These days, people say that home prices in Colorado Springs have risen significantly.

With people moving in from California and Seattle, home prices are unlikely to stay stagnant.

As of 2026, let's estimate the median home price in Colorado Springs to be around $460,000.

While this isn't cheap compared to the national average, it's still more affordable than Denver in Colorado.

If you buy a $460,000 home and put down 20%, you'll need about $92,000 upfront. That's not a small amount either.

After that, you'll have a loan of $368,000 remaining.

With a 30-year fixed mortgage at an interest rate of 6.75%, your monthly payment for principal and interest will be about $2,387.

But buying a home isn't the end of it. You also have to pay property taxes and insurance.

In Colorado, property taxes are relatively low, so if we calculate at about 0.55% annually, that's roughly $211 a month.

If we estimate homeowners insurance at about $158 a month, your total monthly housing cost will be around $2,756.

So, if you buy a $460,000 home with a 20% down payment, you should expect to pay roughly in the high $2,700s each month.

Of course, if it's a home with an HOA, you'll need to add that as well. The saying that a house is a money pit starts to make sense.

So, how much do you need to earn?

If we calculate based on the guideline that housing costs should not exceed 28% of your monthly income, you'll need about $9,843 a month, which translates to an annual income of about $118,000.

At first, $118,000 might sound like a lot, but compared to California home prices, it's a different story. Some professionals or skilled workers earn this much on their own, and for dual-income households, it's a realistic target.

Looking at the median household income in El Paso County, which is around $75,000, there's about a 1.6 times difference from the income needed to buy a home. While this is still a burden, it's not to the point where a regular salary can't even get you close to a home, like in some areas of California.

If you go up to Denver, home prices are much higher than in Colorado Springs, and conversely, if you go down to Pueblo, prices drop significantly. So, unless you have a strong reason to stick to the Denver area, Colorado Springs seems like a pretty good middle ground.

Especially for Koreans who have lived in California for a long time and are tired of high home prices, the thought of "Wow, I can buy a house for $460,000?" might come to mind. In LA or Orange County, if you say you want to find a single-family home for $460,000, the real estate agent would likely look quite uncomfortable.

However, you shouldn't assume that Colorado Springs is automatically cheap. Natural disasters like hail or strong winds can lead to significant differences in insurance costs depending on the neighborhood and the condition of the home. You also need to check the roof condition of older homes.

Ultimately, if you have $92,000 in cash for a 20% down payment and a household income of around $120,000, you can realistically consider buying a home in Colorado Springs.

These days, in the U.S., that's quite a fortunate situation. There are many neighborhoods where couples have to scrape together everything they have just to buy a single home.