Colorado Springs, CO

Rent vs buy in Colorado Springs

Median home $431,600. A 1 bedrooms rents for $1,301 a month. Ownership is modelled at 20% down, 6.5% APR, property tax and upkeep.

Rent · 1 bedrooms: $1,301; per month
Own the median home: $2,736; P&I, tax, insurance, upkeep
Owning costs extra: $1,435; per month, same metro

What a purchase actually costs

20% down payment$86,320
Mortgage at 6.5%$2,182
Property tax (0.44% of value)$158/mo · $1,899/yr
Insurance and upkeep (1.1%/yr)$396
Total monthly ownership$2,736

Census ACS 2023: 51.6% of renter households in this metro put 30% or more of income toward rent.

Months of leftover to save the down payment

At $2,343 left over a month, it takes about 37 months (3.1 years) to save $86,320 if every leftover dollar goes to the down payment — which it won't.

Rent is asking rent for a new lease. Home value is the Census ACS median. The mortgage is a 30-year fixed at 6.5% with 20% down — a yardstick, not a quote. Not housing or lending advice.