New and Pre-Construction Homes in Colorado
About Colorado
Colorado, often referred to as the Centennial State, graces the western part of the United States with its mountains, high plains, deserts, and deep canyons. Standing tall with an average elevation of 6,800 feet, the state's crown jewel is undoubtedly the Rocky Mountains, drawing tourists for skiing, hiking, and other outdoor adventures. Denver leads the list of major cities, followed closely by Colorado Springs, Fort Collins, and Boulder. As of July 2022, Colorado was the chosen home for close to 5.8 million people, many of whom enjoy the state's 300 sunny days, mild temperatures, and enough snowfall for winter sports.
Colorado Real Estate Markets
Housing in Colorado
While Colorado's cost of living surpasses the national average by 6%, it's still more affordable than many of its West Coast counterparts, as noted by C2ER. With an average salary of $56,138, many Coloradans work in healthcare, IT, tourism, manufacturing, and education. A financial bonus for those considering a move to Colorado is the non-existence of personal income tax. On the flip side, housing is the primary expense, with areas like Vail and Aspen demanding a heftier price tag. Other necessities like groceries, utilities, and transportation are on par with other states throughout the US.
Most Popular Communities in Colorado
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Master Planned Communities in Colorado
Real Estate in Colorado
Colorado's real estate market is heating up, with the current median home price standing at $575,000, marking a 2.2% growth from last year. Potential homeowners have many options, ranging from single-family homes and condos to townhomes, apartments, mobile homes, and farms. The Colorado Housing and Finance Authority (CHFA) is stepping in to make homeownership more accessible through programs like: Down Payment Assistance Grant: Offering up to 3% of the home's buying price or a maximum of $25,000. Mortgage Credit Certificate (MCC): A tax credit that can be applied to federal income taxes, accounting for up to 20% of mortgage interest paid, with an annual limit of $2,000. Homebuyer Tax Credit: Tailored for first-time buyers, this tax credit can provide up to $8,000, contingent on specific income and purchase price guidelines.
Most Recent Homes in Colorado
New Construction Market in Colorado
With 67 homebuilders actively laying foundations across Colorado, according to CAR's data, the state is set to welcome an estimated 23,000 new homes by 2023's end. These homes come with a median base price tag of around $299,300. In a stride towards affordable housing, the Colorado legislature endorsed a 2021 bill allocating funds to housing projects. This funding is expected to boost the availability of reasonably priced homes, hopefully making it easier for individuals to purchase property in Colorado. Simultaneously, the state is optimizing the permit process for new constructions by offering builders a smoother path to get started.
