In Colorado’s heated real estate market, is it better to be a renter right now?

Owning a home now costs $987 more per month than renting. But not every city or town is the same.

Brammhi Balarajan and Marvis Gutierrez
The Colorado Sun
Apartment units are seen in Denver’s Capitol Hill neighborhood on Tuesday, June 15, 2021.
Olivia Sun/The Colorado Sun

DENVER — Feel like there’s no chance you can buy a house? You may be better off renting anyway. With national average mortgage payments of $2,576.39, that’s above average rent of $1,589 in Colorado, according to ApartmentList. Owning a home now costs $987 more per month than renting. 

And while it’s overall better to rent right now with rising mortgage rates, some cities’ average rental prices are way above the rest. Superior, Highlands Ranch and Castle Rock are among the most expensive cities to live in for renters, with the average rent in Superior through May at $2,399, perhaps because many homes were burned or damaged by smoke in the Marshall fire. That’s $810 above Colorado’s average and $1,056 above the national average.

In contrast, Greeley, Englewood and Colorado Springs are among the cities with the lowest rent prices.

If you’re a renter in Denver, you might want to stay that way. Despite being one of the state’s hottest real estate markets, Denver is one of the least expensive cities in Colorado in terms of rent pricing. The city has an average monthly rent of $1,572, below Colorado’s average. 

In comparison, Denver’s median housing listing price is $695,000 and the average monthly mortgage payment is $2,540 as of January. Being a homeowner costs $968 more monthly than living as a renter in Denver. 


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