Can You Actually Afford to Buy in Colorado Springs Right Now?
Only 10% of homes on the market in El Paso County are affordable for most residents. Here's what the real numbers show — and what you can do about it.
We hear this question every single week: "Can I actually afford to buy a home in Colorado Springs?" It's a fair question — and the honest answer is more nuanced than most people expect. Let's break it down with real numbers so you can decide for yourself.
What the Numbers Actually Show
The median home price in El Paso County right now sits somewhere between $460,000 and $500,000, depending on the neighborhood and the month. That's roughly where it's been holding — prices haven't spiked or crashed, they've stayed fairly steady.
Here's the part that catches people off guard: according to recent reporting from KRDO and the Pikes Peak Housing Network, only about 10% of homes currently on the market in El Paso County fall within what most residents can comfortably afford. To comfortably afford a median-priced home — including your mortgage payment, property taxes, and insurance — you generally need a household income around $138,000 a year.
Meanwhile, the median household income in the Colorado Springs area sits somewhere between $84,000 and $98,000. That's a real gap, and it explains why so many people feel like the market is out of reach — even when they're earning a solid living.
But Here's What's Different Right Now
The market right now is not the same market from two or three years ago. Inventory in Colorado Springs has climbed to levels we haven't seen since around 2013. That's a big deal, and it changes the math in ways that actually work in buyers' favor:
- You have negotiating room. When homes sit on the market for 40 to 50 days instead of getting snapped up in a weekend, sellers are more willing to negotiate on price, repairs, and closing cost contributions.
- Builder incentives are strong. New construction builders across El Paso County are currently offering rate buydowns, closing cost credits, and price reductions to move inventory. Some of those programs can meaningfully lower your monthly payment compared to a standard market-rate mortgage.
- Prices have flattened. We're not seeing dramatic jumps in home values right now. That means if you buy today, you're not chasing a rapidly rising market — you're entering at a more stable point.
What This Looks Like in Real Life
Let's talk about what you can actually find at different price points right now — not on paper, but in the neighborhoods people are actually moving to:
Under $400,000
Townhomes and condos in areas like Security-Widefield and parts of Fountain. Some older single-family homes in established neighborhoods that may need updating. These move fast because there aren't many of them.
$400,000 – $550,000
The widest selection. Single-family homes across most of the Springs — from Banning Lewis Ranch to Cordera to established neighborhoods near the Briargate corridor. This is where most of the market activity lives.
$550,000 – $750,000
Move-up homes with more space, larger lots, or newer builds in sought-after communities like Wolf Ranch, Sterling Ranch, or parts of Flying Horse. Also includes some resale homes in Black Forest and Monument.
$750,000+
Luxury homes, custom builds, properties with acreage, and the upper tier of Flying Horse and Black Forest. This segment has more room for negotiation right now than it's had in years.
Three Things You Can Do Right Now
Get pre-approved — not just pre-qualified
A pre-qualification is an estimate. A pre-approval means a lender has actually reviewed your finances. Sellers and builders take you more seriously with a pre-approval in hand, and you'll know your real budget before you fall in love with a house you can't afford.
Ask about assistance programs you might qualify for
There are down payment assistance programs, VA loans for military families, and builder incentives that can reduce your upfront costs significantly. Many buyers don't realize they qualify — it's worth asking before you assume you can't swing it.
Look at the full picture — not just the sticker price
A $480,000 home with a builder-buydown rate at 3.875% might have a lower monthly payment than a $420,000 resale with a market-rate mortgage. The purchase price is only one piece of the equation — your rate, your loan type, and the seller concessions all affect what you actually pay each month.
The Honest Take
Is Colorado Springs affordable for everyone right now? No — and we won't pretend it is. The gap between home prices and local incomes is real, and it's something the community is actively working on.
But is it possible to buy here — especially with the current inventory levels, builder incentives, and a market that gives buyers more leverage than they've had in years? Absolutely. It takes preparation, a clear understanding of your numbers, and an agent who'll tell you the truth about what's realistic for your situation.
That's what we do. Every day. And we're here when you're ready to have that conversation.
Jeff & Lane Morrell | The Morrell Group | eXp Realty
Sources: El Paso County median home price data from Zillow and regional MLS reports. Affordability analysis from KRDO and the Pikes Peak Housing Network (2026). Household income data from U.S. Census Bureau American Community Survey. Resident survey data from the Colorado Association of Realtors and Pikes Peak Housing Network (2025–2026).