What is the average home price in Colorado Springs? You may be thinking about your budget and your expenses if you are potentially moving to Colorado Springs. Many people who are thinking about moving here have questions about affordability and whether Colorado Springs would be a good place to live. These questions are incredibly important, so it’s great that you’re doing your research as it can shape the outcome of your quality of life and your financial future. So today I’ll be talking about the average cost of homes in Colorado Springs and how expensive it is.
When it comes to living in Colorado Springs, you’ll want to get your budget and your finances together so you can have the most positive experience. How much driving will you be doing? Will you need to spend more on gas or are you working from home? These things are important to consider to live a comfortable lifestyle in Colorado. Do you know your grocery budget? How many bedrooms do you need? Do you need a home office or a gym? Making a list of wants vs needs in the home and your preferred lifestyle is going to help significantly when you’re planning your next move.
What is the average cost of a home in Colorado Springs?
The average home price in Colorado Springs was recently calculated through data provided by the Pikes Peak Association of Realtors® for the month of November. This number combines all the homes sold in the MLS as accurately as possible and spits out data that helps us determine the average home price in Colorado Springs. The data set that I’ve used is for the entire month of April this year, which is $561,907. There may not be homes included if they were sold by an owner or sometimes brand new construction homes may not be included in this data. This information is reliable, but not 100% guaranteed. So because this number includes all data available, including high end and luxury homes, it’s difficult to use this number when it comes to the practicalities of home buying in Colorado Springs. That’s why I like to use the median sales price because it seems more realistic for what you’d be paying for the average house in 2022.
What is the average price of a home in Colorado?
Looking at how Colorado Springs compares to the rest of the state, we are definitely higher than most, aside from Denver, Boulder, and the ski resort towns in Colorado. The Average Sales price for the state of Colorado is $678,755. But you have to remember that this includes high end homes and with Colorado Ski Country resort towns being highly desirable, we look to the median sales price which is $525,000.
Are houses expensive in Colorado Springs?
Houses are a bit more expensive than they used to be in Colorado Springs. The average home price in Colorado Springs has doubled in just about 7 years. This has caused many native locals to have to move to more affordable places to live. Housing has become a struggle to find and the demand for housing has gone up, which created higher prices. With the average monthly salary just over $5,000, that doesn’t leave much room for other things. However, if you don’t mind doing some house renovations on your own, you could save a lot of money that way.
Why are houses so expensive in Colorado Springs?
Houses have gotten more expensive in Colorado Springs because we were like the best kept secret for so long. Right now you see this happening in Arizona, El Paso, Texas, and other places like Memphis, Tennessee. When people have a choice of where they want to relocate, they tend to choose these cities with lower living costs and housing prices. Colorado Springs used to be on this list. People moved here in droves, paid a significant amount of money over the sales price of the home to outbid other buyers, and when this happens, the housing prices sky-rocketed to where it is now.
Is Colorado Springs expensive to live?
Colorado Springs is not as expensive to live as some of the larger cities. I won’t go too deep into details since I already have a video on the cost of living in Colorado Springs which I’ll link in the text below this video. It’s recent with utilities, gas prices, and our personal grocery budget, so you can get an idea of how you can budget for those items as well. But we’re still mostly affordable even though the prices are rising.
Is it worth moving to Colorado Springs?
It might be worth moving to Colorado Springs if you plan on staying here for a while. I’d say give it at least 3 to 5 years or more so that you have time to build some equity in your home and actually at least get back what you paid in at closing. If you are planning on staying forever, let’s put some things into perspective. Once you close on your house and you are the official homeowner, the time clock starts. Most people will have a 30 year loan so that the monthly payments are affordable. Do fifteen years and pay more, but get done quicker. So your homeowner time clock is going and you’re living in your house, paying your mortgage, fixing things up as you go, and before you know it, your house is paid off. If you rent, your time clock never stops and you never have the chance to be free of monthly housing payments. You’ll still have to pay taxes, but that’s a fraction of rent.
So ask yourself. Where do you see yourself in 5 to 10 years? The average home price in Colorado Springs 5 years ago in 2016 was $288,295. 10 years ago our average home price in Colorado Springs was $218,220. So the same house that was bought at a locked in mortgage rate 10 years ago now has almost $300,000 in equity. And furthermore, will be paid off completely in another 5 to 20 years. How easy is that?
Colorado Springs is growing and will continue to grow over the next several years. Housing prices are predicted to continue to rise by 3 to 5% annually and affordability may be more challenging. This can be seen as an opportunity to buy a house in Colorado Springs now, or a reason to avoid moving to Colorado Springs and find something cheaper in one of the trending cities mentioned earlier. The opportunity is in the amount of equity that you can possibly build over time if you’re going to be here awhile.
But you might want to avoid Colorado Springs if you’re hoping for the most affordable places to live. Our average home price might be high to some people looking for affordable places to live, but our luxury homes are a steal to those looking for luxury homes in Colorado Springs. So, now that you’ve learned about the average home price in Colorado Springs, this playlist will help you to see what living in Colorado Springs is really like! Click it. I dare you.
Have questions about buying a house in Colorado Springs?
Feel free to reach out!
IRIS BURTON | REALTOR®
PROSPERITY GROUP BY EXP REALTY
3361 NORTH ACADEMY BLVD
COLORADO SPRINGS, CO 80917