Side-by-side comparison of mortgage costs, property taxes, closing costs, and homeowners insurance between Colorado and Washington. Updated for 2026.
Colorado wins 4 of 6 cost categories, making it the more affordable state for homebuyers overall. With a median home price of $520K and lower overall costs, Colorado offers meaningful savings compared to Washington. Both states offer first-time buyer programs — explore the state pages for full details.
Estimated PITI payments assuming 10% down, 6.5% rate, 30-year fixed mortgage with PMI.
The monthly payment difference is $483/month — that’s $5,796/year or $174K over the life of a 30-year loan. Buying in Colorado is the more affordable option based on median home prices with identical loan terms.
Based on the 28% debt-to-income rule — your monthly housing payment should not exceed 28% of gross monthly income.
To afford the median home in Washington, you need a household income of approximately $177K/year. In Colorado, you need $156K/year — less by $21K/year. That $21K income gap means Colorado is accessible to a significantly wider range of households.
Home prices in Colorado and Washington are relatively close, with only a 10% difference ($60K). At similar price points, your decision should focus on the other cost factors: property taxes, insurance, closing costs, and the overall quality of life each state offers. Small percentage differences in tax rates compound over decades of homeownership.
Colorado has a moderate property tax advantage at 0.51% versus Washington's 0.98%. While the rate gap of 0.47% may seem small, it translates to an annual difference of approximately $3,032 when applied to each state's median home price. Over a typical homeownership period of 7-10 years, that adds up to $24K in savings.
Homeowners insurance is significantly cheaper in Washington ($1,600/year) compared to Colorado ($3,200/year). That's an extra $1,600 per year — or $133/month — eating into your budget in Colorado. Colorado's high insurance costs are often driven by severe weather risks (hurricanes, tornadoes, or wildfires), which also affect availability of coverage.
Both states offer down payment assistance for first-time buyers. Colorado's CHFA Down Payment Assistance provides Up to $25,000 second mortgage, while Washington's WSHFC Home Advantage offers Up to $10,000 DPA. These programs can significantly reduce your upfront costs and make homeownership accessible even if you haven't saved a full 20% down payment. Check eligibility requirements on each state's housing finance agency website — income limits and purchase price caps apply.
The bottom line: Colorado and Washington are broadly similar in housing costs, with only $483/month separating them in total PITI payments. In cases like this, your decision should be driven by lifestyle preferences — job opportunities, climate, proximity to family, and quality of life — rather than pure cost savings. Either state offers a reasonable path to homeownership.