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Zip Code 80923: Colorado Springs' Resilient Housing Market Amid Rising 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 80923, located in Colorado Springs, Colorado, has experienced significant changes in homeownership rates, average home prices, and average rent prices over the past decade. This area has shown a general trend of increasing property values and a slight shift in the balance between owners and renters.
The homeownership rate in zip code 80923 has remained relatively stable, with minor fluctuations between 2013 and 2022. In 2013, the ownership rate was 71%, and by 2022, it stood at 72%. During this period, average home prices in the area saw substantial growth. In 2013, the average home price was $229,278, which steadily increased to $489,376 by 2022, representing a remarkable 113% increase over nine years.
The relationship between federal interest rates and homeownership rates in this zip code shows some correlation. For instance, when interest rates were at historic lows between 2020 and 2021 (0.38% and 0.08% respectively), homeownership rates remained high at 72% and 71%. This aligns with the general trend of lower interest rates encouraging homeownership due to more affordable financing options.
Renter percentages in zip code 80923 have shown slight variations, ranging from 27% to 31% between 2013 and 2022. Interestingly, average rent prices have steadily increased during this period. In 2013, the average rent was $1,594, which rose to $1,765 by 2022, marking a 10.7% increase. This increase in rent prices occurred alongside population growth, with the population rising from 27,119 in 2013 to 31,487 in 2022, potentially contributing to increased rental demand.
Looking at the most recent data, the average home price in zip code 80923 for 2023 was $475,529, showing a slight decrease from 2022. However, the average home price for 2024 has increased to $479,098, indicating a potential rebound in the market. It's worth noting that federal interest rates have significantly increased to 5.33% in 2024, which may impact future homeownership trends.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 80923 will continue to rise, albeit at a more moderate pace compared to the rapid growth seen in recent years. The average rent prices are also expected to increase, driven by population growth and housing demand in the area.
In summary, zip code 80923 has demonstrated robust growth in property values over the past decade, with homeownership rates remaining relatively stable. The area has seen significant population growth, which has likely contributed to rising home prices and rents. Despite recent interest rate increases, the housing market in this zip code appears resilient, with a slight rebound in home prices observed in 2024.
