Top 8 Affordable Colorado Springs Neighborhoods for 1st Quarter 2009More than half the homes for sale 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. Top 8 Affordable Colorado Springs Neighborhoods:Here are the most affordable neighborhoods in Colorado Springs, based on median asking and sales prices for the 1st quarter of 2009. 1. Southeast Colorado Springs Homes: Located south of Platte Ave. and North of Security and Widefield. Close to Peterson AFB and Fort Carson. – Check out the Southeast Colorado Springs real estate info and home searches
2. Central and Downtown Colorado Springs Homes: Located east of I-25 and within the boundaries of Circle Drive. – Check out the Central and Downtown Colorado Springs real estate info and home searches
3. Old Colorado City Homes: All areas surrounding West Colorado Blvd. – Check out the Old Colorado City real estate info and home searches
4. East Colorado Springs Homes: Just east of Central Colorado Springs and west of Powers Blvd. – Check out the Eastside Colorado Springs real estate info and home searches
5. West Colorado Springs Homes: West of I-25 between Old Colorado City and Garden of the Gods Road. – Check out the Westside Colorado Springs real estate info and home searches
6. Powers Area Colorado Springs Homes: The stretch of neighborhoods east of Powers between Woodmen Road and Platte Avenue. – Check out the Powers Area Colorado Springs real estate info and home searches
7. Northeast Colorado Springs Homes: Covers mostly all neighborhoods between I-25 (W) and Powers (E), Woodmen (N) and Austin Bluffs (S). – Check out the Northeast Colorado Springs real estate info and home searches
8. Marksheffel Area Colorado Springs Homes: All of Banning Lewis Ranch and Claremont Ranch – East of the Powers neighborhoods of Stetson Hills and Springs Ranch. – 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. Read Also: Top 5 Most Expensive Colorado Springs Neighborhoods for 1st Quarter of 2009 Search ALL 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 on May 31st, 2009 by Mariana Wagner
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To begin your search for the perfect home or sell your home in the Colorado Springs area, call Derek and Mariana Wagner at (719) 434-7525.
Great news. We are currently looking at Fort Collins, but Colorado Springs is our next choice.
Mariana, Thanks for this: “Basically, if you make $64,000 a year, you can afford a $250,000 home*” with the additional context/assumptions that went into that conclusion. I didn’t think I could afford a home, but now I know I can. Once I save up 20% for the down payment!
Jill – Great!! Best of luck in your home search!
AnWithOneN –
Definitely talk with a lender … as there are also great FHA loans out there that only require about 4% down.