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.
Housing Market Overview
| Metric | Thornton | Colorado Avg | US Average |
|---|---|---|---|
| Median Home Price | $448,304 | $480,058 | $242,182 |
| Price Trend (Annual %) | 12.9% | 11.8% | 8.2% |
| Median Gross Rent | $1,832 | $1,692 | $1,342 |
| Rent Trend (Annual %) | 6.3% | 7.0% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Thornton is about 7% lower than in Colorado. Rent is about 8% higher 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 Thornton, up about 12.9% and 6.3% a year respectively. Home prices are changing faster.
Median rent in Thornton rose about 61.0% between 2015 and 2023, from $1,138 to $1,832. Over the same span, rent in Colorado rose about 68.8%.
Affordability
On average, housing unit costs 4.6 yearly household incomes in Thornton.
Buying the median-priced home in Thornton costs roughly 20.4 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 Thornton. The price-to-rent ratio in Colorado is about 23.6.
| Metric | Thornton | Colorado Avg | US Average |
|---|---|---|---|
| Median Home Price | $448,304 | $480,058 | $242,182 |
| Median Household Income | $96,597 | $93,055 | $78,145 |
| Price-to-Income Ratio | 4.6 | 5.2 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Thornton rose about 144.4%, while median household income rose about 52.8% 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 | Thornton | Colorado Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 70.1% | 60.6% | 58.2% |
| Rental Rate | 27.1% | 30.8% | 31.3% |
| Vacancy Rate | 2.8% | 8.6% | 10.6% |
| Median Tenure (years) | 12.0 | 13.0 | 15.0 |
| Median Year Moved In | 2014 | 2013 | 2011 |
Thornton has a homeownership rate of 70.1%, higher than the Colorado average of 60.6%. Its housing vacancy rate is 2.8%, compared with 8.6% in Colorado.
Housing Stock
| Metric | Thornton | Colorado Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.88 people | 2.45 people | 2.54 people |
| Median Structure Built Year | 1993 | 1984 | 1978 |
| Median Number of Rooms | 6.0 | 5.7 | 5.5 |
The typical housing unit in Thornton was built around 1993. On average, 2.9 people live in a home with about 6.0 rooms, staying for about 12.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Thornton, Colorado.
What is the median home price in Thornton, Colorado?
The median home price in Thornton, Colorado is $448,304, lower than the Colorado average of $480,058.
What is the average home price in Thornton, 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 Thornton, Colorado?
The median gross rent in Thornton, Colorado is $1,832 per month, higher than the Colorado average of $1,692.
What was the median gross rent in Thornton in 2020?
In 2020, the median gross rent in Thornton, Colorado was $1,488 per month.
What is the price-to-rent ratio in Thornton, Colorado?
The price-to-rent ratio in Thornton, Colorado is about 20.4, meaning it would take roughly 20.4 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 Thornton.
Are home prices or rent rising faster in Thornton, Colorado?
Both home prices and rent are rising in Thornton, up about 12.9% and 6.3% a year respectively. Home prices are changing faster.
What is the homeownership rate in Thornton, Colorado?
70.1% of households in Thornton, Colorado own their home, higher than the Colorado average of 60.6%.
What is the vacancy rate in Thornton, Colorado?
The housing vacancy rate in Thornton, Colorado is 2.8%, lower than the Colorado average of 8.6%.