This guide covers the Colorado Springs Housing Market for homebuyers. Colorado Springs Housing Market is booming. While tens of thousands of residents are moving out of New York and California, many Americans are migrating to Colorado Springs. Colorado Springs Housing Market has grown double digits annually for the past few years. There is no slowdown in Colorado Springs Housing Market. With the low cost of living and reasonable housing prices, many Americans are relocating to Colorado Springs from all over the U.S. This article will cover and discuss why Americans are moving to Colorado Springs.
Why Americans Are Moving To Colorado Springs
After a few visits to Colorado Springs, I can understand the motivation of young Americans wanting to move there. According to a report from Trulia, a major real estate website, Colorado Springs is one of the top housing markets to watch for the calendar year of 2023. Trulia examined the largest 100 metropolitan areas in the United States in the following categories:
- Job Growth
- Vacancy Rates
- Starter Home Affordability
- Population under age 35 years of age
Why Colorado Springs Housing Market Is Growing
It is no secret that the job market in Colorado Springs is growing. Major internet service providers are investing in infrastructure in the area as they can see the technology sector growing. Last reported a 3.3% growth for the local job market during 2022. Combined with starter home affordability and low vacancy rates, this area will be booming soon! According to the article by Trulia, Colorado Springs residents spend approximately 35% of their income on housing expenses. This is the indicator that signals the starter home market. Money lenders will allow borrowers to spend over 50% of other income on housing expenses. 35% is a much more attractive and financially-responsible figure. As more and more Millennials and even some Generation Z individuals enter the housing market, it is important to keep a tight budget for all housing-related expenses.
Residents Migrating To Versus Moving Out of Colorado Springs
According to Trulia, Colorado Springs has a ratio of 1.7 inbound searches vs. outbound searches. Nearly two people want to move to Colorado Springs versus out of Colorado Springs. In this article, they also examined the hottest neighborhoods in the market. Colorado Springs’s hottest neighborhoods we’re in the southeast region. They examined a 12.6% increase in home values, and the average number of days on the market dropped by 12. That is an astonishing figure, one that real estate agents have to love!
Living Conditions In Colorado Springs Housing Market
Another aspect attracting residents to Colorado Springs is the weather. The weather is some of the best in the country. On average, Colorado Springs gets 18 in of rain compared to the national average of 39 inches per year. That number is skewed while they get more snow than the national average. This is because the southern region of our nation does not experience snow. The average summer high temperature of 84 degrees and low humidity create a vast draw for outdoor activities. Colorado Springs has 243 days of sun per year, well above the national average of 205 sunny days per year. Colorado was also voted one of the most dog-friendly states in the nation. Many restaurants and breweries allow you to bring your four-legged friend with you.
Qualifying For Mortgage With Direct Colorado Lender With No Overlays In Colorado Springs Housing Market
Gustan Cho Associates are direct lenders with no overlays on government and conventional loans licensed in Colorado. We are experts on alternative financing programs such as non-qm and bank statement loans. If you have any questions on how to qualify for a mortgage to move to Colorado Springs, please get in touch with Gustan Cho at (800) 900-8569 or text us for a faster response. Or email us at gcho@gustancho.com. Gustan Cho Associates are available seven days a week to answer mortgage-related questions.
