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Whether this is your first time purchasing real estate or you’re looking to add some property to your portfolio, any real estate purchase is a serious investment and there are a lot of options when it comes to buying a home in Colorado.
Maybe you’ve decided it’s time to invest in a vacation property that you can also use as a rental property on Airbnb. With some real estate markets cooling off and others on the rise, you’ll want to take a closer look and identify some of the best places to invest in real estate in Colorado.
Colorado has experienced a population boom over the last several years, making it one of the top ten fastest-growing states according to the latest US census figures. With the rise in population, Colorado’s demand for residential real estate options has increased as well as a need for affordable rental property. While some of the state’s larger real estate markets have seen average home prices begin to level off, others like Colorado Springs are surging forward.
If you’ve been searching for your first home purchase and are concerned about finding something in your price range, don’t worry, there are ample opportunities for great real estate investments (including rental property) at many price points.
According to real estate data provider: Zillow, the current average home price in Colorado is $526,779 reflecting a 0.3% decreased over the past year. In this article, we will take a look at the facts and figures behind some of the best places to invest in the real estate market in Colorado.
At the top of anyone’s list, you should see Colorado Springs. Nestled at the base of Pike’s Peak and home to the US Air Force Academy, Colorado Springs is a true slice of the American dream.
With real estate market price points to meet the needs of a wide range of consumers and nature at your doorstep, who could ask for more?
Zillow reports the median home values in Colorado Springs stand at $440,917, reflecting a decrease by 0.8% year on year. Think that’s on the high side? Rest easy; there are a ton of real estate properties available in Colorado Springs for less than $400k.
Low unemployment rates and recent job growth also paint Colorado Springs as a great bet. The average household income is just a little higher than the national number at $56,330, and most of the citizens in this larger college town work in healthcare, education, and the retail industry.
For buyers looking for great deals in real estate for a primary residence or use as a rental property nearby, the towns of Falcon, Powers, and Briargate are just next door.
Related: Home Buyers Guide
Just north of Denver along I-85, you’ll find the charming town of Greeley, the county seat of Weld County Colorado. Even though the town of Greeley didn’t allow alcohol until 1969 there are plenty of great microbrews to enjoy and the town boasts a 21-mile river trail along the Poudre River.
Greeley’s median home values have seen a decrease by 1.4% over the past 12 months. The average home price in Greeley is $407,227, which is a steal when compared to neighboring Boulder.
Recently placed in the top 50 communities for well-being by the Gallup research group, there’s a lot of reasons to like this town. Greeley has a rich history with the arts as one of the first towns to have a department of culture.
They also have several museums and lots of outdoor opportunities. Greeley Colorado is located conveniently between Denver and Fort Collins, and it’s only 30 minutes from Loveland. Of course, there are options in neighboring LaSalle and Evans specifically that also boast plenty of great real estate investment properties. Location and a buyers’ market make this town a great bet when it comes to investing in real estate in Colorado.
On the opposite end, about 2 hours south of Denver, you will find the iconic town of Pueblo Colorado. One of the largest cities in the state, Pueblo has a burgeoning art scene and a cool downtown area with a river walk.
Most of the residents in Pueblo work in education, healthcare and retail. There are lots of homes available at very reasonable prices, and with a median household income just north of $40K, plenty of people buy them.
So, what’s so great about Pueblo? Pueblo Colorado has seen a meteoric rise in real estate value over the past year. It’s no wonder: with the rest of the state starting to see prices skyrocket beyond reach for many, consumers are hungry for affordable real estate options, and Pueblo may be the answer.
Median home value sits at $279,812, according to the latest figures. According to Sperling’s Best Places to Live, Pueblo has seen a 1.3% increase in jobs over the past year, all while maintaining a lower tax rate. Nearby Fountain and Colorado City also offer lots of opportunities for real estate investors.
Rental properties are high in demand as the housing market fluctuates nationwide, and residential rentals are becoming a hit as investment properties. A single-family rental property can easily pay its own mortgage while you build equity, and multi-unit rental property can cover your mortgage and bring in a tidy sum.
Real estate investors can make a killing by buying now while the housing market is causing rental property leases to skyrocket. Every square foot is precious, and as investment properties go, a triplex or fourplex could be well worth the investment.
Colorado Springs, Greeley, and Pueblo are only three cities in the amazing state of Colorado. We took a close look at these three because of how well the housing market situations there are currently performing, but there are notable real estate investment opportunities in every town. The key to finding the right one for you? Patience and preparedness. Go in prepared, know what to expect and have paper in hand to back you up.
The old saying, good things come to those who wait is true in some instances, but not when it comes to pre-approval. Speak with a real estate mortgage professional from the Sammamish family and get pre-approved for your purchase. Then, sit down and define what it is you’re looking for in your next home or investment property. There are plenty of great choices, so get the one you want.
Let the mortgage professionals at Sammamish Mortgage guide you. Family owned and operated since 1992, we know what you value. Let us help you understand the ins and outs of home financing and more. Sammamish Mortgage offers a variety of mortgage programs including FHA and VA mortgages. Regardless of your situation, we can guide you through the process. If you have questions about securing a mortgage in Colorado, or would like a rate quote, please contact our friendly staff. We look forward to serving you.
Whether you’re buying a home or ready to refinance, our professionals can help.
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No Obligation and transparency 24/7. Instantly compare live rates and costs from our network of lenders across the country. Real-time accurate rates and closing costs for a variety of loan programs custom to your specific situation.