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Is renting better than buying in Colorado Springs?

Published: May 16, 2014, 10:52 am, by Rich Laden
GAZETTE FILE PHOTO

GAZETTE FILE PHOTO

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.