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Where Longmont Ranks in Regional Affordable Housing

According to homearea.com, the largest decrease in housing costs for Colorado happened in Longmont (a 10% decrease). The largest increase was in Westminster with a 22.2% increase.
Housing
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This content was originally published by the Longmont Observer and is licensed under a Creative Commons license.

According to homearea.com, the largest decrease in housing costs for Colorado happened in Longmont (a 10% decrease). The largest increase was in Westminster with a 22.2% increase.

Overall, Longmont came in 10th in the state.

These numbers are from the Census Bureau's American Community Survey for cities in Colorado with a population of 60,000 or more. They focus on what's called the 'Median Multiple'. This is the recommended metric used by the World Bank to determine housing affordability; effectively, it's the ratio of the median house price by the median gross household income (for that city).

The lower the value, the more affordable the housing. Anything under 3 is considered affordable. Colorado's median multiple currently sits at 5.0. The national average is currently at 3.6.

The goal of the survey is to determine housing affordability. According to HomeArea:

"To determine housing affordability, we compare local home prices with local incomes. The median multiple answers the question, "how many years would it take for the median income to pay off the median home price?" Lower values indicate that incomes in the area are high enough to make it easier to pay off a home. Anything under 3 is considered affordable."

The site went on to say:

"The Colorado median multiple from the latest estimates is 5.0 and has risen 5.5% from 4.8. This year saw several big changes. Highlands Ranch, CO rose from #4 to #2, Thornton, CO fell from #2 to #4, Broomfield, CO rose from #10 to #6, Greeley, CO rose from #9 to #7, and Arvada, CO rose from #11 to #8.

Westminster, CO saw the biggest percentage increase in median multiple at 22.2%, and Longmont, CO saw the largest percentage decrease at -10.0%."

The Complete List

   #1

Pueblo, CO

Previously 3.3

3.9

 #2

Highlands Ranch, CO

Previously #4 at 3.9

4.1

   #3

Centennial, CO

Previously 3.8

4.2

 #4

Thornton, CO

Previously #2 at 3.8

4.2

   #5

Colorado Springs, CO

Previously 4.0

4.5

 #6

Broomfield, CO

Previously #10 at 4.5

4.6

 #7

Greeley, CO

Previously #9 at 4.4

4.6

 #8

Arvada, CO

Previously #11 at 4.6

4.7

 #9

Aurora, CO

Previously #6 at 4.3

4.8

 #10

Longmont, CO

Previously #12 at 5.5

5.0

 #11

Loveland, CO

Previously #7 at 4.3

5.2

 #12

Westminster, CO

Previously #8 at 4.3

5.3

   #13

Lakewood, CO

Previously 5.6

5.7

   #14

Fort Collins, CO

Previously 5.7

6.0

   #15

Denver, CO

Previously 5.9

6.1

   #16

Boulder, CO

Previously 9.8