Wondering where your housing dollar goes farther, Lakewood or Denver? If you’re weighing a first purchase or moving from renting, the answer depends on your property type, neighborhood, and the full list of monthly costs beyond the mortgage. You want a clear, apples-to-apples view so you can plan with confidence.
In this guide, you’ll learn how to compare median prices by property type, estimate recurring costs like taxes, HOA dues, insurance, PMI, and utilities, and run your own numbers using a step-by-step process. You’ll also see example scenarios and neighborhood notes to help you focus your search. Let’s dive in.
How to compare costs
Start with a simple framework so you are looking at the same inputs for each city.
- Price fundamentals: Use current median sale prices by property type. Pull the latest snapshot from your MLS or recent market reports and date your data.
- One-time costs: Plan for down payment and closing costs.
- Recurring costs: Budget for principal and interest, property taxes, HOA dues, homeowner’s insurance, private mortgage insurance if applicable, and utilities.
- Local factors: Jefferson County versus Denver tax levies and any special districts can change the total. HOA inclusions differ by building. Utilities vary by provider and season.
Tip: Always note the date range and source for each number you use, such as “trailing 12 months as of [month, year]” with sample size if available.
Home prices by property type
Use current medians from your MLS or a trusted local report for Lakewood and Denver. Split by single-family detached, townhome, and condo to see clear differences. Neighborhood pockets can swing above or below the city median.
Below is an example-only table to show how to present the comparison. Replace numbers with current local medians before you decide.
| Property type | Lakewood median (example) | Denver median (example) | Difference (example) |
|---|---|---|---|
| Single-family | $700,000 | $750,000 | Denver +7% |
| Townhome | $500,000 | $525,000 | Denver +5% |
| Condo | $350,000 | $375,000 | Denver +7% |
Example only, not current market data. Always verify with a recent MLS or market report and date your source.
Monthly carrying costs to budget
A smart comparison looks beyond price to your full monthly payment.
- Mortgage principal and interest: Based on price, down payment, loan term, and rate.
- Property taxes: Vary by county, city, school district, and special districts.
- HOA dues: Common for condos and many townhomes; some single-family homes have low or no dues.
- Homeowner’s insurance: Depends on coverage, construction, and risk factors.
- PMI: Applies if you put less than 20 percent down on a conventional loan.
- Utilities: Electricity, gas, water and sewer, trash, and internet.
Property taxes: what changes by city
- Jurisdictions: Lakewood is primarily in Jefferson County. Denver is the City and County of Denver. Each has its own mill levy and overlapping districts.
- How taxes are estimated: Annual tax is based on assessed value and the total mill rate. For quick budgeting, some buyers use a simple percentage of the purchase price as a placeholder, then confirm with the county assessor.
- Special districts: Some Lakewood areas have metropolitan districts that add to the bill. Always check a recent tax bill or parcel details for the exact property.
HOA dues: inclusions and impact
- Typical patterns: Condos often have the highest dues since they cover building insurance, exterior maintenance, and amenities. Townhomes are moderate. Many single-family homes have no HOA or lower dues.
- Verification: Use the MLS listing and HOA documents to confirm the current monthly amount, what is included, and any pending special assessments.
- Example only: It is common to see condo dues that materially change your monthly total. Review HOA budgets and reserve status so you understand future increases.
Utilities: providers and seasonal swings
- Providers: Electricity and natural gas are commonly served by Xcel Energy in both cities. Denver Water serves Denver, while Lakewood service can be from Denver Water in parts or local districts like West Metro Water. Trash may be municipal or private. Internet availability varies by neighborhood.
- Seasonal tips: Expect higher gas usage in winter for heating. Budget a range and adjust once you have recent bills for your specific home type.
- Example only: Utilities often add about $150 to $400 or more per month depending on home size and season.
Insurance and PMI: what to know
- Homeowner’s insurance: Premiums vary by property value, coverage, construction, and location. Foothill-adjacent areas can have different risk profiles than central urban neighborhoods. Get quotes for accuracy.
- PMI: If your down payment is under 20 percent on a conventional loan, plan for PMI. As an example only, PMI often ranges from about 0.5 to 1.25 percent of the loan amount per year, based on credit and loan-to-value. PMI may be removable once you reach about 20 percent equity.
Two example monthly payment scenarios
These are examples to show how each cost component affects your total. Replace with current data and your lender’s rate.
Example A: Lakewood condo
Assumptions, example only:
- Price: $350,000
- Down payment: 5 percent
- Loan term and rate: 30-year fixed at 6.75 percent
- Property tax placeholder: 0.65 percent of price annually
- Homeowner’s insurance: $1,100 per year
- HOA dues: $350 per month
- PMI: 0.8 percent of loan annually
Monthly estimate, example only:
- Principal and interest: about $2,148
- Property tax: about $190
- Insurance: about $92
- HOA: $350
- PMI: about $224
- Estimated total (before utilities): about $3,004
- Add utilities estimate: $150 to $300 depending on usage and season
Example B: Denver townhome
Assumptions, example only:
- Price: $525,000
- Down payment: 10 percent
- Loan term and rate: 30-year fixed at 6.75 percent
- Property tax placeholder: 0.70 percent of price annually
- Homeowner’s insurance: $1,400 per year
- HOA dues: $200 per month
- PMI: 0.5 percent of loan annually
Monthly estimate, example only:
- Principal and interest: about $3,072
- Property tax: about $306
- Insurance: about $117
- HOA: $200
- PMI: about $197
- Estimated total (before utilities): about $3,892
- Add utilities estimate: $175 to $325 depending on usage and season
These examples are for illustration only. Confirm price, taxes, HOA dues, and insurance quotes for the specific property you are considering.
Use Lydia’s mortgage calculator
You can create a precise, property-specific estimate by plugging the right inputs into Lydia’s calculator. Keep a listing and a recent tax bill handy.
- Enter your purchase price and down payment or percentage.
- Select your loan term, such as 30-year fixed or 15-year fixed.
- Add the interest rate from your preapproval or a current rate sheet.
- Input annual property taxes. If you do not have a bill yet, use a current estimate and verify with the county assessor.
- Enter your annual homeowner’s insurance premium.
- Add monthly HOA dues.
- Include PMI if your down payment is under 20 percent. Enter it as a monthly amount or annual percentage, depending on the calculator’s options.
- Add any other recurring fees you want to track.
What you will see:
- Principal and interest broken out.
- Estimated total monthly payment that combines P&I, taxes, insurance, HOA, and PMI.
- A clear budget summary so you can compare Lakewood and Denver side by side.
Try three quick scenarios:
- Low down payment vs 20 percent down to see the PMI effect.
- Rate sensitivity by testing a lower, middle, and higher rate.
- Condo vs townhome at similar prices to see how HOA dues change the total.
Neighborhoods to include in your search
Lakewood options to explore:
- Belmar: Walkable mixed-use center with condo and townhome choices.
- Green Mountain: Proximity to the foothills with a range of home styles.
- West Colfax corridor: Transit access and varied housing stock.
- Old Lakewood and Alameda area: Established pockets with different property types.
- Areas with metropolitan districts: Review special district taxes during due diligence.
Denver neighborhoods to consider:
- Washington Park
- Capitol Hill
- Park Hill
- Highland
- LoDo and Ballpark
- Baker
Neighborhood pricing and taxes can differ within the same city. Always verify HOA dues, recent tax bills, and utility providers for the exact address.
Your next step
If you are deciding between Lakewood and Denver, focus on your property type and total monthly budget, then compare neighborhoods that match your lifestyle and commute. When you are ready, we will help you run precise numbers on real listings and negotiate with confidence. Reach out to Lydia’s Home Team to start your plan.
FAQs
Which city is cheaper to buy in, Lakewood or Denver?
- It depends on the property type and neighborhood; city medians are only a starting point and local pockets can be higher or lower in either city.
How much should I budget beyond my mortgage payment?
- Include property taxes, homeowner’s insurance, HOA dues if applicable, utilities, and possible PMI for down payments under 20 percent.
Are property tax rates higher in one city than the other?
- Jefferson County and Denver have different levies, and special districts can add costs; check the county assessor and a recent parcel tax bill for accuracy.
Do HOA dues usually include utilities?
- Sometimes; many condos include items like water or trash while others do not, so always confirm inclusions in the listing and HOA documents.
How can I get an accurate monthly payment for a specific home?
- Use a mortgage calculator that adds P&I, taxes, insurance, HOA, and PMI, and source taxes and HOA dues from the listing and county assessor for the exact address.
