The secret is out. Colorado is an extraordinary place to live, and with an average home price of roughly $515k, Denver’s mile-high real estate prices tell us that we’re not the only ones coveting mountain views. The only problem? That’s just out of reach for many young or first-time homebuyers, which is why a growing number of millennials are now looking to find their first digs in Colorado Springs.
Since the year 2000, Colorado Springs has grown 37 percent. The number of adults ages 18-34, however, has grown by a staggering 14.7 percent marking the nation’s highest growth rate among millennials. Denver, on the other hand, ranks third on the list with a 12.8 percent gain among millennials.
The reason for such a drastic increase in Colorado’s second-largest city? The ‘Springs’, while repeatedly dubbed ‘one of the country’s most desirable places to live’, is on average about $150,000 cheaper than Denver and boasts much of the same recreational appeal as well as a robust economy with plenty of room to grow.
Just last year, El Paso County saw the arrival of 7,400 new jobs, across several different industries including construction, health care, professional services, a new Amazon fulfillment center that’s going in near the airport, and lucrative tech salaries averaging upwards of $90k per year that are intended to attract talent.
Of course, natives already know Colorado Springs also serves as the state’s military hub. About 60,000 of the area’s residents are employed at one of the area’s many military institutions, including Fort Carson, Cheyenne Mountain, Peterson Air Force Base, and the Air Force Academy.
With that said, the market’s momentum is expected to continue. Zillow Home Value Index projects that the area’s housing market will grow by 5 percent over the next year, and many of those buyers will likely be millennials.
For new and existing real estate professionals looking to help these homebuyers, now is the time to get or renew your license and establish yourself as the go-to Colorado real estate expert. Enroll in the CE Shop’s Pre-Licensing program to get your license or keep going strong with one of our comprehensive Continuing Education packages today.