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Zip Code 81639: Rising Home Values and Ownership Rates in Rural 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 81639, located in Hayden, Colorado, has experienced significant shifts in homeownership rates and housing prices over the past decade. This area, known for its scenic beauty and rural charm, has seen a general trend towards increased homeownership and rising average home prices. The homeownership rate in zip code 81639 has shown a notable upward trend, particularly in recent years. In 2013, the homeownership rate was 75%, which fluctuated over the years before reaching 81% in 2022. This increase in homeownership coincides with a substantial rise in average home prices. In 2013, the average home price was $189,980, which steadily increased to $461,796 by 2022, representing a remarkable 143% increase over this period.
The relationship between federal interest rates and homeownership rates in this area is noteworthy. Despite the federal interest rate rising from 0.08% in 2021 to 1.68% in 2022, the homeownership rate in zip code 81639 continued to climb from 79% to 81%. This suggests that local factors may have a stronger influence on homeownership trends in this area than national interest rates.
Conversely, the percentage of renters in zip code 81639 has decreased over time, from 25% in 2013 to 18% in 2022. Despite this decline in the renter population, average rent prices have shown an overall upward trend. The average rent increased from $980 in 2013 to $987 in 2022, with some fluctuations in between. The highest average rent was recorded in 2021 at $1,145, before dropping slightly in 2022. These trends suggest that while fewer people are renting, the rental market remains competitive, possibly due to limited rental inventory.
Looking at the most recent data, the average home price in zip code 81639 continued its upward trajectory, reaching $478,343 in 2023 and $493,618 in 2024. This represents a 3.6% increase from 2022 to 2023 and a further 3.2% increase from 2023 to 2024. It's worth noting that the federal interest rate also saw a significant increase, rising to 5.02% in 2023 and 5.33% in 2024, which could potentially impact future homebuying activity.
Applying predictive models to forecast 5-year trends, we anticipate that average home prices in zip code 81639 will continue to rise, albeit at a potentially slower rate due to higher interest rates. We project that by 2029, average home prices could reach approximately $550,000 to $600,000. For rent prices, we expect a moderate increase, potentially reaching an average of $1,200 to $1,300 per month by 2029, assuming current trends continue.
In summary, zip code 81639 has experienced a significant increase in homeownership rates and average home prices over the past decade. Despite rising interest rates, the area has maintained strong homeownership growth. The rental market, while shrinking in terms of percentage of occupants, has seen relatively stable prices with some fluctuations. These trends suggest a robust and desirable housing market in this Colorado town, with a clear preference for homeownership among residents.
