Housing Attainability

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Improving housing affordability over time is identified and addressed as one of the cornerstone challenges and priorities in PlanCOS. This recommended indicator includes overall median single-family and multifamily housing affordability along with total homeless population counts. Together this combination of measures is intended to provide an important and helpful general barometer for progress based on the broad averages and overall counts at different levels along the economic spectrum. It will be important to also be attentive to impacts on sub-groups of housing consumers, whose needs and experience may not be fully represented by measures that focus on overall median housing costs. Likewise, although changes in the overall homeless populations provide an important measure in that area, the status of sub-groups within that overall number will be important. 

Single Family Ownership Affordability Index

Goal: The goal of the Single Family Ownership Affordability Index is to increase 
this index compared with prior year trends and averages.

Table: Single Family Ownership Affordability Index

  2014 2015 2016 2017 2018 2019
Median Price $216,000 $235,000 $250,000 $275,000 $295,000 $322,000
Housing Opportunity Index 78 77.8 75.2 70.4 61.7 69.8
Median Income $70,000 $73,000 $71,000 $73,600 $77,700 $81,400
National Bank 83 97 96 127 138 136
Regional bank 6 9 11 13 12 12
Affordability Index 78.3 77.4 75.7 73.6 61.5 69.8

Source: National Association of Home Builders (NAHB) and Wells Fargo.

Note: this index for Colorado Springs is based on a metropolitan statistical area (MSA) including Colorado Springs, El Paso County, and Teller County

 

Apartment Rental Affordability Index

Goal: The goal of the Apartment Rental Affordability Index is to decrease this indicator compared with prior year trends and averages, with a value of 1.0 indicating a generally desired balance between rental costs and relevant incomes.

Table: Apartment Rental Affordability Index

  2014 2015 2016 2017 2018 2019
50% AMI 3 person household $31,500 $32,850 $31,950 $33,150 $35,000 $36,650
2 BR 1 Bath Affordable Rent $788 $821 $799 $829 $875 $916
2BR 1 Bath Average Rent $791 $859 $942 $1,024 $1,070 $1,128
Affordability Index 1 1.05 1.18 1.24 1.22 1.23

Source: Methodology created by City staff (Community Development HUD Program Manager) using available published data sources from federal and state agencies. 

Total Homeless Population in El Paso County

Goal: The goal of the Total Homeless Population in El Paso County is to decrease the number of homeless persons, and especially those in an unsheltered situation.

Table: Number of Homeless People in El Paso County

  2014 2015 2016 2017 2018 2019
Sheltered: total 950 830 991 958 1,038 1,562
Sheltered: emergency 443 496 591 536 652 679
Sheltered: transitional 507 334 400 422 386 439
Unsheltered Persons 269 243 311 457 513 444
Total Persons - HUD Count 1,218 1,073 1,302 1,415 1,551 1,562

Source: El Paso County, Pikes Peak Continuum of Care, Point in Time data.