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 | Rio Grande County | Colorado Avg | US Average |
|---|---|---|---|
| Median Home Price | $353,855 | $480,058 | $242,182 |
| Price Trend (Annual %) | 7.7% | 11.8% | 8.2% |
| Median Gross Rent | $781 | $1,692 | $1,342 |
| Rent Trend (Annual %) | 4.7% | 7.0% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Rio Grande County is about 26% lower than in Colorado. Rent is about 54% 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 Rio Grande County, up about 7.7% and 4.7% a year respectively. Home prices are changing faster.
Median rent in Rio Grande County rose about 35.9% between 2015 and 2023, from $575 to $781. Over the same span, rent in Colorado rose about 68.8%.
Affordability
On average, housing unit costs 5.5 yearly household incomes in Rio Grande County.
Buying the median-priced home in Rio Grande County costs roughly 37.7 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 Rio Grande County. The price-to-rent ratio in Colorado is about 23.6.
| Metric | Rio Grande County | Colorado Avg | US Average |
|---|---|---|---|
| Median Home Price | $353,855 | $480,058 | $242,182 |
| Median Household Income | $63,885 | $93,055 | $78,145 |
| Price-to-Income Ratio | 5.5 | 5.2 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Rio Grande County rose about 61.1%, while median household income rose about 60.9% between 2009 and 2023 — keeping pace with each other.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Rio Grande County | Colorado Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 52.4% | 60.6% | 58.2% |
| Rental Rate | 24.2% | 30.8% | 31.3% |
| Vacancy Rate | 23.5% | 8.6% | 10.6% |
| Median Tenure (years) | 15.0 | 13.0 | 15.0 |
| Median Year Moved In | 2011 | 2013 | 2011 |
Rio Grande County has a homeownership rate of 52.4%, lower than the Colorado average of 60.6%. Its housing vacancy rate is 23.5%, compared with 8.6% in Colorado.
Housing Stock
| Metric | Rio Grande County | Colorado Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.21 people | 2.45 people | 2.54 people |
| Median Structure Built Year | 1976 | 1984 | 1978 |
| Median Number of Rooms | 5.7 | 5.7 | 5.5 |
The typical housing unit in Rio Grande County was built around 1976. On average, 2.2 people live in a home with about 5.7 rooms, staying for about 15.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Rio Grande County, Colorado.
What is the median home price in Rio Grande County, Colorado?
The median home price in Rio Grande County, Colorado is $353,855, lower than the Colorado average of $480,058.
What is the average home price in Rio Grande 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 Rio Grande County, Colorado?
The median gross rent in Rio Grande County, Colorado is $781 per month, lower than the Colorado average of $1,692.
What was the median gross rent in Rio Grande County in 2020?
In 2020, the median gross rent in Rio Grande County, Colorado was $606 per month.
What is the price-to-rent ratio in Rio Grande County, Colorado?
The price-to-rent ratio in Rio Grande County, Colorado is about 37.7, meaning it would take roughly 37.7 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 Rio Grande County.
Are home prices or rent rising faster in Rio Grande County, Colorado?
Both home prices and rent are rising in Rio Grande County, up about 7.7% and 4.7% a year respectively. Home prices are changing faster.
What is the homeownership rate in Rio Grande County, Colorado?
52.4% of households in Rio Grande County, Colorado own their home, lower than the Colorado average of 60.6%.
What is the vacancy rate in Rio Grande County, Colorado?
The housing vacancy rate in Rio Grande County, Colorado is 23.5%, higher than the Colorado average of 8.6%.