Introduction
I knew my story was rough. Finding housing in Colorado's mountain towns meant competing for scraps - overpriced rooms in shared houses, waitlists months long, landlords who never responded, listings that disappeared before you could apply. I assumed my experience was an outlier. A bad stretch. Something that would smooth out.
Then I started looking at the data.
What I found wasn't a personal bad-luck story. It was a statewide systemic crisis, backed by federal data, academic research, and local reporting across every region of Colorado. The numbers didn't just confirm what I experienced - they revealed something much larger: a state where the gap between wages and housing costs has become structurally unsustainable, where entire communities are hollowing out, and where the people who keep Colorado running - teachers, ski patrollers, restaurant workers, nurses, firefighters - are being priced out of the places they serve.
This report consolidates original research across 13 mountain counties and 6 major cities in Colorado. Every statistic is sourced to a specific federal dataset, academic study, government report, or verified news article. The goal is simple: present the reality of housing in Colorado with the rigor it deserves, so that the people affected - and the people in a position to help - can see the full picture.
The data speaks for itself.
Colorado: The Big Picture
Before examining individual counties and cities, the statewide numbers frame the scale of the problem.
Statewide Housing Supply
| Metric | Value | Source |
|---|---|---|
| Statewide housing shortfall (2023) | 106,000 units | CDOLA Press Release |
| New homes needed per year to prevent gap from growing | 34,100/year | CDOLA |
| Peak shortfall estimate (2019) | 140,000 units | Colorado Newsline |
| State housing board investment (H1 2025) | $68.4 million for 2,228 homes | CDOLA |
Wages vs. Housing Costs
| Metric | Value | Source |
|---|---|---|
| Wage increase (since 2000) | +26% | CHFA Gap White Paper (PDF) |
| Mortgage payment increase (since 2000) | +71% | CHFA Gap White Paper |
| Home price increase (since 2000) | +223% | CHFA Gap White Paper |
| Rent increase (since 2000) | +164% | CHFA Gap White Paper |
| Personal income increase (since 2000) | +144% | CHFA Gap White Paper |
| Largest housing affordability gap on record | 2023 | CHFA Gap White Paper |
| Colorado statewide 2BR housing wage | $36.79/hour | NLIHC Out of Reach |
| Colorado statewide 2BR Fair Market Rent | $1,913/month | NLIHC Out of Reach |
Cost-Burdened Renters
| Metric | Value | Source |
|---|---|---|
| Colorado renters spending >30% of income on housing | 52.5% | USAFacts / ACS |
| Affordable rental homes per 100 ELI households | 27 | NLIHC CO Profile (The Gap) |
| Statewide shortage of affordable rental homes (ELI) | ~136,000 units | NLIHC 2026 CO Housing Profile |
| Total renter households in Colorado | 783,361 | NLIHC Out of Reach |
| Severely cost-burdened CO renters (>50% income) | 22.9% | CHFA White Paper |
| Construction cost increase (2025) | +36% | Bell Policy Center Housing Primer 2025 |
Employment and Homelessness
| Metric | Value | Source |
|---|---|---|
| Employed people in homeless shelters (national) | 53% | University of Chicago / Harris School of Public Policy (2023) |
| Unsheltered people with earnings (national) | 40% | UChicago News |
| Study | "Learning About Homelessness Using Linked Survey and Administrative Data" | BFI Working Paper (PDF) |
Minimum Wage Reference
| Jurisdiction | 2026 Minimum Wage | Source |
|---|---|---|
| Colorado (statewide) | $15.16/hr | CDLE |
| Denver | $19.29/hr | City of Denver |
| Boulder | $16.82/hr | City of Boulder |
| Colorado (2025) | $14.81/hr | CDLE |
The Mountain Towns
Thirteen counties. Resort economies. Second-home markets. Some of the most stunning landscapes in the country - and some of the most dysfunctional housing markets.
The pattern across Colorado's mountain towns is strikingly consistent: homes exist, but nobody who works there can live in them. Vacancy rates soar because housing stock is absorbed by second homes and short-term rentals, while the workers who staff the ski resorts, restaurants, schools, and hospitals commute from hours away - or leave entirely.
Summit County
Key Towns: Breckenridge, Frisco, Silverthorne, Dillon, Keystone Population (2023 est.): 30,935 - Census QuickFacts Total Housing Units: 32,147 | Occupied: 12,526 (39%) | Vacant: 19,621 (61%) - ACS 2019-2023 Renter Households: 3,808 (30.4% of occupied) - ACS 2019-2023 2025 AMI (family of 4): $139,600 - Summit Daily
Summit County is the epicenter of Colorado's mountain housing crisis. It is the most thoroughly documented case study of what happens when a resort economy's housing stock is captured by vacation and investment use.
Rent Data
| Fiscal Year | 2BR FMR | YoY Change | Source |
|---|---|---|---|
| FY 2019 | $1,464 | - | RentData.org |
| FY 2020 | $1,414 | -3.4% | RentData.org |
| FY 2021 | $1,607 | +13.65% | RentData.org |
| FY 2022 | $1,797 | +11.82% | RentData.org |
| FY 2023 | $1,860 | +3.51% | RentData.org |
| FY 2024 | $2,220 | +19.35% | RentData.org |
| FY 2025 | $2,291 | +3.2% | RentData.org |
| FY 2026 (est.) | $2,467 | +7.7% | RentData.org |
- Cumulative increase FY2020-FY2025: +62% ($1,414 to $2,291)
- More expensive than 98-100% of all FMR areas in Colorado - RentData.org
- Market-rate 1BR (Breckenridge, 2024): $2,650 (up 26.19% YoY) - RentHop
- Long-term rental 1BR unfurnished: $2,000/month - Summit Mountain Properties
- Average 1BR in 2018: $957. Current: $2,000+. That is a 100%+ increase - Summit Daily
Wages vs. Housing
| Metric | Value | Source |
|---|---|---|
| 2BR Housing Wage | $44.06/hr | NLIHC Out of Reach 2025 |
| Hours/week at min wage ($14.81) for 2BR | 119 hours | Calculated from NLIHC methodology |
| MIT Living Wage (1 adult, 0 children) | $28.63/hr | MIT Living Wage Calculator |
| MIT Living Wage (1 adult, 1 child) | $55.55/hr | MIT Living Wage Calculator |
| % of waiter/waitress salary consumed by rent at $1,800/mo | 85% | Summit Daily / CO Dept of Labor |
| FIRC clients spending >50% income on rent | 50%+ | Summit Daily |
| Renters working two jobs | 39% | Summit Daily |
| Renters working three jobs | 29% | Summit Daily |
| Households spending >30% income on housing | ~40% | CBS Colorado |
| Households calling affordable living a serious/critical problem | 60%+ | CBS Colorado |
Vacancy, Second Homes, and Short-Term Rentals
| Metric | Value | Source |
|---|---|---|
| Housing that is vacant (vacation/second homes) | 70% | Summit Daily |
| Occupied year-round | 30% | Summit Daily |
| Breckenridge homes with local mailing addresses | 24% | Summit Daily |
| Breckenridge housing with STR licenses | 56% | Summit Daily |
| STRs owned by non-residents | 68% | Summit Daily |
| Apartment vacancy rate (Q1 2024) | 0% | CHFA Statewide Apartment Survey |
Housing Deficit
| Metric | Value | Source |
|---|---|---|
| Housing units needed (5-year) | 2,528 (1,218 rental + 1,310 for-sale) | Summit Daily |
| Units currently planned | 804 rental + 555 for-sale | Summit Daily |
| Income-restricted rental waitlist after one social media post | More than doubled | KUNC |
| Breckenridge 52-unit complex applications | 1,000+ (20:1 ratio) | High Country News |
| Breckenridge STR license cap (phasing down) | 3,945 to 2,200 (1,745 units released) | BuyBreck.com |
| Breckenridge deed-restricted workforce housing | ~75% of full-time occupied units | High Country News |
Lease to Locals Program (Proof of Concept)
Summit County and Breckenridge's "Lease to Locals" program converted short-term rentals into workforce housing:
| Metric | Value | Source |
|---|---|---|
| Units converted (Year 1) | 70 | Summit Daily |
| Bedrooms provided | 136 for 153 residents | Summit Daily |
| Local workers housed | 137 of 153 | Summit Daily |
| Total incentives paid | $915,500 (~$5,948/bedroom) | Summit Daily |
| Performance vs. other markets | Most successful location (outperformed Lake Tahoe) | Summit Daily |
Summit County's Area Median Income ($139,600 for a family of 4) now exceeds Pitkin County (Aspen) - but officials note the figure is inflated by wealthy remote workers, not reflective of the local workforce. - Summit Daily
Eagle County
Key Towns: Vail, Avon, Edwards, Minturn, Eagle, Gypsum Population (2023 est.): 55,387 - Census QuickFacts Total Housing Units: 32,611 | Occupied: 20,408 (62.6%) | Vacant: 12,203 (37.4%) - ACS 2019-2023 Renter Households: 6,755 (33.1% of occupied) - ACS 2019-2023 Median Home Price (2024): ~$1.2M (Vail Valley ~$1.5M) - Epic Colorado Life
Rent Data (2BR FMR)
| Year | 2BR FMR | YoY Change | Source |
|---|---|---|---|
| 2021 | $1,715 | +19.6% | RentData.org |
| 2022 | $1,944 | +13.4% | RentData.org |
| 2023 | $2,030 | +4.4% | RentData.org |
| 2024 | $2,319 | +14.2% | RentData.org |
| 2025 | $2,174 | -6.3% | RentData.org |
| FY 2026 | $2,379 | +9.4% | HUD FY2026 FMR Schedule |
- Increase (2021-2026): +38.7% ($1,715 to $2,379)
- More expensive than 97% of U.S. FMR areas - RentData.org
Wages vs. Housing
| Metric | Value | Source |
|---|---|---|
| 2BR Housing Wage | $41.81/hr | NLIHC Out of Reach 2025 |
| Hours/week at min wage ($14.81) for 2BR | 113 hours | Calculated from NLIHC methodology |
| Annual income needed for 2BR | ~$87,000 | Derived from NLIHC data |
Vacancy and STRs
| Metric | Value | Source |
|---|---|---|
| Vacancy rate (2020 Census) | ~37% | Colorado Sun |
| Full-time resident occupancy | ~50% | Aspen Journalism / NW CO Council of Governments |
| Total STRs | ~5,000 | Vail Daily |
| Vail licensed STRs | 2,506 | Town of Vail |
| County-level STR ordinance | None (left to municipalities) | Eagle County |
Housing Deficit
| Metric | Value | Source |
|---|---|---|
| Housing shortfall | 4,500 units | Vail Daily / Eagle County Housing Assessment |
| Rental vacancy rate (Eagle, Garfield, Summit combined) | Below 2% | Post Independent |
| Available apartments (3 counties combined) | ~30 units | Post Independent |
| Net population change (2020-2023) | Population loss | Vail Daily |
Pitkin County
Key Towns: Aspen, Snowmass Village Population (2023 est.): 17,105 - Census QuickFacts Total Housing Units: 13,350 | Occupied: 9,031 (67.6%) | Vacant: 4,319 (32.4%) - ACS 2019-2023 Renter Households: ~2,935 (32.5% of occupied) - ACS 2019-2023 Mean Single-Family Home Value (2024): $13.3M - Aspen Times Cost of Living vs. National Average: 220.4% - Aspen Times
Rent Data (2BR FMR)
| Year | 2BR FMR | YoY Change | Source |
|---|---|---|---|
| 2021 | $1,711 | +8.4% | RentData.org |
| 2022 | $1,851 | +8.2% | RentData.org |
| 2023 | $1,910 | +3.2% | RentData.org |
| 2024 | $2,060 | +7.9% | RentData.org |
| 2025 | $2,174 | +5.5% | RentData.org |
| FY 2026 | $2,214 | +1.8% | HUD FY2026 FMR Schedule |
- Increase (2021-2026): +29.4% ($1,711 to $2,214). Rents have risen every single year.
Wages vs. Housing
| Metric | Value | Source |
|---|---|---|
| 2BR Housing Wage | $41.81/hr | NLIHC Out of Reach 2025 |
| Hours/week at min wage ($14.81) for 2BR | 113 hours | Calculated from NLIHC methodology |
| Wage gap (family of 4) | $37,200/year | Aspen Times |
| Income needed (family of 4) | $148,512 | Aspen Times |
| Actual median wage | $111,291 | Aspen Times |
Vacancy and STRs
| Metric | Value | Source |
|---|---|---|
| Vacancy rate (2020 Census) | ~39.4% | Aspen Journalism |
| Single-family homes as second homes (Aspen) | 58% (up from 45% in 2003) | Aspen Daily News |
| Aspen STR permits | 790 | Aspen Journalism |
| STR cap | 120 nights/year; no new STRs allowed | Pitkin County Ordinance |
| Vacancy tax | Under consideration (Feb 2026) | Aspen Public Radio |
Workforce Crisis
| Metric | Value | Source |
|---|---|---|
| Workforce commuting in from outside county | 62% | Aspen Times |
| Workers commuting 50+ miles one-way | 24% | Aspen Times |
| Home price increase 2018-2024 | +183% | Aspen Times |
| Affordable housing serving workforce | Less than 1/5 | ColoradoBiz |
| Voter-approved housing mill levy (1A) | 1.5 mills (~$8.5M/yr) | Aspen Daily News |
Garfield County
Key Towns: Glenwood Springs, Rifle, Carbondale, New Castle Population (2023 est.): 78,632 - Census Reporter Total Housing Units: 24,640 | Occupied: ~22,616 (91.8%) | Vacant: 2,024 (8.2%) - ACS 2019-2023 Renter Households: 6,987 (30.9% of occupied) - ACS 2019-2023 Avg Single-Family Home Value (Glenwood, 2024): $892,497 (up 333% since 2004) - Post Independent
Garfield County is not a resort town. It is the bedroom community - where workers priced out of Eagle and Pitkin counties land. And now prices here are rising too.
Rent Data (2BR FMR)
| Year | 2BR FMR | YoY Change | Source |
|---|---|---|---|
| 2021 | $1,212 | +6.3% | RentData.org |
| 2022 | $1,387 | +14.4% | RentData.org |
| 2023 | $1,357 | -2.2% | RentData.org |
| 2024 | $1,537 | +13.3% | RentData.org |
| 2025 | $1,599 | +4.0% | RentData.org |
| FY 2026 | $1,605 | +0.4% | HUD FY2026 FMR Schedule |
- Increase (2021-2026): +32.4%. More expensive than 94% of U.S. FMR areas.
Key Data
| Metric | Value | Source |
|---|---|---|
| 2BR Housing Wage | $30.75/hr | NLIHC Out of Reach 2025 |
| Hours/week at min wage ($14.81) for 2BR | 83 hours | Calculated from NLIHC methodology |
| Renter households cost-burdened (Glenwood) | 44% | Post Independent |
| Vacancy rate (2020 Census) | ~7.2% (92.8% occupancy) | Colorado Sun / Aspen Journalism |
| Median household income (Glenwood, 2024) | $80,806 (up only 49% since 2010) | Post Independent |
| Accommodations tax (Glenwood, 2022) | 2.5%, generates ~$1.7M/yr for workforce housing | Post Independent |
The commute corridor from Rifle to Glenwood Springs to Carbondale to Aspen defines daily life for thousands of workers in the I-70 corridor.
Routt County
Key Towns: Steamboat Springs (~13,000), Hayden, Oak Creek Population (2023 est.): 25,006 - Census QuickFacts Total Housing Units: 16,511 | Occupied: ~10,386 (62.9%) | Vacant: ~6,125 (37.1%) - ACS 2019-2023 Renter Households: ~2,503 (24.1% of occupied) - ACS 2019-2023 1BR rent (Steamboat, 2025): $2,300+/mo - Yampa Valley Housing Authority
Rent Data (2BR FMR)
| Year | 2BR FMR | YoY Change | Source |
|---|---|---|---|
| 2021 | $1,395 | +13.6% | RentData.org |
| 2022 | $1,602 | +14.8% | RentData.org |
| 2023 | $1,695 | +5.8% | RentData.org |
| 2024 | $1,956 | +15.4% | RentData.org |
| 2025 | $1,892 | -3.3% | RentData.org |
| FY 2026 | $2,022 | +6.9% | HUD FY2026 FMR Schedule |
- Increase (2021-2026): +44.9%
Key Data
| Metric | Value | Source |
|---|---|---|
| 2BR Housing Wage | $36.38/hr | NLIHC Out of Reach 2025 |
| Hours/week at min wage ($14.81) for 2BR | 98 hours | Calculated from NLIHC methodology |
| Residents cost-burdened (Steamboat) | 47% | Steamboat Pilot |
| Vacancy rate (2020 Census) | ~37% | Colorado Sun |
| Licensed STRs (Steamboat) | ~2,295-2,370 | AirROI |
| Est. housing as STR/vacation rental | ~30% | Unofficial Networks |
| Housing shortage | 3,100 units | HUD / KUNC |
| Workforce commuting in | ~57% | HUD Case Study |
| Young professionals fearing displacement | 67%+ | Colorado Trust |
| Teachers/staff considering leaving | 41.6% | Steamboat Pilot |
| Fastest declining age group | 25-45 year olds | Steamboat Pilot |
Steamboat Springs is losing its middle class. Two-thirds of young professionals say housing costs may force them out. The Brown Ranch project - a planned large-scale workforce housing development - represents the community's biggest bet on reversing the trend. - Brown Ranch
Grand County
Key Towns: Winter Park, Granby, Grand Lake, Fraser, Hot Sulphur Springs Population (2023 est.): 15,794 - Census QuickFacts Total Housing Units: 17,037 | Occupied: ~6,460 (37.9%) | Vacant: 10,577 (62.1%) - ACS 2019-2023 Renter Households: ~1,647 (25.5% of occupied) - ACS 2019-2023
Grand County has the highest vacancy rate of any county in this study - and one of the starkest examples of the ghost town paradox.
Rent Data (2BR FMR)
| Year | 2BR FMR | YoY Change | Source |
|---|---|---|---|
| 2021 | $1,144 | +12.9% | RentData.org |
| 2022 | $1,279 | +11.8% | RentData.org |
| 2023 | $1,253 | -2.0% | RentData.org |
| 2024 | $1,332 | +6.3% | RentData.org |
| 2025 | $1,323 | -0.7% | RentData.org |
| FY 2026 | $1,475 | +11.5% | HUD FY2026 FMR Schedule |
- Increase (2021-2026): +28.9%. After a plateau, the FY2026 FMR jumped +11.5% - even as there is almost nothing to rent.
Key Data
| Metric | Value | Source |
|---|---|---|
| 2BR Housing Wage | $25.44/hr | NLIHC Out of Reach 2025 |
| Hours/week at min wage ($14.81) for 2BR | 69 hours | Calculated from NLIHC methodology |
| Vacancy rate (2020 Census) | 57.9% - highest of all counties studied | Colorado Sun |
| Market-rate homes occupied by permanent residents | 36% | Sky-Hi News |
| Housing gap (by 2027) | 645-730 units | Sky-Hi News |
| Affordability gap | $180,000 between build cost and what workforce can afford | Sky-Hi News |
| Home price increase since 2012 | More than doubled (some tripled) | SnowBrains |
COVID-19 remote workers permanently changed this market. Winter Park Resort had to build its own workforce housing (Conifer Commons) because there was literally nowhere for employees to live. - Winter Park Resort
Park County
Key Towns: Fairplay (pop. 851), Bailey, Alma Population (2023 est.): 17,739 - Census QuickFacts Total Housing Units: ~14,362 | Occupied: ~8,447 (58.8%) | Vacant: ~5,915 (41.2%) - ACS 2019-2023 Renter Households: ~981 (12.6% of occupied) - ACS 2019-2023
Key Data
| Metric | Value | Source |
|---|---|---|
| 2BR FMR (FY2026) | $2,089 (Denver MSA rate) | HUD FMR Schedule |
| 2BR Housing Wage | $41.15/hr | NLIHC Out of Reach 2025 |
| Hours/week at min wage ($14.81) for 2BR | 111 hours | Calculated from NLIHC methodology |
| Vacancy rate (2020 Census) | 44%+ | Colorado Sun |
| Median home price (2024) | $538,737 | Park County Housing Needs Assessment 2025 |
Park County uses Denver MSA FMR rates despite being a rural mountain county. Summit County's extreme costs force workers to relocate to Park County and commute back. About half of all housing sits empty while the county faces an affordable housing crisis. - CPR News (2019)
Lake County
Key Towns: Leadville (pop. 2,624), Twin Lakes Population (2023 est.): 7,411 - Census QuickFacts Total Housing Units: ~4,033 | Occupied: ~2,959 (73.4%) | Vacant: ~1,074 (26.6%) - ACS 2019-2023 Renter Households: ~738 (24.0% of occupied) - ACS 2019-2023
Lake County is a mining community anchored by the Climax molybdenum mine, where corporate housing purchases and a thin year-round rental stock squeeze the local workforce. Its housing wage is moderate by mountain-county standards - the most extreme housing wage in this study belongs to Summit County ($44.06/hr, 119 hours per week).
Key Data
| Metric | Value | Source |
|---|---|---|
| 2BR FMR (HUD, FY2026) | $1,343 | HUD FMR Schedule |
| 2BR Housing Wage | $25.04/hr | NLIHC Out of Reach 2025 |
| Hours/week at min wage ($14.81) for 2BR | 68 hours | Calculated from NLIHC methodology |
| Vacancy rate (2020 Census) | 28.5% | Census QuickFacts |
| Active STR listings (Leadville) | 209-307 | AirROI |
| Leadville STR cap | 12% of total housing stock | Leadville STR Ordinance |
At $25.04 per hour, a Colorado minimum-wage worker needs roughly 68 hours per week to afford a 2BR at Fair Market Rent. Freeport-McMoRan (Climax Mine parent company) purchased the American National Bank Building and its 21 apartments in 2022 to house mine employees, displacing existing tenants. The Silver King Leadville hotel was converted to 56-unit workforce housing ($5M financing, 2024). - JLL, Lake County
Gunnison County
Key Towns: Crested Butte, Gunnison (~7,000), Mt. Crested Butte Population (2023 est.): 17,462 - Census QuickFacts Total Housing Units: 12,348 | Occupied: ~7,903 (64.0%) | Vacant: 4,445 (36.0%) - ACS 2019-2023 Renter Households: ~2,612 (33.0% of occupied) - ACS 2019-2023
Key Data
| Metric | Value | Source |
|---|---|---|
| 2BR FMR (FY2026) | $1,334 | HUD FMR Schedule |
| 2BR FMR (FY2021) | $1,012 (32% increase in 5 years) | RentData.org |
| 2BR Housing Wage | $25.50/hr | NLIHC Out of Reach 2025 |
| Hours/week at min wage ($14.81) for 2BR | 69 hours | Calculated from NLIHC methodology |
| County vacancy rate (2020 Census) | 41.2% | Gunnison Times |
| Mt. Crested Butte vacancy | 45% | Gunnison Times |
| City of Gunnison vacancy | 9% | U.S. Census Bureau 2020 |
| Units needed (county-wide, before 2029) | 1,300-1,550 | Gunnison Valley RHA |
| Units needed (North Valley) | ~600 | Gunnison Valley Regional Housing Authority |
| Employers reporting housing as serious/critical | 92% | Crested Butte News (Feb 2026) |
| Average construction cost | ~$500,000 | Gunnison County Housing Authority |
San Miguel County
Key Towns: Telluride (pop. 2,658), Mountain Village, Norwood Population (2023 est.): 8,026 - Census QuickFacts Total Housing Units: 6,606 | Occupied: ~3,998 (60.5%) | Vacant: 2,608 (39.5%) - ACS 2019-2023 Renter Households: ~1,251 (31.3% of occupied) - ACS 2019-2023
San Miguel County is home to the most extreme price-to-income ratio in the state.
Key Data
| Metric | Value | Source |
|---|---|---|
| 2BR FMR (FY2026) | $1,645 | HUD FMR Schedule |
| 2BR Housing Wage | $33.52/hr | NLIHC Out of Reach 2025 |
| Hours/week at min wage ($14.81) for 2BR | 91 hours | Calculated from NLIHC methodology |
| Workers commuting 25+ miles | Nearly half | Telluride Foundation |
| Rental vacancy rate | 1% | Telluride Foundation |
| Vacancy rate (2020 Census) | ~45% | Colorado Sun |
| Full-time resident occupancy (Telluride) | 55% | Telluride Foundation |
| Median home price vs. median household income | 37x | Fortune (Feb 2024) |
| Income needed to afford median home (Telluride-Mountain Village, 2025) | ~$670,000/yr | San Miguel Regional Housing Authority |
| STR licenses (Telluride) | 750+ | Town of Telluride |
| Unearned income share (county) | 48% (investments/retirement) | Telluride Foundation |
| Units needed by 2034 | 1,100+ | San Miguel Regional Housing Authority |
Telluride drew down millions in municipal bonds for affordable housing. Nearly half the county's income comes from investments, not local jobs. - Fortune
Clear Creek County
Key Towns: Georgetown, Idaho Springs (pop. 1,780), Silver Plume Population (2023 est.): 9,358 - Census QuickFacts Total Housing Units: 5,768 | Occupied: ~4,512 (78.2%) | Vacant: ~1,256 (21.8%) - ACS 2019-2023 Renter Households: ~784 (17.4% of occupied) - ACS 2019-2023
Key Data
| Metric | Value | Source |
|---|---|---|
| 2BR FMR (FY2026) | $2,089 (Denver MSA rate) | HUD FMR Schedule |
| 2BR Housing Wage | $41.15/hr | NLIHC Out of Reach 2025 |
| Hours/week at min wage ($14.81) for 2BR | 111 hours | Calculated from NLIHC methodology |
| Vacancy rate (2020 Census) | 22.6% | U.S. Census Bureau 2020 |
| Affordable housing shortfall | 40% | Clear Creek County Housing Baseline |
| Employees commuting from outside county | 49% | Denver7 News |
| Average home price (2023) | $577,686 | Clear Creek County Housing Baseline |
| Non-Primary Resident STR cap | 4.5% of total residences | Clear Creek County |
Clear Creek County formed a Regional Housing Authority in February 2025 - all 5 county jurisdictions signed an IGA in November 2024. - Colorado Community Media
La Plata County
Key Towns: Durango (~19,000), Bayfield, Ignacio Population (2023 est.): 56,138 - Census QuickFacts Total Housing Units: 28,613 | Occupied: 23,200 (81.1%) | Vacant: 5,413 (18.9%) - ACS 2019-2023 Renter Households: 7,006 (30.2% of occupied) - ACS 2019-2023
Key Data
| Metric | Value | Source |
|---|---|---|
| 2BR FMR (FY2026) | $1,589 | HUD FMR Schedule |
| 2BR Housing Wage | $30.56/hr | NLIHC Out of Reach 2025 |
| Hours/week at min wage ($14.81) for 2BR | 83 hours | Calculated from NLIHC methodology |
| Vacancy rate (2020 Census) | 16.7% | U.S. Census Bureau 2020 |
| Median home value (2024) | $666,000 (up 55% in 5 years) | Durango Herald |
| Median home listing price (2024) | $870,000 | La Plata County Workforce Housing Investment Strategy 2024 (PDF) |
| Workers commuting from outside county | Nearly one-third | Durango Herald |
| STRs in Durango area | ~900 | Durango Telegraph |
| County STR regulation | None in unincorporated areas | Durango Telegraph |
Job growth has outpaced housing production consistently. The Regional Housing Alliance warns the shortage threatens both workforce and community character. - Durango Herald
Chaffee County
Key Towns: Salida (~6,000), Buena Vista (~3,000), Poncha Springs, Nathrop Population (2023 est.): 19,876 - Census QuickFacts Total Housing Units: 11,315 | Occupied: 9,195 (81.3%) | Vacant: 2,120 (18.7%) - ACS 2019-2023 Renter Households: 2,270 (24.7% of occupied) - ACS 2019-2023
Chaffee County is a recreation economy - rafting, hiking, hot springs, mountain biking - with the same housing dynamics as the ski resort counties but without the ski resort budgets to address them. Nearly one in four homes sits vacant as second homes, and the town of Salida gained national attention in 2022 for launching a "safe parking" program for employed workers living in their vehicles.
Rent Data (2BR FMR)
| Year | 2BR FMR | Source |
|---|---|---|
| FY 2025 | $1,304 | RentData.org |
| FY 2026 | $1,466 (+12.4%) | HUD FMR Schedule |
- Median actual rent (2023): $1,514/month - ACS 2019-2023 B25064
- The FY2026 2BR FMR rose to $1,466, a +12.4% increase over the FY2025 figure of $1,304. Actual market rents still exceed the FMR.
Wages vs. Housing
| Metric | Value | Source |
|---|---|---|
| Median household income | $70,909 | Data USA |
| 2BR Housing Wage | $25.08/hr | NLIHC Out of Reach 2025 |
| Hours/week at min wage ($14.81) for 2BR | 68 hours | Calculated from NLIHC methodology |
| Median home price (Dec 2024) | $675,000 (~10x median income) | Redfin |
| YoY home price change (2023-2024) | +17% | Zillow |
Cost-Burdened Renters
| Metric | Value | Source |
|---|---|---|
| Cost-burdened renters (>30% income) | 50% | Chaffee County Times |
| Severely cost-burdened renters (>50% income) | 26% | Chaffee County Times |
| Total cost-burdened households | ~2,400 (~30% of all households) | Ark Valley Voice |
Vacancy and STRs
| Metric | Value | Source |
|---|---|---|
| Vacancy rate | ~23% (nearly 1 in 4 homes) | 2022 Housing Needs Update (PDF) |
| Active STRs in Salida | 247 (12.5% of residential units) | Chaffee County Times |
| Unincorporated county STR cap | 310 licenses (6% of housing) | Ark Valley Voice |
| STR license transferability | Does NOT transfer with property sale | LiveInBuenaVista.com |
Housing Deficit
| Metric | Value | Source |
|---|---|---|
| Total units needed by 2027 | 1,105 (435 catch-up + 670 keep-up) | 2022 Housing Needs Update |
| Updated shortfall (2024) | ~950 units still needed | Ark Valley Voice |
| Units in active pipeline | ~106 (Jane's Place 13, Crossing 33, Midland 60) | CHA |
| Construction type mismatch | Need 60% rental, building 78% ownership | 2022 Housing Needs Update |
| 2024 housing tax ballot (6A) | Failed 39-61% | Mountain Mail |
Workforce Displacement
| Metric | Source |
|---|---|
| Households earning <$35K (51% of population in 2000): one-third have left the county, replaced by higher-income arrivals | Ark Valley Voice |
| Nurses, teachers, police officers now also face housing challenges | Ark Valley Voice |
| "Help Wanted" signs in constant demand across the county | Ark Valley Voice |
Safe Parking: When Employed Workers Live in Cars
In June 2022, the City of Salida launched a Safe Outdoor Space (SOS) program - a designated parking area where local employees experiencing housing insecurity could sleep in their vehicles overnight. The program was managed by BETCH (Bringing Everyone Through the Crisis of Housing), a local nonprofit, in partnership with the city, housing authority, and county public health department. The city provided trash pickup, showers, and portable toilets. Participants had to prove local employment and agree to community rules.
The fact that a Colorado mountain recreation community needed a "safe parking" program for people who have jobs is one of the starkest illustrations of the crisis in this report. - CPR News, Denver Post
Mountain Towns at a Glance
Fair Market Rent and Housing Wages
| County | 2BR FMR (latest) | Housing Wage | Hours/Wk at Min Wage | 5-Year FMR Change |
|---|---|---|---|---|
| Summit | $2,291 (FY2025) | $44.06/hr | 119 hrs | +62% |
| Eagle | $2,379 (FY2026) | $41.81/hr | 113 hrs | - |
| Pitkin | $2,214 (FY2026) | $41.81/hr | 113 hrs | - |
| Garfield | $1,605 (FY2026) | $30.75/hr | 83 hrs | - |
| Routt | $2,022 (FY2026) | $36.38/hr | 98 hrs | - |
| Grand | $1,475 (FY2026) | $25.44/hr | 69 hrs | - |
| Park | $2,089 (FY2026)* | $41.15/hr | 111 hrs | - |
| Lake | $1,343 (FY2026) | $25.04/hr | 68 hrs | - |
| Gunnison | $1,334 (FY2026) | $25.50/hr | 69 hrs | - |
| San Miguel | $1,645 (FY2026) | $33.52/hr | 91 hrs | - |
| Clear Creek | $2,089 (FY2026)* | $41.15/hr | 111 hrs | - |
| La Plata | $1,589 (FY2026) | $30.56/hr | 83 hrs | - |
| Chaffee | $1,466 (FY2026) | $25.08/hr | 68 hrs | - |
*Denver MSA rate - actual local conditions may differ
Vacancy Rates and Second Homes
| County | 2020 Census Vacancy | Full-Time Occupancy | Key STR Stat |
|---|---|---|---|
| Summit | 70% | 30% | 56% of Breckenridge has STR licenses |
| Eagle | ~37% | ~50% | ~5,000 STRs, no county ordinance |
| Pitkin | ~39.4% | ~60.6% | 790 Aspen permits, 120-night cap |
| Garfield | 7.2% | 92.8% | Bedroom community, not resort |
| Routt | ~37% | ~50% | ~2,300 STRs, ~30% of housing |
| Grand | 57.9% | 36% of market-rate | Highest vacancy studied |
| Park | 44%+ | ~50% | Registration only, no cap |
| Lake | 28.5% | ~71.5% | 12% cap in Leadville |
| Gunnison | 41.2% | ~59% | 45% vacant in Mt. Crested Butte |
| San Miguel | ~45% | 55% | 750+ STRs in Telluride |
| Clear Creek | 22.6% | ~77.4% | 4.5% non-primary resident cap |
| La Plata | 16.7% | ~83.3% | ~900 STRs, no county regulation |
| Chaffee | ~23% | ~77% | 247 STRs in Salida (12.5% of units), 6% county cap |
Who Lives Here: Demographics and Renter Households
Source: U.S. Census Bureau, American Community Survey 2019-2023 5-Year Estimates. Tables B25003 and DP04. Figures marked with "~" are approximate; small-county estimates (notably Lake, Clear Creek, and Park) carry wide ACS margins of error and should be read as plus or minus a few hundred units.
| County | Population | Total Housing Units | Occupied | Vacant | Renter HH | Renter % | Median HH Income | Median Rent |
|---|---|---|---|---|---|---|---|---|
| Summit | 30,935 | 32,147 | 12,526 | 19,621 | 3,808 | 30.4% | $106,255 | $1,884 |
| Eagle | 55,387 | 32,611 | 20,408 | 12,203 | 6,755 | 33.1% | $103,174 | $2,024 |
| Pitkin | 17,105 | 13,350 | 9,031 | 4,319 | ~2,935 | 32.5% | $100,318 | $1,777 |
| Garfield | 78,632 | 24,640 | ~22,616 | 2,024 | 6,987 | ~30.9% | $86,172 | $1,696 |
| Routt | 25,006 | 16,511 | ~10,386 | ~6,125 | ~2,503 | 24.1% | $104,803 | $1,819 |
| Grand | 15,794 | 17,037 | ~6,460 | 10,577 | ~1,647 | ~25.5% | $84,558 | $1,451 |
| Park | 17,739 | ~14,362 | ~8,447 | ~5,915 | ~981 | ~11.6% | $95,450 | $1,942 |
| Lake | 7,411 | ~4,033 | ~2,959 | ~1,074 | ~738 | ~24.9% | $93,655 | $1,599 |
| Gunnison | 17,462 | 12,348 | ~7,903 | 4,445 | ~2,612 | 33.0% | $77,358 | $1,191 |
| San Miguel | 8,026 | 6,606 | ~3,998 | 2,608 | ~1,251 | ~31.3% | $80,117 | $1,173 |
| Clear Creek | 9,358 | ~5,768 | ~4,512 | ~1,256 | ~784 | ~17.4% | $96,667 | $1,216 |
| La Plata | 56,138 | 28,613 | 23,200 | 5,413 | 7,006 | ~30.2% | $85,296 | $1,409 |
| Chaffee | 19,876 | 11,315 | 9,195 | 2,120 | 2,270 | ~24.7% | $70,909 | $1,514 |
| TOTAL | 358,869 | ~219,341 | ~141,641 | ~77,700 | ~40,277 |
Key takeaway: Across 13 mountain counties, there are approximately 40,300 renter households competing for an extremely limited supply of long-term rentals - while ~77,700 housing units sit vacant as second homes, vacation properties, and short-term rentals. The ratio of vacant units to renter households is nearly 2:1. The housing exists. The infrastructure to connect it to the people who need it does not.
Workforce Impact: Documented Housing Deficits
| County | Housing Shortfall | Key Workforce Impact | Source |
|---|---|---|---|
| Summit | 2,528 units (5-year) | Income-restricted rental waitlist more than doubled after a single social media post | Summit Daily, KUNC |
| Eagle | 4,500-6,000 units | Net population loss 2020-2023; ~30 apartments available across 3 counties | Vail Daily, Post Independent |
| Pitkin | 1,500 units | 62% of workforce commutes in; 24% drive 50+ miles one-way | NWCCOG/CAST, Aspen Times |
| Garfield | 1,975 units | Bedroom community now unaffordable too; rents up 333% since 2004 | NWCCOG/CAST, Post Independent |
| Routt | 3,100 units | 2/3 of young professionals fear displacement; 25-45 age group declining fastest | HUD, Yampa Valley Bugle |
| Grand | 645-730 units | Winter Park Resort built its own housing; 36% full-time occupancy | Sky-Hi News |
| Gunnison | 1,300-1,550 units | 92% of employers call housing serious/critical; Crested Butte halted tourist advertising | Gunnison Valley RHA, NPR |
| San Miguel | 400 units + 35/yr | Half of all workers commute 25+ miles; 1% rental vacancy | Telluride Foundation |
| La Plata | 453 units + 300/yr | Nearly 1/3 of workers live outside county | Durango Herald |
| Chaffee | ~950 units (of 1,105 needed) | 1/3 of low-income households left since 2000; safe parking for employed workers | Ark Valley Voice, CPR |
| TOTAL | ~17,000-19,000 units |
Combined housing deficit across documented counties: approximately 17,000-19,000 units. This does not include Park, Lake, or Clear Creek counties, which lack formal housing needs assessments but face similar dynamics.
The Front Range
Colorado's Front Range cities have the largest absolute housing shortages. While mountain towns face unique vacancy dynamics, Front Range cities face the raw math of population growth outpacing construction.
Denver
City Population (2025 est.): 716,234 - World Population Review Metro Population (2025): 2,995,000 - MacroTrends Median Household Income: $86,869 - FRED Denver Minimum Wage (2026): $19.29/hr - City of Denver
Rent Data (Denver-Aurora-Lakewood MSA, 2BR FMR)
| Fiscal Year | 2BR FMR | YoY Change | Source |
|---|---|---|---|
| FY 2019 | $1,508 | +6.35% | RentData.org |
| FY 2020 | $1,566 | +3.85% | RentData.org |
| FY 2021 | $1,605 | +2.49% | RentData.org |
| FY 2022 | $1,659 | +3.36% | RentData.org |
| FY 2023 | $1,856 | +11.87% | RentData.org |
| FY 2024 | $2,201 | +18.59% | RentData.org |
| FY 2025 | $2,140 | -2.77% | RentData.org |
| FY 2026 | $2,089 | -2.38% | HUD FY2026 FMR Schedule (PDF) |
- Cumulative FY2019-FY2026: +38.5% ($1,508 to $2,089)
- Single biggest jump: FY2023-FY2024 at +18.59%
- Denver MSA is more expensive than 98% of FMR areas nationally
- Market-rate apartment average rent (Q4 2025): $1,754/month (fell to early 2022 levels) - Denver Post
- ~20,000 new apartments delivered in 2024 (nearly double historical average), market absorbed only 14,000 - Denver Post
- Median single-family home price (Jan 2026): $615,000 - Denver Post
Wages vs. Housing
| Metric | Value | Source |
|---|---|---|
| 2BR Housing Wage | $41.15/hr | NLIHC Out of Reach |
| Annual income needed for 2BR | $85,600 | NLIHC Out of Reach |
| Hours/week at CO min wage ($14.81) for 2BR | 111 hours | NLIHC Out of Reach |
| Hours/week at 2026 state min wage ($15.16) for 2BR | ~106 hours | Calculated from NLIHC methodology |
| Hours/week at Denver min wage ($19.29) for 2BR | ~84 hours | Calculated from NLIHC methodology |
| MIT Living Wage (1 adult, 0 children) | $26.20/hr | MIT Living Wage Calculator |
| Cost-burdened renters (>30% income) | 50%+ | Bell Policy / Harvard JCHS |
Housing Shortage
| Metric | Value | Source |
|---|---|---|
| Housing units needed (Denver region, 2023-2032) | 216,000 | DRCOG Regional Housing Needs Assessment (PDF) |
| Affordable units needed (0-60% AMI, region) | 303,000 | DRCOG RHNA |
| Mayor Johnston's 2026 goal | 2,500 affordable + 5,000 market-rate | KUNC |
Short-Term Rentals
| Metric | Value | Source |
|---|---|---|
| Active STR listings | ~3,675 | AirROI |
| Citations issued (2024) | 850+ | Steadily |
| Illegal STRs shut down (2024) | ~200 | Steadily |
| Penalty per violation per day | $1,000 | City of Denver |
Boulder
County Population (2024 est.): 330,262 - Colorado Demographics Median Household Income: $102,772 - Census ACS 2023 Boulder Minimum Wage (2026): $16.82/hr - City of Boulder
Rent Data (Boulder MSA, 2BR FMR)
| Fiscal Year | 2BR FMR | YoY Change | Source |
|---|---|---|---|
| FY 2019 | $1,516 | +3.76% | RentData.org |
| FY 2020 | $1,717 | +13.26% | RentData.org |
| FY 2021 | $1,724 | +0.41% | RentData.org |
| FY 2022 | $1,748 | +1.39% | RentData.org |
| FY 2023 | $1,911 | +9.32% | RentData.org |
| FY 2024 | $2,217 | +16.01% | RentData.org |
| FY 2025 | $2,059 | -7.13% | RentData.org |
| FY 2026 | $2,124 | +3.16% | HUD FY2026 FMR Schedule |
- Cumulative FY2019-FY2026: +40.1% ($1,516 to $2,124)
Wages vs. Housing
| Metric | Value | Source |
|---|---|---|
| 2BR Housing Wage | $39.60/hr | NLIHC Out of Reach |
| Hours/week at CO min wage ($14.81) for 2BR | 107 hours | NLIHC Out of Reach |
| Hours/week at 2026 state min wage ($15.16) for 2BR | ~108 hours | Calculated |
| Hours/week at Boulder min wage ($16.82) for 2BR | ~97 hours | Calculated |
| MIT Living Wage (1 adult, 0 children) | $26.36/hr | MIT Living Wage Calculator |
Housing Shortage
| Metric | Value | Source |
|---|---|---|
| Housing units needed (Boulder City, by 2032) | 10,700 (23% increase in supply) | Boulder Reporting Lab |
| Affordable units needed (of 10,700) | ~9,000 (below AMI) | Boulder Reporting Lab |
| Cost-burdened renters (Boulder City, 2022) | 62% | Boulder Reporting Lab / DRCOG |
| In-commuters daily | ~60,000 (half the workforce) | Better Boulder |
| Employment growth vs population (2010-2020) | Employment grew 2x faster | Better Boulder |
| Median home price (Boulder City, Dec 2025) | $993,000 | Norada Real Estate |
| Permanently affordable homes (Dec 2024) | 4,094 (8.7% of housing) | City of Boulder Dashboard |
| Goal: % affordable by 2035 | 15% | City of Boulder |
| CU enrollment increase (2011-2021) | +6,000 students (+20%) | Better Boulder |
Fort Collins
City Population (2020 Census): 169,810 - Wikipedia Median Household Income (city): $83,598 - Census QuickFacts Fort Collins Minimum Wage (2026): $18.50/hr - City of Fort Collins Major Factor: Colorado State University (33,000+ students)
Rent Data (Fort Collins MSA, 2BR FMR)
| Fiscal Year | 2BR FMR | YoY Change | Source |
|---|---|---|---|
| FY 2019 | $1,253 | +13.29% | RentData.org |
| FY 2020 | $1,244 | -0.7% | RentData.org |
| FY 2021 | $1,351 | +8.6% | RentData.org |
| FY 2022 | $1,421 | +5.18% | RentData.org |
| FY 2023 | $1,539 | +8.3% | RentData.org |
| FY 2024 | $1,646 | +6.95% | RentData.org |
| FY 2025 | $1,695 | +2.98% | RentData.org |
| FY 2026 | $1,732 | +2.18% | HUD FY2026 FMR Schedule |
- Cumulative FY2020-FY2026: +39.2% ($1,244 to $1,732)
Wages vs. Housing
| Metric | Value | Source |
|---|---|---|
| 2BR Housing Wage | $32.60/hr | NLIHC Out of Reach |
| Hours/week at state min wage ($15.16) for 2BR | ~86 hours | Calculated from NLIHC methodology |
| Hours/week at Fort Collins min wage ($18.50) for 2BR | ~71 hours | Calculated from NLIHC methodology |
| MIT Living Wage (1 adult, 0 children) | ~$22.53/hr | MIT Living Wage Calculator |
| Rent increase 2010-2020 | +125% | Bell Policy Center Housing Primer 2025 |
| Wage increase 2010-2020 | +25% | Bell Policy Center Housing Primer 2025 |
| Rent-to-wage growth ratio | 5:1 | Calculated from Bell Policy data |
| Cost-burdened renters | ~59% | Fort Collins AHSP (PDF) |
| Corporate landlord ownership (CO statewide) | ~20% of apartments (3rd highest in US) | CPR/KUNC |
Housing Shortage
| Metric | Value | Source |
|---|---|---|
| Housing units needed per year (2023-2028) | 1,580-2,197 | Common Sense Institute |
| Home affordability | Lowest in 20+ years | Common Sense Institute |
| Median home price (Dec 2025) | $555,000 | Redfin |
| Rental vacancy rate | 2% | Census QuickFacts |
In Fort Collins, rents grew five times faster than wages over the past decade. Even the highest-paid food service workers in the city cannot afford Fair Market Rent. - Common Sense Institute
Colorado Springs
City Population (2020 Census): 481,713 - World Population Review County Population (2023): 736,008 - Data USA Median Household Income: $87,470 - Data USA
Rent Data (2BR FMR)
| Fiscal Year | 2BR FMR | YoY Change | Source |
|---|---|---|---|
| FY 2019 | $1,064 | +4.31% | RentData.org |
| FY 2020 | $1,141 | +7.24% | RentData.org |
| FY 2021 | $1,200 | +5.17% | RentData.org |
| FY 2022 | $1,302 | +8.50% | RentData.org |
| FY 2023 | $1,484 | +13.98% | RentData.org |
| FY 2024 | $1,734 | +16.85% | RentData.org |
| FY 2025 | $1,778 | +2.54% | RentData.org |
| FY 2026 | $1,735 | -2.42% | HUD FY2026 FMR Schedule (PDF) |
- Cumulative FY2020-FY2026: +52.1% ($1,141 to $1,735)
- El Paso County (Colorado Springs HMFA) uses HUD Small Area (ZIP-level) Fair Market Rents. The metro-wide figure shown here is the underlying base, not the per-ZIP payment standard, which varies by ZIP code.
Wages vs. Housing
| Metric | Value | Source |
|---|---|---|
| 2BR Housing Wage | $34.19/hr | NLIHC Out of Reach |
| Hours/week at 2026 min wage ($15.16) for 2BR | ~90 hours | Calculated |
| MIT Living Wage (1 adult, 0 children) | ~$23.04/hr | MIT Living Wage Calculator |
| Cost-burdened renters | 53% | CO Springs Gazette |
| Renters who can afford average rent | 36% | CSI Report |
| Hours of work for median mortgage (2024) | 86 hours (was 43 in 2015 - doubled) | CSI Report |
Housing Shortage
| Metric | Value | Source |
|---|---|---|
| Current housing shortage | 27,712 units | City of Colorado Springs |
| Units needed by 2035 | 60,034 additional homes | City of Colorado Springs |
| Permits needed per year | ~8,500 | CPR |
| Permits actually issued per year | ~3,000 | CPR |
| Construction deficit | 5,500 units/year underbuild | CPR |
| Median home price (Jan 2026) | $469,500 | CO Springs Gazette |
| Households that can afford to buy | ~30% | CSI Report |
| Home price increase (10 years) | +82.6% | CSI Report |
Homelessness
| Metric | Value | Source |
|---|---|---|
| PIT Count 2025 | 1,745 people (record high) | Denver Gazette |
| PIT Count 2024 | 1,146 people | CPR |
| YoY increase | +52.3% | Denver Gazette |
| Chronically homeless (2025 vs 2024) | 644 vs 282 | Denver Gazette |
| Broader annual estimate (2024) | 6,846 adults and children | KOAA |
Front Range at a Glance
| Metric | Denver | Boulder | Fort Collins | CO Springs |
|---|---|---|---|---|
| 2BR FMR (FY2026) | $2,089 | $2,124 | $1,732 | $1,735 |
| 2BR Housing Wage | $41.15/hr | $39.60/hr | $32.60/hr | $34.19/hr |
| Hours/wk at state min wage | ~106 hrs | ~108 hrs | ~86 hrs | ~90 hrs |
| Median Home Price | $615,000 | $993,000 | $555,000 | $469,500 |
| Cost-Burdened Renters | 50%+ | 62% | ~59% | 53% |
| Housing Units Needed | 216,000 (region) | 10,700 (city) | 1,580-2,197/yr | 60,034 (by 2035) |
| Local Min Wage (2026) | $19.29/hr | $16.82/hr | $15.16 (state) | $15.16 (state) |
The Western Slope and Southern Colorado
If Front Range cities represent scale, and mountain towns represent vacancy paradoxes, the Western Slope and Southern Colorado represent the collapse of the "affordable alternative" narrative. Grand Junction and Pueblo were long considered Colorado's affordable options. The data shows that era is ending.
Grand Junction
City Population (2020 Census): ~65,000 - GJ Sentinel Mesa County Population (2020): 155,703 - Wikipedia Median Household Income (GJ, 2023): $66,676 - Data USA
Rent Data (Grand Junction MSA, 2BR FMR)
| Fiscal Year | 2BR FMR | YoY Change | Source |
|---|---|---|---|
| FY 2019 | $842 | -0.24% | RentData.org |
| FY 2020 | $1,035 | +22.92% | RentData.org |
| FY 2021 | $1,018 | -1.64% | RentData.org |
| FY 2022 | $1,026 | +0.79% | RentData.org |
| FY 2023 | $1,066 | +3.9% | RentData.org |
| FY 2024 | $1,123 | +5.35% | RentData.org |
| FY 2025 | $1,245 | +10.86% | RentData.org |
| FY 2026 | $1,249 | +0.32% | HUD FY2026 FMR Schedule |
- Cumulative FY2019-FY2026: +48.3% ($842 to $1,249)
Key Data
| Metric | Value | Source |
|---|---|---|
| 2BR Housing Wage | $23.94/hr | NLIHC Out of Reach |
| Hours/week at 2026 min wage ($15.16) for 2BR | ~63 hours | Calculated from NLIHC methodology |
| Housing deficit (Grand Junction) | 897-2,413 units | Common Sense Institute |
| Housing shortage for renters <$25K (Mesa County) | 3,736 units | Colorado Sun |
| Overcrowded households (Mesa County) | ~1,400 | Colorado Sun |
| Home cost increase (8 years) | +87% | Common Sense Institute |
| Homelessness increase since 2019 | +43% | Common Sense Institute |
| Unsheltered rate | Over 60% | Common Sense Institute |
| Unhoused population (2023) | 2,000+ | Common Sense Institute |
| Vacancy rate (CSI report) | 1.9% | Common Sense Institute |
| Median home price (2025) | $402,000 | Redfin |
| STR cap (downtown GJ) | 7% of residential lots | KKCO11 |
| STR cap (other GJ areas) | 3% of residential lots | KKCO11 |
Pueblo
City Population (2020 Census): 111,642 - Census County Population (2025 est.): 170,009 - World Population Review Median Household Income (2023): $62,250 - Data USA Poverty Rate: 15.4% - Data USA
Pueblo has long been considered Colorado's affordable city. The data tells a different story.
Rent Data (Pueblo MSA, 2BR FMR)
| Fiscal Year | 2BR FMR | YoY Change | Source |
|---|---|---|---|
| FY 2019 | $875 | +13.64% | RentData.org |
| FY 2020 | $838 | -4.23% | RentData.org |
| FY 2021 | $836 | -0.24% | RentData.org |
| FY 2022 | $1,052 | +25.84% | RentData.org |
| FY 2023 | $1,124 | +6.84% | RentData.org |
| FY 2024 | $1,158 | +3.02% | RentData.org |
| FY 2025 | $1,258 | +8.64% | RentData.org |
| FY 2026 | $1,269 | +0.87% | HUD FY2026 FMR Schedule (PDF) |
- Cumulative FY2021-FY2026: +51.8% ($836 to $1,269)
- Single biggest jump: FY2021-FY2022 at +25.84%
Key Data
| Metric | Value | Source |
|---|---|---|
| 2BR Housing Wage (NLIHC 2025) | $24.19/hr | NLIHC Out of Reach |
| Hours/week at 2026 min wage ($15.16) for 2BR | ~64 hours | Calculated |
| Cost-burdened renters | >50% | CPR |
| Median home price (Pueblo city, Dec 2025) | $257,000 | Redfin |
| Child poverty rate (2025) | 17.3% | World Population Review |
| STR listings | 483 (89% entire homes) | AirDNA |
Homelessness
| Metric | Value | Source |
|---|---|---|
| PIT Count 2023 | 359 people | Yahoo/KOAA |
| PIT Count 2021 | 204 people | KOAA |
| Increase 2021-2023 | +75% | Yahoo/KOAA |
If Pueblo is not affordable, nowhere in Colorado is.
Five Themes Across the Data
Across 13 mountain counties, 4 Front Range cities, and 2 Western Slope/Southern Colorado cities, five patterns repeat themselves:
1. The Ghost Town Paradox
Colorado mountain towns have more housing than people - but the housing is locked up in second homes, vacation rentals, and investment properties. The workers who keep these communities running cannot find a place to live.
The data:
- Grand County: 57.9% of housing is vacant - Colorado Sun
- Summit County: 70% vacant, 0% apartment vacancy for workers - Summit Daily, CHFA
- San Miguel County: 45% vacant, only 55% year-round residents - Colorado Sun
- Park County: 44%+ vacant - Colorado Sun
- Gunnison County: 41.2% vacant - Gunnison Times
- Pitkin County: 39.4% vacant, 58% of Aspen single-family homes are second homes - Aspen Journalism, Aspen Daily News
2. The Three-Job Rent Check
At Colorado's minimum wage, workers in most areas need to work far more than 40 hours a week to afford a basic two-bedroom apartment.
The data (hours/week at minimum wage to afford 2BR):
Mountain-county figures use the Colorado state minimum wage of $14.81/hr (the basis for NLIHC's 2025 Out of Reach data); Front Range figures use the 2026 state minimum of $15.16/hr. Denver and Boulder have higher local minimums - adjusted figures shown in parentheses. All 13 mountain counties use the state minimum wage with no local ordinances.
- Summit County: 119 hours - NLIHC
- Eagle County: 113 hours - NLIHC
- Pitkin County: 113 hours - NLIHC
- Park County: 111 hours - NLIHC
- Boulder: ~108 hours at state min; ~97 hours at Boulder local min ($16.82/hr) - Calculated from NLIHC data
- Denver: ~106 hours at state min; ~84 hours at Denver local min ($19.29/hr) - Calculated from NLIHC data
- Colorado Springs: ~90 hours - Calculated from NLIHC data
- Fort Collins: ~86 hours at state min; ~71 hours at Fort Collins local min ($18.50/hr) - Calculated from NLIHC data
- Gunnison County: 69 hours - NLIHC
- Lake County: 68 hours - NLIHC
- Pueblo: ~64 hours - Calculated from NLIHC data
Even with Denver's higher local minimum wage ($19.29/hr - the highest in the state), a minimum-wage worker still needs roughly 84 hours per week. In Summit County, where workers earn the state minimum and face the highest housing wage in this study, the figure reaches 119 hours per week - and 39% work two jobs while 29% work three. - Summit Daily
3. The Commuter Trap
When workers cannot afford to live where they work, they drive - creating hour-plus commutes over mountain passes, often in winter conditions.
The data:
- Pitkin County: 62% of workers commute in; 24% drive 50+ miles one-way - Aspen Times
- Routt County: ~57% of workforce commutes in - HUD
- Boulder: ~60,000 daily in-commuters (half the workforce) - Better Boulder
- Clear Creek County: 49% of employees commute from outside - Denver7
- La Plata County: Nearly one-third commute from outside - Durango Herald
The I-70 corridor from Rifle through Glenwood Springs and Carbondale to Aspen defines daily life for thousands of workers.
4. Airbnb vs. Workforce
Communities are waking up and fighting back with STR caps, vacancy taxes, and creative housing solutions. But the tension between tourism revenue and workforce housing remains acute.
The data:
- Summit County: 56% of Breckenridge has STR licenses; 68% of STRs owned by non-residents - Summit Daily
- Eagle County: ~5,000 STRs, no county-level ordinance - Vail Daily
- Routt County: ~30% of housing is vacation rentals; vacancy tax under proposal - Unofficial Networks, Yampa Valley Bugle
- Pitkin County: Strict 120-night cap, no new STR permits - Pitkin County
- Denver: 850 citations, 200 illegal STRs shut down in 2024 - Steadily
- Lake County: 12% STR cap in Leadville; hotel converted to workforce housing - Leadville STR Ordinance
5. The Price Tag Mismatch
Home prices and local wages have completely decoupled. The people buying are from somewhere else. The people who live and work locally cannot afford to own - and increasingly cannot afford to rent.
The data:
- Telluride: Median home price is 37x median household income - Fortune
- Pitkin County: Mean single-family home value $13.3M; home prices +183% in 6 years - Aspen Times
- Boulder: Median home $993,000; 62% of renters cost-burdened - Norada, Boulder Reporting Lab
- La Plata County: Home prices up 55% in 5 years - Durango Herald
- Fort Collins: Rents +125% in a decade, wages only +25% - Bell Policy
- Colorado Springs: Hours of work for median mortgage doubled from 43 to 86 in 9 years - CSI
- Statewide: Wages +26% vs. mortgage payments +71% - CHFA
The Hidden Capacity: Rooms That Could Exist
The data above documents the crisis. But embedded in that crisis is something less obvious: there is housing capacity in these communities that could be unlocked, if the infrastructure existed to connect it safely.
This is not about building 16,000 new units (though that is needed too). It is about the rooms, units, and properties that already exist but are not serving the people who need them.
The Vacancy Paradox in Numbers
Across the 13 mountain counties studied, approximately 77,700 housing units sit vacant - nearly all as second homes, vacation properties, or investment units. Meanwhile, 40,300 renter households compete for an extremely limited supply of year-round rentals. The ratio is nearly 2 vacant units for every renter household.
| Metric | Value | Source |
|---|---|---|
| Statewide homes for "seasonal, recreational, or occasional use" | 90,728 | ACS 2022 |
| Statewide vacant homes available for rent | 43,819 | ACS 2022 |
| Average full-time occupancy across 6 resort counties | ~50% | Colorado Sun |
| Vacancy tax bill (HB 1036, 2026) | Killed in committee 7-4 after 4 hours of testimony | Colorado Newsline |
| Draft state bill to quadruple STR property tax (7.15% to 29%) | Under consideration | The Sum and Substance |
The legislative pressure - vacancy taxes, STR caps, quadrupled STR property taxes - is pushing units out of short-term use. But where do those units go? Without a trusted marketplace for long-term rentals, they sit idle or return to the same unverified channels.
Proof of Concept: Lease to Locals
Summit County and Breckenridge proved this conversion can happen at scale with modest incentives. Their "Lease to Locals" program, operated by Landing Locals, converted short-term rental units into workforce housing:
- 70 units converted in one year, providing 136 bedrooms for 153 residents
- 137 of 153 residents were local workers
- Total cost: $915,500 (~$5,948 per bedroom, ~$18,571 per unit)
- Summit County was the most successful market Landing Locals had ever operated in - outperforming Lake Tahoe
Winter Park ran "The Short Term Fix," offering $5,000 for a 6-month lease and $10,000 for a year lease.
Sources: Summit Daily, Summit Daily, Summit Daily
STR-to-LTR Conversion Pipeline
Regulatory changes are creating a pipeline of units that need a new use:
| Market | STR Action | Units Affected | Source |
|---|---|---|---|
| Breckenridge | Capping STR licenses from 3,945 to 2,200 | 1,745 units released | BuyBreck.com |
| Frisco | STR cap reached at ~900, 6-9 month waitlist | Cap reached | SoldInSummit.com |
| Pitkin County | 120-night cap, no new STR permits | All STRs affected | Pitkin County Ordinance |
| Clear Creek County | 4.5% non-primary resident cap | New cap | Clear Creek County |
| Leadville | 12% of total housing stock cap | 209-307 STRs regulated | Leadville STR Ordinance |
14% of Breckenridge-area residents had a lease terminated so their landlord could convert the unit to a short-term rental. - BuyBreck.com
The Trust Gap: Why Available Rooms Stay Empty
In these tight markets, the informal channels people actually use to find housing - Facebook groups, Craigslist, word of mouth - have no verification, no accountability, and no trust.
- Rental scams on Facebook Marketplace have "skyrocketed" in Steamboat Springs - scammers steal photos from legitimate listings and repost at lower prices - Steamboat Pilot
- A Steamboat resident lost $5,500 to a Craigslist housing scam - Steamboat Pilot
- Rental scams are "trickier than ever" across Colorado's housing crunch - CPR News (2022)
- Colorado Division of Real Estate maintains an active rental scam alert page - Colorado DRE
- The Summit County Housing Authority lists 35 different resources on one page - 21 apartment complexes, 6 Facebook groups, 6 property managers, 4 classifieds - with no verification layer connecting any of them - Summit County Housing Authority
This fragmentation has real consequences. Landlords with a spare room or ADU face the risk of renting to someone they cannot verify. Renters send deposits to landlords they cannot verify. Both sides lose when trust is absent - and in many cases, the room simply never gets listed.
The Demand Signal
When trusted housing does become available, demand is overwhelming:
- Breckenridge: 52-unit complex received 1,000+ applications (20:1 ratio) - High Country News
- Summit County: Waitlists "more than doubled" after a single social media post - KUNC
- Summit County Housing Authority notes waitlists are realistic only for people planning to stay "several years" - Summit Housing Authority
The demand exists. The supply - in many cases - exists too. What is missing is the trusted infrastructure to connect them.
What Workers Are Actually Doing
Without that infrastructure, this is what the housing market looks like on the ground:
- Workers paying $800/month to sleep in a hallway - NBC News
- Others spending $600-$700 to sleep on a cot in an apartment's laundry room - NBC News
- Eight people living in two-bedroom trailers - NBC News
- Workers camping on public land and living in cars - Shelterforce (Nov 2025)
- Salida's "safe parking" program as de facto workforce housing - Denver Post
These are not people who cannot work. These are people who work - in many cases, multiple jobs - in communities that depend on their labor. They are sleeping in hallways and parking lots because the systems that connect housing supply to housing demand are broken.
Why This Matters
The data across these 19 markets paints a clear picture: Colorado's housing crisis is not confined to one region, one income level, or one type of market. It touches resort towns and working-class cities alike. It affects renters and would-be homeowners. It is driving out teachers, first responders, restaurant workers, and young professionals.
The numbers point to several conclusions.
Colorado genuinely needs more homes. The state is 106,000 units short. Construction costs are up 36%. Meeting demand means building roughly 34,100 new homes a year. - CDOLA, Bell Policy Center That work is real, and it matters. But construction moves slowly, and in the mountain towns the deeper problem is that homes which already exist have been pulled into uses that do not serve the people who work there.
Trust is how more of that housing comes online. Look back at the vacancy paradox: roughly 77,700 units sit empty across 13 mountain counties while 40,300 renter households compete for scraps. A real share of that capacity can be unlocked - the spare room, the second home rented to a local instead of a tourist, the hesitant owner with an ADU who has never listed it. What holds them back is not a shortage of rooms. It is the risk of handing your home to someone you cannot verify, and the risk of wiring a deposit to a landlord who may not be real. Where that trust is missing, the room never gets listed.
Verification turns hidden capacity into housing. When housing is scarce, trust becomes the thing that moves supply. Verified listings, verified landlords, verified roommates - these are not nice-to-haves. They are what lets an owner say yes, and what lets a renter commit. Summit County and Breckenridge proved the conversion is possible: their Lease to Locals program turned 70 short-term rentals into 136 bedrooms for 153 residents with modest incentives. - Summit Daily The rooms were always there. Trust is what brought them into use.
This is where you come in. If you live and work in Colorado, the moves you make now - getting verified, building a track record a landlord can actually check, choosing a place where trust is built in - put you a few steps ahead in a market that rewards exactly that. And if you own a spare room or a second property, the same trust that protects you is what lets you open it to a neighbor instead of a stranger.
That is why Rookd exists. Not to replace the homes Colorado still needs to build - that takes policy, investment, and construction. But to unlock the housing that already exists, by making trust something you can prove. A way to verify that the listing is real, the landlord is legitimate, and the person you are sharing a home with is who they say they are.
The more trust we unlock, the more rooms come online. In a market this tight, that is not a small thing. It is the lever.
Methodology and Notes
Data Sources
This report draws from five primary categories of data:
- Federal housing data: HUD Fair Market Rents via RentData.org and HUD FMR Schedules
- National Low Income Housing Coalition: Housing wages, hours-per-week calculations, and cost-burden data from NLIHC Out of Reach (2024 and 2025 editions)
- MIT Living Wage Calculator: County-level living wage data from livingwage.mit.edu
- U.S. Census Bureau: Population, vacancy rates, housing unit counts, and tenure data (owner vs. renter) from the 2020 Decennial Census and American Community Survey 2019-2023 5-Year Estimates (Tables B25003, DP04, B25064)
- Colorado state agencies and local reporting: CHFA, CDOLA, Bell Policy Center, Common Sense Institute, and local newspapers (Summit Daily, Vail Daily, Aspen Times, Steamboat Pilot, Denver Post, Colorado Sun, and others)
Minimum Wage Notes
- Colorado state minimum wage (2026): $15.16/hr - applies statewide and in all 13 mountain counties studied
- Colorado state minimum wage (2025): $14.81/hr - used in NLIHC 2024 Out of Reach data
- NLIHC 2025 Out of Reach (the edition cited here) uses FY2025 FMR values and the $14.81/hr minimum wage
- Every county housing wage derives from its FY2025 2BR FMR via the NLIHC formula (HW = 2BR FMR x 12 / 624)
- Where "hours/week at min wage" figures are listed as "calculated," they use $15.16/hr applied to the most recent FMR using the NLIHC 30%-of-income methodology
- Local minimum wages (higher than state rate):
- Denver: $19.29/hr - City of Denver
- Boulder County (unincorporated): $16.82/hr - Boulder County
- Boulder City: $15.57/hr - City of Boulder
- Fort Collins: $18.50/hr - City of Fort Collins
- Edgewater: $18.17/hr
- No mountain county has a local minimum wage ordinance. All 13 mountain counties in this report (Summit, Eagle, Pitkin, Garfield, Routt, Grand, Park, Lake, Gunnison, San Miguel, Clear Creek, La Plata, Chaffee) use the state minimum wage.
- Denver and Boulder city-level calculations in this report show figures at both the state minimum and the applicable local minimum for transparency
FMR Notes
- HUD Fair Market Rent represents the 40th percentile of rents in an area - meaning 40% of units rent at or below FMR. Actual market rents, especially in resort areas, are often significantly higher.
- FMR fiscal years begin October 1 of the prior calendar year (e.g., FY2025 FMR applies starting October 1, 2024)
- Some rural counties (Park, Clear Creek) use metro-area FMR rates (Denver MSA) that may not reflect local conditions
Vacancy Rate Notes
- Vacancy rates are from the 2020 Census, the most recent decennial census available
- In mountain resort counties, "vacant" housing is almost entirely composed of second homes, vacation properties, and investment units - not abandoned or condemned housing
- Low rental vacancy rates in working-community counties (Garfield at 7.2%, Larimer at 2%) indicate extreme market tightness
Complete Source Index
Federal Data
State and Regional
Local Government
News and Reporting
Academic and Research
| Source | URL |
|---|---|
| University of Chicago - Homelessness Study | https://harris.uchicago.edu/news-events/news/new-study-delivers-comprehensive-snapshot-us-homeless-populations-economic-well |
| BFI Working Paper (PDF) | https://bfi.uchicago.edu/wp-content/uploads/2023/03/BFI_WP_2023-41.pdf |
| Better Boulder Housing Analysis (PDF) | https://betterboulder.com/wp-content/uploads/2025/05/Better-Boulder-Housing-Availability-and-Affordability-Analysis.pdf |
STR Data Platforms
| Source | URL |
|---|---|
| AirROI | https://www.airroi.com/ |
| AirDNA | https://www.airdna.co/ |
| Airbtics | https://airbtics.com/ |
Real Estate Market Data
| Source | URL |
|---|---|
| Redfin | https://www.redfin.com/ |
| Zillow | https://www.zillow.com/ |
| Norada Real Estate | https://www.noradarealestate.com/ |
This report was researched and compiled by John Cronin, founder of Rookd - a verified housing platform launching in Colorado. Every statistic in this report includes a named source and verifiable URL. No data was fabricated or estimated without clear notation. Data verified across 13 mountain counties, 4 Front Range cities, and 2 Western Slope/Southern Colorado cities.
Last updated: June 2026
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