MOVING TO COLORADO SPRINGS...CHECK THE COST OF LIVING FIRST
Thinking of moving from or to Colorado Springs? You're not alone. 24% of our population is transient every year - meaning that 24% of our population moves in or out of Colorado Springs each year. It's not only the real estate markets that differ from town to town - the Cost of Living does, too.
Insurance costs, tax bills and just plain, day-to-day living will dent a household budget differently depending on where that household is. It can be a nerve-wracking fact for families moving..
Bankrate.com keeps a Cost of Living Comparison Calculator on its website and you can access this information for free. The calculator asks 3 questions: (1) Where do you live now, (2) Where you are moving to, and (3) What is your salary. It then gives you a detailed, 58-item cost comparison list between the two cities. According to BestPlaces.net, "Compared to the rest of the country, Colorado Springs' cost of living is 8.52% Lower than the U.S. average."
For example, if you compare Denver to Colorado Springs, you can make 9.81% LESS in Colorado Springs and still maintain the same standard of living as you would in Denver. Here are some statistics when it comes to comparing Denver and Colorado Springs real estate.
In Colorado Springs (compared to Denver), homes are cheaper, mortgage payments, rent and energy bills are lower, as well!
How does Colorado Springs (population 380,307) compare to other like-sized cities across the US? Moving to Colorado Springs CO from ...
- Raleigh NC (pop.392,552) - You may take a 8.33% decrease and still maintain your standard of living.
- Minneapolis MN (pop. 382,605) - You may take a 19.64% decrease and still maintain your standard of living.
- Honolulu HI (pop. 374,676) - You may take a 44.46% decrease and still maintain your standard of living.
- Wichita KS (pop. 366,046) - You will need a 1.13% increase to maintain your standard of living.
If you are looking to take advantage of the lower cost of living by moving to our area, check out the homes for sale in Colorado Springs, or give me a call at 719-264-5434.
(Blog Contribution by Ron Mangiarelli, Broker Associate RE/MAX Properties, Inc.)
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