Borrowing in Montezuma County, CO: a county-level guide

Who lives in Montezuma County

Montezuma County is home to about 26,412 people, according to the Census Bureau's 2020 to 2024 American Community Survey, which makes it the 22nd most populous of 64 county-level areas in Colorado. Montezuma County spans 2,029 square miles; with 26,412 people, that is 13.0 per square mile. Under the July 2023 OMB definitions, Montezuma County is not part of any metropolitan area. Cortez is the biggest of its 5 Census places, at roughly 8,976 people (34% of the county total).

Labor force snapshot: Montezuma County

The biggest employer of Montezuma County residents, by industry, is education and health care at 24% of workers, followed by retail trade (13%). Relative to Colorado (5%), public administration is 4 points bigger in Montezuma County (9%). ACS puts five-year average unemployment at 3.9% in Montezuma County. 48% of Montezuma County workers get to work in under 15 minutes, while 15% need 45 or more. 5.0% of households have no vehicle.

A lender verifies what your own job pays. The county's industry mix tells you about the local economy, not about your application.

What Montezuma County households earn

At $65,244, the typical Montezuma County household income sits near the median U.S. county ($65,681).

26% under $35,000 and 29% at $100,000 or more: that is the Montezuma County income split. Montezuma County counts about 3,501 residents below the poverty line, 13.3% of the population. The Gini index of income inequality is 0.444 (0 is perfect equality). None of these numbers decides a Montezuma County application. Lenders weigh your own documented income against your own debts.

Homes and rents, Montezuma County

Half of Montezuma County renters pay more than $942 a month and half pay less; the Colorado midpoint is $1,761. Cost-burdened renters, paying 30%-plus of income: 57% in Montezuma County, 53% statewide. Home values center on $331,400, or 5.1 years of median income. In Montezuma County, 76% of occupied homes are owned by the people living in them.

In an owner-heavy county like Montezuma County, many borrowers can also choose a home equity loan or line of credit. Those can price lower but put the house on the line, so compare the two in writing; our personal loan vs. HELOC guide walks through it. With rent burdens at 57%, keep any Montezuma County loan to the smallest amount that solves the problem.

Montezuma County's most unusual numbers

The 2 Montezuma County numbers that rank furthest from typical in Colorado, and what each means for a borrower:

• Montezuma County ranks 5th highest of 64 Colorado counties for the share of mobile homes: 16.7%, against 3.5% statewide. Manufactured homes often do not qualify for home equity loans, so unsecured loans fill the gap.
• The share of renters paying 30% or more of income for rent: 57% in Montezuma County. Only 12 of 64 Colorado counties are higher. Make sure a consolidation loan lowers what you pay each month.

Regional comparison for Montezuma County

Six nearby counties, 28 to 68 miles away by the straight-line distance between their centers. Richest neighbor: La Plata County, $86,056. Poorest: San Juan County, $55,872. Montezuma County: $65,244. Some neighbors are in New Mexico and Utah. Lender licensing is state by state, so a loan for a Montezuma County resident follows Colorado rules.

Census places in Montezuma County

5 Census places fall mainly inside Montezuma County; the 5 biggest are below. They account for 12,423 residents, leaving about 53% of the county in unincorporated, unnamed areas. Mancos ($65,833) and Towaoc ($22,955) mark the top and bottom of Montezuma County's income range among larger places. Median rent ranges from $424 in Towaoc to $984 in Cortez. Cortez and every other Montezuma County community use this county guide.

Debt-to-income, Montezuma County edition

Lenders compare monthly debt payments with gross monthly income, the debt-to-income ratio. For a Montezuma County household at the medians it works out like this; treat it as an illustration only.

• Median income divided by twelve: $5,437 before taxes
• Less median rent of $942, which is 17% of it
• Under a 43% cap, $2,338 total minus rent leaves $1,396

Subtract what you already pay on other debts. A new payment should fit in what remains, with some to spare.

Montezuma County households compared

College graduates make up 31% of the adult population. About 11% go without health insurance.

Local borrowing considerations for Montezuma County

The county's numbers point to a few situations that come up often for Montezuma County borrowers.

• Hospital bills in Montezuma County. For the 11% of residents without coverage, the provider's charity-care program comes before any loan (details).
• Manufactured homes. 17% of Montezuma County housing units are mobile homes, and their repairs are often paid with unsecured loans. Get the quote in writing.
• 57% rent-burdened. A payment on top of high rent needs a cushion; size it with the calculator.

Steps before you apply in Montezuma County

Quick steps for Montezuma County:

• Size the loan to the bill, not to the most a lender offers.
• Prequalify with soft pulls where offered, then compare in writing.
• Only work with lenders licensed for Colorado borrowers.
• Lock paid-off cards after consolidating so balances stay at zero.

Lender oversight for Montezuma County

Consumer lenders serving Montezuma County are licensed by the state, not the county; in Colorado that is the Colorado Division of Banking. Colorado also has the Colorado Attorney General's office, which administers the state's Uniform Consumer Credit Code for consumer credit. A CFPB complaint gets forwarded to the company for a response. State-level detail for Montezuma County borrowers is in the Colorado guide.

Related local guides

Next step up from Montezuma County:

• Colorado state guide