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Aurora's Zip Code 80019: Soaring Home Values and Ownership Rates Amidst Population Growth
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
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Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Zip code 80019 in Aurora, Colorado, has experienced significant growth and transformation over the past decade. This area has seen a remarkable increase in homeownership rates and average home prices, coupled with fluctuating rental markets and a rapidly growing population.
The trend in homeownership rates in zip code 80019 has been strongly positive. In 2013, the homeownership rate was 71%, and it steadily increased to reach an impressive 89% by 2022. This substantial rise in homeownership coincided with a dramatic increase in average home prices. In 2013, the average home price was $204,893, and it rose consistently year over year, reaching $570,170 in 2022. This represents a staggering 178% increase in average home prices over a nine-year period.
The relationship between federal interest rates and homeownership rates in this zip code is noteworthy. Despite the general trend of lower interest rates encouraging homeownership, this area saw increasing homeownership rates even as interest rates fluctuated. For instance, from 2013 to 2015, when interest rates were at historic lows (0.11% to 0.13%), homeownership rates actually decreased slightly from 71% to 67%. However, as interest rates began to rise from 2016 onwards, homeownership rates in the area continued to climb, reaching 89% in 2022 when the federal interest rate was 1.68%.
Conversely, the renter percentage in zip code 80019 has steadily declined over the years, from 27% in 2013 to just 11% in 2022. Interestingly, despite this decline in the renter population, average rent prices have shown a general downward trend. The average rent peaked at $1,766 in 2014 and has since decreased to $1,376 in 2022, a 22% reduction. This trend could be attributed to the growing population and increased housing supply in the area, which may have put downward pressure on rental prices.
Looking at the most recent data for 2023 and 2024, we see a slight correction in the housing market. The average home price in 2023 was $552,917, a 3% decrease from 2022. However, in 2024, prices have started to rise again, reaching $558,783. This slight uptick occurs despite the federal interest rate reaching 5.33% in 2024, the highest it has been in over a decade.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 80019 will continue to rise, albeit at a more moderate pace. The area's strong homeownership trend and growing population suggest sustained demand for housing. However, higher interest rates may temper price growth. We predict average home prices could reach approximately $650,000 by 2029. For rent prices, the forecast suggests a potential stabilization or slight increase, possibly reaching around $1,500 per month by 2029, as the rental market adjusts to the area's changing demographics and housing supply.
In summary, zip code 80019 in Aurora, Colorado, has demonstrated remarkable growth in homeownership and property values over the past decade. The area has bucked some national trends by showing increasing homeownership rates even during periods of rising interest rates. The rental market has seen declining occupancy rates and average rents, likely due to the strong shift towards homeownership. As the area continues to develop, it will be crucial to monitor how these trends evolve, particularly in light of changing interest rates and ongoing population growth.
