Colorado has changed significantly since the turn of the millennium. The state’s population has grown by 36.6%, from around 4.3 million in 2000 to roughly 5.88 million. The median household income rose from $47,203 in 2000 ($86,070 in 2023 dollars), up to $92,911 as of the 2023 American Community Survey by the Census Bureau. Wealth in general, beyond just incomes, has increased immensely as well.
According to the 2000 Census, the medians home value statewide in Colorado was $166,600. By 2023, that had more than tripled, reaching a median of $550,300. But the growth in wealth is been uneven, as it has been for most of the United States. In addition to gentrification, Colorado also has witnessed the disproportionate growth in wealth around its resort towns and picturesque soon-to-be-resort towns (if there are any left).
Here, we wanted to breakdown which places — specifically, which ZIP codes — are the most expensive in the state. Read on to find out the most expensive ZIP codes in Colorado in 2024 as well as trends and themes these places share.
The Most Expensive ZIP Codes in Colorado
Using data from Zillow’s home value index, we analyzed thousands of ZIP codes across the U.S. in order to compile our list of the top 30 most expensive ZIP codes in Colorado. As part of our analysis, we took into consideration the latest monthly home values Zillow has — September 2024 — as well as the average of 12 months of median home values from October 2023 to September 2024.
Some very clear patterns emerge from this analysis. The majority of the most expensive ZIP codes in Colorado are contained within just a couple of metropolitan areas. Below are the 30 most expensive ZIP codes in Colorado.
The Top 5 Most Expensive ZIP Codes in Colorado
ZIP code 81656 is the most expensive one in Colorado — and it’s an interesting location that encapsulates a prevalent dynamic in Colorado. ZIP code 81656 covers part of the unincorporated town of Woody Creek, whose population is just under 300. It’s a small, traditional mountain town centered on a log cabin built in the 1940s, which now is the landmark Woody Creek Tavern. But Woody Creek has witnessed a surge in attention over the last few decades, with celebrities and politicians buying up plots and building homes. The median home value in September 2024 was over $4.9 million. The 12-month average is $4.58 million. Incredibly, the median home value rose by 9.1% year-over-year, from just under $4.5 million in September 2023 to where it stands now.
The No. 2 most expensive ZIP code in Colorado — 81611 — is massive, wrapping around much of the No. 1 most expensive ZIP code 81656. ZIP code 81611 covers Snowmass Village, Aspen, Ashcroft, as well as Star Peak in the south and almost out to Mt. Massive in the east. The median home value in September 2024 was over $3.45 million, up 1% since August 2024 and up a whopping 8.6% since last September’s $3.18 million.
The third most expensive ZIP code — 81654 — covers a huge area too, serving as a complement to ZIP code 81611 to the north of Woody Creek. ZIP code 81654 is shaped like a crescent, stretching to Maroon Peak in the south, to Larkspur Mountain in the east. Home values have soared in recent years — and they were already high. The median home value in ZIP code 81654 has risen by 17.2% year over year: From $1.96 million in September 2023 to $2,300,764 in September 2024. The median household income in 81654 is very high, at $111,201. What’s intriguing, though, is that the median income is actually higher than the average household income — $106,801 — when typically, it’s the other way around.
The fourth most expensive ZIP code is centered on Telluride. There are more than 2,700 households in ZIP code 81453, and 15.7% of them earn more than $200,000 a year. Meanwhile, a slightly smaller percentage — 15.5% — of households earn between $50,000 and $75,000. This kind of income distribution leads to a median household income of $75,258, but a much higher average household income of $124,223. Homes are pricey, unsurprisingly. The median home value is over $2.08 million, which is up by 4.4% since the previous September.
The No. 5 most expensive ZIP code in Colorado is 81615, which is centered on Snowmass Village. From a median home value of $1.76 million in September 2023, ZIP code 81615 has witnessed values appreciate by close to 15% year-over-year. The median home value as of September 2024 was almost $2.02 million. Incomes are higher in 81615 than they are in ZIP code 81453. The median household income in ZIP code 81615 is $94,761, while the average household income is $169,404. What’s more, although 21.6% of households are middle-income, earning between $50,000 and $75,000, another 22.1% earn $200,000 or more.
The Bottom Line on the Most Expensive ZIP Codes in Colorado
One of the most prominent geographic themes with the most expensive ZIP codes in Colorado is a divide between ZIP codes located in the Glenwood Springs metro area (which includes towns like Aspen) or the Edwards metro area (which includes Vail). Following these ZIP codes are those in other Rocky Mountain resort areas, like Breckenridge, as well as wealthy suburbs of Boulder, Steamboat Springs, and Denver.
Read the full article here
