COLORADO SPRINGS, Colorado — Rent in Colorado Springs continues to rise. Every year renters pay more than the last year, driving up the cost of living.
Cost of living in the city has been fair the most time but apparently, things are changed. The last two years were different, according to Tatiana Bailey, UCCS Director of Economics.
Due to Bailey, the affordability of homes is getting more and more complicated.
Owning Homes is Also Driving Up Cost of Living
A new study by Apartment Lists showed that rent in Colorado Springs has increased by 1.2% since the last year of 2017. A median rent for a 2-bedroom apartment is at more than $1,200, which beats the national average by $50.
“At most times, the people who rent are those who can’t quite afford to get a down payment, they may be having struggles with it. In case of rent increase, it makes everything more difficult,” said Bailey.
When seeing the number 1.2%, it may seem like not a big number but the whole picture needs to be seen in order to see the influence of changes. In 2002, the average rent for an apartment was $600: while in 2018, it’s $1,200.
So, what to expect and what future holds for renters? And what about the future for homeowners, too?
Some who live in Colorado Springs told that it’s very expensive, meanwhile other said that it could have been worse.
The city is more likely to enter some high-skill economy space, where it will lead to big jobs and big paychecks and for this actual reason the city will turn into a more expensive place. Cities like San Francisco and Seattle are key examples of what Colorado Springs might become. After all, this is a very desirable place to live. The more people want to live here, the pricier it’s going to be.