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 | San Miguel County | Colorado Avg | US Average |
|---|---|---|---|
| Median Home Price | $2,000,000 | $480,058 | $242,182 |
| Price Trend (Annual %) | 26.3% | 11.8% | 8.2% |
| Median Gross Rent | $1,173 | $1,692 | $1,342 |
| Rent Trend (Annual %) | 0.5% | 7.0% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in San Miguel County is about 317% higher than in Colorado. Rent is about 31% 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 San Miguel County, up about 26.3% and 0.5% a year respectively. Home prices are changing faster.
Median rent in San Miguel County rose about 2.7% between 2015 and 2023, from $1,142 to $1,173. Over the same span, rent in Colorado rose about 68.8%.
Affordability
On average, housing unit costs 24.4 yearly household incomes in San Miguel County.
Buying the median-priced home in San Miguel County costs roughly 142.1 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 San Miguel County. The price-to-rent ratio in Colorado is about 23.6.
| Metric | San Miguel County | Colorado Avg | US Average |
|---|---|---|---|
| Median Home Price | $2,000,000 | $480,058 | $242,182 |
| Median Household Income | $81,936 | $93,055 | $78,145 |
| Price-to-Income Ratio | 24.4 | 5.2 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in San Miguel County rose about 84.6%, while median household income rose about 35.7% 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 | San Miguel County | Colorado Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 39.5% | 60.6% | 58.2% |
| Rental Rate | 21.1% | 30.8% | 31.3% |
| Vacancy Rate | 39.5% | 8.6% | 10.6% |
| Median Tenure (years) | 15.0 | 13.0 | 15.0 |
| Median Year Moved In | 2011 | 2013 | 2011 |
San Miguel County has a homeownership rate of 39.5%, lower than the Colorado average of 60.6%. Its housing vacancy rate is 39.5%, compared with 8.6% in Colorado.
Housing Stock
| Metric | San Miguel County | Colorado Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.00 people | 2.45 people | 2.54 people |
| Median Structure Built Year | 1990 | 1984 | 1978 |
| Median Number of Rooms | 5.5 | 5.7 | 5.5 |
The typical housing unit in San Miguel County was built around 1990. On average, 2.0 people live in a home with about 5.5 rooms, staying for about 15.0 years on average.
Frequently Asked Questions
Common questions about the housing market in San Miguel County, Colorado.
What is the median home price in San Miguel County, Colorado?
The median home price in San Miguel County, Colorado is $2,000,000, higher than the Colorado average of $480,058.
What is the average home price in San Miguel 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 San Miguel County, Colorado?
The median gross rent in San Miguel County, Colorado is $1,173 per month, lower than the Colorado average of $1,692.
What was the median gross rent in San Miguel County in 2020?
In 2020, the median gross rent in San Miguel County, Colorado was $1,145 per month.
What is the price-to-rent ratio in San Miguel County, Colorado?
The price-to-rent ratio in San Miguel County, Colorado is about 142.1, meaning it would take roughly 142.1 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 San Miguel County.
Are home prices or rent rising faster in San Miguel County, Colorado?
Both home prices and rent are rising in San Miguel County, up about 26.3% and 0.5% a year respectively. Home prices are changing faster.
What is the homeownership rate in San Miguel County, Colorado?
39.5% of households in San Miguel County, Colorado own their home, lower than the Colorado average of 60.6%.
What is the vacancy rate in San Miguel County, Colorado?
The housing vacancy rate in San Miguel County, Colorado is 39.5%, higher than the Colorado average of 8.6%.