Who Are The People Who Can Actually Afford Denver-Boulder’s High Rents And Mortgages?

Colorado Public Radio covers rent affordability in Colorado.

 

“Her story isn’t unusual, especially since she wanted a home in Boulder, an even more difficult market than the rest of the Front Range. The freelance video game artist wanted to know who was filling all the housing in one of the state’s expensive, hyper-competitive markets, so she asked Colorado Wonders if it was something we knew more about.

In Stoddard’s circle of friends, “outside of the one guy who works at Google,” homeownership is a rarity. Colorado’s homeownership has fallen from 71.2 percent in 2005 to 65.1 percent in 2019, according to the U.S. Census Bureau.”

 

Read more on Colorado Public Radio here.

Springs’ booming economy impacts apartment market

Colorado Real Estate Journal covers Colorado Springs apartment market.

 

“Colorado Springs rewrites the rulebook on millennial appeal, creating a reputation as a hot spot for young professionals seeking a higher quality of life. With easy access to 500 miles of trails, numerous job opportunities in thriving industries and an affordable cost of living, Colorado Springs’ renter market possesses the necessary ingredients for a significant growth in young, educated, highly-compensated residents.

Fueled by Colorado’s massive net in-migration the past few years, El Paso County led the state in population growth and added 7,629 jobs from May 2018-2019. Over half of these jobs were in health care, business services and technology, resulting in an 11.94% year-over-year wage growth during this time. Looking at the 13,291 job postings with a median salary of $78,000 in Colorado Springs, this growth is expected to continue. Of these job openings, 36% were seeking registered nurses, software/system engineers, systems administrators and medical assistants.”

 

Read more on Colorado Real Estate Journal here.

City auditor and housing officials are far from agreement on how the affordable housing program is being stewarded

Denverite highlights the affordable housing program in Denver.

 

“It was one of several tense moments that demonstrated a gulf between the auditor and officials charged with stewarding a Denver inventory of homes priced below market rate:

Auditor Timothy O’Brien was pressing top Denver Economic Development & Opportunity housing officials during a public hearing at the City and County Building on Thursday morning to periodically review what might be going wrong after their stock of affordable homes is depleted because of foreclosures.”

 

Read more on Denverite here.

Editorial: The right environment for affordable housing

Record Eagle highlights affordable housing in Colorado.

 

“Many projects die by neighborhood fears of falling property values and increased crime. Yet we’re also told emphatically and often, that pricing young people out of housing will eventually result in a painful death for the community we know and love.

So how do we create an environment where those who need affordable housing — think anyone who works in retail, food, tourism, and many, many professional jobs that don’t pay enough to comfortably withstand a monthly $1,000 rent wallop — feel welcome?”

 

Read more on Record Eagle here.

The Conversation about Accessory Dwelling Units—Much “ADU” About Nothing?

The Colorado Springs Gazette covers the use of ADUs in Colorado Springs.

 

“The Colorado Springs City Council has been working on a draft ordinance to expand the use of Accessory Dwelling Units (ADUs). Although ADUs have been allowed in certain zone districts in Colorado Springs since 2003, AARP Colorado supports this thoughtful, community conversation about ADUs based on the housing model’s ability to help seniors age-in-place and provide more affordable housing opportunities for all residents.”

“There is a huge disconnect between available housing stock in the U.S. and in Colorado Springs. When 53% of Americans either live alone or as a couple and only 12% of the housing stock is either a studio or one bedroom, ADUs can help fill that gap, especially for seniors.”

 

Read more on The Colorado Springs Gazette here.

Coloradans are choosing to live with more people than before, study says

Colorado Politics covers how more people are living together due to housing costs.

 

“More Colorado residents are choosing to live with roommates, and researchers are trying to figure out why.

A new report by Shift Research Lab says that the number of doubled-up households increased by 34% between 2006 and 2017, as compared to 16% for all household growth.”

 

Read more on Colorado Politics here.

More and more families are doubling up in Colorado homes

Denverite covers how more people are living together due to housing costs.

 

“More Coloradans are living with friends, roommates and relatives now than before the economic decline of the late 2000s, according to Denver-based researchers who now plan to dig into the data to understand the implications of doubling up or couch surfing.

Jennifer Newcomer, director of the Piton Foundation’s Shift Research Lab, and Phyllis Resnick, executive director of the Colorado Futures Center, looked at census data to determine how many households included more than one family, related to one another or not. They found 415,000 such households in 2006 and 560,000 in 2017. The increase of 34 percent was more than twice the 16 percent increase in all households over that period. Newcomer and Resnick released their report Tuesday.”

 

Read more on Denverite here.

Another tiny home proposal addresses at-risk young people

The Colorado Springs Independent covers the use of tiny homes to address homelessness.

 

“Should Colorado Springs City Council approve a proposed transitional housing project, five 19th-century homes on Fountain Boulevard between Sierra Madre and Sahwatch streets will be replaced by 18 tiny homes, each about 240 square feet.

They’ll be rented, for $600 a month, to young people between the ages of 18 and 29 working toward independence — those who have a steady job and don’t use drugs, but may need an extra hand after leaving the foster care system, exiting military service, or encountering life difficulties that could put them at risk of becoming homeless.

While some tout the project as a way to prevent homelessness while also keeping workforce housing in the Mill Street neighborhood, it has nonetheless drawn opposition from neighbors, as well as renters in some of the 130-year-old homes that would be demolished to make way for the development.”

 

Read more on The Colorado Springs Independent here.

Arapahoe Square lot with approved plans for 13-story project sells for $9M

BusinessDen highlights plans for a new apartment complex in downtown Denver.

 

“An Arapahoe Square parking lot with city-approved plans for a 13-story apartment building has sold.

GDCV III Arapahoe Square LLC purchased the 0.72-acre 600 Park Avenue West lot last week for $9.08 million, according to county records.

The purchasing entity lists an office address that corresponds to that of Greystar, a South Carolina-based multifamily developer. The company did not respond to requests for comment.”

 

Read more on BusinessDen here.

Renters’ Rights: New legislation favors CO renters, what changed?

KRDO highlights new laws for renters rights in Colorado.

 

“COLORADO SPRINGS, Colo. – Attention all Colorado renters – new laws that passed the state legislature will work in your favor.

‘Renters should be very happy,’ said attorney Donald Eby who specializes in landlord-tenant law.

We all know working with landlords isn’t always easy. Vice-versa.”

 

Read more on KRDO here.