Total monthly cost of ownership
Cost to Own a Home in Cortez, Colorado
A $227,000 home here costs
$1,693per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $1,167. The real number is $526 higher every month — 45% 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.
Cortez against Montezuma County and Colorado
| Measure | Cortez | Montezuma County |
|---|---|---|
| Median home value | $226,700 | $308,100 |
| Median property tax | $697 | $915 |
| Effective tax rate | 0.307% | 0.297% |
| Median gross rent | $1,028 | $974 |
| Population | 8,898 | 26,204 |
The weather behind that power bill
Cortez sits in Montezuma County, which averages a high of 90.5°F in its hottest month and a low of 16.6°F in its coldest, with 11.79" of precipitation a year and 35% of it in a single three-month stretch. That climate drives 681 cooling and 5,817 heating degree days, which is what sets the $145 electricity line above.
See the full climate breakdown for Montezuma County — month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Montezuma County
Full Montezuma County cost breakdown · Every county in Colorado
Common questions
How much does it cost to own a home in Cortez?
A $227,000 home in Cortez, Colorado costs approximately $1,693 per month with 20% down at 6.66%. That is $1,167 principal and interest, $58 property tax, $66 homeowners insurance, $213 utilities and $189 set aside for maintenance.
What is the property tax rate in Cortez?
Cortez has an effective property tax rate of 0.307%, based on a median home value of $226,700 and median real estate taxes of $697. That is higher than the Montezuma County average of 0.297%.
What is the average home price in Cortez?
The median owner-occupied home value in Cortez, Colorado is $226,700, against $308,100 across Montezuma County.
Is it cheaper to rent or buy in Cortez?
Median gross rent in Cortez is $1,028 a month, against $1,693 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 Cortez — 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.