August 28, 2023

How Colorado Springs is Raising the Bar for Quality of Life and Affordable Housing

Exterior of colorful houses in Colorado Springs.
Exterior of colorful houses in Colorado Springs.

With its 375 miles of trails, vivacious arts & culture and dynamic community events and festivals, Colorado Springs has earned its reputation as a city for exploration and an abundant way of life. But unlike many cities with top tier amenities, Colorado Springs is focused on being a cost-effective place to live, with a range of initiatives that are making the Pikes Peak region a prime destination for anyone seeking an affordable lifestyle. 

Over the past several years, Colorado Springs has had several housing development projects increase the availability of living units, corresponding with the growth of the region’s population. In 2021, almost 4,000 units were permitted, and in 2023, City Council approved nearly 500 homes for development on Colorado Springs’ east side.   

Colorado Springs has become an attractive hub for families and individuals pursuing an enhanced quality of life without excessive financial burdens. Read on to find out about affordable housing in Colorado Springs and some of the factors contributing to the region’s lower costs. 

A Prime Destination for Homebuyers 

New for 2023, the Pikes Peak Housing Authority (PPHM) works to advocate for affordable housing in the Pikes Peak region, uniting stakeholders and forging partnerships to create healthier communities for all walks of life. The Colorado Springs Chamber & EDC was selected as host for PPHN due to its understanding that housing affordability is influenced by factors such as income, education and health and its commitment to PPHN’s vision that everyone in the Pikes Peak Region has the opportunity for a safe, stable and attainable place to call home. 

Colorado Springs has also ranked as one of the top places to invest in property in 2023 according to real estate experts. Filled with year-round outdoor activities, high quality education, and close to ten vibrant communities, the city offers a lifestyle that you can count on for years to come.   

If you’re looking to reduce your out-of-pocket expenses, Colorado Springs utility bill will soon be decreasing even further from their already lower-than-national-average rates. In 2023, City Council approved a 3% rate reduction — the third decrease in less than a year. Over time, these decreased expenses can amount to significant savings, allowing residents a higher quality of life and more money for the many events and festivals throughout the region. 

Future-Focused Leadership for Housing Growth 

In 2021, the city of Colorado Springs received $111 million to address community housing needs. The state of Colorado also proposed a $400 million housing initiative that includes grants and funding for residents of all income levels — from low to middle class. 

Newly elected Mayor Yemi Mobolade has his own plans to improve affordable housing in Colorado Springs in 2023 and beyond. His First 100 Days Blueprint focuses on efforts to strategically grow the city by providing opportunities for community input and developing Colorado Springs’ own “middle housing fund,” among other initiatives.  

Mayor Mobolade’s administration is also committed to strengthening the future of the city’s housing infrastructure, recently announcing a new city organizational structure that includes the establishment of the Office of Housing & Community Vitality. Helmed by a team with decades of experience in community and housing development, the new department is building a transparent and proactive city government that sets a higher standard for affordable living regardless of class or background. 

With more than a 15% increase in population over the past decade, Colorado Springs is being strategic about how it supports future growth. Learn more about living and working in Colorado Springs and use our Cost of Living Calculator to see how much you’ll save on everything from utilities to groceries to housing.