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 | Garfield County | Colorado Avg | US Average |
|---|---|---|---|
| Median Home Price | $520,832 | $480,058 | $242,182 |
| Price Trend (Annual %) | 21.1% | 11.8% | 8.2% |
| Median Gross Rent | $1,515 | $1,692 | $1,342 |
| Rent Trend (Annual %) | 4.3% | 7.0% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Garfield County is about 8% higher than in Colorado. Rent is about 10% 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 Garfield County, up about 21.1% and 4.3% a year respectively. Home prices are changing faster.
Median rent in Garfield County rose about 32.9% between 2015 and 2023, from $1,140 to $1,515. Over the same span, rent in Colorado rose about 68.8%.
Affordability
On average, housing unit costs 5.9 yearly household incomes in Garfield County.
Buying the median-priced home in Garfield County costs roughly 28.6 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 Garfield County. The price-to-rent ratio in Colorado is about 23.6.
| Metric | Garfield County | Colorado Avg | US Average |
|---|---|---|---|
| Median Home Price | $520,832 | $480,058 | $242,182 |
| Median Household Income | $87,786 | $93,055 | $78,145 |
| Price-to-Income Ratio | 5.9 | 5.2 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Garfield County rose about 174.1%, while median household income rose about 36.5% 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 | Garfield County | Colorado Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 65.3% | 60.6% | 58.2% |
| Rental Rate | 28.4% | 30.8% | 31.3% |
| Vacancy Rate | 6.4% | 8.6% | 10.6% |
| Median Tenure (years) | 14.0 | 13.0 | 15.0 |
| Median Year Moved In | 2012 | 2013 | 2011 |
Garfield County has a homeownership rate of 65.3%, higher than the Colorado average of 60.6%. Its housing vacancy rate is 6.4%, compared with 8.6% in Colorado.
Housing Stock
| Metric | Garfield County | Colorado Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.64 people | 2.45 people | 2.54 people |
| Median Structure Built Year | 1989 | 1984 | 1978 |
| Median Number of Rooms | 5.8 | 5.7 | 5.5 |
The typical housing unit in Garfield County was built around 1989. On average, 2.6 people live in a home with about 5.8 rooms, staying for about 14.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Garfield County, Colorado.
What is the median home price in Garfield County, Colorado?
The median home price in Garfield County, Colorado is $520,832, higher than the Colorado average of $480,058.
What is the average home price in Garfield 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 Garfield County, Colorado?
The median gross rent in Garfield County, Colorado is $1,515 per month, lower than the Colorado average of $1,692.
What was the median gross rent in Garfield County in 2020?
In 2020, the median gross rent in Garfield County, Colorado was $1,177 per month.
What is the price-to-rent ratio in Garfield County, Colorado?
The price-to-rent ratio in Garfield County, Colorado is about 28.6, meaning it would take roughly 28.6 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 Garfield County.
Are home prices or rent rising faster in Garfield County, Colorado?
Both home prices and rent are rising in Garfield County, up about 21.1% and 4.3% a year respectively. Home prices are changing faster.
What is the homeownership rate in Garfield County, Colorado?
65.3% of households in Garfield County, Colorado own their home, higher than the Colorado average of 60.6%.
What is the vacancy rate in Garfield County, Colorado?
The housing vacancy rate in Garfield County, Colorado is 6.4%, lower than the Colorado average of 8.6%.