Buy vs Rent in Colorado Springs, CO (2026)
Median home price $400K · 1BR rent $1,500/mo · Price-to-rent ratio 22.2x.
Monthly cost of buying — 3 scenarios
30-year mortgage at 7% · Includes property tax, insurance, and maintenance estimates
| 3.5% down (FHA) | 10% down | 20% down (conventional) | |
|---|---|---|---|
| Down payment | $14,000 | $40,000 | $80,000 |
| Mortgage (P&I) | $2,568/mo | $2,395/mo | $2,129/mo |
| Property tax (est.) | $367/mo | $367/mo | $367/mo |
| Insurance (est.) | $167/mo | $167/mo | $167/mo |
| Maintenance (est.) | $333/mo | $333/mo | $333/mo |
| Total monthly cost | $3,435vs rent: +$1,935/mo | $3,262vs rent: +$1,762/mo | $2,996vs rent: +$1,496/mo |
| Income to qualify | $110,057/yr | $102,643/yr | $91,243/yr |
| Break-even (approx.) | ~1 yrs | ~2 yrs | ~4 yrs |
While renting, grow your down payment faster
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Colorado Springs housing context
Frequently asked questions
Is it better to buy or rent in Colorado Springs?
With a price-to-rent ratio of 22.2x, renting is often more cost-effective in Colorado Springs in the short term. Buying makes more sense if you plan to stay 7+ years and can make a larger down payment.
How much do I need to earn to buy a home in Colorado Springs?
With a median home price of $400K in Colorado Springs, you'd need an annual income of roughly $91,243 to qualify with 20% down (at 7% rate, 28% housing ratio). With 10% down, you'd need about $102,643/year.
Mortgage at 7% 30-yr fixed · Property tax 1.1% est. · Maintenance 1% est. · Zillow, BLS · Q1 2026 · For general guidance only