80920, Colorado Springs, CO

The 80920 zip code in Colorado Springs, CO has a median home value of $253,000 and a median home equity of $143,000. The city's population is approximately 197,000 people and the median age is 36 years old. Approximately 49% of the zip code's residents are homeowners while 51% are renters.

The Colorado Springs metro area has seen strong growth over the past several years and this trend is expected to continue. According to Zillow, the average home value in the metro area increased by 7.5% from 2016 to 2017 and is projected to grow by another 5.4% this year. This strong market demand has driven up prices across all neighborhoods in the metro area, with some areas experiencing double-digit increases over the past few years. In fact, according to Trulia, the average home value in Colorado Springs rose by 10% from January 2018 to January 2019 alone!

One important factor that affects home values is interest rates. While rates have been on a steady decline since late 2008/early 2009, they remain relatively high when compared to historical averages (currently around 4%). As long as interest rates remain elevated relative to historical norms, it will be difficult for buyers who cannot afford a higher down payment or who require higher credit scores to purchase a property in the 80920 zip code. Additionally, there are many areas within Colorado Springs that are not currently experiencing as strong of an appreciation market as others; this could lead to slower growth in prices over time if buyers do not feel compelled to move into these less expensive neighborhoods due to limited options nearby.