<
https://www.hcn.org/articles/how-a-colorado-ski-town-reserved-almost-75-of-its-full-time-housing-for-workforce/>
"Jake Carter is only 27, yet he already owns a home in Breckenridge, Colorado,
where the average listing price is $1.85 million. His two-bedroom condo is
surrounded by trees, just half a mile from the ski town’s world-famous slopes.
But Carter isn’t a millionaire. He works full-time as an emergency medical
technician at a local urgent care.
His condo was priced more than 20% lower than others on the market because it
was “deed-restricted,” with stipulations that it could only be occupied by
someone who worked at least 30 hours a week in town. In other words: No remote
workers or tourists allowed.
To secure the deal last year, Carter also used a local program called Housing
Helps. In exchange for adding another deed restriction — that the condo’s price
could only appreciate by 3% annually — Breckenridge gave him 10% of the
purchase price to use toward his down payment.
“I definitely have this program to thank for my permanence here,” Carter said.
“Because I don’t feel that there was any world where I was going to be able to
sustainably afford rising rent, year over year, for the future.”
In Breckenridge, home prices have soared more than 80% over the past decade.
And what’s happening here echoes what’s happening across the West: A study from
Harvard University shows that home prices in the region’s rural vacation areas
jumped more than 50% between 2020 and 2023 alone. In towns like Jackson,
Wyoming, and Whitefish, Montana, workers are being priced out of housing more
than ever before — a problem that affects both the local economy and the fabric
of the community.
Most of Breckenridge’s housing still caters to tourists, with 68% of its units
being second homes or vacation rentals. And many residents are struggling: A
recent study commissioned by Summit County, where Breckenridge is located,
revealed that 60% of all renters, and 86% of Latino renters, spend more than a
third of their income on housing.
Still, about three-quarters of Breckenridge’s full-time residences — meaning
dwellings that are not vacation homes or Airbnbs — are set aside for the local
workforce. That’s the highest percentage of any Colorado ski town.
And, since Breckenridge passed a $50 million housing plan in 2022, more than
400 new deed-restricted units have been built. In the next four years, the town
expects to add 300 more — a substantial increase in housing stock, given that
Breckenridge has only about 5,000 full-time residents.
Colorado mountain towns like Breckenridge are “out front” when it comes to
housing their locals, said Elizabeth Sodja, program coordinator for the Gateway
& Natural Amenity Region Initiative at Utah State University.
“If you look at the numbers of affordable housing (units) these communities
have compared to their population, it’s pretty amazing,” she said."
Via
Reasons to be Cheerful:
<
https://reasonstobecheerful.world/what-were-reading-new-orleans-carnival-cleanup/>
Cheers,
*** Xanni ***
--
mailto:xanni@xanadu.net Andrew Pam
http://xanadu.com.au/ Chief Scientist, Xanadu
https://glasswings.com.au/ Partner, Glass Wings
https://sericyb.com.au/ Manager, Serious Cybernetics
