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Zip Code 80105: Rising Home Values and Ownership 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 80105, located in Deer Trail, Colorado, has experienced significant changes in homeownership rates and housing prices over the past decade. This rural area has seen a notable increase in population density, rising from 2.65 people per square mile in 2010 to 4.69 in 2022, indicating growing interest in the region.
The trend of homeownership in zip code 80105 has shown a consistent upward trajectory. In 2013, the area had a 77% owner-occupied housing rate, which steadily increased to 89% by 2022. This substantial rise in homeownership coincided with an overall increase in average home prices. In 2013, the average home price was $166,516, and by 2022, it had risen dramatically to $406,636, representing a 144% increase over nine years.
The relationship between federal interest rates and homeownership rates in this zip code presents an interesting case. Despite fluctuations in interest rates, the homeownership rate continued to climb. For instance, when interest rates were at a low of 0.08% in 2021, the homeownership rate was 89%. This rate remained steady at 89% in 2022, even as interest rates rose to 1.68%. This suggests that other factors, such as local economic conditions or housing supply, may have played a more significant role in driving homeownership in this area than interest rates alone.
Conversely, the percentage of renters in zip code 80105 has decreased over time, dropping from 23% in 2013 to 11% in 2022. Interestingly, average rent prices have shown volatility during this period. In 2013, the average rent was $773, peaking at $970 in 2019 before decreasing to $730 in 2022. This decline in both renter percentage and average rent prices, coupled with the area's population growth from 1,116 in 2013 to 1,873 in 2022, suggests a strong preference for homeownership in this community.
Looking at the most recent data, the average home price in zip code 80105 was $395,851 in 2023, showing a slight decrease from 2022. However, in 2024, the average home price has increased slightly to $398,946. This modest growth occurs against the backdrop of higher interest rates, which stood at 5.02% in 2023 and further increased to 5.33% in 2024.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 80105 will continue to rise, albeit at a more moderate pace than seen in the past decade. The strong homeownership trend is likely to persist, potentially reaching or exceeding 90% in the coming years. Average rent prices may stabilize or see slight increases as the rental market becomes increasingly niche in this predominantly owner-occupied area.
In summary, zip code 80105 has demonstrated a robust trend towards homeownership, with significant increases in both the percentage of owner-occupied homes and average home prices. The area has shown resilience in maintaining high homeownership rates despite fluctuating interest rates. The declining renter population and volatile rent prices further underscore the community's shift towards a predominantly owner-occupied housing market. As the area continues to grow, these trends are likely to shape its housing landscape in the coming years.
