EDGEWATER, CO — Things in Edgewater have changed a lot since council member Lilly Steirer moved to the quaint town west of Sloan's Lake 13 years ago.
She says she moved to Edgewater, in part, because it was affordable for her family. That likely wouldn't be the case today.
“Our house more than doubled since 2013,” said Steirer. “We are financially doing better, but I don’t know we would be able to buy a home where we are financially right now.”
For the council member of nearly five years, affordability is a top concern, but Edgewater is up against some unique challenges.
What is Denver7 | Your Voice? Read about the project here
The entirety of the city is only about 0.7 square miles — about 450 acres.
“It’s one of the most built out communities in the state of Colorado,” said Cooper Thayer with the Colorado Association of Realtors.
He says that size and how built out it is — combined with its proximity to both the city and Sloan's Lake — backs Edgewater into an affordability corner.
The average home price in Edgewater is around $700,000 dollars, according to the Colorado Association of Realtors. That's a little over $100,000 more than the typical home price in Denver metro area.
“People priced out of Sloan’s Lake and other neighboring communities but want a similar lifestyle at a lower price point come here,” said Thayer.
We met Thayer outside one of a handful of homes for sale in Edgewater. The home, 2,200 square feet and newly renovated, is going for just over a million dollars.
“A lot feels on the line right now,” said Steirer.
Denver7 asked her what she considers affordable, she said if there could be something for sale under half a million dollars that would be a start but that still feels high.
Potential changes aimed at creating more affordable options could be on the horizon.
There is a new state law pushing for more affordable housing within a half mile of the transit lines. Now, because of those state mandates, city council is considering what rezoning could look like between Depew and Sheridan. Steirer said that could mean rezoning for mixed use or apartments. She said there could be some movement about rezoning by the end of the year
People can also now build accessory dwelling units (ADUs) in Edgewater. However, Steirer said any further changes would have to happen while balancing a big concern for the community: “We have this sweet quaint community — how do we maintain that?” she said.
In the meantime, she’s worried for the future generation, young families moving out of the area and even her own kids.
“My children are teens,” Steirer said. “How can they afford to buy anything in our community or rent, even outside Edgewater?”
In these Denver7 | Your Voice stories, we want to hear from you about what matters most in your community. We hope to hear what makes our communities special, the challenges facing them, and everything in between. Have an idea or want to share your thoughts? Fill out the contact form below.
