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 | Morgan County | Colorado Avg | US Average |
|---|---|---|---|
| Median Home Price | $2,000,000 | $480,058 | $242,182 |
| Price Trend (Annual %) | 119.8% | 11.8% | 8.2% |
| Median Gross Rent | $1,091 | $1,692 | $1,342 |
| Rent Trend (Annual %) | 6.1% | 7.0% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Morgan County is about 317% higher than in Colorado. Rent is about 36% 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 Morgan County, up about 119.8% and 6.1% a year respectively. Home prices are changing faster.
Median rent in Morgan County rose about 50.4% between 2015 and 2023, from $725 to $1,091. Over the same span, rent in Colorado rose about 68.8%.
Affordability
On average, housing unit costs 26.6 yearly household incomes in Morgan County.
Buying the median-priced home in Morgan County costs roughly 152.7 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 Morgan County. The price-to-rent ratio in Colorado is about 23.6.
| Metric | Morgan County | Colorado Avg | US Average |
|---|---|---|---|
| Median Home Price | $2,000,000 | $480,058 | $242,182 |
| Median Household Income | $75,244 | $93,055 | $78,145 |
| Price-to-Income Ratio | 26.6 | 5.2 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Morgan County rose about 1935.9%, while median household income rose about 73.0% 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 | Morgan County | Colorado Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 61.6% | 60.6% | 58.2% |
| Rental Rate | 33.0% | 30.8% | 31.3% |
| Vacancy Rate | 5.5% | 8.6% | 10.6% |
| Median Tenure (years) | 14.0 | 13.0 | 15.0 |
| Median Year Moved In | 2012 | 2013 | 2011 |
Morgan County has a homeownership rate of 61.6%, higher than the Colorado average of 60.6%. Its housing vacancy rate is 5.5%, compared with 8.6% in Colorado.
Housing Stock
| Metric | Morgan County | Colorado Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.60 people | 2.45 people | 2.54 people |
| Median Structure Built Year | 1973 | 1984 | 1978 |
| Median Number of Rooms | 5.6 | 5.7 | 5.5 |
The typical housing unit in Morgan County was built around 1973. On average, 2.6 people live in a home with about 5.6 rooms, staying for about 14.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Morgan County, Colorado.
What is the median home price in Morgan County, Colorado?
The median home price in Morgan County, Colorado is $2,000,000, higher than the Colorado average of $480,058.
What is the average home price in Morgan 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 Morgan County, Colorado?
The median gross rent in Morgan County, Colorado is $1,091 per month, lower than the Colorado average of $1,692.
What was the median gross rent in Morgan County in 2020?
In 2020, the median gross rent in Morgan County, Colorado was $902 per month.
What is the price-to-rent ratio in Morgan County, Colorado?
The price-to-rent ratio in Morgan County, Colorado is about 152.7, meaning it would take roughly 152.7 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 Morgan County.
Are home prices or rent rising faster in Morgan County, Colorado?
Both home prices and rent are rising in Morgan County, up about 119.8% and 6.1% a year respectively. Home prices are changing faster.
What is the homeownership rate in Morgan County, Colorado?
61.6% of households in Morgan County, Colorado own their home, higher than the Colorado average of 60.6%.
What is the vacancy rate in Morgan County, Colorado?
The housing vacancy rate in Morgan County, Colorado is 5.5%, lower than the Colorado average of 8.6%.