Total monthly cost of ownership
Cost to Own a Home in Denver, Colorado
A $587,000 home here costs
$4,310per month, all in, with 20% down at today's 7.40% 30-year fixed rate. By the 28% rule that takes a household income of about $184,500 a year.
A standard mortgage calculator would have told you $3,251. The real number is $1,058 higher every month, 33% more than the payment most buyers budget for.
Compare Denver County with anywhere in America · full county breakdown
Where every dollar goes
Only the first line is a mortgage payment. Change any assumption above and every figure below recalculates.
Denver against Denver County and Colorado
| Measure | Denver | Denver County |
|---|---|---|
| Median home value | $586,700 | $586,700 |
| Median property tax | $2,596 | $2,596 |
| Effective tax rate | 0.442% | 0.442% |
| Median gross rent | $1,770 | $1,770 |
| Population | 713,734 | 713,734 |
The weather behind that power bill
Denver sits in Denver County, which averages a high of 90.2°F in its hottest month and a low of 17.6°F in its coldest, with 15.36" of precipitation a year and 40% of it in a single three-month stretch. That climate drives 813 cooling and 5,765 heating degree days, which is what sets the $115 electricity line above.
See the full climate breakdown for Denver County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Denver County
No other places of this size are published in Denver County.
Full Denver County cost breakdown · Every county in Colorado
Talk to someone who works this market
These are Denver averages. What one specific house costs to own, or what it would sell for today, depends on the street and the condition of the place. We will connect you with one licensed local agent who works Denver every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Denver I already own here and may sell
Common questions
How much does it cost to own a home in Denver?
A $587,000 home in Denver, Colorado costs approximately $4,310 per month with 20% down at 7.4%. That is $3,251 principal and interest, $216 property tax, $170 homeowners insurance, $183 utilities and $489 set aside for maintenance.
What is the property tax rate in Denver?
Denver has an effective property tax rate of 0.442%, based on a median home value of $586,700 and median real estate taxes of $2,596. That is in line with the Denver County average of 0.442%.
What is the average home price in Denver?
The median owner-occupied home value in Denver, Colorado is $586,700, against $586,700 across Denver County.
Is it cheaper to rent or buy in Denver?
Median gross rent in Denver is $1,770 a month, against $4,310 to own the median home all in. Renting costs less month to month here, though renting builds no equity.
What salary do you need to buy a home in Denver?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Denver, Colorado at today's rate takes a household income of roughly $184,500 a year. That covers the full $4,310 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Denver, 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.