Real Estate in Colorado Springs

City-level prices vary by type: single-family homes commonly range from about $350,000 to $650,000; condos and townhomes often range $200,000–$350,000. Typical price per sq ft runs roughly $230–$330. Expect 2‑bed rentals to fetch roughly $1,400–$2,000/month. Use these bands to size down payments, mortgage payments and rental return estimates in USD.

Yes—non‑US citizens can own property in Colorado Springs. Ownership does not grant residency or work rights. Expect additional tax reporting (FIRPTA withholding may apply on sale), potential estate tax exposure, and tougher mortgage terms (many lenders want 25–40% down and higher rates). Obtain an ITIN for tax filings and consult a US tax advisor.

Investment fundamentals are solid: steady rental demand from military bases, hospitals and universities, with local vacancy typically in the low single digits to mid single digits. Gross yields commonly fall between about 4%–8% depending on price point and neighborhood; liquidity is better than rural areas but slower than major metros. Seasonality is mild—summer tourist months boost short‑term demand.

Property tax effective rates in El Paso County generally run about 0.5%–0.9% of market value annually (assessments vary). Closing costs typically total 2%–5% of purchase price (title, recording, lender fees). Expect HOA fees where applicable. For sellers and nonresidents, FIRPTA and federal/state capital gains apply; Colorado state income tax is a flat rate around mid‑single digits.

For family living: look at established neighborhoods with good schools and parks. For lifestyle buyers: central and westside areas with walkability and outdoor access. For investors: northeast and southeast corridors and neighborhoods near military bases often offer lower entry prices and consistent renter demand. Match price point to your cashflow and exit timeline.

Short‑term rentals are regulated—hosts must register, pay transient occupancy taxes and meet local permit rules; some zones have additional limits. Performance is seasonal, with average occupancy often around 45%–70% annually and peaks in summer. Check city registration requirements, nightly tax collection and HOA rules before buying for short lets.

Yes—Colorado Springs is remote‑worker friendly: many neighborhoods have reliable fiber and cable internet, coworking options exist, and outdoor lifestyle supports work‑life balance. Long stays depend on your passport—visa rules for the US are national and unrelated to property ownership; tourists from visa‑waiver countries can typically stay up to 90 days.

Typical purchase timeline: offer to closing 30–45 days when financing; cash deals can close faster. Allow 7–14 days for inspections and contingency resolution, lender underwriting time for mortgage approvals, and additional time for title work. New builds or off‑plan purchases often extend timelines by months depending on construction progress.

Key risks: wildfire and brushfire exposure in foothill-adjacent areas, localized flooding in some valleys, radon in basements, HOA restrictions and special assessments, and appraisal gaps in fast markets. Verify flood/wildfire zones, get radon and structural inspections, review HOA documents and build realistic contingency reserves.

Off‑plan purchases carry typical risks—construction delays, lien exposure and quality variance. Protect yourself: insist on escrowed deposits, independent contract and title review, builder warranties, copies of permits, and confirmation the contractor is licensed in Colorado. Verify lien searches and require clear title and a practical completion clause before final payment.