Living in Colorado Springs

Submitted by tynesha20j t3_11ds8y8 in personalfinance

Is it possible to live in a 350K house in Colorado Springs Colorado making 127K? Housing market mortgages are at like 2K and up plus other expenses. Isn’t the winters bad so all bills increase. It feels like I’ll be struggling with that pay.

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Puzzleheaded_Put534 t1_jaaimws wrote

I think you'd be alright, property taxes are low and insurance isn't too bad either.

You could always add a roommate to help build that buffer

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ChewingCope t1_jaajrsf wrote

Yes my house I pay 850ish a year in property tax valued around 415k

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Puzzleheaded_Put534 t1_jaak6h9 wrote

I'm in the Springs as well, wouldn't mind a slight raise in the property taxes if they could fix some of these roads... but I digress

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shadow_chance t1_jaaj7e0 wrote

Your take home should be like at least 6K so not sure how 2K isn't affordable.

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destinybond t1_jaaw2si wrote

yeah youd be fine financially but then youre living in colorado springs

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thedirtys t1_jaax1gn wrote

That's less than 30 percent of your gross income, I'm guessing it's about 30ish percent after taxes. Can't get better than that in the front range. You're good.

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ChewingCope t1_jaajo3e wrote

I own a house in co springs in 80911 to be exact, I make about 77k a year and my house was 342k out the door. Rate was 3.2% however, I live comfortably. Now at a 6% I could still afford it. You at 127k will be more than comfortable. My bill in winter for gas is high my house is 3x2 two story with a basement 1650 SQFT COS utilities sends me a average bill in the winter for 125$ water is about 60$ for me about 80 in the summer when I water my grass.

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