Falcon is an unincorporated community exurb in El Paso County, Colorado, United States. It lies along US 24 about 14 miles northeast of Colorado Springs. A railroad hub in the early 20th century, the town spent several decades as a quiet ranching community until it experienced rapid residential growth throughout the 1990s. The population of Falcon as of 2009 is estimated to be 10,514. The U.S. Post Office at Peyton (ZIP Code 80831) now serves Falcon postal addresses.