The Housing Market in Aurora Today
Aurora, Colorado’s third largest city, is experiencing a dynamic housing market in 2023. Inventory has tightened in recent months as demand for homes and apartments remains strong. New housing developments are rising downtown and in outlying neighborhoods to keep pace with the city’s steady population growth.
The local job market is robust, with major employers like UCHealth, Amazon, and Raytheon driving economic activity. This has put upward pressure on housing costs as more people move to the area for work opportunities. At the same time, Aurora remains relatively affordable compared to nearby Denver, attracting cost-conscious renters and buyers.
Overall, the Aurora housing climate is competitive but still accessible for many. Prices are rising but have not yet reached the heights seen in other major Front Range cities. With a diverse housing stock ranging from downtown apartments to spacious single-family homes, Aurora offers options for a variety of budgets and lifestyles.
Renting in Aurora: What’s Typical?
As of mid-2023, the average rent for a 1-bedroom apartment in Aurora is around $1,450 per month. Upgrading to a 2-bedroom unit will cost closer to $1,800 on average. These prices represent an increase of roughly 5% over the previous year.
Rent trends vary by neighborhood, with the most expensive areas clustered near the Denver border and close to major employment centers along I-225. Popular renter neighborhoods include Centretech, Expo Park, and Delmar Parkway, which offer a mix of newer apartment complexes and established rental communities.
Aurora’s renter population skews slightly younger than the national average, with many millennials and Gen Z professionals taking advantage of the city’s relative affordability and urban amenities. Retirees and empty nesters are also drawn to low-maintenance apartment living. Overall, renters make up about 40% of Aurora households.
Owning a Home in Aurora
The median home price in Aurora currently stands at $450,000, up nearly 10% from a year ago. For a typical buyer putting 10% down on a 30-year mortgage at 6.5% interest, this translates to a monthly payment of around $2,550 before taxes and insurance.
On top of the mortgage, Aurora homeowners can expect to pay about $2,500 annually in property taxes. Home insurance averages $1,200 per year for a standard policy. Many neighborhoods also have monthly HOA dues ranging from $200-500 to cover community amenities and maintenance.
While these costs can seem daunting, owning a home remains an attractive goal for many Aurora residents. The stability and wealth-building potential of homeownership often outweigh the higher monthly expenses compared to renting. Popular neighborhoods for buyers include Saddle Rock, Murphy Creek, and Tallyn’s Reach.
Renters vs. Homeowners: Who Lives Where?
Aurora’s homeownership rate sits at around 60%, slightly lower than the national average of 64%. This gap is largely due to the city’s younger demographic profile and the financial barriers to buying a home.
Younger professionals, especially those under 35, are more likely to rent apartments close to work or in lively downtown districts. Families with children often prioritize homeownership for the space, stability, and quality school districts that Aurora’s residential neighborhoods provide. Retirees are split between the convenience of renting and the financial security of owning.
Despite programs to boost affordability, buying a home remains out of reach for many working-class and middle-income Aurora residents. High student debt loads, rising prices, and stricter lending standards since the 2008 housing crash have all contributed to lower ownership rates among younger generations. Additionally, Aurora’s growing immigrant and refugee communities often face cultural and language barriers to navigating the complex homebuying process.
Typical Monthly Housing Costs in Aurora
Here’s what housing costs might look like each month in Aurora:
| Expense | Renting (1BR) | Owning |
|---|---|---|
| Rent/Mortgage | $1,450 | $2,550 |
| Property Tax | – | $210 |
| Utilities | $120 | $280 |
| Insurance | $15 (renters) | $100 |
| HOA Dues | – | $300 |
| Total | $1,585 | $3,440 |
Estimates reflect mid-range properties and average usage.
What’s Driving Costs Up or Down?
Several key factors are influencing housing costs in Aurora. On the demand side, the city’s strong job market and appealing quality of life continue to attract new residents, putting pressure on the limited housing supply. This is especially true for more affordable starter homes and apartments.
In terms of supply, Aurora has seen a boom in new apartment construction over the past decade, with thousands of units added downtown and along major transit corridors. However, the pace of single-family homebuilding has not kept up, constrained by land availability, zoning restrictions, and rising construction costs. This mismatch has pushed prices upward.
City leaders have responded with policies to encourage “missing middle” housing options like townhomes, duplexes, and ADUs (accessory dwelling units). These smaller, denser housing types can provide more affordable alternatives to traditional single-family homes while still offering many of the same benefits. As these policies take effect, they may help moderate price growth in the coming years.
FAQs About Housing in Aurora
- Is Aurora affordable to live in? While housing costs in Aurora have risen in recent years, the city remains more affordable than neighboring Denver and many other major Front Range communities. Renters and buyers can still find reasonable options, especially in older neighborhoods and outlying areas.
- Why are housing prices changing? Aurora’s housing market is influenced by a combination of strong demand (driven by job growth and in-migration), limited supply (especially of entry-level homes), and broader economic factors like interest rates and construction costs.
- How does Aurora compare to nearby cities? Aurora is generally more affordable than Denver, Boulder, and Castle Rock, but pricier than communities like Thornton and Commerce City. It offers a balance of urban amenities, diverse housing options, and relative value that appeals to many renters and buyers.
Making Smart Housing Decisions in Aurora
Navigating Aurora’s evolving housing landscape requires careful planning and realistic expectations. For renters, the key is to budget wisely and weigh location priorities against cost. Many newer apartment complexes in Aurora offer attractive amenities but come with higher price tags. Opting for an older building or a less trendy neighborhood can mean significant monthly savings.
Prospective buyers should take a long-term view and not stretch their budgets too thin. While Aurora’s cost of living is lower than other major Front Range cities, it still requires trade-offs. Sticking to a monthly budget and shopping around for the best mortgage rates can make homeownership more attainable and sustainable.
Ultimately, the decision between renting and owning depends on your financial situation, life stage, and long-term goals. By understanding the true costs of each option and planning ahead, you can make an informed choice that fits your unique needs and sets you up for success in Aurora.
The Housing Market in Aurora Today
Aurora, Colorado’s third largest city, is experiencing a dynamic housing market in 2023. Inventory has tightened in recent months as demand for homes and apartments remains strong. New housing developments are rising downtown and in outlying neighborhoods to keep pace with the city’s steady population growth.
The local job market is robust, with major employers like UCHealth, Amazon, and Raytheon driving economic activity. This has put upward pressure on housing costs as more people move to the area for work opportunities. At the same time, Aurora remains relatively affordable compared to nearby Denver, attracting cost-conscious renters and buyers.
Overall, the Aurora housing climate is competitive but still accessible for many. Prices are rising but have not yet reached the heights seen in other major Front Range cities. With a diverse housing stock ranging from downtown apartments to spacious single-family homes, Aurora offers options for a variety of budgets and lifestyles.
Renting in Aurora: What’s Typical?
As of mid-2023, the average rent for a 1-bedroom apartment in Aurora is around $1,450 per month. Upgrading to a 2-bedroom unit will cost closer to $1,800 on average. These prices represent an increase of roughly 5% over the previous year.
Rent trends vary by neighborhood, with the most expensive areas clustered near the Denver border and close to major employment centers along I-225. Popular renter neighborhoods include Centretech, Expo Park, and Delmar Parkway, which offer a mix of newer apartment complexes and established rental communities.
Aurora’s renter population skews slightly younger than the national average, with many millennials and Gen Z professionals taking advantage of the city’s relative affordability and urban amenities. Retirees and empty nesters are also drawn to low-maintenance apartment living. Overall, renters make up about 40% of Aurora households.
Owning a Home in Aurora
The median home price in Aurora currently stands at $450,000, up nearly 10% from a year ago. For a typical buyer putting 10% down on a 30-year mortgage at 6.5% interest, this translates to a monthly payment of around $2,550 before taxes and insurance.
On top of the mortgage, Aurora homeowners can expect to pay about $2,500 annually in property taxes. Home insurance averages $1,200 per year for a standard policy. Many neighborhoods also have monthly HOA dues ranging from $200-500 to cover community amenities and maintenance.
While these costs can seem daunting, owning a home remains an attractive goal for many Aurora residents. The stability and wealth-building potential of homeownership often outweigh the higher monthly expenses compared to renting. Popular neighborhoods for buyers include Saddle Rock, Murphy Creek, and Tallyn’s Reach.
Renters vs. Homeowners: Who Lives Where?
Aurora’s homeownership rate sits at around 60%, slightly lower than the national average of 64%. This gap is largely due to the city’s younger demographic profile and the financial barriers to buying a home.
Younger professionals, especially those under 35, are more likely to rent apartments close to work or in lively downtown districts. Families with children often prioritize homeownership for the space, stability, and quality school districts that Aurora’s residential neighborhoods provide. Retirees are split between the convenience of renting and the financial security of owning.
Despite programs to boost affordability, buying a home remains out of reach for many working-class and middle-income Aurora residents. High student debt loads, rising prices, and stricter lending standards since the 2008 housing crash have all contributed to lower ownership rates among younger generations. Additionally, Aurora’s growing immigrant and refugee communities often face cultural and language barriers to navigating the complex homebuying process.
Typical Monthly Housing Costs in Aurora
Here’s what housing costs might look like each month in Aurora:
| Expense | Renting (1BR) | Owning |
|---|---|---|
| Rent/Mortgage | $1,450 | $2,550 |
| Property Tax | – | $210 |
| Utilities | $120 | $280 |
| Insurance | $15 (renters) | $100 |
| HOA Dues | – | $300 |
| Total | $1,585 | $3,440 |
Estimates reflect mid-range properties and average usage.
What’s Driving Costs Up or Down?
Several key factors are influencing housing costs in Aurora. On the demand side, the city’s strong job market and appealing quality of life continue to attract new residents, putting pressure on the limited housing supply. This is especially true for more affordable starter homes and apartments.
In terms of supply, Aurora has seen a boom in new apartment construction over the past decade, with thousands of units added downtown and along major transit corridors. However, the pace of single-family homebuilding has not kept up, constrained by land availability, zoning restrictions, and rising construction costs. This mismatch has pushed prices upward.
City leaders have responded with policies to encourage “missing middle” housing options like townhomes, duplexes, and ADUs (accessory dwelling units). These smaller, denser housing types can provide more affordable alternatives to traditional single-family homes while still offering many of the same benefits. As these policies take effect, they may help moderate price growth in the coming years.
FAQs About Housing in Aurora
- Is Aurora affordable to live in? While housing costs in Aurora have risen in recent years, the city remains more affordable than neighboring Denver and many other major Front Range communities. Renters and buyers can still find reasonable options, especially in older neighborhoods and outlying areas.
- Why are housing prices changing? Aurora’s housing market is influenced by a combination of strong demand (driven by job growth and in-migration), limited supply (especially of entry-level homes), and broader economic factors like interest rates and construction costs.
- How does Aurora compare to nearby cities? Aurora is generally more affordable than Denver, Boulder, and Castle Rock, but pricier than communities like Thornton and Commerce City. It offers a balance of urban amenities, diverse housing options, and relative value that appeals to many renters and buyers.
Making Smart Housing Decisions in Aurora
Navigating Aurora’s evolving housing landscape requires careful planning and realistic expectations. For renters, the key is to budget wisely and weigh location priorities against cost. Many newer apartment complexes in Aurora offer attractive amenities but come with higher price tags. Opting for an older building or a less trendy neighborhood can mean significant monthly savings.
Prospective buyers should take a long-term view and not stretch their budgets too thin. While Aurora’s cost of living is lower than other major Front Range cities, it still requires trade-offs. Sticking to a monthly budget and shopping around for the best mortgage rates can make homeownership more attainable and sustainable.
Ultimately, the decision between renting and owning depends on your financial situation, life stage, and long-term goals. By understanding the true costs of each option and planning ahead, you can make an informed choice that fits your unique needs and sets you up for success in Aurora.