With so many out-priced from Denver or even seeking to expand somewhere else, Colorado Springs is quickly becoming a hot spot. Recently, Trulia named Colorado Springs at the #1 market to watch in 2019. The southern Colorado city made the list for a number of reasons, including job growth and affordability.
Primed For Growth
Colorado Springs is attracting more and more with each passing year. The rate of those inbound vs outbound is greater (a ratio of 1.7 according to the data compiled by Trulia), signaling that once here, people don’t want to leave. That’s easy to understand, given everything Colorado Springs has to offer. The city was even name the 2nd best place to live in the U.S. earlier in 2018! With Garden of the Gods, Pike’s Peak, Cheyenne Mountain Zoo, the Air Force Academy and other major attractions within city limits, it’s no surprise so few want to leave.
Job growth has been steadily increasing as well. According to Trulia’s ranking, year-over-year job growth was 3.3%. This significantly out-ranked other cities even in the top ten!
Unlike Denver, Colorado Springs’ affordability makes it an attractive alternative. Data collected from Zillow puts average rents at around $1500 per month for the metro area, with a little over a 3% increase from the year before. According to Zillow, Denver compares at an average rent of a little over $2000 per month for the metro area and only a 1.3% annual increase.
Residents in Colorado Springs only spend about 35% of their income on housing as well, which points back to both affordability and job growth.
Invest in Colorado Springs
With so many people turning to Colorado Springs, now is the time to hold on and invest in the city. Rents have steadily increased over the years and the number of renters in the city continues to rise. So if you already own a rental property there, hang on to it!