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Zip Code 80015: Rising Home Values and Stable Ownership in Centennial, 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 80015, located in Centennial, Colorado, has experienced significant growth and change over the past decade. This suburban area has seen a steady increase in population and a notable trend in homeownership rates, coupled with fluctuations in average home and rent prices.
The ownership percentage in this zip code has remained consistently high, showing a slight increase from 79% in 2013 to 82% in 2022. This trend coincides with a substantial rise in average home prices, which grew from $223,795 in 2010 to $588,985 in 2022, representing a remarkable 163% increase over 12 years. The stability in homeownership rates despite rising prices suggests a strong local economy and desirable living conditions in the area.
Federal interest rates have played a significant role in homeownership trends. From 2010 to 2021, interest rates remained historically low, ranging from 0.08% to 2.16%. This period of low interest rates likely contributed to the sustained high homeownership rates in zip code 80015, as it made mortgage financing more affordable for potential buyers. The slight increase in homeownership from 79% to 82% between 2013 and 2022 aligns with this period of low interest rates, potentially encouraging more residents to purchase homes.
The renter percentage in zip code 80015 has remained relatively stable, decreasing slightly from 21% in 2013 to 18% in 2022. During this period, average rent prices have shown a steady increase, rising from $1,704 in 2013 to $2,105 in 2022, an increase of about 23.5%. This growth in rent prices, while significant, has been less dramatic than the increase in home prices. The stability in the renter percentage despite rising rents could be attributed to the area's growing population, which increased from 64,845 in 2013 to 73,100 in 2022, potentially maintaining demand for rental properties.
In 2023 and 2024, the housing market in zip code 80015 has shown interesting developments. The average home price slightly decreased from $588,985 in 2022 to $569,701 in 2023, a drop of about 3.3%. However, in 2024, prices have begun to recover, rising to $575,594. This recent trend coincides with a significant increase in federal interest rates, which rose to 5.02% in 2023 and 5.33% in 2024. These higher interest rates may be influencing the housing market, potentially slowing down price growth and affecting affordability for new homebuyers.
Looking ahead, based on historical trends and current market conditions, we can predict that average home prices in zip code 80015 may continue to experience moderate growth over the next five years, albeit at a slower pace than seen in the previous decade due to higher interest rates. Average rent prices are likely to continue their upward trend, potentially increasing by 15-20% over the next five years, driven by population growth and overall inflation.
In summary, zip code 80015 has maintained a high rate of homeownership despite significant increases in average home prices. The area has benefited from a growing population and a strong local housing market. While recent years have shown some fluctuation in home prices and a sharp increase in interest rates, the overall trend suggests continued, though possibly moderated, growth in both the housing and rental markets in the coming years.
