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Zip Code 81637: Rising Home Values and Stable Ownership in Gypsum, 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 81637, encompassing Gypsum in Colorado, has experienced significant demographic and housing market changes over the past decade. This area has seen a notable increase in population and fluctuations in homeownership rates, alongside substantial growth in average home prices and average rent costs.
The homeownership rate in zip code 81637 has shown some variability over the years. In 2013, the homeownership rate stood at 76%, increasing to 80% in 2014. However, there was a gradual decline in subsequent years, reaching 73% in 2021 before rising slightly to 75% in 2022. Concurrently, average home prices have seen a remarkable upward trend. In 2010, the average home price was $255,310, which more than doubled to $602,702 by 2022. This represents a substantial 136% increase over 12 years.
The relationship between federal interest rates and homeownership rates in this area shows some interesting patterns. For instance, in 2013, when the federal interest rate was at a low 0.11%, the homeownership rate was 76%. As interest rates began to rise, reaching 1.83% in 2018, the homeownership rate fluctuated, settling at 76% that year. This suggests that while lower interest rates generally encourage homeownership, other local factors also play a significant role in this zip code.
Renter percentages in zip code 81637 have shown an overall increasing trend, rising from 18% in 2013 to 25% in 2022. This increase in renters coincides with a substantial rise in average rent prices. In 2013, the average rent was $1,295, which increased to $1,700 by 2022, representing a 31% increase. The growing population, which rose from 7,853 in 2013 to 9,866 in 2022, likely contributed to the increased demand for rental properties and the subsequent rise in rent prices.
Looking at the most recent data, the average home price in zip code 81637 reached $635,433 in 2023 and further increased to $674,126 in 2024. This represents a significant 5.5% year-over-year increase from 2022 to 2023, followed by a 6.1% increase from 2023 to 2024. Simultaneously, federal interest rates have risen sharply, reaching 5.02% in 2023 and 5.33% in 2024, which may impact future homeownership trends in the area.
Applying predictive models to forecast 5-year trends, we anticipate continued growth in both average home prices and average rent prices in zip code 81637. Based on historical data and current market conditions, average home prices could potentially reach around $850,000 by 2029, assuming a steady growth rate similar to recent years. Average rent prices may climb to approximately $2,000 per month in the same timeframe, reflecting the area's increasing popularity and growing population.
In summary, zip code 81637 has experienced significant growth in both population and housing costs over the past decade. While homeownership rates have fluctuated, they remain relatively high at 75% as of 2022. The substantial increase in average home prices, coupled with rising rent costs, indicates a strong demand for housing in this area. Despite higher interest rates in recent years, the housing market in this zip code appears to remain robust, with continued growth expected in both home values and rental prices over the next five years.
