Housing prices for renters and owners are sky high, while homes are in short supply. According to the latest Census, over 115,000 newcomers moved to Denver over the past decade and more are coming every day, putting even more stress on the housing market
Where should all these people live?
The need for new housing for people making less than the area median income — which is $94,320 for a three-person family and $73,360 for a single person — is extreme. In Denver, the median home price was around $545,000 in December, and median rent is currently $1,798, according to Apartment List’s February rent report.
Denver must build more than 50,000 affordable homes a year to meet demand. The city’s largest affordable housing developer can build around 300.
The city’s largest affordable housing developer can’t keep up with the need.