Total monthly cost of ownership
Cost to Own a Home in Monument, Colorado
A $586,000 home here costs
$4,330per month, all in, with 20% down at today's 7.32% 30-year fixed rate. By the 28% rule that takes a household income of about $185,500 a year.
A standard mortgage calculator would have told you $3,220. The real number is $1,110 higher every month, 34% more than the payment most buyers budget for.
Compare El Paso 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.
Monument against El Paso County and Colorado
| Measure | Monument | El Paso County |
|---|---|---|
| Median home value | $586,400 | $431,000 |
| Median property tax | $3,215 | $1,773 |
| Effective tax rate | 0.548% | 0.411% |
| Median gross rent | $1,947 | $1,609 |
| Population | 11,035 | 736,008 |
The weather behind that power bill
Monument 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 $116 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
Talk to someone who works this market
These are Monument 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 Monument every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Monument I already own here and may sell
Common questions
How much does it cost to own a home in Monument?
A $586,000 home in Monument, Colorado costs approximately $4,330 per month with 20% down at 7.32%. That is $3,220 principal and interest, $268 property tax, $170 homeowners insurance, $184 utilities and $488 set aside for maintenance.
What is the property tax rate in Monument?
Monument has an effective property tax rate of 0.548%, based on a median home value of $586,400 and median real estate taxes of $3,215. That is higher than the El Paso County average of 0.411%.
What is the average home price in Monument?
The median owner-occupied home value in Monument, Colorado is $586,400, against $431,000 across El Paso County.
Is it cheaper to rent or buy in Monument?
Median gross rent in Monument is $1,947 a month, against $4,330 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 Monument?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Monument, Colorado at today's rate takes a household income of roughly $185,500 a year. That covers the full $4,330 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Monument, 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.