Firestone tops NerdWallet’s Colorado list

FIRESTONE – A new report by NerdWallet.com has named Firestone the best city for homeownership in Colorado, with Erie coming in second and Windsor fifth in an analysis of the 57 places in the state with more than 10,000 residents.

NerdWallet’s scores for the analysis were based on four main factors: homeownership rate (33 percent), monthly owner costs as a percentage of median household income (16.7 percent), median home value (16.7 percent) and population change from 2010 to 2012 (33 percent).

High homeownership rates, low costs of living, high median incomes and high growth led to higher scores.

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NerdWallet.com, based in San Francisco, develops data-driven tools to help consumers make decisions.

Firestone led the way in population increase on NerdWallet’s list, with a jump of 13.5 percent from 2010 to 2012. Median monthly household income there is $6,832, with 27.5 percent of that going toward ownership costs. The median home value, meanwhile, is $242,700, with 88 percent of homes owned instead of rented.

Erie had a home ownership rate of 84.5 percent, with a median home value of $334,200 and population growth of 11.2 percent. Median monthly household income there is $8,937, though ownership costs are also higher at $2,172.

The Pinery in Douglas County came in third on the list, just ahead of Pueblo West and Windsor, which has an ownership rate of 79.1 percent and a median home value of $258,000 but slower population growth than Erie and Firestone.

Only one other town in the Boulder Valley or Northern Colorado made the top 20, http://www.nerdwallet.com/blog/2014/best-cities-homeownership-colorado/. That was Broomfield at No. 20.