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 | Broomfield | Colorado Avg | US Average |
|---|---|---|---|
| Median Home Price | $489,287 | $480,058 | $242,182 |
| Price Trend (Annual %) | 17.5% | 11.8% | 8.2% |
| Median Gross Rent | $2,074 | $1,692 | $1,342 |
| Rent Trend (Annual %) | 5.6% | 7.0% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Broomfield is about 2% higher than in Colorado. Rent is about 23% 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 Broomfield, up about 17.5% and 5.6% a year respectively. Home prices are changing faster.
Median rent in Broomfield rose about 55.3% between 2015 and 2023, from $1,335 to $2,074. Over the same span, rent in Colorado rose about 68.8%.
Affordability
On average, housing unit costs 4.0 yearly household incomes in Broomfield.
Buying the median-priced home in Broomfield costs roughly 19.7 years of rent at the median monthly rate. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Broomfield. The price-to-rent ratio in Colorado is about 23.6.
| Metric | Broomfield | Colorado Avg | US Average |
|---|---|---|---|
| Median Home Price | $489,287 | $480,058 | $242,182 |
| Median Household Income | $120,846 | $93,055 | $78,145 |
| Price-to-Income Ratio | 4.0 | 5.2 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Broomfield rose about 112.4%, while median household income rose about 45.5% between 2009 and 2023 — the home price grew faster than income.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Broomfield | Colorado Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 60.0% | 60.6% | 58.2% |
| Rental Rate | 35.9% | 30.8% | 31.3% |
| Vacancy Rate | 4.2% | 8.6% | 10.6% |
| Median Tenure (years) | 13.0 | 13.0 | 15.0 |
| Median Year Moved In | 2013 | 2013 | 2011 |
Broomfield has a homeownership rate of 60.0%, lower than the Colorado average of 60.6%. Its housing vacancy rate is 4.2%, compared with 8.6% in Colorado.
Housing Stock
| Metric | Broomfield | Colorado Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.41 people | 2.45 people | 2.54 people |
| Median Structure Built Year | 1997 | 1984 | 1978 |
| Median Number of Rooms | 6.0 | 5.7 | 5.5 |
The typical housing unit in Broomfield was built around 1997. On average, 2.4 people live in a home with about 6.0 rooms, staying for about 13.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Broomfield, Colorado.
What is the median home price in Broomfield, Colorado?
The median home price in Broomfield, Colorado is $489,287, higher than the Colorado average of $480,058.
What is the average home price in Broomfield, 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 Broomfield, Colorado?
The median gross rent in Broomfield, Colorado is $2,074 per month, higher than the Colorado average of $1,692.
What was the median gross rent in Broomfield in 2020?
In 2020, the median gross rent in Broomfield, Colorado was $1,710 per month.
What is the price-to-rent ratio in Broomfield, Colorado?
The price-to-rent ratio in Broomfield, Colorado is about 19.7, meaning it would take roughly 19.7 years of rent payments at the median rent to equal the median home price. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Broomfield.
Are home prices or rent rising faster in Broomfield, Colorado?
Both home prices and rent are rising in Broomfield, up about 17.5% and 5.6% a year respectively. Home prices are changing faster.
What is the homeownership rate in Broomfield, Colorado?
60.0% of households in Broomfield, Colorado own their home, lower than the Colorado average of 60.6%.
What is the vacancy rate in Broomfield, Colorado?
The housing vacancy rate in Broomfield, Colorado is 4.2%, lower than the Colorado average of 8.6%.