The typical owner-occupied home in Florence is worth about $249,700, 54% below the Colorado median of $539,400 and 25% below the national median of $332,700. Owners pay a median $1,179 a year in property taxes, about 0.47% of their home's value, close to the Colorado rate of 0.48%. The median household earns $50,262 a year, so the median home costs 5.0 times the median income (5.6 times for Colorado). 68% of occupied homes here are lived in by their owners, and 40% of those owners still have a mortgage.
Florence at a glance
| Florence | Colorado | U.S. | |
|---|---|---|---|
| Median home value | $249,700 | $539,400 | $332,700 |
| Median property tax paid per year | $1,179 | $2,602 | $3,119 |
| Property tax as a share of value | 0.47% | 0.48% | 0.94% |
| Median household income | $50,262 | $95,470 | $80,734 |
| Homes lived in by their owners | 68% | 66% | 65% |
| Owner homes with a mortgage | 40% | 69% | 61% |
| Median monthly costs, owners with a mortgage | $1,450 | $2,326 | $1,963 |
| Those costs as a share of the owners' income | 18.7% | 22.1% | 21.0% |
| Median rent | $754 | $1,761 | $1,413 |
| Rent as a share of renters' income | 28.4% | 31.4% | 30.6% |
| Median year homes were built | 1974 | 1988 | 1980 |
| Vacant homes | 3.7% | 8.3% | 10.1% |
| Population | 3,885 | 5,862,189 | 334,922,499 |
What a typical home costs per month in Florence
At this week's average 30-year rate of 7.11%, buying the median Florence home of $249,700 with 20% down costs about $1,546 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $1,962, because the loan is bigger and FHA adds mortgage insurance.
Lenders usually want housing costs under about 28% of gross income, which means an income of roughly $66,242 for the 20%-down payment. That payment is 37% of the median Florence household income of $50,262; at that income and 20% down, the 28% guideline points to a home of about $189,000.
The median rent here is $754 a month, so owning the median home costs about $792 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $49,940 |
|---|---|
| Loan amount | $199,760 |
| Principal and interest | $1,344 |
| Property taxes (0.47% a year) | $98 |
| Homeowners insurance (our estimate, 0.5% a year) | $104 |
| PMI | $0 |
| Total per month | $1,546 |
Change the numbers in the calculator
| Down payment | $8,740 |
|---|---|
| Loan amount | $245,177 |
| Principal and interest | $1,649 |
| Property taxes (0.47% a year) | $98 |
| Homeowners insurance (our estimate, 0.5% a year) | $104 |
| FHA mortgage insurance | $110 |
| Total per month | $1,962 |
Change the numbers in the calculator
Questions about home buying in Florence
What is the median home value in Florence?
About $249,700 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Florence?
Homeowners pay a median $1,179 a year, which is about 0.47% of the median home value. Your bill depends on your home's assessed value and local rates.
What income do you need to buy a home in Florence?
For the median home with 20% down at 7.11%, the payment is about $1,546 a month. Keeping that under 28% of gross income takes about $66,242 a year.
More about Florence
- Mortgage Refinance in Florence
- Debt Relief in Florence
- Home Equity Loans in Florence
- Guides and quotes for mortgage refinance on our sister site, MortgageRefinance.com
Sources: U.S. Census Bureau, American Community Survey 2020–2024 5-year estimates; Freddie Mac Primary Mortgage Market Survey, week of November 12, 2026. Estimates for small places have wide margins of error. About our data