Colorado Springs is a gorgeous area in the state of Colorado that is home to majestic mountains, vast forests, and mysterious caves. The United States Air Force Academy is located in Colorado Springs, as is NORAD. The list of outdoor activities to do in the area is endless. You can hike, ride a bike, ski, or climb a mountain. The U.S Olympic Training Center is located in the center; therefore, Colorado Springs is known as one of the fit cities in the country. It is a relaxing place that many people are choosing to call home. There are numerous homes for sale in the city, and there are many lenders waiting to offer you the perfect home loan.
Demographics and Median Income of Colorado Springs
The census bureau at https://www.census.gov/quickfacts/table/PST045216/0816000,08 estimates that 456,568 people live in Colorado Springs. With 70.7%, the majority of the people are white. 16.1% are Hispanic, 6.3% are African American, and 3% are Asian. The median household income stands at $61,558. The unemployment rate stands at 5.1%, and the poverty rate is 16.6%.
Median Home Prices of Colorado Springs
Homes in Colorado Springs are affordable, and the cost of living if lower than average. The median price of a home in the city stands at $289,000. The real estate market in the city is considered average. Military institutions are the largest employer in the city.
Crime Rate in Colorado Springs
The crime rate in Colorado Springs is above the national average. Each there, 18,500 crimes are reported in the city. Out of that number, almost 2,000 were violent crimes. 89% of other cities in the country are safer than Colorado Springs.
Schools in Colorado Springs
The average test scores in the city stand at 62%. This is below the national average but just above the state’s average. There are just over 150 public schools in Colorado Springs. 89% of the population have completed high school, and 36% have a college degree.
Mortgage Loan Options in Colorado Springs
If you are purchasing a new home, chances are that you will need a mortgage to finance the home. Obtaining a home loan does not have to be difficult and stressful. Before you apply for a loan, look at all the options available, so you will be prepared when your lender asks you questions. Some of the types of mortgages include:
- Conventional Loans: The government does not back these loans and you will need good credit to qualify. However, the cost of these loans is less expensive.
- FHA Loans: These loans have been in business for 80 years. If you do not qualify for a conventional loan, you could meet the requirements for an FHA loan. They offer low down payment amounts and reduce credit and income requirements.
- VA Loans: These are offered to all active duty personnel and retired military. No mortgage insurance or down payment is required.
- USDA Loans: These loans are backed by the US Department of Agriculture. If you live in a rural area and have lower income, you might qualify.
- Fixed-rate loans: These loans provide more security, as the rates do not increase or decrease. You normally can obtain a 30 year, 20 year, 15 year or 10 year loan. The shorter the life of the loan, the more money you will save.
- Adjustable-rate loans: If you think your income or property values will increase within the next few years, this could be a good loan option. During the initial period, you will save a lot of money. Your rate will then go up or down depending on the latest interest rates.
Colorado Springs has some of the most affordable homes in the country. The city possesses a small town charm that you will love. Your relocation to Colorado Springs will be an amazing experience. If you need a new home, search the neighborhoods to find the perfect spot to make memories in a new home.