Rent prices in Colorado Springs (Black Forest, Manitou Springs: 2014, crime, landlord)

[wilberry]

Aug 18, 2021

https://www.gobankingrates.com/money...est-cities-us/

Colorado Springs, Colorado
Median income: $58,158
Income needed if you're a homeowner: $84,800
Income needed if you're a renter: $83,072
Whether you're renting or owning, you can expect to spend a little under $20,000 a year on housing in Colorado Springs. The two are very close, though, with just under $2,000 separating the income needed to live comfortably for renters and owners.

[BurroBridge]

There is a fairly new apartment building near where I live in northeast COS. I have been watching the rent prices. Last year (spring 2020), the rent for a one bedroom was around $1,100. Today, it is $1,660.

Folks have been saying the housing market is cooling down, but I do not see evidence of it in my neighborhood. Three houses sold on my street in August and all were on the market for 7 days or less. One sold for $16K over the asking price, one for $21K over, and I am waiting to see on the other.

[mtngigi]

Originally Posted by wilberry

Aug 18, 2021

https://www.gobankingrates.com/money...est-cities-us/

Colorado Springs, Colorado
Median income: $58,158
Income needed if you're a homeowner: $84,800
Income needed if you're a renter: $83,072
Whether you're renting or owning, you can expect to spend a little under $20,000 a year on housing in Colorado Springs. The two are very close, though, with just under $2,000 separating the income needed to live comfortably for renters and owners.

"New math" ...

[Wittgenstein's Ghost]

It will never be the case that the median income in a city is enough to afford the median house. The proliferance of two-income households dictates this. When the majority of homebuyers are in a multi-income household, the basics of supply and demand mean that there is too much buying power out there for prices to stay low enough for a median income person to buy the median house.

And my guess is that the average median income renter probably isn't living in a one bedroom apartment alone. The math changes significantly if one has a roommate, and this also likely dictates that there is enough buying power out there on the renting side to make it tough to afford an apartment on the median income.

I'm certainly not saying housing hasn't run amok; it definitely has. But stats like these aren't always what they seem.

[otowi]

I think people really overestimate the percent of households that are dual income. 1 in 4 households are only one person, period. Households are about evenly split between single and dual income (53% dual income as of 2021).

[Wittgenstein's Ghost]

Originally Posted by otowi

I think people really overestimate the percent of households that are dual income. 1 in 4 households are only one person, period. Households are about evenly split between single and dual income (53% dual income as of 2021).

53% is plenty sufficient to ensure that the median income isn't enough to afford the median house. 53% means the meidan household has two incomes. Housing is a scarce good. If more than half of shoppers have household income above the median individual income, the median individual income is probably not going to be enough to afford the median house.

[Colorado Rambler]

About the only way I can visualize returning home to Colorado Springs these days and finding affordable housing would be to come back and perform some dastardly deed, so that I could qualify for one of those cute little cells that are given out by the County.The trouble is that I'm not sure which misdeed would be bad enough that El Paso County would feel compelled to admit me to one of its housing programs, but not so awful that the State of Colorado would step in and whisk me off to Canon City or Florence. Modern life during this era of stratospheric housing costs is sooo complicated!

[wilberry]

I know I can afford Forts Mobil and RV park in Pueblo along with the rest of SAD America

[mtngigi]

Originally Posted by Colorado Rambler

About the only way I can visualize returning home to Colorado Springs these days and finding affordable housing would be to come back and perform some dastardly deed, so that I could qualify for one of those cute little cells that are given out by the County.The trouble is that I'm not sure which misdeed would be bad enough that El Paso County would feel compelled to admit me to one of its housing programs, but not so awful that the State of Colorado would step in and whisk me off to Canon City or Florence. Modern life during this era of stratospheric housing costs is sooo complicated!

I wish I knew how what is going on can possibly be sustainable. If it continues, the already over-burdened homeless issue is going to get way worse. I feel for landlords and renters and what they've had to go through for the last year and a half. I feel for average income workers trying to find a decent place to live that still allows them to buy groceries and have a life.

What's being built and touted as "affordable" housing is subjective. Truly affordable housing should/must address all income levels ... and it does not.

Let me know if you need an accomplice. Life has been a bit boring lately.

[Colorado Rambler]

Originally Posted by mtngigi

I wish I knew how what is going on can possibly be sustainable. If it continues, the already over-burdened homeless issue is going to get way worse. I feel for landlords and renters and what they've had to go through for the last year and a half. I feel for average income workers trying to find a decent place to live that still allows them to buy groceries and have a life.

What's being built and touted as "affordable" housing is subjective. Truly affordable housing should/must address all income levels ... and it does not.

Let me know if you need an accomplice. Life has been a bit boring lately.

LOL! I'm sure that you and I could form quite the criminal partnership. We could be Manitou's new answer to Bonnie and Bonnie! As the Colorado Forum of City Data is my witness, I vow to take full personal responsibility for any pranks, crimes, jokes that the individual using the nom de guerre, "mtngigi" may be inspired to commit on or against the tourists, residents, the City Council, the cops, and every single resident of the gated community that calls itself "Crystal Park." Seriously, guys?

And let me be clear, I am taking responsibility for any "crime(s)" that mtngigi may have up her sleeve not because I am overflowing with compassion, but because - just like ET - I want to come home, dammit! And I want to come home to an actual dwelling that has a roof which doesn't leak, windows which are not broken, access to an at least 300 baud Internet connection. And while the dwelling is not required to have a paved road leading to it, there must at least be an unpaved road with ruts no deeper than 5 feet, rocks and other debris no higher than the clearance of my 1951 Willy's. And the price of this elegant home can be no higher than $1 X 10 to the 6th power dollars.

Now, I know that non Californians may consider a million bucks for a house to be prohibitive, but just consider all the perks that the house I mentioned above has. A million dollars for a home like that is a steal!

Consider yourself warned, Colorado Springs.

Consider yourself warned, Manitou Springs.

And you - yes, YOU, Crystal Park! Well, you'll find out...