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Burlington, Colorado: Rising Home Values Amid Population Decline
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Burlington, Colorado, a small city in Kit Carson County, has experienced significant changes in its housing market and population dynamics over the past decade. From 2010 to 2022, the city's population decreased from 5,072 to 3,950, a trend that has notably influenced the local real estate landscape. Despite this population decline, Burlington's housing market has shown resilience and growth in various aspects.
The homeownership rate in Burlington has remained relatively stable, generally staying above 60%. In 2013, the rate was 63%, reaching a peak of 69% in 2017 and 2018, before settling at 65% in 2022. Concurrently, average home prices in the city have demonstrated a strong upward trend. From 2015 to 2022, average home prices increased substantially from $142,407 to $255,164, representing a remarkable 79% growth over seven years.
The relationship between federal interest rates and homeownership rates in Burlington reveals some correlation, though local factors appear to play a significant role. During the period of historically low interest rates between 2013 and 2016 (ranging from 0.09% to 0.40%), homeownership rates in Burlington increased from 63% to 67%. Interestingly, even as interest rates began to rise in 2017 and 2018, homeownership rates in Burlington continued to climb, reaching 69%. This suggests that while interest rates influence the market, local conditions also significantly impact homeownership trends in the city.
Renter percentages in Burlington have fluctuated inversely to homeownership rates, as expected. The percentage of renters decreased from 37% in 2013 to 31% in 2017 and 2018, before rising again to 35% in 2022. Average rent prices have shown considerable volatility. In 2013, the average rent was $1,088, which decreased to $744 in 2016. It then spiked to $1,303 in 2018 before declining again to $946 in 2022. These fluctuations may be attributed to changes in the local economy, housing supply, and population dynamics.
In 2023, the average home price in Burlington reached $256,299, showing a slight increase from 2022. However, in 2024, there was a modest decrease to $249,340. This recent dip coincides with a significant rise in federal interest rates, which reached 5.33% in 2024, the highest level since 2007. This increase in interest rates may be contributing to the slight cooling of home prices in Burlington.
Looking ahead, predictive models suggest that average home prices in Burlington may continue to experience moderate growth over the next five years, albeit at a slower pace than observed in the previous decade. This projection is based on historical trends and assumes relatively stable economic conditions. Rent prices are expected to follow a similar pattern, with potential for modest increases, influenced by factors such as local employment opportunities and overall economic health of the region.
In summary, Burlington has experienced significant changes in its housing market over the past decade. The city has seen a general trend of increasing homeownership rates and rising average home prices, despite a declining population. The rental market has shown more volatility, with fluctuating rent prices. Recent increases in federal interest rates may impact future housing market dynamics, potentially moderating price growth. As Burlington moves forward, these trends will likely continue to shape the city's real estate landscape, influencing both homeowners and renters in this Colorado community.
