Colorado home ownership and housing values suffer in recession

The Great Recession took its toll on home ownership and housing values in Colorado, according to the latest Census survey.

A home under construction in Douglas County, Colorado.

A home under construction in Douglas County, Colorado.

But the homeowners who remain managed to lower their monthly housing costs by more than $200 a month.

The 2012 American Community Survey, released by the U.S. Census Bureau Sept. 19, found that the share of  households in the state that owned their own homes dropped from 67.5 percent in 2008 when the recession began to 64 percent in 2012.

The median price of a Colorado home fell from $242,000 to about $235,000 between 2008 and 2012.

Homeowners with mortgages cut back their household spending dramatically during the period. They spent only 27 percent of their income on housing costs, on average, down from 36 percent in 2008. And their median housing costs fell from $1,772 a month in 2008 to $1,551 last year.

Rentals, however, went in the opposite direction, with median costs rising from $900 a month to $934 in 2012, according to the new numbers.

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