CALCMONEY // HOME AFFORDABILITY // CO // LAKEWOOD
How much house can you afford in Lakewood? Based on local median home prices, current CO mortgage rates, and Lakewood property tax data.
$490,000
$2,994/mo
$128,320/yr
$267,154
Monthly housing costs of $2,994 represent 46.1% of Lakewood's median gross monthly income ($6,500/mo). At 46.1%, median-income buyers in Lakewood are significantly stretched — well above the 28% guideline. A larger down payment or higher income is required.
| Median Home Price | $490,000 |
| Down Payment (20%) | $98,000 |
| Loan Amount | $392,000 |
| Monthly PI Payment | $2,582 |
| Monthly Property Tax | $208 |
| Monthly Insurance Est. | $204 |
| Total Monthly PITI | $2,994 |
| Housing Cost % of Income | 46.1% |
| Required Income (28% rule) | $128,320/yr |
| Max Affordable Home | $267,154 |
$17,150
$3,862/mo
Lakewood Home Affordability Quick Reference 2026
| Metric | Value | Notes |
|---|---|---|
| Median Home Price | $490,000 | Lakewood city median |
| Down Payment (20%) | $98,000 | Conventional loan |
| Monthly PITI | $2,994 | 6.9% rate, 30yr fixed |
| Required Income (28% rule) | $128,320 | Annual gross |
| Max Affordable Home | $267,154 | Based on median income |
| FHA Down (3.5%) | $17,150 | Minimum FHA |
| Housing Cost % of Income | 46.1% | Median income: $78,000/yr |
| Property Tax Rate | 0.51% | $2,499/yr on median home |
Monthly PITI includes principal, interest, property tax, and homeowners insurance. Estimates only.
The median home price in Lakewood is $490,000, with a local 30-year mortgage rate of 6.9%. A buyer putting 20% down carries a loan of $392,000, generating a monthly P&I payment of $2,582. Adding property taxes ($208/mo) and homeowners insurance ($204/mo) brings total monthly PITI to $2,994.
Lakewood's property tax rate of 0.51% is among the lower rates in the country, which improves overall affordability by keeping total PITI closer to the principal and interest payment alone. On the Lakewood median home, that is $208/month, or $2,499 per year.
Colorado levies a state income tax, which affects take-home pay and effective buying power. High-income earners in Lakewood should factor state tax liability into their overall housing budget — mortgage interest may be deductible on both federal and state returns.
Using the 28% rule, a household earning Lakewood's median income of $78,000/year can afford up to $1,820/month in total housing costs. Based on Lakewood's mortgage rate of 6.9% and property tax rate of 0.51%, that translates to a maximum affordable home price of approximately $267,154 with 20% down on a 30-year loan.
To afford the median Lakewood home priced at $490,000, you need an annual gross income of approximately $128,320. Total monthly housing costs (principal and interest of $2,582, property taxes of $208, and insurance of $204) come to $2,994/month, which equals 28% of the required income.
At the median home price of $490,000 and median household income of $78,000, the total monthly housing cost of $2,994 represents 46.1% of gross monthly income. This is well above the standard 28% threshold, making Lakewood a challenging market for buyers at median income.
A conventional 20% down payment on the median Lakewood home of $490,000 is $98,000. An FHA loan requires just 3.5% down — $17,150 — but adds mortgage insurance of roughly $335/month, bringing total FHA payments to $3,862/month.
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