Affordable Homes for Sale in Colorado: 6,204 Homes Under $400,000, City by City

The short answer

Which Colorado cities have the most affordable homes?

Denver, Colorado Springs and Aurora hold 2,420 of the 6,204 homes under $400,000, but they are different markets: Denver and Aurora are condos with dues, Colorado Springs is houses on the east side, Pueblo is houses with no HOA at the lowest prices in the state. Each city name below opens a live map of every home under $400,000 there, with the ZIP codes, the monthly cost and the local programs.

How much of Colorado is still under $400,000?

About one listing in four. Under $300,000 it is one in eight, and most of those are condos or homes outside the Denver metro. The price-band pages for each city ($100,000 to $400,000 and so on) are linked from every city page.

What is the median affordable home in each city?

The same $400,000 ceiling buys a three-bedroom house in Pueblo, a two-bedroom townhome in Colorado Springs or Greeley, and a one-bedroom condo in Boulder. Square footage runs from about 864 square feet at the Denver and Boulder medians to 1,614 in the house markets.

Which cheap homes carry an HOA?

The HOA is the line that turns a cheap price into an expensive payment. On a $300,000 condo at 7 percent, $437 of dues is about a quarter of the whole payment. Pueblo, Fountain, Fort Morgan, Greeley and Colorado Springs are where under-$400,000 homes mostly come without one.

Which programs bring the cash to about $1,000?

Quick answers

Where are the cheapest homes in Colorado right now?

Pueblo has the lowest prices of any Colorado city with real inventory: 276 homes under $400,000, median $259,000, most of them houses with no HOA. Colorado Springs has the most affordable houses (1,151 under $400,000); Denver and Aurora have the most affordable condos (500 and 769). Fort Morgan, Evans and Woodland Park are the small-town answers. Every city with its own page is in the table above.

How many homes in Colorado are under $300,000?

3,082 active listings this week, out of 24,101 statewide; 6,204 are under $400,000. About half of the under-$300,000 homes are condos in Denver, Aurora, Lakewood and Colorado Springs; the rest are houses in Pueblo, Colorado Springs, Greeley, Fountain and the plains towns.

What does $300,000 buy in Colorado?

In Pueblo a three-bedroom house with a yard. In Colorado Springs a two-bedroom townhome or a small older house on the east side. In Denver, Aurora, Lakewood or Boulder a one- or two-bedroom condo with an HOA of $350 to $500. In Fort Collins and Greeley a two-bedroom townhome. Each city page prices it with this week's data.

How much cash do I need to buy an affordable home in Colorado?

About $1,000 with CHFA assistance anywhere in the state: the 3 percent grant or 4 percent second mortgage covers the FHA down payment, the seller pays closing costs through the offer, and the earnest deposit comes back at closing. The worked example is on $1,000 cash to close, the rules on CHFA down payment assistance in Colorado.

Which Colorado down payment programs are real?

CHFA (statewide, 620 score, income under $178,920). metroDPA (Denver metro counties, 0 percent second with no payments, income under $210,150). City and county programs in Aurora, Fort Collins, Boulder, Longmont, Broomfield, Larimer, Arapahoe and El Paso counties. Denver's and Boulder's income-restricted homes, priced 20 to 50 percent under market with a resale cap. USDA zero-down in Fort Morgan, Evans, Woodland Park, Pueblo West and the plains towns. VA zero-down for anyone who served. HUD homes at $100 down. Each city page names the ones that work there, with the catch.

Are HUD homes the cheapest homes in Colorado?

No. HUD homes sell at HUD's appraised value, as-is, with a $100 down option on an FHA loan; there are 26 in Colorado this week, median $225,000, so they are a bonus for a buyer already watching the under-$400,000 grid. The live list and the rules are on Denver HUD Homes and Denver HUD homes for sale.

Is rent-to-own a way into a cheap Colorado home?

It is the expensive way. A lease-option takes a 3 percent option fee ($9,000 on $300,000) plus a rent premium with no title until the end; CHFA puts a 620-score buyer on title now for about $1,000. The side-by-side is on rent to own homes in Colorado.

Why does a cheap Colorado condo cost more a month than the price suggests?

The HOA. In Denver, Aurora, Lakewood, Littleton, Arvada and Boulder, 78 to 98 percent of homes under $400,000 carry dues, median $370 to $480 a month, which is more than the taxes and insurance combined. In Pueblo, Fountain, Greeley and Fort Morgan under half do. The HOA chart above and every city page show it before you fall for a price.

Keep going

The Denver affordable homes guide · $1,000 cash to close · CHFA assistance · Colorado home financing · Rent to own in Colorado · First-time homebuyer programs · HUD homes in Colorado · Credit care · Mortgage pre-approval · Can I afford a home now.