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The following represents only a fraction of the total need for affordable housing in Larimer County. It affects a broad range of working families — starting police officers and teachers, health care workers, retail workers and many others who serve us. These families help to maintain the quality of life in our communities in Larimer County.
It is generally agreed that for renters, housing is considered affordable if it costs no more than 30% of a household’s income. For homeowners, affordable housing should cost no more than 38%. Spending more than these limits may mean taking money away from food, health care, child care and other basic necessities.
- Forty-two percent (42%) of Larimer County renters are paying 30% or more of their household income for rent. Of these households, almost half were paying 50% or more.
- In 2002, 44% of Fort Collins/Loveland renters were unable to afford a two bedroom unit at Fair Market Rent.
- A starting PSD teacher would have to work approximately 20 years to reach a salary needed to rent a three-bedroom apartment at today’s Fair Market Rent.
- A person working at minimum wage ($5.15/hour) would have to work 153 hours/week in order to afford a three bedroom unit. The minimum wage has not changed since 1997.
What are some of the consequences of this lack of affordable housing?
- High housing costs make recruiting and retaining qualified professionals and skilled workers difficult. Businesses may choose locations in other areas where their workers can find affordable housing.
- Workers are forced to move further out from their places of work, resulting in longer commute time. This means additional stress and strain, less time to spend with their families and limiting their participation in the life of their communities, to say nothing of the additional cost of buying gas.
- More cars on the road adds to air pollution as well as pressure for expanding roadways into surrounding land and disappearance of farms and other open land.
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