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Strasburg, Colorado: Soaring Home Values and Ownership Rates Amidst Growing Community
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
Strasburg, Colorado, is a charming community located in the eastern part of the state. This growing suburb has experienced significant changes in homeownership rates and property values over the past decade. The city has seen a general trend of increasing homeownership percentages, rising average home prices, and fluctuating average rent prices.
Homeownership rates in Strasburg have shown a steady increase from 2013 to 2022. In 2013, the homeownership rate was 84%, and it rose to 91% by 2022. This upward trend coincided with a substantial increase in average home prices. In 2013, the average home price was $212,937, and it more than doubled to $562,085 by 2022. This correlation suggests that as property values increased, more residents were motivated to invest in homeownership.
The relationship between federal interest rates and homeownership rates in Strasburg is notable. From 2013 to 2020, interest rates remained relatively low, ranging from 0.09% to 2.16%. During this period, homeownership rates increased from 84% to 91%. The low interest rates likely made mortgages more affordable, encouraging more residents to purchase homes. However, it's worth noting that even as interest rates began to rise sharply in 2022 to 1.68%, homeownership rates remained high at 91%, indicating other factors may also be influencing the local housing market.
Renter percentages in Strasburg have decreased over time, from 16% in 2013 to 9% in 2022. Interestingly, average rent prices have shown significant fluctuations during this period. In 2013, the average rent was $1,250, and it increased to $1,758 by 2021 before dropping to $1,482 in 2022. The decrease in renter percentages, despite the overall increase in rent prices, could be attributed to the growing population and the preference for homeownership in the area.
Looking at the most recent data, the average home price in Strasburg for 2023 was $547,272, showing a slight decrease from 2022. However, the 2024 average home price has increased slightly to $551,982. The federal interest rate for 2024 stands at 5.33%, which is significantly higher than previous years. This increase in interest rates could potentially impact future homeownership trends and property values in the area.
Based on the historical data and current trends, we can make some predictions for the next five years. Average home prices in Strasburg are likely to continue their upward trajectory, albeit at a slower pace due to the higher interest rates. We might expect average home prices to reach around $600,000 by 2029. Average rent prices may also continue to rise, potentially reaching $1,800-$2,000 per month by 2029, assuming the current economic conditions persist.
In summary, Strasburg has experienced a significant increase in homeownership rates and average home prices over the past decade. The community has shown a strong preference for homeownership, even in the face of rising property values and increasing interest rates. While renter percentages have decreased, average rent prices have generally trended upward. These trends reflect a dynamic and growing community with a robust housing market.
