DENVER — The Colorado State Demography Office has released a report outlining the state's affordable housing shortfall.
When it comes to affordable housing, different researchers may define the concept in different ways.
"One of the most common definitions is that you're spending 30% or more of your income on housing costs, that's oftentimes the way that we're thinking about it," said Colorado State Demographer Kate Watkins.
The office researches population forecasts and compiles other data. This week, SDO released exactly how much affordable housing is needed in Colorado.
"What we found was that as of 2023, which is the latest period where data are available, we're estimating the shortage at 106,000 housing units," she said.
- Read the complete research brief below:
Combining several data points led them to that total.
"One piece is the vacancy rate. The other piece is what we can kind of call the 'missing households.' We look back in time to a place when housing was a bit more comfortable, when you didn't have to, say, double up or live with a roommate," said Watkins, identifying 2001 as that specific year. "We combine that vacancy rate with the missing households elements, and that's how we get to that 106,000 for the year 2023."
The report also said the state would need to add about 34,000 units a year to get to that total in the next decade based on projected population growth.
The report notes that those units would need to be renter or owner-occupied homes to help solve the problem, as opposed to vacation rentals.
