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 | Gilpin County | Colorado Avg | US Average |
|---|---|---|---|
| Median Home Price | $450,000 | $480,058 | $242,182 |
| Price Trend (Annual %) | 71.3% | 11.8% | 8.2% |
| Median Gross Rent | $1,340 | $1,692 | $1,342 |
| Rent Trend (Annual %) | 3.5% | 7.0% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Gilpin County is about 6% lower than in Colorado. Rent is about 21% 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 Gilpin County, up about 71.3% and 3.5% a year respectively. Home prices are changing faster.
Median rent in Gilpin County rose about 30.3% between 2015 and 2023, from $1,028 to $1,340. Over the same span, rent in Colorado rose about 68.8%.
Affordability
On average, housing unit costs 4.9 yearly household incomes in Gilpin County.
Buying the median-priced home in Gilpin County costs roughly 28.0 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 Gilpin County. The price-to-rent ratio in Colorado is about 23.6.
| Metric | Gilpin County | Colorado Avg | US Average |
|---|---|---|---|
| Median Home Price | $450,000 | $480,058 | $242,182 |
| Median Household Income | $91,597 | $93,055 | $78,145 |
| Price-to-Income Ratio | 4.9 | 5.2 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Gilpin County rose about 466.4%, while median household income rose about 61.4% 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 | Gilpin County | Colorado Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 66.1% | 60.6% | 58.2% |
| Rental Rate | 16.9% | 30.8% | 31.3% |
| Vacancy Rate | 17.0% | 8.6% | 10.6% |
| Median Tenure (years) | 15.0 | 13.0 | 15.0 |
| Median Year Moved In | 2011 | 2013 | 2011 |
Gilpin County has a homeownership rate of 66.1%, higher than the Colorado average of 60.6%. Its housing vacancy rate is 17.0%, compared with 8.6% in Colorado.
Housing Stock
| Metric | Gilpin County | Colorado Avg | US Average |
|---|---|---|---|
| Average Household Size | 1.88 people | 2.45 people | 2.54 people |
| Median Structure Built Year | 1979 | 1984 | 1978 |
| Median Number of Rooms | 5.9 | 5.7 | 5.5 |
The typical housing unit in Gilpin County was built around 1979. On average, 1.9 people live in a home with about 5.9 rooms, staying for about 15.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Gilpin County, Colorado.
What is the median home price in Gilpin County, Colorado?
The median home price in Gilpin County, Colorado is $450,000, lower than the Colorado average of $480,058.
What is the average home price in Gilpin 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 Gilpin County, Colorado?
The median gross rent in Gilpin County, Colorado is $1,340 per month, lower than the Colorado average of $1,692.
What was the median gross rent in Gilpin County in 2020?
In 2020, the median gross rent in Gilpin County, Colorado was $1,244 per month.
What is the price-to-rent ratio in Gilpin County, Colorado?
The price-to-rent ratio in Gilpin County, Colorado is about 28.0, meaning it would take roughly 28.0 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 Gilpin County.
Are home prices or rent rising faster in Gilpin County, Colorado?
Both home prices and rent are rising in Gilpin County, up about 71.3% and 3.5% a year respectively. Home prices are changing faster.
What is the homeownership rate in Gilpin County, Colorado?
66.1% of households in Gilpin County, Colorado own their home, higher than the Colorado average of 60.6%.
What is the vacancy rate in Gilpin County, Colorado?
The housing vacancy rate in Gilpin County, Colorado is 17.0%, higher than the Colorado average of 8.6%.