Longmont permitted 245 affordable rental units last year, but no affordable for-sale units.
City council heard an update on housing affordability on Tuesday during a study session, which highlighted the ongoing housing and rental crisis in the area.
According to Molly O’Donnell, housing and community investment division director, 2022 had the highest affordable unit generation since the state or annual tracking in 2003. Typically the city sees around 101 units per year.
She told council that American Rescue Plan Act funding has been a huge boost for the city in catching up to its affordable housing needs, but it is not close to putting the city ahead of its affordable housing goal.
Mollie Fitzpatrick, with Root Policy Research, gave an update on the city’s housing affordability needs assessment.
With a median sale price at $611,421 in Longmont, home ownership is only affordable to one in three Longmont households, according to Fitzpatrick, or those earning more than about 120% the area median income. For renters, who are typically the pool for first time home buyers, only about 15% would be able to afford a house at that price.
Fitzpatrick explained that she looked at the average wage for every industry in Longmont and found that there is not a single industry in which the average earner can afford a median house price.
According to Fitzpatrick, over half of renters and one in five home owners are cost burdened — meaning they spend more than 30% of their income on housing. About 5,700 households are considered “severely cost burdened” in Longmont.
She added that there is a rental shortage in Longmont of about 2,000 units for Longmont renters earning less than 50% the area median income.
