10 Cheapest Places To Live In Colorado

By PropertyClub Team
Apr 18th 2024
Colorado is well known for its abundance of great weather, outdoor recreation, and picturesque mountain views. But, when moving to the Centennial state, finding affordable places to live can be challenging. Read on to discover the ten most affordable places to live in Colorado.

hash-mark10 Cheapest Places To Live In Colorado (2024)

  1. Lamar
  2. Walsenburg
  3. Trinidad
  4. Pueblo
  5. Alamosa
  6. Craig
  7. Clifton
  8. Cortez
  9. Cañon City
  10. Fort Morgan

hash-mark1. Lamar

Median Home Price: $167,400

Average Rent (one bedroom): $900

Cost of Living Compared to State Average: 40.9% lower than the Colorado State average

The cheapest place to live in Colorado is Lamar. Located in the state’s southeast corner, this city is a well-known center for commercial farming, ranching, and agriculture. With only 8,000 residents, Lamar is best for those who prefer a small-town atmosphere and abundant outdoor experiences.

The city’s main attractions include the Arkansas River, the John Martin Reservoir, Bent’s Old Fort, and the Amache-Granada Japanese Relocation Center. With home prices middling around $167,400, Lamar is a great place to find both affordable housing and a slow-paced lifestyle.

hash-mark2. Walsenburg

Median Home Price: $188,000

Average Rent (one bedroom): $1,025

Cost of Living Compared to State Average: 34.8% lower than the Colorado State average

Not only is Walsenburg one of the cheapest places to live in Colorado, but it is also one of the oldest. As a result, this city’s historic homes are some of the most affordable in the state, with prices averaging around $188,000. While this makes Walsenburg the perfect place for home buyers interested in a fixer-upper, renters will find the market sparse, with slim pickings for rent. Though Walsenburg lacks big-city amenities, its stunning views of the Spanish Peaks and the Sangre de Cristo Mountains make this small town a great option for classic frontier living.

hash-mark3. Trinidad

Median Home Price: $237,500

Average Rent (one bedroom): $1,040

Cost of Living Compared to State Average: 33.6% lower than the Colorado State average

Trinidad has some of the cheapest home values and rental rates in all of Colorado. Located close to the New Mexico border, this city’s low cost of living has recently made it attractive to Denver natives, who are looking for cost-effective alternatives to the city’s rising prices. As a result, Trinidad has become a safe haven for artists and free spirits alike. With plenty of outdoor recreation, architectural history, and a creative community, Trinidad poses an affordable opportunity for anyone possessing a more bohemian energy.

hash-mark4. Pueblo

Median Home Price: $285,000

Average Rent (one bedroom): $995

Cost of Living Compared to State Average: 29.1% lower than the Colorado State average

Pueblo is another one of Colorado’s cheapest cities to live in. It is also one of the most vibrant. Located roughly 1.5 hours from Denver, this city is situated along the Arkansas River and is Colorado’s ninth-largest city. It is lovingly nicknamed the “Steel City” for its steel manufacturing industry, which supports the local economy. Additionally, Pueblo is known for its rich agriculture and outdoor recreation. With a thriving artistic community, beautiful weather, low cost of living, and plenty of outdoor recreation, Pueblo is a rock-solid choice for families and young professionals.

hash-mark5. Alamosa

Median Home Price: $288,000

Average Rent (one bedroom): $1,060

Cost of Living Compared to State Average: 31.4% lower than the Colorado State average

Alamosa is both cheap and quickly growing. This bustling, mid-size town sits at the center of the Majestic San Luis Valley and is best known as the “Gateway to the Great Sand Dunes.” It has a population of roughly 10,000 people, largely comprised of nature lovers, students, and local business owners.

Residents of Alamosa love the city’s local natural attractions, which include the Valley View Hot Springs, the Blanca Wildlife Habitat Area, the Great Sand Dunes National Park, and the Rio Grande River Walk. Home prices in this area average close to $288,000, and rental rates hover around $1,060 for a 1-bedroom apartment, both of which make Alamosa a great place to find an affordable place to live. 

hash-mark6. Craig

Median Home Price: $287,600

Average Rent (one bedroom): $1,120

Cost of Living Compared to State Average: 28.9% lower than the Colorado State average

Craig is also one of the most affordable places to live in Colorado. Located in the state's north-central region, and known for being a friendly area, this small town is perfect for retirees who are interested in a slower-paced lifestyle. Craig is also known as the “Elk Hunting Capital of the World,” and people come from across the country for their opportunity to hunt the land.

The local economy is primarily driven by the coal industry, which doesn’t provide local residents much in the way of job opportunities. But, the city’s low cost of living and highly affordable housing market makes it a great place to find a beautiful mountain getaway. 

hash-mark7. Clifton

Median Home Price: $296,400

Average Rent (one bedroom): $1,125

Cost of Living Compared to State Average: 24.8% lower than the Colorado State average

A suburb of Grand Junction, Clifton is one of the cheapest cities in Colorado's wine country. This city is close to the state’s western border, and its surrounding area is home to some of Colorado’s most stunning landscapes. Clifton’s temperate weather is perfect for growing an assortment of fruits, making this the premier spot for wineries, vineyards, and orchards. With home prices well below the state average, Clifton is the best spot to grab a glass of wine and enjoy the best of Colorado’s stunning mountainscapes. 

hash-mark8. Cortez

Median Home Price: $299,500

Average Rent (one bedroom): $1,200

Cost of Living Compared to State Average: 23.2% lower than the Colorado State average

Another one of the cheapest places to live in Colorado is Cortez. Located in Colorado’s southwestern region, the town has a reputation for being both affordable and popular amongst outdoor enthusiasts. While the population rests slightly under 10,000 people, this city still has plenty of fun activities. Its main attractions include many outdoor amenities, such as the Four Corners Monument, Mesa Verde National Park, Ute National Park, and the Canyons of the Ancients National Monument.

An area rich with history, Cortez is also one of Colorado’s best archaeological centers and is home to the Hawkins Preserve. With local home prices well below the state average, Cortez is an excellent place to find affordable housing and outdoor adventure.

hash-mark9. Cañon City

Median Home Price: $323,000

Average Rent (one bedroom): $1,220

Cost of Living Compared to State Average: 24.5% lower than the Colorado State average

Straddling the Arkansas River is Cañon City, another one of the most affordable cities in Colorado. A popular tourist destination, this city boasts an abundance of outdoor activities – from whitewater rafting to rock climbing. Also known for its public parks and wildlife, Cañon City’s primary attractions include Skyline Drive and The Royal Gorge Bridge & Park. Residents can also enjoy hunting, fishing, boating, golfing, bicycling, swimming, and horseback riding – all of which are available right in the city.

While home prices and rental rates in this area are higher than other places on this list, they are still well below the state average, making Cañon City an affordable place to live.

hash-mark10. Fort Morgan

Median Home Price: $327,000

Average Rent (one bedroom): $1,250

Cost of Living Compared to State Average: 21.3% lower than the Colorado State average

Located in the eastern plains of Colorado, Fort Morgan is one of the state’s cheapest places to find a peaceful retreat from daily life. In addition to its many parks and green spaces, this city also has a charming downtown area with a lively music scene. Residents of Fort Morgan can bask in the city’s rich agricultural history while enjoying local attractions such as the Rainbow Arch Bridge and the Center for Arts and Enrichment. Though rents in this area can be slightly more expensive, Fort Morgan is a cost-effective choice for those interested in moving to Colorado. 

hash-markCheapest Places To Live In Colorado Comparison

Rank

Place

Median Home Price

Avg Rent (1-Bedroom)

1

Lamar

$167,400

$900

2

Walsenburg

$188,000

$1,025

3

Trinidad

$237,500

$1,040

4

Pueblo

$285,000

$995

5

Alamosa

$288,000

$1,060

6

Craig

$287,600

$1,120

7

Clifton

$296,400

$1,125

8

Cortez

$299,500

$1,200

9

Cañon City

$323,000

$1,220

10

Fort Morgan

$327,000

$1,250

hash-markCheapest Places To Live In Colorado Methodology

To determine the most affordable places to live in Colorado in 2024 we considered several factors including cost of living, and affordability of real estate in each community. Median home prices and median rents have been calculated based off of transactions that closed between January 1, 2023, and January 1, 2024.