Out of 300 major metro areas surveyed, Colorado Springs is number 15 on the list of great places to buy a home for first time buyers.
… and of 62 cities with a population of at least 300,000, Colorado Springs ranked #1! (Source Wallethub.com)
Despite being a small market, less than 1 million in population, Colorado Springs is a hot spot for first time buyers nation-wide. Here are some of the factors that make Colorado Springs so attractive:
- Colorado Springs is much more affordable than Denver. (Median home prices in Denver are $112,000 higher than in Colorado Springs)
- Colorado as a whole has a high quality of life factor. Such as, weather, job availability, crime rates, and recreational availability.
- The market in Colorado Springs is more stable. During boom times home prices have increased at a steady 6-7%, not the double digit increases in bigger markets.
- Home prices in Colorado Springs have not devalued as drastically during the downturns. This allows for equity stability in homes for first time buyers. It also adds financial stability.
All in all, Colorado Springs is not only a rising star on the horizon, but a bright and shining future for those who decide to live and buy a home in the Colorado Springs market.