Home Affordability in Denver, CO
The median home price in Denver is $560,000 with a median household income of $78,177. Housing is significantly stretched relative to local incomes.
Median Home Price
$560,000
Median Income
$78,177
Price-to-Income Ratio
7.2x
Est. Affordable Home
$304,000
Property Tax Rate
0.55%
Annual Property Tax
$3,080
Sales Tax Rate
8.77%
Cost of Living Index
128
Buying a Home in Denver
Based on the 28% rule (spending no more than 28% of gross income on housing), a household earning the median income of $78,177 in Denver can afford a monthly housing payment of approximately $1,824. This translates to a home price of roughly $304,000, which is below the median home price of $560,000 — many households may need a higher income, larger down payment, or should consider more affordable neighborhoods.
Property taxes on a median-priced home in Denver would be approximately $3,080 per year ($257/month) at the effective rate of 0.55%.
Down Payment Scenarios
| Down Payment | Amount | Loan Amount | PMI Required |
|---|---|---|---|
| 3% | $16,800 | $543,200 | Yes |
| 5% | $28,000 | $532,000 | Yes |
| 10% | $56,000 | $504,000 | Yes |
| 20% | $112,000 | $448,000 | No |
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