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 | Prowers County | Colorado Avg | US Average |
|---|---|---|---|
| Median Home Price | $12,500 | $480,058 | $242,182 |
| Price Trend (Annual %) | -12.1% | 11.8% | 8.2% |
| Median Gross Rent | $740 | $1,692 | $1,342 |
| Rent Trend (Annual %) | 2.3% | 7.0% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Prowers County is about 97% lower than in Colorado. Rent is about 56% 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 Prowers County: home prices fell about 12.1% a year while rent rose about 2.3% a year. That is an unusual pattern worth watching.
Median rent in Prowers County rose about 27.3% between 2015 and 2023, from $582 to $740. Over the same span, rent in Colorado rose about 68.8%.
Affordability
On average, housing unit costs 0.2 yearly household incomes in Prowers County.
Buying the median-priced home in Prowers County costs roughly 1.4 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 Prowers County. The price-to-rent ratio in Colorado is about 23.6.
| Metric | Prowers County | Colorado Avg | US Average |
|---|---|---|---|
| Median Home Price | $12,500 | $480,058 | $242,182 |
| Median Household Income | $56,858 | $93,055 | $78,145 |
| Price-to-Income Ratio | 0.2 | 5.2 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Prowers County fell about 77.4%, while median household income rose about 61.5% 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 | Prowers County | Colorado Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 58.7% | 60.6% | 58.2% |
| Rental Rate | 24.8% | 30.8% | 31.3% |
| Vacancy Rate | 16.5% | 8.6% | 10.6% |
| Median Tenure (years) | 18.0 | 13.0 | 15.0 |
| Median Year Moved In | 2008 | 2013 | 2011 |
Prowers County has a homeownership rate of 58.7%, lower than the Colorado average of 60.6%. Its housing vacancy rate is 16.5%, compared with 8.6% in Colorado.
Housing Stock
| Metric | Prowers County | Colorado Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.53 people | 2.45 people | 2.54 people |
| Median Structure Built Year | 1970 | 1984 | 1978 |
| Median Number of Rooms | 5.6 | 5.7 | 5.5 |
The typical housing unit in Prowers County was built around 1970. On average, 2.5 people live in a home with about 5.6 rooms, staying for about 18.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Prowers County, Colorado.
What is the median home price in Prowers County, Colorado?
The median home price in Prowers County, Colorado is $12,500, lower than the Colorado average of $480,058.
What is the average home price in Prowers 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 Prowers County, Colorado?
The median gross rent in Prowers County, Colorado is $740 per month, lower than the Colorado average of $1,692.
What was the median gross rent in Prowers County in 2020?
In 2020, the median gross rent in Prowers County, Colorado was $695 per month.
What is the price-to-rent ratio in Prowers County, Colorado?
The price-to-rent ratio in Prowers County, Colorado is about 1.4, meaning it would take roughly 1.4 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 Prowers County.
Are home prices or rent rising faster in Prowers County, Colorado?
Home prices and rent are moving in opposite directions in Prowers County: home prices fell about 12.1% a year while rent rose about 2.3% a year. That is an unusual pattern worth watching.
What is the homeownership rate in Prowers County, Colorado?
58.7% of households in Prowers County, Colorado own their home, lower than the Colorado average of 60.6%.
What is the vacancy rate in Prowers County, Colorado?
The housing vacancy rate in Prowers County, Colorado is 16.5%, higher than the Colorado average of 8.6%.