Total monthly cost of ownership
Cost to Own a Home in Colorado Springs, Colorado
A $421,000 home here costs
$2,989per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $2,164. The real number is $825 higher every month — 38% more than the payment most buyers budget for.
Where every dollar goes
Only the first line is a mortgage payment. Change any assumption above and every figure below recalculates.
Colorado Springs against El Paso County and Colorado
| Measure | Colorado Springs | El Paso County |
|---|---|---|
| Median home value | $420,700 | $431,000 |
| Median property tax | $1,664 | $1,773 |
| Effective tax rate | 0.396% | 0.411% |
| Median gross rent | $1,562 | $1,609 |
| Population | 483,099 | 736,008 |
The weather behind that power bill
Colorado Springs sits in El Paso County, which averages a high of 86.5°F in its hottest month and a low of 18.5°F in its coldest, with 15.91" of precipitation a year and 52% of it in a single three-month stretch. That climate drives 608 cooling and 5,889 heating degree days, which is what sets the $145 electricity line above.
See the full climate breakdown for El Paso County — month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in El Paso County
Full El Paso County cost breakdown · Every county in Colorado
Common questions
How much does it cost to own a home in Colorado Springs?
A $421,000 home in Colorado Springs, Colorado costs approximately $2,989 per month with 20% down at 6.66%. That is $2,164 principal and interest, $139 property tax, $122 homeowners insurance, $213 utilities and $351 set aside for maintenance.
What is the property tax rate in Colorado Springs?
Colorado Springs has an effective property tax rate of 0.396%, based on a median home value of $420,700 and median real estate taxes of $1,664. That is lower than the El Paso County average of 0.411%.
What is the average home price in Colorado Springs?
The median owner-occupied home value in Colorado Springs, Colorado is $420,700, against $431,000 across El Paso County.
Is it cheaper to rent or buy in Colorado Springs?
Median gross rent in Colorado Springs is $1,562 a month, against $2,989 to own the median home all in. Renting costs less month to month here, though renting builds no equity.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Colorado Springs — US Census Bureau, American Community Survey ACS 2023 5-Year, place-level tables.
- Homeowners insurance — NAIC average premium for Colorado.
- Electricity price — EIA Electric Power Monthly Table 5.6.A.
- Mortgage rate — Freddie Mac PMMS, refreshed weekly.
- Maintenance (1%/yr) and water and sewer ($68/mo) are national estimates. Every assumption above is editable.