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Zip Code 80120: Resilient Homeownership Amid Rising Home Values in Littleton, Colorado
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Zip code 80120, located in Littleton, Colorado, has experienced significant changes in its housing market over the past decade. This analysis explores the trends in homeownership rates, average home prices, and average rent prices, providing insights into the evolving landscape of this suburban community.
The homeownership rate in zip code 80120 has remained relatively stable, with a slight decline from 59% in 2013 to 57% in 2020, before returning to 59% in 2022. During this same period, average home prices have shown a substantial increase. In 2013, the average home price was $275,703, which rose steadily to reach $633,215 in 2022, representing a remarkable 130% increase over nine years. This trend suggests that while homeownership rates have remained relatively constant, the value of homes in the area has appreciated significantly.
Federal interest rates have played a role in shaping homeownership trends in zip code 80120. From 2013 to 2016, when interest rates were historically low (ranging from 0.11% to 0.40%), homeownership rates remained stable at 59%. As interest rates began to rise in 2017 (1.00%) and 2018 (1.83%), there was a slight decrease in homeownership to 57% by 2018. However, the relationship is not always straightforward, as evidenced by the return to 59% homeownership in 2022 despite higher interest rates of 1.68%.
Renter percentages in zip code 80120 have shown a slight increase, from 41% in 2013 to 43% in 2020, before returning to 41% in 2022. Average rent prices have also experienced an upward trend, rising from $1,260 in 2013 to $1,462 in 2022, an increase of about 16%. The population of the zip code grew from 29,679 in 2013 to 30,571 in 2022, which may have contributed to the increased demand for rental properties and the subsequent rise in average rent prices.
Looking at the most recent data, average home prices in zip code 80120 experienced a slight decrease from $633,215 in 2022 to $619,478 in 2023, followed by a modest increase to $631,367 in 2024. This recent trend coincides with a significant rise in federal interest rates, which jumped from 1.68% in 2022 to 5.02% in 2023 and further to 5.33% in 2024. These higher interest rates may have contributed to the slight cooling in home prices observed in 2023.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 80120 will continue to rise, albeit at a more moderate pace than seen in the early 2020s. By 2029, average home prices could potentially reach the $700,000 to $750,000 range. Average rent prices are also expected to increase, potentially reaching around $1,700 to $1,800 per month by 2029, reflecting ongoing demand for rental properties in the area.
In summary, zip code 80120 has demonstrated resilience in its housing market, with stable homeownership rates despite significant increases in average home prices. The area has seen steady population growth, which has likely contributed to rising home values and rent prices. While recent interest rate hikes have slightly tempered home price growth, the overall trend remains positive, suggesting that this Littleton neighborhood continues to be an attractive area for both homeowners and renters.
