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Home Values and Ownership in Zip Code 80469: A Decade of Change in Rural Colorado
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 80469, located in Phippsburg, Colorado, is a small rural area encompassing 22.58 square miles. This zip code has experienced fluctuating homeownership rates and significant changes in average home and rent prices over the past decade. The area has seen a general trend of increasing property values and rental costs, while homeownership rates have shown some volatility.
The homeownership percentage in zip code 80469 has experienced notable changes from 2013 to 2022. In 2013, the homeownership rate was 83%, which gradually decreased to 65% by 2017. However, there was a rebound in subsequent years, with the rate climbing back to 81% in 2022. During this same period, average home prices in the area showed a consistent upward trend. In 2013, the average home price was $153,905, which steadily increased to $395,363 by 2022, representing a substantial 157% increase over nine years.
Federal interest rates appear to have influenced homeownership rates in this zip code. For instance, when interest rates were relatively low between 2013 and 2016 (ranging from 0.11% to 0.40%), homeownership rates declined from 83% to 69%. As interest rates began to rise from 2016 to 2019 (0.40% to 2.16%), homeownership rates stabilized around 69%. Interestingly, when interest rates dropped significantly in 2020 and 2021 (to 0.38% and 0.08% respectively), homeownership rates increased to 78% and 81%, possibly due to more affordable financing options.
The percentage of renters in zip code 80469 has shown an inverse relationship to homeownership rates. Renter occupancy increased from 17% in 2013 to a peak of 31% in 2017 and 2018, before declining to 15% in 2022. Average rent prices have generally increased during this period, rising from $1,091 in 2013 to $1,246 in 2022, a 14.2% increase. It's worth noting that despite the overall upward trend in rent prices, there were some fluctuations, with the highest average rent of $1,325 recorded in 2021.
In 2023 and 2024, average home prices in zip code 80469 continued to rise, reaching $408,951 in 2023 and $418,867 in 2024. This represents a 3.4% and 2.4% year-over-year increase respectively. Concurrently, federal interest rates have also increased significantly, rising to 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact future homeownership trends and property values in the area.
Looking ahead, based on the historical data and current trends, it's projected that average home prices in zip code 80469 will continue to increase over the next five years, albeit potentially at a slower rate due to higher interest rates. The average home price could potentially reach around $475,000 to $500,000 by 2029. Average rent prices are also expected to continue their upward trajectory, potentially reaching $1,400 to $1,500 per month by 2029, assuming current economic conditions persist.
In summary, zip code 80469 has experienced significant growth in property values and rental costs over the past decade. Homeownership rates have shown resilience, rebounding from a mid-decade dip to reach 81% in 2022. The interplay between federal interest rates, home prices, and rental costs has shaped the housing market in this area, with recent increases in interest rates potentially influencing future trends in homeownership and property values.
