The Impact of Military Bases on the Colorado Springs Real Estate Market
Colorado Springs is home to several major military bases, including the U.S. Air Force Academy, Fort Carson, Peterson Space Force Base, and Schriever Space Force Base. These bases play a significant role in the local economy and have a major impact on the real estate market in Colorado Springs. In this blog post, we'll explore how these military bases influence the housing market and what it means for homebuyers and sellers.
A Strong Demand for Housing
Military Personnel and Families
One of the most significant impacts of the military bases in Colorado Springs is the constant demand for housing. Each year, thousands of military personnel and their families move to the area, either temporarily or permanently. This creates a steady demand for both rental properties and homes for sale. Many military families prefer to live near their base for convenience, leading to high demand in neighborhoods close to the bases.
Short-Term and Long-Term Rentals
Because military personnel often relocate every few years, there is also a strong market for rental properties. Many service members choose to rent homes rather than buy, knowing they may need to move again in a few years. This has led to a thriving rental market in Colorado Springs, especially near the military bases. Investors often find good opportunities in purchasing rental properties to cater to this demand.
Stable Property Values
Consistent Demand
The presence of military bases helps stabilize property values in Colorado Springs. The consistent demand for housing from military families means that there is less fluctuation in the housing market, even during economic downturns. This stability is attractive to both buyers and sellers, as it reduces the risk of large drops in home prices.
Investment Opportunities
For investors, the stability provided by the military presence makes Colorado Springs an appealing market. Investing in rental properties or homes near the bases can provide a reliable income stream, as there is a steady flow of renters and buyers looking for housing.
Neighborhoods Near Military Bases
Fort Carson Area
Fort Carson is one of the largest military installations in Colorado Springs, and the neighborhoods surrounding it are popular among military families. Communities like Fountain, Security-Widefield, and Stratmoor Hills offer affordable housing options and are located just minutes from the base. These neighborhoods are known for their family-friendly atmosphere and strong sense of community.
U.S. Air Force Academy Area
The U.S. Air Force Academy is located in the northern part of Colorado Springs, and nearby neighborhoods like Briargate, Northgate, and Gleneagle are highly sought after. These areas offer a mix of single-family homes, townhomes, and apartments, making them ideal for both families and single service members. The proximity to the academy and the beautiful mountain views make this area a popular choice.
Peterson and Schriever Space Force Bases Area
Peterson and Schriever Space Force Bases are located on the eastern side of Colorado Springs, and the surrounding neighborhoods like Cimarron Hills, Stetson Hills, and Banning Lewis Ranch are in high demand. These communities offer a variety of housing options, from new developments to established neighborhoods, and are known for their convenient access to the bases and amenities like schools, shopping, and parks.
Tips for Military Homebuyers and Sellers
VA Loans
Military personnel and veterans have access to VA loans, which offer several benefits, including no down payment and lower interest rates. If you're in the military and looking to buy a home in Colorado Springs, a VA loan can make the process easier and more affordable.
Consider Future Moves
If you're a military family buying a home, it's important to consider your future plans. Since many military members move frequently, you may want to think about the resale value of the home and whether it will be easy to sell when it's time for your next move.
Work with a Local Real Estate Agent
Working with a local real estate agent who understands the unique needs of military families can be a huge advantage. The Locale Group has experience helping military buyers and sellers navigate the Colorado Springs real estate market. We can assist you in finding the right home in the best neighborhood to suit your needs.
Conclusion
The military bases in Colorado Springs have a profound impact on the local real estate market, creating a strong and stable demand for housing. Whether you're a military family looking for a home near your base or an investor interested in rental properties, Colorado Springs offers numerous opportunities. The Locale Group is here to help you navigate the market and find the perfect home for your needs. Contact us today to learn more!
