Local real estate agents no doubt would disagree, but online real estate company Zillow says that it makes more sense to rent than to buy a home in the Colorado Springs area – at least for the first nearly three years you’re living in the Pikes Peak region.
A recent blog post by Zillow real estate writer Catherine Sherman explored the top markets in the nation where renting can be an advantage. She writes about “Zillow’s break-even horizon” or “the number of years it takes before owning a home makes more financial sense than renting the same home.” It’s based on Zillow’s estimate of changes in home values and changes in Zillow’s rent index – an estimate of the cost to rent a home, condominium, apartment and the like in a given market.
In Colorado Springs, it takes 2.8 years before buying makes more sense than renting – ranking the Springs among the top 15 markets in the nation where renting can be a better short-term option, Sherman writes. Read her blog post here.