A new study ranks Colorado Springs’ real estate market among the top 30 in the nation.
The study, released Tuesday by financial website WalletHub, ranked Colorado Springs 27th on its list of the nation’s best places to buy a house.
The Springs was one of five Colorado markets to make the list, with Thornton coming in at No. 16, Aurora at No. 18, Greeley at No. 20 and Denver at No. 21. Boise, Idaho; Frisco, Texas; and Overland Park, Kan., took the top three spots.
The report compared 300 cities of varying sizes across 23 key indicators of housing-market attractiveness and economic strength, with data sets ranging from median home-price appreciation to home sales turnover rate to job growth.
The report also broke down the data according to city size, with Colorado Springs coming in at No. 8 among 64 large cities.
With unemployment falling and house prices rising, the market as a whole has been in a boom, despite the fact that the new tax code has drastically reduced mortgage interest deductions, according to the report.
But while home values are rising — up 5.2 percent from last year — increasing mortgage rates mean fewer affordable homes. However, home prices and rental rates vary widely across the U.S. based on supply and demand, according to the report.
“If you aim for long-term growth, equity and profit, you’ll need to look beyond tangible factors like square footage and style,” the report states. “Those factors certainly drive up property values. From an investor’s standpoint, though, they hold less significance than historical market trends and the economic health of residents.”
For the full study, go to https://wallethub.com/edu/best-real-estate-markets/14889/.