What do Fannie Mae Duncan and Nikola Tesla have in common? For starters, they both lived in Colorado Springs. More importantly, they were forward-thinking, innovative individuals - Duncan as a civic activist, and Tesla as a scientist. But that's what Colorado Springs is all about - the city has a history of visionary, forward-thinking leadership and adapting with the times. General William Jackson Palmer passed through Pikes Peak in July of 1869 and was in awe of the colorful foliage and soothing springs in the area. He envisioned building a desirable city against this scenic backdrop, and the rest is history. He founded "The Springs" on July 31, 1871 - two short years after the concept came to mind.
General Palmer did more than surveying and plotting the area. He raised money for parks, streets, and infrastructure, so the city could hit the ground running. He also brought the Denver and the Rio Grande railroad to provide easy access to the city. Colorado Springs became an immediate hit, attracting the wealthy, artists, writers, and inventors looking to operate in a calm environment. The city's population continued to grow despite many obstacles over the years. A fire destroying the downtown in 1898, natural disasters, and the Great Depression didn't prevent Colorado Springs from adapting and reinventing itself.
Colorado Springs, CO is a great place for affordable rent-to-own homes! With a median household income of over $67,719 and a median rent of $1,196, the Colorado Springs, CO rent-to-own market is more affordable than the traditional housing market which has shown tremendous growth across the U.S. and with it, aggressive competition for home purchases. With the current housing shortage trend it can make it harder to become a homeowner, including in Colorado Springs, CO. This means higher than average down payments for homes and higher qualification standards for conventional home loans. With a rent-to-own property, tenants are also buyers. You can live in the house for a set amount of time before you purchase it, meaning that you get to know the house, your neighbors, and your community before making the final purchase. This enables you and your family to make the right choice based on both information and experience. Rent-to-own is also a great alternative way to get into a home if you have bad credit or don't have enough saved for a down payment.
Colorado Springs, CO is seeing rapid growth and Colorado Springs, CO's' housing market remains not optimal with an average home price that is 35% above the 2023 national average. Colorado Springs, CO is part of El Paso county and taxes are an important factor to consider when purchasing a home whether through rent to own or a traditional purchase. The average tax rate as of 2023 for county El Paso is 0.47% which is below the national average, which is 0.99%.
Colorado Springs is reasonably affordable for the area. The cost of living in the city is 4.5% higher than the national average and 16.6% lower than Colorado's average. Though groceries and transportation are typically more expensive in resort towns, in Colorado Springs, they are 1.6% and 4.9% lower than the United States' average. Fort Carson is the most affordable municipality in the area, and its cost of living is only 8.7% lower than Colorado Springs. Black Forest, the most expensive city surrounding the Springs, is 41.7% higher. It's great to be able to live in a resort city without having to worry about high living expenses.
Colorado's housing prices are toward the expensive side. The median cost of a home in the state is $384,800 - more than $150,000 higher than the U.S. average of $231,200. Colorado Springs homes fall closer to the lower of the two at $287,900. Houses in Fort Carson and Stratmoor cost $219,000 and $218,800 on average. The median cost in Black Forest is $574,700. Home prices in Colorado Springs are average for the area and low for the state. And that means you can get a rent-to-own home in Colorado Springs without paying the premium you'd expect for such a fantastic city.
If you're interested in Colorado Springs rent-to-own homes, don't forget to consider important factors in addition to monthly living costs, such as average commute, taxes, crime rates, etc. The following are some common Colorado Springs statistics compared to the U.S. national average.
|Colorado Springs Averages||National Averages|
|One-Way Commute||21.8 minutes||26.4 minutes|
|Income Tax Rate||4.6%||4.6%|
|Median Household Income||$54,228||$53,482|
|Median Property Taxes||$1,400||$2,200|
|Median Home Cost||$287,900||$231,200|
|Median Home Age||34 years||40 years|
Pikes Peak is a 14,115-foot summit in the Southern Rocky Mountains. The breathtaking views from atop the mountain inspired Katharine Lee Bates to write the now-famous song, "America the Beautiful," while the lively verdure was part of what motivated William Palmer to found Colorado Springs. Mountain biking and hiking trails run through the northern and southern slopes of the peak, and visitors holding a state license can go fishing in its many ponds. Drive the Pikes Peak Highway to the summit for views that stretch beyond Colorado to Arizona, New Mexico, Utah, and Kansas.
The Colorado Springs Pioneers Museum is a great place to study the early settlement of Colorado Springs and the Pikes Peak region. In addition to its educational artifacts and exhibits, the museum hosts entertaining tours of its 1903 structure and the surrounding area. Visit the Peterson Air and Space Museum to explore the planes and learn about some of the historic flights out of Peterson Air Force Base. The city puts lots of work into its downtown. Enjoy tours, events, live music, arts, and hundreds of shops and restaurants. Fountains and a tree-filled recreational park bring a green, calming effect to the area.
The city's population of 478,221 is 14.6% higher than a decade ago. The clean mountain air attracts tourists from around the world. Thanks to its relatively affordable real estate market, you can reap the benefits that Palmer sowed by buying a Colorado Springs rent-to-own home. Colorado Springs was a dream come true for General Palmer - surpassing what he had hoped to accomplish many times over. You can view the rent-to-own homes in Colorado Springs to turn this fabulous city into a reality for yourself as well.