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 | Westminster | Colorado Avg | US Average |
|---|---|---|---|
| Median Home Price | $456,983 | $480,058 | $242,182 |
| Price Trend (Annual %) | 14.1% | 11.8% | 8.2% |
| Median Gross Rent | $1,844 | $1,692 | $1,342 |
| Rent Trend (Annual %) | 6.1% | 7.0% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Westminster is about 5% lower than in Colorado. Rent is about 9% 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 Westminster, up about 14.1% and 6.1% a year respectively. Home prices are changing faster.
Median rent in Westminster rose about 60.0% between 2015 and 2023, from $1,152 to $1,844. Over the same span, rent in Colorado rose about 68.8%.
Affordability
On average, housing unit costs 4.5 yearly household incomes in Westminster.
Buying the median-priced home in Westminster costs roughly 20.6 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 Westminster. The price-to-rent ratio in Colorado is about 23.6.
| Metric | Westminster | Colorado Avg | US Average |
|---|---|---|---|
| Median Home Price | $456,983 | $480,058 | $242,182 |
| Median Household Income | $100,634 | $93,055 | $78,145 |
| Price-to-Income Ratio | 4.5 | 5.2 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Westminster rose about 104.1%, while median household income rose about 57.5% 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 | Westminster | Colorado Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 63.9% | 60.6% | 58.2% |
| Rental Rate | 32.1% | 30.8% | 31.3% |
| Vacancy Rate | 4.0% | 8.6% | 10.6% |
| Median Tenure (years) | 13.0 | 13.0 | 15.0 |
| Median Year Moved In | 2013 | 2013 | 2011 |
Westminster has a homeownership rate of 63.9%, higher than the Colorado average of 60.6%. Its housing vacancy rate is 4.0%, compared with 8.6% in Colorado.
Housing Stock
| Metric | Westminster | Colorado Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.45 people | 2.45 people | 2.54 people |
| Median Structure Built Year | 1986 | 1984 | 1978 |
| Median Number of Rooms | 6.0 | 5.7 | 5.5 |
The typical housing unit in Westminster was built around 1986. On average, 2.5 people live in a home with about 6.0 rooms, staying for about 13.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Westminster, Colorado.
What is the median home price in Westminster, Colorado?
The median home price in Westminster, Colorado is $456,983, lower than the Colorado average of $480,058.
What is the average home price in Westminster, 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 Westminster, Colorado?
The median gross rent in Westminster, Colorado is $1,844 per month, higher than the Colorado average of $1,692.
What was the median gross rent in Westminster in 2020?
In 2020, the median gross rent in Westminster, Colorado was $1,488 per month.
What is the price-to-rent ratio in Westminster, Colorado?
The price-to-rent ratio in Westminster, Colorado is about 20.6, meaning it would take roughly 20.6 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 Westminster.
Are home prices or rent rising faster in Westminster, Colorado?
Both home prices and rent are rising in Westminster, up about 14.1% and 6.1% a year respectively. Home prices are changing faster.
What is the homeownership rate in Westminster, Colorado?
63.9% of households in Westminster, Colorado own their home, higher than the Colorado average of 60.6%.
What is the vacancy rate in Westminster, Colorado?
The housing vacancy rate in Westminster, Colorado is 4.0%, lower than the Colorado average of 8.6%.