Housing Market Overview
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
Housing Market Overview
| Metric | Boulder | Colorado Avg | US Average |
|---|---|---|---|
| Median Home Price | $658,339 | $480,058 | $242,182 |
| Price Trend (Annual %) | 3.0% | 11.8% | 8.2% |
| Median Gross Rent | $1,892 | $1,692 | $1,342 |
| Rent Trend (Annual %) | 5.7% | 7.0% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Boulder is about 37% higher than in Colorado. Rent is about 12% higher than the Colorado average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2023
Median Rent Prices, 2015-2023
Both home prices and rent are rising in Boulder, up about 3.0% and 5.7% a year respectively. Rent is changing faster.
Median rent in Boulder rose about 55.0% between 2015 and 2023, from $1,220 to $1,892. Over the same span, rent in Colorado rose about 68.8%.
Affordability
On average, housing unit costs 8.2 yearly household incomes in Boulder.
Buying the median-priced home in Boulder costs roughly 29.0 years of rent at the median monthly rate. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Boulder. The price-to-rent ratio in Colorado is about 23.6.
| Metric | Boulder | Colorado Avg | US Average |
|---|---|---|---|
| Median Home Price | $658,339 | $480,058 | $242,182 |
| Median Household Income | $80,352 | $93,055 | $78,145 |
| Price-to-Income Ratio | 8.2 | 5.2 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Boulder rose about 32.2%, while median household income rose about 71.3% between 2009 and 2023 — income grew faster than the home price.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Boulder | Colorado Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 42.4% | 60.6% | 58.2% |
| Rental Rate | 51.2% | 30.8% | 31.3% |
| Vacancy Rate | 6.4% | 8.6% | 10.6% |
| Median Tenure (years) | 11.0 | 13.0 | 15.0 |
| Median Year Moved In | 2015 | 2013 | 2011 |
Boulder has a homeownership rate of 42.4%, lower than the Colorado average of 60.6%. Its housing vacancy rate is 6.4%, compared with 8.6% in Colorado.
Housing Stock
| Metric | Boulder | Colorado Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.15 people | 2.45 people | 2.54 people |
| Median Structure Built Year | 1977 | 1984 | 1978 |
| Median Number of Rooms | 4.5 | 5.7 | 5.5 |
The typical housing unit in Boulder was built around 1977. On average, 2.2 people live in a home with about 4.5 rooms, staying for about 11.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Boulder, Colorado.
What is the median home price in Boulder, Colorado?
The median home price in Boulder, Colorado is $658,339, higher than the Colorado average of $480,058.
What is the average home price in Boulder, Colorado?
The typical home price in %s, reported as the median sale price, is %s. The median is used instead of a mathematical average because it is not skewed by a small number of very expensive or very cheap homes, so it better reflects what a typical buyer pays.
What is the median rent in Boulder, Colorado?
The median gross rent in Boulder, Colorado is $1,892 per month, higher than the Colorado average of $1,692.
What was the median gross rent in Boulder in 2020?
In 2020, the median gross rent in Boulder, Colorado was $1,555 per month.
What is the price-to-rent ratio in Boulder, Colorado?
The price-to-rent ratio in Boulder, Colorado is about 29.0, meaning it would take roughly 29.0 years of rent payments at the median rent to equal the median home price. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Boulder.
Are home prices or rent rising faster in Boulder, Colorado?
Both home prices and rent are rising in Boulder, up about 3.0% and 5.7% a year respectively. Rent is changing faster.
What is the homeownership rate in Boulder, Colorado?
42.4% of households in Boulder, Colorado own their home, lower than the Colorado average of 60.6%.
What is the vacancy rate in Boulder, Colorado?
The housing vacancy rate in Boulder, Colorado is 6.4%, lower than the Colorado average of 8.6%.