Castle Rock Market Overview

Castle Rock, Colorado is a Mountain West residential market frequently referenced in discussions about population growth and housing demand. It is discussed here solely as general market context. Situated between Denver and Colorado Springs, Castle Rock combines population growth, high household incomes,¹ nationally recognized livability,² highly rated schools,² and housing unaffordability¹ that can influence long-term rental demand.

Why Castle Rock Stands Out

Population growth and in-migration: One of Colorado’s faster-growing communities,³ supported by in-migration, incomes, and demographic momentum.¹

Livability factors: Nationally recognized for livability, safety, schools, and access to outdoor amenities.²

Housing supply and affordability: High home prices and demographic growth,¹ including demand for housing beyond traditional apartments, may influence rental demand, including for single-family-style rental options.

A Growth Story Still in Motion

Castle Rock is one of Colorado’s faster-growing communities³ and its growth has not been fleeting. The town’s population increased by approximately 51% between 2010 and 2020 and increased by approximately 13.7% since the 2020 Census (through the July 1, 2025 estimate),⁴ outpacing national growth rates.⁵

Equally important is who is moving to Castle Rock. Median household income is approximately $139,000, and more than half of adult residents hold a bachelor’s degree or higher.¹ Together, these demographic trends may influence housing demand over time.

Connected to Opportunity

Castle Rock benefits from proximity to two major employment hubs, Denver and Colorado Springs. Mean travel time to work is around 30 minutes.

Regional connectivity has improved with the I-25 South Gap project, which added capacity and other corridor improvements.⁷ Local development initiatives have also been proposed. For example, The Brickyard project is a proposed redevelopment that includes plans for housing, retail, hospitality, and a 145,000-square-foot community sports complex.⁸ Developments like this may influence Castle Rock’s evolution over time.

A Place People Choose

Livability is a defining characteristic frequently cited for Castle Rock. WalletHub has ranked Castle Rock among the top small cities nationally, including as the best small city in Colorado and among the top in the U.S. in a recent ranking.² Livability.com also included the town in its 2024 list of the Top 100 Best Places to Live in the U.S.⁶

Outdoor recreation and open space are central to the community’s identity, with 130 miles of trails, over 60 parks, and over 6,900 acres of open space.⁸ Philip S. Miller Park spans more than 300 acres and offers trails, recreation facilities, and year-round amenities.⁹ Combined with schools and other quality-of-life factors, these features may contribute to resident retention.³

Housing Fundamentals That Matter

Castle Rock’s housing market reflects a common theme in suburban markets: demand paired with limited supply. Approximately 79% of housing units are owner-occupied,⁴ which can result in a constrained rental inventory. The median value of owner-occupied housing units is approximately $652,900 (2020–2024).⁴ This contributes to affordability constraints and can influence renter demand.

Rental housing, by contrast, may be more attainable for some households. Median gross rent is approximately $2,000⁴ and median selected monthly owner costs with a mortgage are approximately $2,787 (2020–2024).⁴ This rent-versus-buy gap may influence rental demand, particularly among households seeking suburban living without the financial commitment or obligations of homeownership.

Overall, Castle Rock appears to offer a convergence of population growth, affluence, livability, and structural supply constraints, which are characteristics that may increase certain kinds of housing demand. These factors may also align with certain for-rent housing models which can provide residents with space and flexibility while responding to affordability considerations.