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 | Highlands Ranch | Colorado Avg | US Average |
|---|---|---|---|
| Median Home Price | $588,865 | $480,058 | $242,182 |
| Price Trend (Annual %) | 10.2% | 11.8% | 8.2% |
| Median Gross Rent | $2,366 | $1,692 | $1,342 |
| Rent Trend (Annual %) | 5.8% | 7.0% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Highlands Ranch is about 23% higher than in Colorado. Rent is about 40% 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 Highlands Ranch, up about 10.2% and 5.8% a year respectively. Home prices are changing faster.
Median rent in Highlands Ranch rose about 52.2% between 2015 and 2023, from $1,554 to $2,366. Over the same span, rent in Colorado rose about 68.8%.
Affordability
On average, housing unit costs 3.9 yearly household incomes in Highlands Ranch.
Buying the median-priced home in Highlands Ranch costs roughly 20.7 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 Highlands Ranch. The price-to-rent ratio in Colorado is about 23.6.
| Metric | Highlands Ranch | Colorado Avg | US Average |
|---|---|---|---|
| Median Home Price | $588,865 | $480,058 | $242,182 |
| Median Household Income | $151,109 | $93,055 | $78,145 |
| Price-to-Income Ratio | 3.9 | 5.2 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Highlands Ranch rose about 81.7%, while median household income rose about 46.8% 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 | Highlands Ranch | Colorado Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 76.8% | 60.6% | 58.2% |
| Rental Rate | 20.8% | 30.8% | 31.3% |
| Vacancy Rate | 2.4% | 8.6% | 10.6% |
| Median Tenure (years) | 14.0 | 13.0 | 15.0 |
| Median Year Moved In | 2012 | 2013 | 2011 |
Highlands Ranch has a homeownership rate of 76.8%, higher than the Colorado average of 60.6%. Its housing vacancy rate is 2.4%, compared with 8.6% in Colorado.
Housing Stock
| Metric | Highlands Ranch | Colorado Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.65 people | 2.45 people | 2.54 people |
| Median Structure Built Year | 1997 | 1984 | 1978 |
| Median Number of Rooms | 7.5 | 5.7 | 5.5 |
The typical housing unit in Highlands Ranch was built around 1997. On average, 2.6 people live in a home with about 7.5 rooms, staying for about 14.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Highlands Ranch, Colorado.
What is the median home price in Highlands Ranch, Colorado?
The median home price in Highlands Ranch, Colorado is $588,865, higher than the Colorado average of $480,058.
What is the average home price in Highlands Ranch, 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 Highlands Ranch, Colorado?
The median gross rent in Highlands Ranch, Colorado is $2,366 per month, higher than the Colorado average of $1,692.
What was the median gross rent in Highlands Ranch in 2020?
In 2020, the median gross rent in Highlands Ranch, Colorado was $1,947 per month.
What is the price-to-rent ratio in Highlands Ranch, Colorado?
The price-to-rent ratio in Highlands Ranch, Colorado is about 20.7, meaning it would take roughly 20.7 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 Highlands Ranch.
Are home prices or rent rising faster in Highlands Ranch, Colorado?
Both home prices and rent are rising in Highlands Ranch, up about 10.2% and 5.8% a year respectively. Home prices are changing faster.
What is the homeownership rate in Highlands Ranch, Colorado?
76.8% of households in Highlands Ranch, Colorado own their home, higher than the Colorado average of 60.6%.
What is the vacancy rate in Highlands Ranch, Colorado?
The housing vacancy rate in Highlands Ranch, Colorado is 2.4%, lower than the Colorado average of 8.6%.