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.
Median Home Price Map: Nearby Counties
Housing Market Overview
| Metric | Cheyenne County | Colorado Avg | US Average |
|---|---|---|---|
| Median Home Price | $212,500 | $480,058 | $242,182 |
| Price Trend (Annual %) | 4.6% | 11.8% | 8.2% |
| Median Gross Rent | $861 | $1,692 | $1,342 |
| Rent Trend (Annual %) | 5.2% | 7.0% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Cheyenne County is about 56% lower than in Colorado. Rent is about 49% lower 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 Cheyenne County, up about 4.6% and 5.2% a year respectively. Rent is changing faster.
Median rent in Cheyenne County rose about 35.5% between 2015 and 2023, from $636 to $861. Over the same span, rent in Colorado rose about 68.8%.
Affordability
On average, housing unit costs 3.2 yearly household incomes in Cheyenne County.
Buying the median-priced home in Cheyenne County costs roughly 20.6 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 Cheyenne County. The price-to-rent ratio in Colorado is about 23.6.
| Metric | Cheyenne County | Colorado Avg | US Average |
|---|---|---|---|
| Median Home Price | $212,500 | $480,058 | $242,182 |
| Median Household Income | $66,535 | $93,055 | $78,145 |
| Price-to-Income Ratio | 3.2 | 5.2 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Cheyenne County fell about 39.3%, while median household income rose about 44.6% 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 | Cheyenne County | Colorado Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 56.6% | 60.6% | 58.2% |
| Rental Rate | 21.2% | 30.8% | 31.3% |
| Vacancy Rate | 22.2% | 8.6% | 10.6% |
| Median Tenure (years) | 20.0 | 13.0 | 15.0 |
| Median Year Moved In | 2006 | 2013 | 2011 |
Cheyenne County has a homeownership rate of 56.6%, lower than the Colorado average of 60.6%. Its housing vacancy rate is 22.2%, compared with 8.6% in Colorado.
Housing Stock
| Metric | Cheyenne County | Colorado Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.25 people | 2.45 people | 2.54 people |
| Median Structure Built Year | 1967 | 1984 | 1978 |
| Median Number of Rooms | 6.4 | 5.7 | 5.5 |
The typical housing unit in Cheyenne County was built around 1967. On average, 2.3 people live in a home with about 6.4 rooms, staying for about 20.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Cheyenne County, Colorado.
What is the median home price in Cheyenne County, Colorado?
The median home price in Cheyenne County, Colorado is $212,500, lower than the Colorado average of $480,058.
What is the average home price in Cheyenne County, 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 Cheyenne County, Colorado?
The median gross rent in Cheyenne County, Colorado is $861 per month, lower than the Colorado average of $1,692.
What was the median gross rent in Cheyenne County in 2020?
In 2020, the median gross rent in Cheyenne County, Colorado was $665 per month.
What is the price-to-rent ratio in Cheyenne County, Colorado?
The price-to-rent ratio in Cheyenne County, Colorado is about 20.6, meaning it would take roughly 20.6 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 Cheyenne County.
Are home prices or rent rising faster in Cheyenne County, Colorado?
Both home prices and rent are rising in Cheyenne County, up about 4.6% and 5.2% a year respectively. Rent is changing faster.
What is the homeownership rate in Cheyenne County, Colorado?
56.6% of households in Cheyenne County, Colorado own their home, lower than the Colorado average of 60.6%.
What is the vacancy rate in Cheyenne County, Colorado?
The housing vacancy rate in Cheyenne County, Colorado is 22.2%, higher than the Colorado average of 8.6%.