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Jan 30, 2012 7:45 PM by Matt Stafford

Apartment development picking up in CO Springs, changes to come

Each generation of young professionals has its differences, and its own set of problems. The life-long plan so many Americans have used -- of getting a job, buying a house and paying off a mortgage -- is certainly changing; it's more difficult to get a loan, and some people would rather rent.

"Without 20 percent down it's very difficult to get a loan today," explains Fred Crowley, senior economist with the UCCS Forum. "A typical house around here is about $200,000, and you've got to come up with $40,000. That's a lot of money."

"If you've never owned a home before it's almost impossible, as a young adult, to come up with $40,000. So, the choice is: rent," says Crowley.

In Colorado Springs, before 2011, it had been at least a couple of years since any new multi-family apartments had been built; now that's changing.

"In terms of demographics, a lot of younger people do not want to make a home ownership commitment yet," says Fred Vietch, vice president of commercial development for Nor'wood Development Group, based in Colorado Springs.

"Certainly there will be different kinds of housing activity this year and next," says Crowley. "We're going to see a move to a large number of multi-family units; apartments coming online this year."

Monday night on News 5 at 10 p.m. we'll take a closer look at changes to come in the housing market.

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