The typical owner-occupied home in Colo is worth about $152,000, 27% below the Iowa median of $208,000 and 54% below the national median of $332,700. Owners pay a median $2,310 a year in property taxes, about 1.52% of their home's value, higher than the Iowa rate of 1.39%. The median household earns $64,000 a year, so the median home costs 2.4 times the median income (2.8 times for Iowa). 83% of occupied homes here are lived in by their owners, and 63% of those owners still have a mortgage.
Colo at a glance
| Colo | Iowa | U.S. | |
|---|---|---|---|
| Median home value | $152,000 | $208,000 | $332,700 |
| Median property tax paid per year | $2,310 | $2,897 | $3,119 |
| Property tax as a share of value | 1.52% | 1.39% | 0.94% |
| Median household income | $64,000 | $75,059 | $80,734 |
| Homes lived in by their owners | 83% | 72% | 65% |
| Owner homes with a mortgage | 63% | 59% | 61% |
| Median monthly costs, owners with a mortgage | $1,375 | $1,533 | $1,963 |
| Those costs as a share of the owners' income | 20.9% | 18.7% | 21.0% |
| Median rent | $950 | $972 | $1,413 |
| Rent as a share of renters' income | 29.5% | 27.4% | 30.6% |
| Median year homes were built | 1959 | 1972 | 1980 |
| Vacant homes | 13.4% | 8.5% | 10.1% |
| Population | 686 | 3,210,507 | 334,922,499 |
What a typical home costs per month in Colo
At this week's average 30-year rate of 7.11%, buying the median Colo home of $152,000 with 20% down costs about $1,074 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $1,327, 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 $46,023 for the 20%-down payment. That payment is 20% of the median Colo household income of $64,000; at that income and 20% down, the 28% guideline points to a home of about $211,000.
The median rent here is $950 a month, so owning the median home costs about $124 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $30,400 |
|---|---|
| Loan amount | $121,600 |
| Principal and interest | $818 |
| Property taxes (1.52% a year) | $193 |
| Homeowners insurance (our estimate, 0.5% a year) | $63 |
| PMI | $0 |
| Total per month | $1,074 |
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| Down payment | $5,320 |
|---|---|
| Loan amount | $149,247 |
| Principal and interest | $1,004 |
| Property taxes (1.52% a year) | $193 |
| Homeowners insurance (our estimate, 0.5% a year) | $63 |
| FHA mortgage insurance | $67 |
| Total per month | $1,327 |
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Questions about home buying in Colo
What is the median home value in Colo?
About $152,000 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Colo?
Homeowners pay a median $2,310 a year, which is about 1.52% 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 Colo?
For the median home with 20% down at 7.11%, the payment is about $1,074 a month. Keeping that under 28% of gross income takes about $46,023 a year.
More about Colo
- Mortgage Refinance in Colo
- Debt Relief in Colo
- Home Equity Loans in Colo
- 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