In terms of demographic factors, two of the three ZIP codes with high failure rates, 80301 and 80304, also had a high percentage (over 66%) of people owning a house. From this observation, we conclude that contrary to the commonly held belief, homeownership does not necessarily help in lowering the failure rate of restaurants in the vicin- ity. This conclusion is further supported by the fact that the ZIP code 80302, which had one of the highest restaurant success rates (78.67%), also has the highest proportion of renters (62.14%; see Exhibit 2).