Rising Homeownership Costs in Colorado Pressure Older Fixed-Income Owners

Homeownership costs in Colorado are rising significantly, posing challenges for longtime owners, particularly older adults on fixed incomes. A retired nurse in Denver experienced an 80% increase in her monthly mortgage payments over ten years, driven by rising property taxes and homeowner's insurance premiums. The 2025 Harvard report shows increasing cost-burden among U.S. homeowners aged 65 and older, with low-income seniors disproportionately affected. Key factors increasing homeownership expenses include elevated insurance rates, property taxes, energy bills, and maintenance costs. Colorado’s aging housing stock contributes to high repair expenses, with average annual maintenance costs around $13,000, driven by inflation, labor wages, and construction materials prices. Habitat for Humanity programs assist low-income homeowners with exterior repairs, but demand and material costs are challenging to meet. Rising insurance premiums, partly due to Colorado's exposure to hail, flooding, and wildfires, have climbed 40% from 2018 to 2023, outpacing inflation. Property tax increases followed the 2020 repeal of the Gallagher Amendment, causing large surges for many homeowners. State relief efforts include the Homestead Property Tax Exemption for seniors and veterans and foreclosure prevention hotlines. However, experts emphasize broader preservation strategies are needed to help homeowners maintain stable housing. The story highlights the complexity and multifaceted nature of homeownership affordability issues in Colorado, reflecting broader trends impacting older, fixed-income owners nationwide.