A new study suggests Colorado Springs remains a great place for first-time homebuyers in the United States – if they can find a home to purchase, that is.
Colorado Springs ranked 28th among 300 cities nationwide as an attractive place for first-timers to buy a home, based on nearly two dozen measurements of market attractiveness, affordability and quality of life, says a study released on Monday by WalletHub, a personal finance website.
And among 62 cities with a population of 300,000 or more, Colorado Springs ranked third in WalletHub’s study.
The Springs has done well in WalletHub’s previous studies; two years ago, it ranked 15th in the nation as a good place for first-time buyers and first among large cities.
In the latest study, WalletHub looked at 23 factors to gauge a city’s attractiveness to first-time homebuyers. They included housing affordability, average homeowner insurance costs, living costs, real estate taxes, foreclosure activity, home construction, quality of schools, crime rates and availability of jobs.
Of those measurements, the Springs ranked first when it came to communities with the lowest total home energy costs and fifth in a rating of cities with lowest real estate tax rates.
The WalletHub study comes as Colorado Springs continues to experience a robust housing market.
In June, median and average sales prices of $285,250 and $326,263, respectively, set record highs. Home sales totaled nearly 1,750 in June, also a record high.
Of homes sold in any given month, however, the demand typically is highest for properties selling for $300,000 and under – the price range that many first-time buyers seek.
As a result, bidding wars for lower-end properties have been common, and sellers often receive multiple offers, including those that are a few thousand dollars over their asking price.