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 | Four Square Mile | Colorado Avg | US Average |
|---|---|---|---|
| Median Home Price | $350,000 | $480,058 | $242,182 |
| Price Trend (Annual %) | 9.1% | 11.8% | 8.2% |
| Median Gross Rent | $1,795 | $1,692 | $1,342 |
| Rent Trend (Annual %) | 7.8% | 7.0% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Four Square Mile is about 27% lower than in Colorado. Rent is about 6% 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 Four Square Mile, up about 9.1% and 7.8% a year respectively. Home prices are changing faster.
Median rent in Four Square Mile rose about 79.1% between 2015 and 2023, from $1,002 to $1,795. Over the same span, rent in Colorado rose about 68.8%.
Affordability
On average, housing unit costs 4.8 yearly household incomes in Four Square Mile.
Buying the median-priced home in Four Square Mile costs roughly 16.2 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 Four Square Mile. The price-to-rent ratio in Colorado is about 23.6.
| Metric | Four Square Mile | Colorado Avg | US Average |
|---|---|---|---|
| Median Home Price | $350,000 | $480,058 | $242,182 |
| Median Household Income | $72,574 | $93,055 | $78,145 |
| Price-to-Income Ratio | 4.8 | 5.2 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Four Square Mile rose about 56.7%, while median household income rose about 83.8% 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 | Four Square Mile | Colorado Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 22.2% | 60.6% | 58.2% |
| Rental Rate | 68.2% | 30.8% | 31.3% |
| Vacancy Rate | 9.6% | 8.6% | 10.6% |
| Median Tenure (years) | 8.0 | 13.0 | 15.0 |
| Median Year Moved In | 2018 | 2013 | 2011 |
Four Square Mile has a homeownership rate of 22.2%, lower than the Colorado average of 60.6%. Its housing vacancy rate is 9.6%, compared with 8.6% in Colorado.
Housing Stock
| Metric | Four Square Mile | Colorado Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.25 people | 2.45 people | 2.54 people |
| Median Structure Built Year | 1992 | 1984 | 1978 |
| Median Number of Rooms | 3.8 | 5.7 | 5.5 |
The typical housing unit in Four Square Mile was built around 1992. On average, 2.3 people live in a home with about 3.8 rooms, staying for about 8.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Four Square Mile, Colorado.
What is the median home price in Four Square Mile, Colorado?
The median home price in Four Square Mile, Colorado is $350,000, lower than the Colorado average of $480,058.
What is the average home price in Four Square Mile, 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 Four Square Mile, Colorado?
The median gross rent in Four Square Mile, Colorado is $1,795 per month, higher than the Colorado average of $1,692.
What was the median gross rent in Four Square Mile in 2020?
In 2020, the median gross rent in Four Square Mile, Colorado was $1,407 per month.
What is the price-to-rent ratio in Four Square Mile, Colorado?
The price-to-rent ratio in Four Square Mile, Colorado is about 16.2, meaning it would take roughly 16.2 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 Four Square Mile.
Are home prices or rent rising faster in Four Square Mile, Colorado?
Both home prices and rent are rising in Four Square Mile, up about 9.1% and 7.8% a year respectively. Home prices are changing faster.
What is the homeownership rate in Four Square Mile, Colorado?
22.2% of households in Four Square Mile, Colorado own their home, lower than the Colorado average of 60.6%.
What is the vacancy rate in Four Square Mile, Colorado?
The housing vacancy rate in Four Square Mile, Colorado is 9.6%, higher than the Colorado average of 8.6%.