Park 

3. Fountain 

• Median rent for a one-bedroom apartment: $895 
• Median household income: $85,246 
• Median home price: $390,833 

Fountain is located in El Paso County, 10 miles south of downtown Colorado Springs and adjacent to Fort Carson. This city offers a blend of suburban and rural living. Notable personalities who have lived (or are residing) in Fountain include: 

• Don Cockroft - former professional football player 
• Peter La Farge - singer and songwriter 
• Phil Loadholt - former professional football player 
• Pete Nelson - tree house designer and builder 
• Jon Watts - film director 

Fountain was incorporated in 1900 and was named after Fountain Creek. Do you have clients who are interested in buying property in this city? Share a bit more about Fountain by watching this: 

4. Grand Junction 

• Median rent for a one-bedroom apartment: $1,800 
• Median household income: $66,676 
• Median home price: $393,817 

Grand Junction is a city in western Colorado with affordable property for real estate investors and home buyers. The area is known for its wineries and outdoor recreation. If your clients are looking for popular places to visit, they might want to check out these tourist spots: 

• Colorado National Monument 
• Grand Mesa 
• Downtown Grand Junction 

5. Greeley 

• Median rent for a one-bedroom apartment: $1,078 
• Median household income: $68,650 
• Median home price: $415,000 

Greeley is the county seat and most populous city of Weld County. Located in the High Plains of northern Colorado, it lies approximately 25 miles east of the Rocky Mountains. Greeley has a strong agricultural heritage. It holds yearly events like the Greeley Stampede, one of the largest Fourth of July rodeos and festivals in the US. 

6. Colorado Springs 

• Median rent for a one-bedroom apartment: $1,150 
• Median household income: $83,198 
• Median home price: $455,000 

Nestled at the foot of Pikes Peak, Colorado Springs is known for its scenic beauty and cheap housing. This city hosts several military installations, including the United States Air Force Academy. It also has a diverse economy with strengths in aerospace, defense, and technology. 

7. Fort Collins 

• Median rent for a one-bedroom apartment: $1,258 
• Median household income: $83,598 
• Median home price: $545,000 

Fort Collins consistently ranks high in quality-of-life metrics, offering a variety of cultural amenities and outdoor activities. This city is also regarded as a prominent college town. Colorado State University, the second-largest university by enrollment in the Centennial State, can be found in Fort Collins. 

As for its tourist spots, it features historical buildings and museums including: 

• Fort Collins Museum of Discovery 
• The Gardens on Spring Creek 
• Horsetooth Reservoir 
• Roosevelt National Forest 

8. Aurora 

• Median rent for a one-bedroom apartment: $1,297 
• Median household income: $84,320 
• Median home price: $472,000 

Aurora is a home rule municipality spanning Arapahoe, Adams, and Douglas counties in Colorado. For home buyers and renters with family members who are students, Aurora boasts primary and secondary education through its many schools such as: 

• University of Colorado Anschutz Medical Campus 
• Community College of Aurora 
• Pickens Technical College 
• Colorado School of Holistic and Naturopathic Studies 
• Concorde Career College 

Aside from its educational facilities, here are other things that your clients should know before moving to Aurora: 

Are your clients first-time home buyers planning to move to a new residence? Read this to know the best mortgage advice that you can share with them. 

9. Longmont 

• Median rent for a one-bedroom apartment: $1,357 
• Median household income: $89,724 
• Median home price: $568,990 

Longmont is another home rule municipality that can be found in Colorado’s Boulder and Weld counties. The city is part of the Front Range Urban Corridor and is northeast of Boulder. Longmont offers residential properties with views of the scenic Rocky Mountains. Tourists and residents will also have access to various recreational activities like skiing, skydiving, and rock climbing. 

10. Lakewood 

• Median rent for a one-bedroom apartment: $1,484 
• Median household income: $85,789 
• Median home price: $530,525 

Lakewood is part of the Denver-Aurora-Lakewood Metropolitan Statistical Area. The city features a mix of residential neighborhoods with commercial districts. As for cultural amenities, your clients can go to the Lakewood Cultural Center. They can also visit numerous parks and open spaces such as the Heritage Lakewood Belmar Park and William Fredrick Hayden Park. 

Here is a walkthrough video of Lakewood that you can share with your clients: 

The 10 cheapest cities are sourced from Apartment List’s report while the median household incomes are from US Census Bureau QuickFacts. The median home prices are from Zillow and Redfin. 

Where is rent cheapest in Colorado?  

Rent is cheapest in Fountain. Based on the ten cities above, the median rent for a one-bedroom apartment in Fountain is just $895. This is $688 less than that of Denver, the capital and most populous city in Colorado. While rental charges in major cities are still through the roof, rent has become more affordable across the US. 

What town in Colorado has the lowest cost of living? 

In 2024, Lamar has the lowest cost of living in Colorado. If your clients want to buy a home, it is possible to find one below $150,000 in this municipality. This is 72.1% cheaper than the entirety of Colorado, where the average home price can be as high as $527,200. 

Helping clients find affordable homes in Colorado 

While populous cities continue to experience price hikes, there are still budget-friendly locations where your clients can secure quality housing at a lower cost. These areas provide essential services like healthcare and education without the financial strain of living in a high-cost metropolitan area. 

Lower housing costs also mean that your clients will be able to manage their mortgage repayments more easily. This will reduce financial stress and increase long-term stability. By helping clients explore affordable housing markets, you can expand your client base while providing guidance and support—just like the industry’s top mortgage professionals. 

If your clients are considering residence in Colorado, recommending our listed cities above can help them achieve their homeownership dream while staying within budget. By making the right choices, they can enjoy the benefits of Colorado living without overspending. You will also position yourself as a mortgage broker who can help clients navigate the competitive housing market with confidence. 

Do you have clients who want to buy property in any of these cheapest cities in Colorado? Share your insights in the comments section below.