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Zip Code 80132: Monument, Colorado's Resilient Housing Market with Soaring Home Values
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 80132, located in Monument, Colorado, has experienced significant growth and changes in its housing market over the past decade. This area has seen a steady increase in population and property values, reflecting its desirability as a residential location. The homeownership rate in zip code 80132 has remained consistently high, fluctuating between 87% and 90% from 2013 to 2022. This stability in homeownership coincides with a substantial increase in average home prices. In 2013, the average home price was $369,940, and it rose steadily to $752,773 by 2022, representing a remarkable 103.5% increase over nine years. This trend suggests a strong correlation between the area's sustained high homeownership rates and rising property values.
Federal interest rates have played a significant role in homeownership trends. From 2013 to 2016, when interest rates were extremely low (ranging from 0.11% to 0.4%), homeownership rates in the zip code remained stable at around 90%. As interest rates began to rise more significantly from 2017 (1%) to 2019 (2.16%), there was a slight dip in homeownership to 88-89%. However, the area maintained high ownership levels despite these changes, indicating other strong factors supporting homeownership in this zip code.
Renter percentages in zip code 80132 have shown a slight increase over time, moving from 9% in 2013 to 12% in 2022. This modest rise in renters coincides with an increase in average rent prices. The average rent rose from $1,430 in 2013 to $1,619 in 2022, a 13.2% increase. It's worth noting that the peak average rent of $1,758 was observed in 2021, possibly influenced by the population growth from 24,125 in 2020 to 27,980 in 2021, creating increased demand for rental properties.
In 2023 and 2024, the housing market in zip code 80132 showed signs of stabilization after years of growth. The average home price slightly decreased from $752,773 in 2022 to $737,823 in 2023, before marginally increasing to $739,060 in 2024. This leveling off 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 likely contributed to the cooling of home price growth in the area.
Looking ahead, predictive models suggest a potential continuation of the current trends for the next five years. Average home prices are expected to show modest growth, potentially reaching around $800,000 by 2029. Average rent prices may continue to increase gradually, possibly approaching $1,800 per month. However, these projections assume relatively stable economic conditions and interest rates.
In summary, zip code 80132 has demonstrated a robust housing market characterized by high homeownership rates and significant appreciation in property values. The area has maintained its appeal to homeowners despite fluctuations in interest rates and increasing home prices. The rental market, while smaller, has also shown growth, reflecting the overall desirability of the area. The recent stabilization in home prices, coupled with higher interest rates, suggests a more balanced market moving forward, potentially offering opportunities for both buyers and renters in this Colorado community.
