Loading Content...
Zip Code 80921: Rising Home Values and Stable Ownership in Colorado Springs
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 80921, located in Colorado Springs, Colorado, has experienced significant growth and dynamic real estate trends over the past decade. This area has seen a general increase in homeownership rates, coupled with rising average home prices and average rent costs, reflecting the overall desirability of the region.
The homeownership rate in zip code 80921 has remained relatively stable with a slight upward trend. In 2013, the homeownership rate was 79%, and by 2022, it had slightly decreased to 78%. However, it's worth noting that in 2021, the rate peaked at 80%. This stability in homeownership has occurred despite substantial increases in average home prices. In 2013, the average home price was $381,699, which steadily rose to $719,852 by 2022, representing an impressive 88.6% increase over this period.
Federal interest rates have played a significant role in shaping homeownership trends in the area. From 2013 to 2020, interest rates remained relatively low, ranging from 0.09% to 2.16%. This period coincided with the steady increase in average home prices and stable homeownership rates, as low interest rates made financing more accessible. The slight dip in homeownership from 79% in 2013 to 77% in 2015 may be attributed to the rapid increase in home prices outpacing income growth, despite favorable interest rates.
Renter percentages in zip code 80921 have fluctuated slightly but generally remained low. In 2013, the renter-occupied rate was 20%, which increased to 23% by 2017 before decreasing back to 22% in 2022. Average rent prices have shown a consistent upward trend, rising from $1,555 in 2013 to $1,843 in 2022, an increase of 18.5%. This increase in rent prices, while significant, has been less dramatic than the rise in home prices. The population growth from 18,763 in 2013 to 24,790 in 2022 likely contributed to the increased demand for both owned and rented properties, supporting the rise in both home prices and rents.
In 2023 and 2024, the real estate market in zip code 80921 experienced some interesting shifts. The average home price slightly decreased from $719,852 in 2022 to $708,292 in 2023, marking a 1.6% decline. However, in 2024, prices rebounded slightly to $712,383. This minor fluctuation occurred despite a significant increase in federal interest rates, which rose 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, as higher borrowing costs can dampen demand.
Looking ahead, based on historical trends and current market conditions, we can predict that average home prices in zip code 80921 will likely continue to appreciate, albeit at a more moderate pace. Over the next five years, we might expect average home prices to increase by approximately 15-20%, reaching around $820,000 to $855,000 by 2029. Average rent prices are also expected to continue their upward trajectory, potentially increasing by 10-15% over the next five years, which could bring the average rent to approximately $2,025 to $2,120 per month by 2029.
In summary, zip code 80921 has demonstrated strong real estate market performance with rising home values and rent prices. The area has maintained a high rate of homeownership despite significant price appreciation, indicating strong local demand and economic stability. While recent interest rate increases have slightly tempered price growth, the overall trend remains positive, suggesting that this Colorado Springs neighborhood continues to be an attractive location for both homeowners and investors.
