More than half the homes in Colorado Springs are affordable to the average American family.
According to the 2009 1st Quarter Housing Opportunity Index, housing affordability is at the highest level it has been in 18 years! (Colorado Springs Real Estate Journal, Vol. 1 No. 18 “Housing affordability surges to highest level in 18 years”)
They based this off of home prices vs. the national median income of $64,000 a year.
Basically, if you make $64,000 a year, you can afford a $250,000 home* (if you pay about $600 a month in car/credit card payments, get a fixed interest rate of about 5% and put about 20% down, with about $1,000 a year in homeowners insurance and $1,200 a year in property taxes). (Check Out the Bank Rate Calculator)
*All home loans are subject to credit approval and you may qualify for more, less or nothing based on your unique situation. Contact a local, reputable bank or lender for more information.
Read Also: How Does Your Debt Compare?
Read the Full Report: Top 8 Affordable Colorado Springs Neighborhoods for 1st Quarter 2009
Top 8 Affordable Colorado Springs Neighborhoods:
Here are the most affordable areas in Colorado Springs, based on median sales prices for the 1st quarter of 2009.
1. Southeast Colorado Springs Homes: Median Sale Price: $109,900
2. Central and Downtown Colorado Springs Homes: Median Sale Price: $119,800
3. Old Colorado City Homes: Median Sale Price: $150,000
Check out the Old Colorado City real estate info and home searches
4. East Colorado Springs Homes: Median Sale Price: $160,000
5. West Colorado Springs Homes: Median Sale Price: $160,800
6. Powers Area Colorado Springs Homes: Median Sale Price: $188,000
7. Northeast Colorado Springs Homes: Median Sale Price: $190,000
8. Marksheffel Area Colorado Springs Homes: Median Sale Price: $216,000
Check out the Banning Lewis Ranch real estate info and home searches
Based on this information, there are HUNDREDS of affordable homes for sale in Colorado Springs.
“Based on information from the Pikes Peak REALTOR Services Corp. (”RSC”), for the period January 1, 2009 through March 31, 2009. RSC does not guarantee or is in any way responsible for its accuracy. Data maintained by RSC may not reflect all real estate activity in the market.”
Thanks for reading our Colorado Springs Real Estate Blog!
Posted By: Mariana Wagner - Colorado Springs Real Estate Agent - Wagner iTeam
The Wagner iTeam is a power team of Keller Williams Realty,
specializing in Colorado Springs Real Estate and Monument Real Estate