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.