2017 affordable housing plan
About the Plan
Demographic & Housing Overview
Housing Efforts to Date
Housing Needs Analysis
Barriers & Impediments to Affordable Housing
Development & Design Solutions to Expand Affordable Housing
Affordable Housing Design Guide
Brief Development Summary
Affordable Housing Action Plan
Housing affordability continues to decline. The imbalance between supply and demand in the housing market has resulted in very high housing costs.
The imbalance between supply and demand for housing in Grand County results from the following factors: low household income, high housing costs, the influence of external market demand, the condition of existing housing supply, and restrictive land use regulations.
Existing land use regulations favor low-density, single family detached dwellings with minimal mixed-use development, which leads to inefficient land use, high infrastructure construction and maintenance costs, and longer commutes for residents.
Housing is economic development. The shortage of affordable housing currently hinders business development and employee retention.
The Area Median Income in Grand County increased from $55,300 per year in 2015 to $64,300 per year in 2016, each for a family of four. The $9,000 increase is likely attributable to increased incomes for the highest earners and increased income from non-labor activities such as dividends, interest, rent, and retirement related entitlements.
Currently, more than half all households earning 80 percent (80%) or less of Area Median Income (AMI) in Grand County are cost-burdened, which means they spend more than 30 percent (30%) of household income on total housing costs including mortgage or rent, taxes, insurance, utilities, and HOA fees where applicable.
Currently, more than one-quarter all households earning 80 percent (80%) or less of Area Median Income (AMI) in Grand County are severely cost-burdened, which means more they pay more than 50 percent (50%) of combined household income towards total housing costs.
Assuming recent population trends continue but vacancy rates (e.g. second homes and residential units used as overnight accommodations) stabilize at 30 percent (30%), the number of new housing units needed across all price levels will increase by 316 in 2020, 1,024 in 2030, 1,826 in 2040, and 2,737 in 2050.
Assuming the share of renter-occupied and owner occupied housing remains constant, the 316 new units needed by 2020 will include 98 rental units and 218 owned units.
Decision-making bodies need to exercise political will in the area of affordable housing and support the regulatory, budgetary, and programmatic action items contained within this document in order to meet increasing demand for affordable housing.