Top 5 Cheapest places to live in Colorado with the Best quality of life – 2024

• Population: 7,152
• Median cost of rent: $1,050
• Median property buying cost: $212,000

La Junta is a small town in the southeastern part of Colorado and is a great place for people who love the outdoors. There are many trails and parks that you can explore, such as the Royal Gorge Park, which has multiple activities for everyone to enjoy. You can even actively go fishing in one of the many lakes or rivers close by.

La Junta is definitely one of the cheapest places to live in Colorado. As of January 2024, the median property buying cost is $212,000, while the median rent is $1,050. The city of La Junta, with a population of 7,152, features light industries, an airport in the north industrial park, a rail yard, and local businesses downtown. Recent job growth is at 3.4%, and the city offers low sales tax rates, providing financial savings for residents.

US Census (2022), Rockethomes (Jan 2024) & Zillow (Jan 2024)

• Population: 13,102
• Median cost of rent: $800
• Median property buying cost: $234,500

Sterling, Colorado offers affordable living without compromising on quality of life, making it a great place to live. As of January 2024, the median property buying cost is $234,500, while the median rent is $800. With these costs, it is potentially easy for first-time homebuyers to purchase a home. If you’re buying a home in Sterling, you may be able to get a good deal. 52.9% of homes were sold below asking price last December 2023. 

If you’re moving to Sterling, Colorado, because of housing affordability, you can also check out family-friendly activities like North Sterling Reservoir State Park, Riverview Golf Course, City of Living Trees Walk, and Parts & Labor Brewing Company.

US Census (2022), Rockethomes (Jan 2024) & Zillow (Jan 2024)

• Population: 8,313
• Median cost of rent: $1,200
• Median property buying cost: $289,350

Trinidad is a small town about 120 miles from Colorado Springs. It is a wonderful place to live thanks to its thriving community, easy access to outdoor activities, and beautiful views of Pikes Peak. The location of Trinidad makes it an ideal spot for people who love outdoor activities but still want access to city amenities.

The City of Trinidad, Colorado, hired Root Policy Research for a comprehensive Housing Needs Assessment. The goal is to establish baseline data on housing needs for economic development and create an effective strategy tailored to the city’s unique housing needs. This initiative aims to facilitate locals in acquiring property at fair costs. However, moving to this place as of this writing won’t compromise your budget if you decide to own a property. As of January 2024, the median property buying cost is $289,350, while the median rent is $1,200. 

US Census (2022), Rockethomes (Jan 2024) & Zillow (Jan 2024)

• Population: 111,456
• Median cost of rent: $995
• Median property buying cost: $324,975

In 1909, Pueblo’s development extended beyond agriculture, with steel emerging as a vital industry, making it the sole steel town west of the Mississippi River. In 2022, Pueblo will have about 111,456 people, be located about 60 miles south of Denver, and have a much lower cost of living compared to other major Colorado cities. As of January 2024, the median property buying cost is $324,975, while the median rent is $995.

Pueblo residents may qualify for housing grants and HUD initiatives. These include grants for low-income residents, loans for green properties, grants for minorities, and grants for home businesses. The focus is mainly on small business owners operating from their primary residence. While owning a house in this place is pretty easy, locals can also enjoy what Pueblo has to offer in terms of activities. Locals enjoy outdoor activities such as fishing, hunting, and boating on the Arkansas River.

US Census (2022), Rockethomes (Jan 2024) & Zillow (Jan 2024)

• Population: 17,258
• Median cost of rent: $1,400
• Median property buying cost: $325,000

If you are seeking another affordable place to live in Colorado, Cañon City is another option. As of January 2024, the median property buying cost is $325,000, while the median rent is $1,400. It offers affordability, a high quality of life, and numerous outdoor activities to keep you busy. It has the Rocky Mountains, a unique feature of Colorado’s landscape, providing abundant recreational opportunities.

Online reviews note that the cost of living in Cañon City is rising, but it remains inexpensive compared to cities like Denver and Colorado Springs. They also mention that Cañon City offers affordable options for groceries, healthcare, transportation, and housing across different budgets. The residents and the government are excited to celebrate Cañon City’s sesquicentennial this year, with a full year of planned activities for its 150th anniversary.

US Census (2022), Rockethomes (Jan 2024) & Zillow (Jan 2024)