Rent vs. Buy Calculator: Is It Better to Buy in Colorado Springs, CO?
Pre-filled with Colorado Springs, CO's median home price ($480,000), local property tax rate (0.6%), and an estimated equivalent rent — adjust any number to match your specific situation.
Median home price
$480,000
Property tax rate
0.6%
Est. equivalent rent
$1,900/mo
Price-to-rent ratio
21×
Your situation
Buying wins over 10 years
Saves you $102,753 vs the alternative · breaks even in year 5
💡 What if the down payment was invested instead?
Adds a purple line: rent + $96,000 growing at 8%/yr
Net cost of buying
$158,623
Total cost renting
$261,376
Share in r/personalfinance, r/FirstTimeHomeBuyer, or Twitter 🏡
Assumes 30-year fixed mortgage, 3% closing costs, 1% annual maintenance, 7% selling costs. For educational purposes only — consult a financial advisor.
Compare another market:
Colorado taxes and what they mean for your decision
Colorado has a flat 4.4% state income tax, and Colorado Springs shares Colorado's very low property tax rate of 0.6% — matching Denver as one of the lowest property tax environments for a major metro in the US.
The Colorado Springs, CO rental market
Colorado Springs has seen significant population growth from both military (Fort Carson, Peterson SFB, NORAD) and remote workers relocating from Denver, pushing rent levels above historical norms.
What makes Colorado Springs different
Colorado Springs offers noticeably lower home prices than Denver while sharing Colorado's very low 0.6% property tax rate — a common trade-off for buyers in the broader Colorado Front Range who want to maximize purchasing power.
Colorado Springs, CO's price-to-rent ratio: 21×
Dividing the median home price by annual rent for an equivalent home gives the price-to-rent ratio — a quick screening tool used by economists and real estate analysts. A ratio below 15 generally favours buying, 15–20 is a genuine toss-up, and above 20 generally favours renting, all else being equal. Colorado Springs, CO currently sits at approximately 21×, which leans toward renting unless you plan a long holding period or expect above-average appreciation.
| Metric | Colorado Springs, CO |
|---|---|
| Median home price | $480,000 |
| Estimated equivalent monthly rent | $1,900 |
| Property tax rate | 0.6% annually |
| State income tax | Colorado state tax applies |
| Price-to-rent ratio | 21× |
These are metro-level estimates for illustration. Use the calculator above with your specific neighborhood, property, and rental comparison for an accurate result.
Compare other major metros
📍 New York, NY
$780,000 median · 1.7% property tax
📍 Los Angeles, CA
$950,000 median · 0.7% property tax
📍 Chicago, IL
$350,000 median · 2.2% property tax
📍 Houston, TX
$320,000 median · 2.3% property tax · no income tax
📍 Austin, TX
$820,000 median · 2.1% property tax · no income tax
📍 Seattle, WA
$850,000 median · 1% property tax · no income tax
Related financial planners
Colorado Springs, CO rent vs buy — frequently asked questions
Is it better to rent or buy in Colorado Springs, CO?
It depends heavily on your time horizon and the specific numbers. Colorado Springs, CO's current price-to-rent ratio of approximately 21× suggests renting often makes more sense unless you plan a long holding period. Use the calculator above with your specific home price, down payment, and time horizon for a precise answer.
What is the median home price in Colorado Springs, CO?
The median home price in Colorado Springs, CO is approximately $480,000, though prices vary significantly by neighborhood and property type. This calculator uses the metro median as a starting point — adjust it to match the specific property you are considering.
What are property taxes like in Colorado Springs, CO?
Colorado Springs, CO has an effective property tax rate of approximately 0.6% of assessed home value annually. This is below the US national average of roughly 1.1%, a relative advantage for buyers compared to higher-tax metros.
Does Colorado have a state income tax?
Yes. Colorado levies a state income tax, which is a relevant factor when comparing overall cost of living, though it applies equally whether you rent or buy and does not directly affect the rent vs buy math itself.
How long do I need to stay in Colorado Springs for buying to make sense?
Based on Colorado Springs, CO's current price-to-rent ratio of 21×, the typical break-even point — accounting for closing costs, selling costs, and the opportunity cost of the down payment — generally falls in the 7-plus-year range for this market. Run the calculator above with your specific numbers and time horizon for an exact figure.