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Zip Code 80534: Rising Home Values and High Ownership Rates in Johnstown, 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 80534, located in Johnstown, Colorado, has experienced significant growth and changes in its housing market over the past decade. This area has seen a steady increase in population, coupled with fluctuations in homeownership rates and substantial rises in both average home prices and average rent prices.
The homeownership rate in zip code 80534 has remained relatively stable, with slight fluctuations between 87% and 91% from 2013 to 2022. Despite this stability, average home prices have shown a remarkable upward trend. In 2010, the average home price was $215,417, which more than doubled to $539,138 by 2022. This represents a substantial 150% increase over 12 years. Notably, the most significant jump occurred between 2020 and 2022, with average home prices rising from $411,285 to $539,138, a 31% increase in just two years.
The relationship between federal interest rates and homeownership rates in this zip code doesn't follow the typical inverse correlation often seen in broader markets. Despite historically low interest rates from 2013 to 2021 (ranging from 0.08% to 1.83%), homeownership rates remained relatively stable. This suggests that other factors, such as local economic conditions or housing supply, may have played a more significant role in homeownership trends in this area.
Renter percentages in zip code 80534 have shown slight variations, ranging from 9% to 12% between 2013 and 2022. Interestingly, average rent prices have increased significantly during this period. In 2013, the average rent was $1,282, which rose to $1,602 by 2022, marking a 25% increase. The peak average rent was observed in 2021 at $1,620. This upward trend in rent prices, coupled with the area's population growth from 11,182 in 2013 to 16,994 in 2022, suggests increasing demand for rental properties in the area.
Looking at the most recent data, 2023 saw a slight decrease in average home prices to $526,929, down 2.3% from 2022. This trend continued into 2024, with average home prices further decreasing to $523,582. Concurrently, federal interest rates rose sharply to 5.02% in 2023 and 5.33% in 2024, potentially influencing the housing market dynamics.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 80534 may experience a period of stabilization or slight decline in the short term, influenced by higher interest rates. However, given the area's consistent population growth and historical price appreciation, a gradual return to an upward trend is likely in the medium term. For rent prices, the forecast suggests continued moderate increases, driven by population growth and potential shifts from homeownership to renting due to higher mortgage rates.
In summary, zip code 80534 has demonstrated robust growth in both population and housing values over the past decade. While homeownership rates have remained relatively stable, average home prices have more than doubled. The rental market has also seen significant price increases, albeit at a slower pace than home values. Recent data showing a slight cooling in the housing market, coupled with rising interest rates, suggests a potential shift in market dynamics. However, the area's strong historical growth patterns indicate a likelihood of continued, though possibly more moderate, appreciation in both home values and rent prices in the coming years.
