The results of Colorado’s population growth are reflected in its hot housing market, and Olympic City USA is no exception.
A study by online lending marketplace LendingTree has ranked Colorado Springs the 10th-best city in the state to own a home.
To uncover the state’s best cities for homeownership, LendingTree examined metro and micro areas across Colorado to weigh the components that affect a homeowner’s finances and quality of life, which included everything from the median home value, to the average commute time and the unemployment rate, according to the study.
From 2013 to 2017, Colorado Springs homes appreciated in the double digits, by 11.41 percent, the study found. The median home value in the study was $243,100, and homeowners saw their housing costs decrease by 1.6 percent during that four-year period.
The Springs’ unemployment rate was 6.8 percent at that time, and the average commute time was slightly more than 23 minutes, according to the study.
Six out of the state’s 10 cities saw their homes values appreciate by double-digit percentages from 2013 to 2017. Colorado is ranked 16th in the nation for home price appreciation, which increased by 6.74 percent between the fourth quarters of 2017 and 2018, according to the Federal Housing Finance Agency.
Simultaneously, eight out of the 10 cities on LendingTree’s list experienced a decrease in monthly housing costs in the same time period, making them more affordable right now for homeowners, the study found.
The Edwards Micro Area is the highest-ranked metro area in Colorado for homeownership, the study found, with the highest median home value ($472,800), the lowest unemployment rate (2.7 percent) and a negative housing cost change from 2013 to 2017 (-7.57 percent).
(The Edwards Micro Area includes the towns of Avon, Eagle, Gypsum, Minturn, Red Cliff, Basalt and Vail, as well as the unincorporated area of Eagle County.)
Conversely, the study found the Pueblo Metro Area to be the lowest-ranked city in Colorado, with a low median home value ($154,400) and the highest unemployment rate (9.3 percent).
For the full study, go to https://www.lendingtree.com/home/mortgage/best-cities-for-homeownership-in-colorado/.