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 | Phillips County | Colorado Avg | US Average |
|---|---|---|---|
| Median Home Price | $225,000 | $480,058 | $242,182 |
| Price Trend (Annual %) | 37.9% | 11.8% | 8.2% |
| Median Gross Rent | $947 | $1,692 | $1,342 |
| Rent Trend (Annual %) | 6.4% | 7.0% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Phillips County is about 53% lower than in Colorado. Rent is about 44% 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 Phillips County, up about 37.9% and 6.4% a year respectively. Home prices are changing faster.
Median rent in Phillips County rose about 61.0% between 2015 and 2023, from $588 to $947. Over the same span, rent in Colorado rose about 68.8%.
Affordability
On average, housing unit costs 3.7 yearly household incomes in Phillips County.
Buying the median-priced home in Phillips County costs roughly 19.8 years of rent at the median monthly rate. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Phillips County. The price-to-rent ratio in Colorado is about 23.6.
| Metric | Phillips County | Colorado Avg | US Average |
|---|---|---|---|
| Median Home Price | $225,000 | $480,058 | $242,182 |
| Median Household Income | $60,655 | $93,055 | $78,145 |
| Price-to-Income Ratio | 3.7 | 5.2 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Phillips County rose about 288.9%, while median household income rose about 52.4% 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 | Phillips County | Colorado Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 66.8% | 60.6% | 58.2% |
| Rental Rate | 22.4% | 30.8% | 31.3% |
| Vacancy Rate | 10.8% | 8.6% | 10.6% |
| Median Tenure (years) | 17.0 | 13.0 | 15.0 |
| Median Year Moved In | 2009 | 2013 | 2011 |
Phillips County has a homeownership rate of 66.8%, higher than the Colorado average of 60.6%. Its housing vacancy rate is 10.8%, compared with 8.6% in Colorado.
Housing Stock
| Metric | Phillips County | Colorado Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.37 people | 2.45 people | 2.54 people |
| Median Structure Built Year | 1966 | 1984 | 1978 |
| Median Number of Rooms | 6.0 | 5.7 | 5.5 |
The typical housing unit in Phillips County was built around 1966. On average, 2.4 people live in a home with about 6.0 rooms, staying for about 17.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Phillips County, Colorado.
What is the median home price in Phillips County, Colorado?
The median home price in Phillips County, Colorado is $225,000, lower than the Colorado average of $480,058.
What is the average home price in Phillips 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 Phillips County, Colorado?
The median gross rent in Phillips County, Colorado is $947 per month, lower than the Colorado average of $1,692.
What was the median gross rent in Phillips County in 2020?
In 2020, the median gross rent in Phillips County, Colorado was $749 per month.
What is the price-to-rent ratio in Phillips County, Colorado?
The price-to-rent ratio in Phillips County, Colorado is about 19.8, meaning it would take roughly 19.8 years of rent payments at the median rent to equal the median home price. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Phillips County.
Are home prices or rent rising faster in Phillips County, Colorado?
Both home prices and rent are rising in Phillips County, up about 37.9% and 6.4% a year respectively. Home prices are changing faster.
What is the homeownership rate in Phillips County, Colorado?
66.8% of households in Phillips County, Colorado own their home, higher than the Colorado average of 60.6%.
What is the vacancy rate in Phillips County, Colorado?
The housing vacancy rate in Phillips County, Colorado is 10.8%, higher than the Colorado average of 8.6%.