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Is Colorado Springs Affordable?

by Brian Maecker

So Is Colorado Springs Affordable. According to www.GoBankingRates.com, Colorado Springs is the 3rd rated city where a comfortable lifestyle is possible. Ummm! I am not so sure!

           It wasn’t that long ago when a family making $30,000.00 in the household could find a simple 3 Bedroom home for $900.00 a month. That is not possible today. It was only 1-2 years ago when we had numerous 1st time home opportunities below $100,000.00. That does not exist today. In fact, there are hardly any homes below $150,000.00. Homes for rent across the county start at $1000.00 per month and get higher quickly. Is this affordable? I don’t think so.

           Minimum wage workers and entry level workers are really struggling to find suitable housing. 2 bedroom apartments are at $900.00 a month for something livable. Hard working folks are getting priced out of the market from Colorado Springs to the north. I was talking to a young man this weekend who is just out of college. He is working in downtown Denver making 40,000.00 a year. He cannot find even a 1 bedroom apartment up there for less than 1500 per month. That’s not comfortable!

           I don’t have a solution!! The market has gone up in value because there is no inventory of homes to sell or rent. Many folks are staying put for those reasons. Scaling down is not an option for retirees because there is no small 1 level plans in the market. It’s a catch 22, in that no one wants to sell because there is nowhere to go. The only solution is building small 1 level homes. Builders tell me that there is No Profit in doing that. Again we’re stuck. Thankfully our affordability is better than most cities, but it’s far from affordable.

Thanks

Brian 

State Of Affairs

by Brian Maecker

It’s just past the midpoint of 2017. What is the state of the Real Estate Market in Colorado Springs? All indicators say it’s all “Good & Positive”. But is that the real truth? Is this fake news or real news?

         I think mostly its real news that in general the market is good. Real Estate sales are up 330 units. The average price is up $35,000. The medium price is up $23,000. But is this all good?  There are 500 less homes on the market than a year ago. Affordability is harder than a year ago.

         So what is the truth? It depends on your perspective!! If you are a seller, it’s a great time to sell. If you are a buyer, you feel you are paying too much! If you are a 1st time buyer, there is hardly anything below $150,000.00.

         Is there going to be a bubble burst again? I don’t think so! Prices are just now coming back from where we left off in 2007. We have a lot of catching up to do. Wages and jobs need to catch up as well to keep the market healthy and I think Colorado Springs is well positioned to keep growing. One study I read; said we would be up to a million people by 2020. I don’t see that, but I do expect continued growth.

         So in general I think Colorado Springs has a healthy economy. It can always change, but for now let’s roll with it.

Thanks

Brian  

           

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Photo of The Brian Maecker Team Real Estate
The Brian Maecker Team
RE/MAX Advantage
5590 N. Academy Blvd.
Colorado Springs CO 80918
719-593-2963
Toll Free: 888-593-2963
Fax: 719-599-7777