Housing Market Overview
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
Housing Market Overview
| Metric | Colorado Springs | Colorado Avg | US Average |
|---|---|---|---|
| Median Home Price | $391,259 | $480,058 | $242,182 |
| Price Trend (Annual %) | 9.9% | 11.8% | 8.2% |
| Median Gross Rent | $1,551 | $1,692 | $1,342 |
| Rent Trend (Annual %) | 7.2% | 7.0% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Colorado Springs is about 18% lower than in Colorado. Rent is about 8% lower than the Colorado average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2023
Median Rent Prices, 2015-2023
Both home prices and rent are rising in Colorado Springs, up about 9.9% and 7.2% a year respectively. Home prices are changing faster.
Median rent in Colorado Springs rose about 68.6% between 2015 and 2023, from $920 to $1,551. Over the same span, rent in Colorado rose about 68.8%.
Affordability
On average, housing unit costs 4.8 yearly household incomes in Colorado Springs.
Buying the median-priced home in Colorado Springs costs roughly 21.0 years of rent at the median monthly rate. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Colorado Springs. The price-to-rent ratio in Colorado is about 23.6.
| Metric | Colorado Springs | Colorado Avg | US Average |
|---|---|---|---|
| Median Home Price | $391,259 | $480,058 | $242,182 |
| Median Household Income | $81,727 | $93,055 | $78,145 |
| Price-to-Income Ratio | 4.8 | 5.2 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Colorado Springs rose about 119.1%, while median household income rose about 55.2% between 2009 and 2023 — the home price grew faster than income.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Colorado Springs | Colorado Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 58.3% | 60.6% | 58.2% |
| Rental Rate | 37.2% | 30.8% | 31.3% |
| Vacancy Rate | 4.5% | 8.6% | 10.6% |
| Median Tenure (years) | 11.0 | 13.0 | 15.0 |
| Median Year Moved In | 2015 | 2013 | 2011 |
Colorado Springs has a homeownership rate of 58.3%, lower than the Colorado average of 60.6%. Its housing vacancy rate is 4.5%, compared with 8.6% in Colorado.
Housing Stock
| Metric | Colorado Springs | Colorado Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.38 people | 2.45 people | 2.54 people |
| Median Structure Built Year | 1983 | 1984 | 1978 |
| Median Number of Rooms | 5.9 | 5.7 | 5.5 |
The typical housing unit in Colorado Springs was built around 1983. On average, 2.4 people live in a home with about 5.9 rooms, staying for about 11.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Colorado Springs, Colorado.
What is the median home price in Colorado Springs, Colorado?
The median home price in Colorado Springs, Colorado is $391,259, lower than the Colorado average of $480,058.
What is the average home price in Colorado Springs, Colorado?
The typical home price in %s, reported as the median sale price, is %s. The median is used instead of a mathematical average because it is not skewed by a small number of very expensive or very cheap homes, so it better reflects what a typical buyer pays.
What is the median rent in Colorado Springs, Colorado?
The median gross rent in Colorado Springs, Colorado is $1,551 per month, lower than the Colorado average of $1,692.
What was the median gross rent in Colorado Springs in 2020?
In 2020, the median gross rent in Colorado Springs, Colorado was $1,190 per month.
What is the price-to-rent ratio in Colorado Springs, Colorado?
The price-to-rent ratio in Colorado Springs, Colorado is about 21.0, meaning it would take roughly 21.0 years of rent payments at the median rent to equal the median home price. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Colorado Springs.
Are home prices or rent rising faster in Colorado Springs, Colorado?
Both home prices and rent are rising in Colorado Springs, up about 9.9% and 7.2% a year respectively. Home prices are changing faster.
What is the homeownership rate in Colorado Springs, Colorado?
58.3% of households in Colorado Springs, Colorado own their home, lower than the Colorado average of 60.6%.
What is the vacancy rate in Colorado Springs, Colorado?
The housing vacancy rate in Colorado Springs, Colorado is 4.5%, lower than the Colorado average of 8.6%.