Colorado Springs, CO variant. This is a Colorado Springs, CO-specific version of the Rent vs Buy Calculator, using pre-defined local figures (tax rates, median home and income values, and typical regional costs). For the full formula, methodology, and FAQ, open the main Rent vs Buy Calculator.
In Colorado Springs, renting costs about $1,750/month while owning the $460,000 median home runs roughly $2,621/month all-in - the gap drives the rent-vs-buy decision.
Rent vs. buy in Colorado Springs
Owning includes P&I (≈ $2,326), property tax (≈ $161), and insurance - about $2,621/month before maintenance, versus $1,750 to rent.
Buying wins when you stay long enough to amortize the $92,000 down payment and closing costs, and when appreciation plus equity outpace the rent you'd otherwise pay.
About Colorado Springs, CO
Colorado Springs applies Colorado state and local sales taxes, with a flat state income tax.
Colorado Springs home prices have climbed above the national average in recent years.
Colorado Springs has a strong military and defense presence, with a cost of living somewhat above the national average.
Worked example: monthly comparison
Own ≈ $2,621/mo vs. rent $1,750/mo - a $871 premium to own. Factor in the $92,000 down payment and expected years in the home.
Quick reference
- Median home value: $460,000
- Median rent: $1,750/mo
- Median household income: $80,958
- Local sales tax: 8.2%
- Effective property tax rate: 0.42%
- Cost of living index: 105 (US avg = 100)
Frequently Asked Questions
Is it better to rent or buy in Colorado Springs?
Owning runs ≈ $2,621/month vs. $1,750 to rent. Buying favors longer stays that recover the $92,000 down payment and closing costs.
What's the median rent in Colorado Springs?
About $1,750 per month.