Are you thinking about buying a property in Colorado Springs, but not too sure which part of the city you want to live in? With a population of almost half a million, the city is home to a vast number of diverse neighborhoods.
Although median home values are higher than the national average, house prices will ultimately depend on the specific Colorado Springs neighborhood that you choose to live in. This means that if you are a low-income or first-time buyer, certain neighborhoods are more affordable than others.
To help you along the way, we’ve listed the five best neighborhoods in Colorado Springs to live in 2019.
Colorado Springs Housing Market: The Current State of Play
Before we delve into the best neighborhoods that Colorado Springs has to offer, let’s take a quick look at the current state of the housing market. In terms of affordability, median home values in Colorado Springs currently amount to $293,000 according to data from Zillow. In comparison, the U.S. average is $226,800, just over $66,000 lower.
In terms of growth, the Colorado Springs housing market is one of the fastest growing in the U.S. Property prices increased by 8% last year, while nationwide this averaged just 6.1%. Over the course of the next 12 months, home values in Colorado Springs are expected to grow by a further 4.3%. In comparison to the U.S. average which is predicted to increase by 2.8% over the same period, Colorado Springs is once again expected to outperform the rest of the country.
Although the city of Colorado Springs is currently home to a booming property market, it is important that you assess the strength of the housing sector on a regional basis. For example, home values in the area of Briargate average $371,500. At the other end of the spectrum, home prices in Stratmoor average just $219,800.
So which neighborhood best meets your needs?
Stratmoor is a small neighborhood with fewer than 6,000 residents and a collective median age of just 33.3 years. Although the number of employees in the area dropped by a smidgen last year, median household incomes grew by 0.6%. However, it is the booming housing market that makes Stratmoor an attractive option.
Property values average just $219,800, making the neighborhood one of the cheapest in Colorado Springs. This makes it perfect for those on low-incomes or buying a property for the first time.
Plus property in Statmoor is appreciating at an amazing rate. Home values in the area grew by a whopping 11.2% last year, subsequently outperforming growth at both a city and state level. Over the course of the next 12 months, home values in Stratmoor are expected to grow by another 7.2%.
2. East Colorado Springs
If you're looking to combine a lively atmosphere with idyllic nature, then you might want to consider East Colorado Springs. The area is home to a plethora of malls, live music venues, bars, and restaurants, as well as multiple opportunities to enjoy an outdoors lifestyle.
In terms of affordability, homes prices in East Colorado Springs are slightly lower in comparison to the city average. The median home value is $260,800, a 7.4% increase compared to 2018. Home values in East Colorado Springs are forecasted to grow over by another 4.1% over the next 12 months.
3. Northeast Colorado Springs
If you like the sound of hiking along the Austin Bluffs Open Space while still being close to the action, then take a closer look at Northeast Colorado Springs. The area is also home to some really cool vintage cowboy museums if that's your thing.
In terms of the housing market itself, homes in Northeast Colorado Springs average $297,600 in value. Although this is higher than the city average, median home values increased by 8.1% last year.
4. Manitou Springs
Manitou Springs is a small resort town located just six miles from downtown Colorado Springs. The area is well known for its low crime rates, natural mineral springs, and its hipster vibe. However, with a median home value of $391,700, properties are on the expensive side.
But if you can afford a home here, the investment will pay off. Home values in Manitou Springs grew by 10.6% last year and are expected to grow by another 7.2% next year, which makes it an extremely strong housing market.
If you and your family are moving to the Colorado Springs area to live close to the U.S. Air Force Academy, then Rockrimmon is probably your best bet. The area is home to a number of military residents and is one of the safest neighborhoods in the city. In terms of affordability, home prices are not cheap in Rockrimmon.
With a median home value of $402,200, property here is worth a lot more than the city average. Home values are also growing at a slower rate in comparison to the rest of Colorado Springs with average values growing by 6.2% last year.
5 Best Neighborhoods in Colorado Springs: The Verdict?
Colorado Springs has something for everything. Whether you’re a low-income buyer looking for an affordable housing market or a retiree looking for a safe and idyllic place to spend your golden years, you’ll no doubt find something suitable in Colorado Springs.
Clever can connect you with a buyer’s agent based in the Colorado Springs area. They’ll have knowledge of the local housing market and can find you a suitable neighborhood to meet your needs.
Not only will a Clever Partner Agent be able to get you on-demand viewings in the hot Colorado Springs buyer’s market, but if you purchase a home for $150,000 or more, you could qualify for a $1,000 home buyer’s rebate.