Total monthly cost of ownership
Cost to Own a Home in New Castle, Colorado
A $489,000 home here costs
$3,571per month, all in, with 20% down at today's 7.24% 30-year fixed rate. By the 28% rule that takes a household income of about $153,000 a year.
A standard mortgage calculator would have told you $2,666. The real number is $905 higher every month, 34% more than the payment most buyers budget for.
Compare Garfield County with anywhere in America · full county breakdown
Small-place caveat: the Census publishes these figures for New Castle from a five-year rolling sample, and with about 4,878 residents that sample is small. The median home value here carries a much wider margin of error than a big-city figure does, so treat it as indicative rather than exact. The Garfield County figures are drawn from a far larger sample if you want a steadier number.
Where every dollar goes
Only the first line is a mortgage payment. Change any assumption above and every figure below recalculates.
New Castle against Garfield County and Colorado
| Measure | New Castle | Garfield County |
|---|---|---|
| Median home value | $488,600 | $490,600 |
| Median property tax | $2,069 | $2,095 |
| Effective tax rate | 0.423% | 0.427% |
| Median gross rent | $1,627 | $1,515 |
| Population | 4,878 | 62,034 |
The weather behind that power bill
New Castle sits in Garfield County, which averages a high of 92.1°F in its hottest month and a low of 13.4°F in its coldest, with 10.73" of precipitation a year and 34% of it in a single three-month stretch. That climate drives 631 cooling and 6,398 heating degree days, which is what sets the $116 electricity line above.
See the full climate breakdown for Garfield County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Garfield County
Full Garfield County cost breakdown · Every county in Colorado
Talk to someone who works this market
These are New Castle 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 New Castle every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in New Castle I already own here and may sell
Common questions
How much does it cost to own a home in New Castle?
A $489,000 home in New Castle, Colorado costs approximately $3,571 per month with 20% down at 7.24%. That is $2,666 principal and interest, $172 property tax, $142 homeowners insurance, $184 utilities and $408 set aside for maintenance.
What is the property tax rate in New Castle?
New Castle has an effective property tax rate of 0.423%, based on a median home value of $488,600 and median real estate taxes of $2,069. That is in line with the Garfield County average of 0.427%.
What is the average home price in New Castle?
The median owner-occupied home value in New Castle, Colorado is $488,600, against $490,600 across Garfield County.
Is it cheaper to rent or buy in New Castle?
Median gross rent in New Castle is $1,627 a month, against $3,571 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 New Castle?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in New Castle, Colorado at today's rate takes a household income of roughly $153,000 a year. That covers the full $3,571 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for New Castle, 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.