When you talk about home affordability in Northern Colorado, this can mean very different things depending on who you ask. Let’s say you talk to someone who makes $250k per year; a $750k home seems pretty affordable to them.
On the other hand, someone who makes $40k per year would think a home that is $180k would be a close stretch on their current budget. Doable? Maybe, but it could easily strain the finances if an emergency expense were to rear its ugly head.
Few Affordable Homes Remain in the Region
Sadly, there are very few homes in the Northern Colorado region that can be had for less than $250k nowadays. This means those who do make around $40k annually will have a hard time trying to find an affordable home.
According to SmartAsset, and depending on where you consider the cutoff line for Northern Colorado to be, there is only one town that makes the list of communities that are the most affordable.
Johnstown’s Affordability Ranking
Johnstown, Colorado, ranked fourth for the towns that are the most affordable in the state. While this affordability ranking does not factor in the full price of the home, it uses annual amounts spent on expenses such as average closing costs, property taxes, homeowner’s insurance, mortgage payments, and median income. Here is the breakdown for each of the categories for the town of Johnstown:
- Average closing costs – $3,708
- Average annual property tax – $2,938
- Average annual homeowner’s insurance – $2,806
- Average annual mortgage payment – $35,995
- Average median income – $132,320
Other Colorado Towns on the List
If we are blurring lines and talking about other towns that could be considered Northern Colorado, Frederick ranked fifth in overall annual affordability for homeownership…