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.
Broomfield, CO Housing Compared With Nearby Cities
How Broomfield, CO compares with the 1 cities closest to it.
| Area | Population | Median home price | Median rent | Homeownership |
|---|---|---|---|---|
| Broomfield, CO | 74,746 | $489,287 #1/2 | $2,074 #1/2 | 62.6% #2/2 |
| Westminster, CO | 114,227 | $456,983 | $1,844 | 66.5% |
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%.