80743, Otis, CO

The Otis, CO 80743 zip code is located in the southwestern corner of the state and has a population of just over 10,000. The median home value in this zip code is $122,500 which is significantly lower than the statewide median home value of $247,500. This suggests that there are a number of homes in this zip code that are not worth as much as they would be if they were located elsewhere in Colorado.

One reason for this may be that Otis is located in an area that has seen a lot of economic decline over the past few years. The unemployment rate here is currently around 8% which is considerably higher than the statewide unemployment rate of 4%. This suggests that there are a lot of people who are looking for jobs but cannot find them, which could lead to lower demand for homes and consequently lower home values.

Another factor that could be contributing to low home values in Otis is the fact that there are relatively few new homes being built here compared to other parts of Colorado. In fact, according to Zillow, only 2% of homes in this zip code were built between 2010 and 2014 which is far below the statewide average of 5%. This means that there are relatively few new homes available for sale and therefore fewer potential buyers who can drive up prices.