Loading Content...
Zip Code 81326: Rising Home Values and Ownership Rates in Rural 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 81326, located in Marvel, Colorado, has experienced notable shifts in homeownership rates and property values over the past decade. This rural area has seen a general trend of increasing home prices and fluctuating rental markets, reflecting broader economic changes in the region. The homeownership rate in zip code 81326 has shown a slight upward trend from 2013 to 2022. In 2013, 81% of residents owned their homes, and by 2022, this figure had increased to 86%. This rise in homeownership coincided with a significant increase in average home prices. In 2013, the average home price was $340,934, which steadily climbed to $617,791 by 2022, representing an impressive 81% increase over nine years.
The relationship between federal interest rates and homeownership rates in this area is noteworthy. Despite historically low interest rates from 2013 to 2021 (ranging from 0.08% to 1.83%), the homeownership rate remained relatively stable, hovering around 80-83%. Interestingly, the highest homeownership rate of 86% was observed in 2022 when interest rates began to rise to 1.68%, suggesting that local factors may have a stronger influence on homeownership than national interest rates in this particular zip code.
Renter percentages in zip code 81326 have fluctuated inversely to homeownership rates, naturally. The percentage of renters decreased from 19% in 2013 to 14% in 2022. Average rent prices have shown volatility over this period. In 2013, the average rent was $1,395, peaking at $1,431 in 2014 before experiencing a significant drop to $1,092 in 2017. By 2022, average rent had rebounded to $1,227, still below the 2013 levels. This trend suggests that despite the overall increase in property values, the rental market in this area has remained relatively affordable.
The years 2023 and 2024 have seen continued growth in average home prices in zip code 81326. The average home price reached $639,659 in 2023 and further increased to $647,688 in 2024. This represents a 3.5% increase from 2022 to 2023 and a 1.3% increase from 2023 to 2024. Notably, federal interest rates have also risen significantly during this period, reaching 5.02% in 2023 and 5.33% in 2024, which could potentially impact future homeownership rates and property values.
Looking ahead, predictive models suggest that average home prices in zip code 81326 may continue to rise over the next five years, albeit at a slower pace due to higher interest rates. Average rent prices are expected to stabilize or increase moderately, reflecting the area's steady population growth and the balance between homeownership and rental demand.
In summary, zip code 81326 has demonstrated resilience in its housing market, with increasing homeownership rates and substantial growth in average home prices over the past decade. The rental market has remained relatively stable, providing affordable options for residents. The area's ability to maintain high homeownership rates despite rising property values suggests a strong local economy and desirable living conditions. As we move forward, the interplay between interest rates, housing prices, and demographic changes will continue to shape the real estate landscape in this Colorado community.
