Colorado is among the top 10 states in which to own a home, for the second straight year, according to a new report.
Colorado tied with Michigan as the sixth-best state for homeowners. Idaho, Utah and South Dakota claimed the top three spots, with Montana, Wyoming, Minnesota, Wisconsin and Indiana rounding out the top 10.
The report, “The Best States for Homeowners in 2019,” released Tuesday by personal finance startup SmartAsset, compared every state (except Vermont, which had some missing data) across nine metrics: average price per square foot; the one-year percentage change in value per square foot; median value of a home divided by the median household income; foreclosures per 10,000 homes; average effective property tax rate; median annual property taxes; average closing costs; average homeowners insurance and the burglary rate.
“Owning a home is a big milestone for many. Despite the costs and maintenance associated with homeownership, it can represent security, achievement and success,” the report states. “There are some states, though, where it is better to own a home than in others.”
While Colorado’s average property tax rate of 0.5 percent is the lowest among the top 10 states — and the third-lowest rate in the entire study — its median home value-to-median household income ratio is 5.05, which rates in the bottom three.
Colorado’s average annual property taxes are $1,736, which bears out in the price per square foot of real estate — $246, the highest in the top 10 and fourth-highest in the study overall.
For the full report, see https://smartasset.com/mortgage/best-states-homeowners-2019.