As Colorado Newsline reported, the State Demography Office released a state housing assessment on Monday showing that nearly thirty-four percent of Colorado households are cost burdened. The findings break down further to show that forty-four percent of renters face cost burdens, while twenty-five percent of homeowners face the same financial strain.
The report estimates an affordable housing shortfall of one hundred six thousand units. State demographers noted that the state needs thirty-four thousand nine hundred fifty units per year to keep up with demand. Colorado currently has two point seven five million housing units, with sixty-four point one percent of those units being owner-occupied.
State researchers found that a household needs an annual income of one hundred fifty-three thousand dollars to afford a median-priced home, which costs five hundred forty-seven thousand nine hundred dollars. For the average apartment, renters need seventy-two thousand nine hundred dollars annually. Meanwhile, the area median income for a four-person household stands at one hundred twenty-seven thousand eight hundred dollars. Voters previously approved Proposition 123 in 2022 to address housing issues.
"Behind every data point are families hoping for stability and an affordable place to put down roots. The data from the HNA will be critical for us to be able to successfully map out a plan for Colorado’s housing future," Maria De Cambra told Colorado Newsline.
Brian Rossbert told Colorado Newsline, "I think it might be a good time for some reflection, and an opportunity to take a look back and see, one, how far we’ve come and think through and maybe even measure the efficacy of some of these policies."
