The Longmont Economic Development Partnership held its annual economic summit on Tuesday. One topic of discussion centered on housing affordability and other local demographics.
Around half of Colorado households make less than $75,000, said guest speaker Phyllis Resnick, PhD ED and lead economist of Colorado Futures Center. She shared that “even with the rise in interest rates, a majority of housing by value is affordable with two earners at approximately the median income.”
The median income in Boulder County is around $92,000. The gap in income has created a scenario where 86% of cost-burdened households earn less than $75,000.
During a panel, the speakers remarked that developers do not find it profitable to build entry level housing. Part of the problem is that fees that can add up to $50,000 and water rights create barriers to development.
“Colorado is the second most educated state in the nation,” said Meredith Moon Chief Economist and Director of Economic Competitiveness Metro Denver EDC. Boulder County leads the region in the most educated population with 63.2% having a bachelor’s degree or higher.
Boulder County ranks in the top five of counties in the nation with 32% of its population working remotely. Although the county has a high percentage of people working from home nearly 22,000 people leave the area to get to their jobs.
The county also has 68.1% of its population in the 16-64 age group. The area is suffering because only 14.9% of its population is younger than 16. This means fewer people are having babies and the population is aging into the 64+ age group. Youth in the area, with a good education system, can aide in drawing new businesses to the area.
Industries that are growing in the area include bioscience, aviation, IT-software, aerospace and food, beverage and agriculture technology all of which are make Longmont a prime location for growth in the future.
