Following our Hottest Postal Codes of 2021 Report, we carry out an in-depth market-by-market analysis on each of the top ten, highlighting the strengths and market of each area based on the numbers.
- ZIP 80916 has a very active housing market. The median years of residence for owner-occupied dwellings is 9.8 years, while the US median is 13.3 years.
- Homes in ZIP 80916 have a median listing price of $ 318,000, which is 36% and 17% lower than the Metro and US medians, respectively.
- The housing inventory is on average 4 days on the market, 8 days less than the surrounding metropolitan area and 33 days less than the United States as a whole.
- The homeownership rate is lower among millennials (40%), compared to metropolitan (46%) and US (44%) averages.
- At the county level, VA loans represented a higher proportion (39%) compared to national averages (9%).
The 1st hottest zip code in the United States this year is Zip code 80916, East of Colorado Springs, Colorado. It is located east of the city and is home to Colorado Springs Airport and Peterson Air Force Base. The region is famous for its rapid travel to military bases and defense contractors, such as Lockheed Martin and Northrop Grumman. It is also well known for its affordable homes, built in the 1970s and 80s. The ZIP has attracted buyers from California and Texas looking to enjoy the outdoors and take advantage of top rated schools including Irwin Charter High School, rated eight out of 10 by GreatSchools.org. On weekends, locals enjoy hiking and rock climbing in places like Garden of the Gods and Pike’s Peak. Colorado Springs is no stranger to the hottest ZIP list, ZIP 80911, also in Colorado Springs, ranked # 1 in 2020.
What is the demographics of the population?
ZIP 80916 has a median income of $ 51,596, which is 23.9% lower than the US median of $ 67,761 and 29.8% lower than the surrounding metropolitan area median of $ 73,633. The ZIP, with a total population of 40,599, grew at a rate of 15.8% between 2010 and 2021, much faster than the national population growth rate of 7.2%. This region has a relatively higher young adult population than the United States as a whole, with about 23% of households aged 25 to 34, compared to 15% in the United States. Similarly, 25% of households in the ZIP are aged 35 to 44, or 8 percentage points more than in the United States.
How is the overall building stock?
ZIP 80916 has 15,979 units and the vacancy rate is 6.9%, lower than the US average (11.4%). Of the occupied dwellings, 65.1% are single-family homes, 24.5% are multi-family homes or apartments, and the remainder are mobile homes and other types of units. The median years of residence for owner-occupied dwellings is 9.8 years, which is shorter than the US median (13.3 years). The majority of houses in ZIP 80916 were built in the 1970s and 80s, with 21.2% built between 1970 and 1979 and 25.8% built between 1980 and 1989. The typical ZIP house was built in 1989 , 9 years later than the 1980 national median. If the age of a home is important to you as a buyer, you can filter that age along with a variety of other home and neighborhood characteristics. to make sure you see the most personally relevant results in your home search.
What does housing market activity look like?
In 2021, unique viewers by property grew 36% year-over-year in this ZIP, which received 3.4 times more views than the US average. Home buyers don’t just come from the region. Viewers in Dallas (3.4%), Seattle (2.4%), Albuquerque (1.8%), LA (1.8%) and Chicago (1.6%) bought homes in ZIP 80916 according to Realtor.com inter-market demand data which shows where homebuyers are coming from in the counties and subways of the United States each quarter.
The median listing price in this ZIP is up 19.8% from last year, reaching $ 318,000. Despite the price growth, it is 36% lower than the Colorado Springs metro and 17% lower than in the United States, which is a very affordable housing market. Properties see on average only 4 days on the market, 3 days faster than last year. Inventories spend 8 days less in the market than the surrounding metropolitan area and 33 days less than the United States as a whole. Home seekers can explore housing market data at zip level for download and visualize housing trends in counties and metropolitan areas in Colorado and across the United States on Realtor.com.
Who are the owners?
The homeownership rate in ZIP 80916 is 51%, which is lower than the national homeownership rate (58%). This is also true for young people living in this ZIP. The homeownership rate for 25-34 year olds is 40%, 6 percentage points lower than the metropolitan average and 4 percentage points lower than the US average. The homeownership rate among 35-44 year olds is 51%, 22 percentage points lower than the metropolitan average and 6 percentage points lower than the US average.
What does it take to buy in this market?
Postal code 80916 is located El Paso County, and the buyers in this county are well qualified. They have an average credit score of 749, which is 12 points higher than the national average of 737. Buyers pay an average of 11.6% down payment, which is lower than the national average of 13%. For listing at the median price in 80916, that would be $ 36,888. Compliant loans accounted for 49% of all loans, which is lower than the average proportion for the United States (64%). In addition, the share of VA loans is 39%, while the US average is only 9%.