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Prides Crossing: Rising Home Values and Strong Ownership Trends in Aurora, 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
Prides Crossing, a neighborhood in Aurora, Colorado, has experienced notable changes in homeownership rates and property values over the past decade. The community has seen a general trend of increasing homeownership, rising from 84% in 2013 to 91% in 2022. Concurrently, average home prices have shown substantial growth, more than doubling from $205,614 in 2010 to $576,623 in 2022.
The relationship between homeownership rates and average home prices in Prides Crossing reveals an interesting pattern. As average home prices steadily increased from $205,614 in 2010 to $576,623 in 2022, the percentage of owner-occupied homes also rose from 84% in 2013 to 91% in 2022. This trend suggests that despite rising home prices, residents of Prides Crossing have maintained a strong desire for homeownership, possibly driven by the area's desirability and potential for property value appreciation.
Federal interest rates have played a significant role in shaping homeownership trends in Prides Crossing. The period from 2010 to 2016 saw historically low interest rates, ranging from 0.09% to 0.40%. During this time, homeownership in the neighborhood increased from 84% in 2013 to 89% in 2016. As interest rates began to rise from 2017 to 2019, reaching 2.16% in 2019, homeownership rates remained relatively stable, fluctuating between 87% and 89%. The sharp drop in interest rates in 2020 and 2021 (0.38% and 0.08% respectively) coincided with a peak in homeownership at 91% in 2020.
Renter percentages in Prides Crossing have generally decreased as average rent prices increased. In 2013, 16% of the population were renters, with an average rent of $1,662. By 2022, the renter population had decreased to 9%, while the average rent had risen to $2,314. This inverse relationship suggests that as rents became more expensive, fewer residents chose to rent, possibly opting for homeownership instead. The population growth from 5,487 in 2013 to 6,340 in 2022 may have also contributed to increased housing demand and rising rent prices.
In 2023 and 2024, Prides Crossing experienced a slight correction in average home prices. The average home price in 2023 was $558,653, a 3.1% decrease from 2022. However, prices rebounded slightly in 2024 to $565,642, a 1.3% increase from 2023. This recent trend coincides with higher federal interest rates of 5.02% in 2023 and 5.33% in 2024, which may have influenced buyer behavior and market dynamics.
Looking ahead, predictive models suggest that average home prices in Prides Crossing may continue to rise moderately over the next five years, potentially reaching around $625,000 by 2029. Average rent prices are also expected to increase, potentially surpassing $2,600 by 2029. These projections are based on historical trends and assume relatively stable economic conditions.
In summary, Prides Crossing has demonstrated a strong preference for homeownership, with rates increasing despite rising home prices. The neighborhood has shown resilience in the face of changing economic conditions, maintaining high owner-occupancy rates even as property values and rents have increased significantly. The interplay between federal interest rates, homeownership rates, and property values highlights the complex dynamics shaping this Aurora community's housing market.
