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 | Lake County | Colorado Avg | US Average |
|---|---|---|---|
| Median Home Price | $275,000 | $480,058 | $242,182 |
| Price Trend (Annual %) | -6.2% | 11.8% | 8.2% |
| Median Gross Rent | $1,599 | $1,692 | $1,342 |
| Rent Trend (Annual %) | 10.0% | 7.0% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Lake County is about 43% lower than in Colorado. Rent is about 6% lower than the Colorado average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2023
Median Rent Prices, 2015-2023
Home prices and rent are moving in opposite directions in Lake County: home prices fell about 6.2% a year while rent rose about 10.0% a year. That is an unusual pattern worth watching.
Median rent in Lake County rose about 88.2% between 2015 and 2023, from $850 to $1,599. Over the same span, rent in Colorado rose about 68.8%.
Affordability
On average, housing unit costs 3.0 yearly household incomes in Lake County.
Buying the median-priced home in Lake County costs roughly 14.3 years of rent at the median monthly rate. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Lake County. The price-to-rent ratio in Colorado is about 23.6.
| Metric | Lake County | Colorado Avg | US Average |
|---|---|---|---|
| Median Home Price | $275,000 | $480,058 | $242,182 |
| Median Household Income | $92,108 | $93,055 | $78,145 |
| Price-to-Income Ratio | 3.0 | 5.2 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Lake County rose about 129.6%, while median household income rose about 137.3% 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 | Lake County | Colorado Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 55.8% | 60.6% | 58.2% |
| Rental Rate | 17.6% | 30.8% | 31.3% |
| Vacancy Rate | 26.6% | 8.6% | 10.6% |
| Median Tenure (years) | 13.0 | 13.0 | 15.0 |
| Median Year Moved In | 2013 | 2013 | 2011 |
Lake County has a homeownership rate of 55.8%, lower than the Colorado average of 60.6%. Its housing vacancy rate is 26.6%, compared with 8.6% in Colorado.
Housing Stock
| Metric | Lake County | Colorado Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.46 people | 2.45 people | 2.54 people |
| Median Structure Built Year | 1965 | 1984 | 1978 |
| Median Number of Rooms | 5.5 | 5.7 | 5.5 |
The typical housing unit in Lake County was built around 1965. On average, 2.5 people live in a home with about 5.5 rooms, staying for about 13.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Lake County, Colorado.
What is the median home price in Lake County, Colorado?
The median home price in Lake County, Colorado is $275,000, lower than the Colorado average of $480,058.
What is the average home price in Lake 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 Lake County, Colorado?
The median gross rent in Lake County, Colorado is $1,599 per month, lower than the Colorado average of $1,692.
What was the median gross rent in Lake County in 2020?
In 2020, the median gross rent in Lake County, Colorado was $1,086 per month.
What is the price-to-rent ratio in Lake County, Colorado?
The price-to-rent ratio in Lake County, Colorado is about 14.3, meaning it would take roughly 14.3 years of rent payments at the median rent to equal the median home price. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Lake County.
Are home prices or rent rising faster in Lake County, Colorado?
Home prices and rent are moving in opposite directions in Lake County: home prices fell about 6.2% a year while rent rose about 10.0% a year. That is an unusual pattern worth watching.
What is the homeownership rate in Lake County, Colorado?
55.8% of households in Lake County, Colorado own their home, lower than the Colorado average of 60.6%.
What is the vacancy rate in Lake County, Colorado?
The housing vacancy rate in Lake County, Colorado is 26.6%, higher than the Colorado average of 8.6%.