COLORADO SPRINGS, Colo. (KOAA) — A new report shows Colorado Springs is facing a massive housing crisis. The Regional Housing Assessment presented the report to Colorado Springs City Council Monday.
The report shows the city is currently facing a 27,000 unit shortage, projecting a need of 60,034 more units by 2035. It also highlights another burden facing both renters and future homebuyers.
According to the report, average rent hit nearly $18,000, requiring an income of $78,693 to be affordable. Right now, only 36% of renters meet that threshold, as the median income in Colorado Springs sits at more than $58,000.
Officials plan to create a housing action plan by 2026 to address both of these issues.
“This assessment gives us a clear and honest picture of where we stand, and where we need to go,” said Aimee Cox, Chief Housing and Homelessness Response Officer. “Housing demand has outpaced housing supply, and this shortage affects residents across all income levels, limiting housing choice for everyone especially families, seniors, and low wage workers. Fortunately, these numbers also point us toward potential solutions. Our next step is to create a Housing Action Plan to support a balanced housing market and ensure that people who live, work, or choose to retire in Colorado Springs can find a home that meets their needs.”
To view the full housing assessment, visit City of Colorado Springs website.
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