A new report from the Council for Community and Economic Research shows that Colorado Springs has a lower cost of living than the national average, by as much as 7.4%. The Virginia-based nonprofit compares 57 good and services that are purchased by households, using a base of 260 metropolitan areas. The intent of the study is to help provide business owners and managers with valuable information that they can recruit with, and help them determine if it's worth moving or expanding their operations into a new city.
The Average Cost Of Living Drops in Colorado Springs
The average cost of living in Colorado Springs is usually below the national average, although the difference tends to fluctuate from year to year. For instance, in 2014, it was only 2.6% lower. This year, a reduction in the cost of utilities, transportation, health care, and miscellaneous goods, offset increases in grocery and housing costs. So while the real estate market shows no signs of slowing down and housing costs trend upwards, the city is still a viable option for growing families, young buyers, and veterans alike.
So How Much Do The Homes Cost?
The average cost of a home in Colorado Springs is currently $483,922, while the median cost is closer to $225,000. This considerable difference is due to the number of multi-million dollar homes in the city that bring the average up, which is why many real estate agents prefer to use the median cost to better reflect the true nature of the local real estate market. Although Colorado Springs home prices are expected to increase, they're still among some of the most reasonable real estate prices in the state, let alone the country.
The Variables Associated With the Cost of Living
When you consider the overall cost of living in a particular area, the local and state taxes are not taken into consideration. Housing accounts for 30% of the overall cost of living, and so when house prices decrease, this can have a substantial impact on the cost of living in an area. Other variables include the cost of healthcare, food and grocery costs, how much a typical home pays for utilities and the average cost of transportation in the area. The cost of living in any area focuses on housing, food, healthcare and travel, but also takes a look at how much people spend on entertainment, going out to dinner, clothing and repairs. As there are a wide range of variables, the cost of living in one particular area can fluctuate easily over time.
Find Your Perfect Home In Colorado Springs
No matter what your budget is, Colorado Springs has a great selection of new construction communities and resale homes that could perfectly suit your needs and wants, and the best way to find the right home for you is to work with a local real estate agent. Register for an account, set your preferences, and get in touch with us to tell us more about what you're looking for in a home. Our agents would love to help you find your perfect abode in this beautiful, budget-friendly city!
Send us a message or give us a call at 719.373.1906 to learn more about buying homes in Colorado Springs. As veteran homebuying specialists, we're committed to helping you find your perfect home for a great price.