City Growth Is Not Slowing Down
Colorado Springs has been named as one of the best places to live, work, and retire in the U.S by a number of surveys, and outsiders continue to drive up the population. Which also means the Springs demographic is changing thanks to an influx of outdoor enthusiasts, retirees, military personnel, young businesspeople, and fluctuating family moves.
With a 2020 population of 485,946, it is the 2nd largest city in Colorado and the 40th largest city in the United States.
Of cities with a population of 300,000 or more, Colorado Springs came in as number 29 of the 30 fastest growing large cities in the U.S., as stated in a study by financial website WalletHub. In the report, WalletHub only considered the “city proper,” excluding surrounding metro areas.
According to Coloradosprings.gov, net in-migration has overtaken the natural growth rate as more than 3,0006 persons per year are moving into the Pikes Peak region – a trend that is happening across the Rocky Mountain region. The State demographer’s office believes in coming years the El Paso County region will continue to see substantial growth, increasing from approximately 700,000 people to just below 1 million people by 2040.
While the military remains a major employer, collectively employing nearly 60,000 people, much of the recent growth is propelled by other sectors. Other industries including health care, construction and professional and technical services, have all shown double-digit growth in the past five years.
Recent statistics by the City indicate that the two fastest growing demographics are folks between 20 to 34 years of age and retirees aged 65-plus. Consequently, the typical household structure has been altered and decades of data implies this is not a short-term position, but a long-term movement.
In the meantime, the Covid-19 pandemic is also having a significant impact on the way home buyers are looking at housing needs. The National Association of Realtors’ (NAR) 2020 Community and Transportation Preference Survey, looked into how COVID has affected housing and travel preferences in the fifty-largest metro areas.
In the survey, people under the age of 40—millennials and Generation Z –are the most likely to report that their overall quality of life has been negatively affected by the pandemic. More households are looking to reside in more walkable neighborhoods, and those who do report a higher quality of life than those who live in less walkable areas. The importance of easy access to public transit and highways has dropped as many households are commuting less because of the pandemic.
While the pandemic and housing affordability are leaving a lasting impression on the housing market, more changes may be on the way. An emphasis on technology may continue to create more streamlined, efficient processes. And some experts believe more Millennials moving to the suburbs could help balance out the effects of rising housing prices in urban areas.
Regardless of the pandemic and the ever-changing demographics, the housing market in the Springs continues to stay active. Although schools are back in session and colder temperatures have started to arrive, buyers are diligently looking for great homes.
Colorado Springs number one independent real estate firm, The Platinum Group, Realtors are ready to share their expertise, knowledge on market conditions, and skilled negotiation techniques to provide top-notch management of your home transaction.
With access to a whole suite of tech tools that help navigate the home buying or selling process –contact-free, The Platinum Group will help you move through the process with virtual showing tools, online application tools, and a sophisticated searching capacity.
For a no-obligation consultation, call today: (719) 536-4478 or visit PlatinumHomesSales.com.