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 | Montrose County | Colorado Avg | US Average |
|---|---|---|---|
| Median Home Price | $79,803 | $480,058 | $242,182 |
| Price Trend (Annual %) | 1.6% | 11.8% | 8.2% |
| Median Gross Rent | $1,120 | $1,692 | $1,342 |
| Rent Trend (Annual %) | 5.0% | 7.0% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Montrose County is about 83% lower than in Colorado. Rent is about 34% 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 Montrose County, up about 1.6% and 5.0% a year respectively. Rent is changing faster.
Median rent in Montrose County rose about 37.6% between 2015 and 2023, from $814 to $1,120. Over the same span, rent in Colorado rose about 68.8%.
Affordability
On average, housing unit costs 1.2 yearly household incomes in Montrose County.
Buying the median-priced home in Montrose County costs roughly 5.9 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 Montrose County. The price-to-rent ratio in Colorado is about 23.6.
| Metric | Montrose County | Colorado Avg | US Average |
|---|---|---|---|
| Median Home Price | $79,803 | $480,058 | $242,182 |
| Median Household Income | $66,142 | $93,055 | $78,145 |
| Price-to-Income Ratio | 1.2 | 5.2 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Montrose County fell about 35.5%, while median household income rose about 47.3% 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 | Montrose County | Colorado Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 67.3% | 60.6% | 58.2% |
| Rental Rate | 22.9% | 30.8% | 31.3% |
| Vacancy Rate | 9.8% | 8.6% | 10.6% |
| Median Tenure (years) | 15.0 | 13.0 | 15.0 |
| Median Year Moved In | 2011 | 2013 | 2011 |
Montrose County has a homeownership rate of 67.3%, higher than the Colorado average of 60.6%. Its housing vacancy rate is 9.8%, compared with 8.6% in Colorado.
Housing Stock
| Metric | Montrose County | Colorado Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.43 people | 2.45 people | 2.54 people |
| Median Structure Built Year | 1990 | 1984 | 1978 |
| Median Number of Rooms | 5.9 | 5.7 | 5.5 |
The typical housing unit in Montrose County was built around 1990. On average, 2.4 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 Montrose County, Colorado.
What is the median home price in Montrose County, Colorado?
The median home price in Montrose County, Colorado is $79,803, lower than the Colorado average of $480,058.
What is the average home price in Montrose 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 Montrose County, Colorado?
The median gross rent in Montrose County, Colorado is $1,120 per month, lower than the Colorado average of $1,692.
What was the median gross rent in Montrose County in 2020?
In 2020, the median gross rent in Montrose County, Colorado was $979 per month.
What is the price-to-rent ratio in Montrose County, Colorado?
The price-to-rent ratio in Montrose County, Colorado is about 5.9, meaning it would take roughly 5.9 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 Montrose County.
Are home prices or rent rising faster in Montrose County, Colorado?
Both home prices and rent are rising in Montrose County, up about 1.6% and 5.0% a year respectively. Rent is changing faster.
What is the homeownership rate in Montrose County, Colorado?
67.3% of households in Montrose County, Colorado own their home, higher than the Colorado average of 60.6%.
What is the vacancy rate in Montrose County, Colorado?
The housing vacancy rate in Montrose County, Colorado is 9.8%, higher than the Colorado average of 8.6%.