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There's a the age old question everyone thinks about when they decide to move to a city in Colorado:
Should I buy a place or rent? Well, we aren't here today to solve that problem for you exactly. We are just assuming you'll do the right thing and a buy a place. And while we are happy to tell you the best place to live in Colorado, this analysis is going to tackle the question of the best place to buy a house as an investor. That is we are going to try and determine the up and coming cities in the Centennial State.
To do that we are going to look at places in Colorado that are growing faster than average, but where home prices are below average. In every day terms, the "deals". The best deal in Colorado at the moment? That would be Eaton according to our analysis.
Here's a look at the top ten places to buy a home in colorado for 2020:
- Eaton (Photos | Homes For Sale)
- Glendale (Photos | Homes For Sale)
- Dacono (Photos | Homes For Sale)
- Manitou Springs (Photos | Homes For Sale)
- Edgewater (Photos | Homes For Sale)
- Brush (Photos | Homes For Sale)
- Vail (Photos | Homes For Sale)
- Salida (Photos | Homes For Sale)
- Lochbuie (Photos | Homes For Sale)
- Sheridan (Photos | Homes For Sale)
What's the best place to buy a home in Colorado for 2020? According to our analysis, would the the ideal place to buy a home looking into the future.
The methodology that wen't into this can be a bit complicated, so we'll break it down for you in as much detail as we can below. If you're not worried about finding a deal on good places to live, check out the most expensive places to live in colorado and, for those of you on a budget, the cheapest places to live in colorado.
For more Colorado reading, check out:
- These Are The 10 Best Counties To Live In Colorado
- 10 Best Places To Raise A Family In Colorado
- These Are The 10 Best Places To Retire In Colorado
The 10 Best Cities To Buy A House In Colorado For 2020
General William Jackson Palmer and Dr. William Abraham Bell founded Manitou Springs in 1872, intending the town to be a "scenic health resort". Dr Bell's home, Briarhurst Manor, is open to the public as a fine dining restaurant, which is listed on the National Register of Historic places. In 1876, the town was incorporated. "Manitou Springs has been the quintessential tourist town since the 1870s, when visitors discovered the healing waters the Ute Indians had been drinking for years. Many of the town's mineral springs still function today and the water is free."
Edgewater was named for its lakefront location at Sloan's Lake. The town was incorporated in 1904.
Brush, Colorado was named for Jared L. Brush, who was a Colorado cattle pioneer. Brush had never lived in Brush, Colorado, instead helping to settle what is now known as Greeley. Brush later served as Lieutenant Governor of Colorado, and liked to visit "his town" often.
Vail was incorporated in 1966, four years after the opening of Vail Ski Resort. The ski area was founded by Pete Seibert and local rancher Earl Eaton in 1962, at the base of Vail Pass. The pass was named after Charles Vail, the highway engineer who routed U.S. Highway 6 through the Eagle Valley in 1940, which eventually became Interstate 70. Seibert, a New England native, served in the U.S. Army's 10th Mountain Division during World War II, which trained at Camp Hale, 14 miles south of Vail between Red Cliff and Leadville. He was wounded in Italy at the Battle of Riva Ridge but went on to become a professional skier after he recovered.
A post office has been in operation at Salida since 1881. The community was named on account of its distance from a nearby canyon, Salida meaning "exit" in Spanish.
Lochbuie was developed in the 1960s as the Spacious Living Mobile Home Park, and known as Space City until it was incorporated in 1974. The town was named Lochbuie after Lochbuie, Mull in Scotland.
How do you determine the best places to buy a home in colorado for 2020?
We were in real estate for almost five years and have been working on this site for another three. Suffice is to say, we've put a lot of thought into what goes into finding a good place to buy a home.
So all that thinking has come to this moment where we get to spell out how we'd approach finding an up-and-coming place to live in Colorado. Put differently, the analysis will try to find places in Colorado with undervalued homes relative to pent up demand.
To do that we looked at the most recent American Community Survey Census data for 2014-2018 and compared it to the previous vintage (2012-2016). Specifically, we used the following criteria:
- Y-o-Y Change In Population (People want to live here)
- Y-o-Y Change In Median Home Prices (People are willing to pay for it)
- Home Prices Relative To The State Average (It's still kinda cheap)
We want places that are growing, have seen home prices increase in recent years, and are still "cheap" for Colorado with the following caveats:
- Home prices had to be within 20% of the state average (Much lower than that and you get to some of the more dangerous places)
- Home prices increased in the last year, and
- Above 5,000 people (Bigger cities have more data points)
So of the 0 cities and towns in Colorado, only 78 places made it through our initial filters to even be considered.
We then ranked each place from 1 to 78 for the criteria mentioned above with 1 being the best for that criteria. We averaged the rankings to create a "best place to buy" index with the place having the lowest index being the best. You can download the data here.
Turns out that Eaton is the best potential gem in the not-so-rough in the Centennial State.
Read on for more on these places.
There You Have It - The Best Places To Purchase A House In colorado for 2020
There's our analysis of the best places to buy a house in Colorado. And, to be clear, we aren't necessarily saying these places are the best places to live, just that it looks like they might be in a couple of years based on the data.
In fact, every place in the following table meets our criteria, so even though it may not look super long, remember we started off with all 0 places in the state.
So if we'd could rent or buy in these cities, we'd definitely buy.
For more colorado reading, check out:
Detailed List Of The Best Places To Buy A Home In Colorado
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