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Once a part of the Nebraska, Utah, New Mexico, and Kansas territories, Colorado became its own territory in 1861 and an official state in 1876. Named after the Colorado River, it was the Spanish who gave the state its name, although it was Native Americans who first inhabited the lands some 13,000 years ago.
Buying Home in Colorado
In the past two years, Colorado housing prices have steeply increased, particularly in and near the Denver area. The state’s median home sales price rose approximately 11.2% to a price of $284,500 in the past year alone. The average sales price in the state sits at $354,004, an 8.9% increase from the previous year. On average, single-family homes spend an average of 59 days on the market while townhouses and condos sell four days faster at 55-days average.
Look in the Denver Metro area for less-stiff competition for homes. The median home price rose 13% this year, now sitting at $308,279 while the average sales price rose 12% to $256,005.
Buying a home is easier these days thanks to a slower-paced sales volume. Early in the year, homes sold in an average of 15-days, but now sell within 29-days. The median home price rose 6.7% in Colorado Springs at a price of $240,000 while the average sales price also increased by 5.7%, now sitting at $267,612.
Popular Neighborhoods in Colorado
Big city and small town living options offer a Colorado home option suitable for everyone. The state’s small towns offer just as much excitement as the larger cities. Colorado City is ranked as one of the best places to live and work in the nation. Louisville and Erie rank No. 4 and No. 13 on the Time Magazine’s best places to live in the U.S. Small Colorado towns.
With 11 cities boasting a population greater than 100,000 people, city dwellers have their choice of options, each offering out of this world amenities, great recreation, and jobs for every career path. Denver is the largest and most popular of the 11 cities. Neighborhoods like LoDo, City Park, and Wellshire attract many people.
Aurora, the suburb of Denver, attracts many new residents as well. Colorado Springs is home to 445,000 people, nice homes, and good choices with plenty of entertainment options. Neighborhoods like Briargate, Rockrimmon, and Broadmoor are most popular.
Head an hour north of Denver and get to know Fort Collins, a mid-size city about ¼ the size of Denver, but offering great neighborhoods such as South College Heights and the Old Town area.
Buying vs Rent to Own Homes
Rent to own options scattered about Colorado give residents freedom to own a home without the need for large sums of money upfront. A lower purchase price benefits every buyer, while options such as short sales further reduce the costs to buy a home. Buyers gain immediate access to the home and have more time to save up more money for a down payment.
Simple and straightforward, the rent to own homes in Colorado process takes little time and generally offers reduced pricing compared to current rates. Once the buyer and seller agree on a contract period, the buyer pays a one-time option fee, monthly fee, and a rent premium. The option fee and rent premium usually credit to the down payment that rent to own buyers eventually need. Homebuyers benefit from the rent to own process throughout Colorado.
Cost of Living in Colorado
The cost of living throughout Colorado is about $1.12 more per dollar than the average cost Americans spend on living expenses, although some fees cost less in the state than other places. Utilities, transportation, and groceries, however, sit firmly at or below the national average.
Housing accounts for the majority of Colorado’s cost of living expenses. Colorado housing is priced approximately 39% higher than the national average. Healthcare costs also average about 2% more than the national average.
For more affordable living options in Colorado, consider cities like Sterling, Frederick, Milliken, Lamar, and Wellington. Cost of living in these areas is lower than other areas of the state. This includes lower housing costs, homeowners insurance, home prices, and property taxes.
Colorado is one of the most diverse states in the U.S. It’s a natural recreation area with a reputation for active, fit, happy residents. Denver is noted as the fittest city in the U.S. by the American College of Sports Medicine. Despite higher than average home prices, the overall cost of living in Colorado is about 12% higher than other states. The abundance of jobs, thriving industries, great business conditions combined with the lowest cost for electricity and energy offset the higher costs of living.
Reported Annual Crime In Colorado