New Study Finds Colorado Springs is Ideal for First-Time Homebuyers

WalletHub’s July 17th publication of the personal finance site’s newest study proves what we already know: Colorado Springs is a great place to buy your first home. When WalletHub’s analysts compared 300 U.S. cities of varying sizes using 23 relevant metrics grouped under three main categories (market attractiveness, affordability, and quality of life), Colorado Springs ranked 28th. Even better news: When the analysts looked at the 62 largest cities — defined as those with a population of 300,000 or more — Colorado Springs ranked an impressive third.

Examples of the specific weighted factors in the three main categories that WalletHub’s experts used to determine the most favorable housing markets for first-time homebuyers include:

1) Affordability

  • Average Cost of Homeowner’s Insurance
  • Cost of Living
  • Cost Per Square Foot
  • Real Estate Tax Rate

Colorado Springs ranked fifth among all cities for the lowest real estate tax rate.

2) Real Estate Market

  • Housing Market Health Index
  • Median Home Price Appreciation
  • Building Permit Activity
  • Share of Housing Units Built between 2010 and 2015

3) Quality of Life

  • Recreation Friendliness
  • Quality of School System
  • Job Market
  • Crime rate

“Total Home Energy Cost” was also a factor in the Quality of Life category, and Colorado Springs walked away with the No. 1 slot among all 300 cities in that category.

Springs Housing Market Better than “Healthy”

Our sizzling hot housing market shows no signs of cooling down. In fact, more proof of this comes from an index compiled by ATTOM Data Solutions, a California real estate data company. As Rich Laden wrote in The Gazette in June, “The Springs ranked No. 1 out of 120 markets in this first-ever Pre-Mover Housing Index that was based on first quarter data the company assembled.”

A few of the exciting statistics from the June 2017 Pikes Peak Association of Realtors’ report show our robust market is thriving, continuing to break previous records and reach new highs.

  • June saw 2,278 new listings, up 9.8 percent from last year.
  • Home sales totaled nearly 1,743, a record high.
  • Homes spent 26 days on the market, down from last year’s 31 days.
  • List-to-sold prices were at 100.3 percent.
  • Median sale price was $285,250 in June, 8 percent higher than 2016 and a new high.
  • Average sale price of $326,263 also set a record high.

Brisk homes sales are attributable to our record low unemployment rate of 2.5 percent, a thriving economy, and home prices that are tens of thousands of dollars less than cities such as Boulder and Denver. It’s little wonder that Colorado Springs continues to receive so much national attention for being one of the best places to live, work, and raise a family in America.

Are you ready to make the home of your dreams an exciting reality in 2017?

Industry leader Saint Aubyn Homes offers new single-family homes in Colorado Springs and Northern Colorado. If you don’t have time to wait for your dream home, you might love one of our high-quality, energy-efficient homes currently available in one of our desirable communities. Our goal is to provide you with an irresistible and flawless homebuying experience. For more information, please visit SaintAubynHomes.com