Discovering the Cost of Living in Colorado Springs: Renting vs Owning - Mortgage & Utility Costs

Описание: Discovering the Cost of Living in Colorado Springs: Renting vs Owning - Mortgage & Utility Costs

Living in Colorado Springs is a great experience, with a variety of housing options available to suit all needs. In this video, Eric Richards dives deep into the associated costs of living in the city, analyzing single-family homes, townhomes, condos, and apartments.

Single-family homes can be a great option, with the average sales price in Colorado Springs currently at 532,000. Using bankrate.com, the average monthly mortgage payment for this price is 2,600, with an additional 1790 a year in property tax. Homeowners insurance, meanwhile, averages 2,200 a year. Additionally, the average monthly utility bill for a single-family home is 345.

For townhomes and condos, the average sales price is 364,000, with an average monthly mortgage payment of 1,792. Property taxes are lower than with a single-family home, averaging around 1790 a year. Homeowners insurance, however, is still around 2,200 a year. For utility costs, expect to pay around 200 a month.

Renting a single-family home can also be a great option, with the average price being 2,250 a month. Studio apartments, on the other hand, average around 1,037, while one-bedroom apartments come in at 1,185 and two-bedrooms at 1785. Condos and townhomes, however, have rental prices that vary widely, and the best way to find out the current rate is through MLS data or by contacting owners directly.

When it comes to utility costs, depending on the age and condition of the home, these can swing widely, from 175-200 a month for condos and townhomes, to 400 a month for single-family homes.

No matter what your housing needs are, the data provided in this video can help you understand the associated costs of living in Colorado Springs.

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Licensed REALTOR in the Colorado Springs, Castle Rock, Monument, Falcon, Peyton, Fountain, and Woodland Park cities of Colorado. We have helped 100's of buyers/sellers, JUST LIKE YOU, buy their next home or sell their current home.

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Opinions expressed within are meant to be basic non-legal real estate advice. You should always consult with a competent real estate attorney or CPA for legal or tax advice.