Housing in Broomfield
wHY HOUSING MATTERS
In the 2018 housing needs study, Broomfield residents expressed a strong desire for Broomfield to remain a “life-cycle community,” meaning that people at any point in their career or family life can find a home there.
Stable and affordable housing is beneficial for the health, education, and safety of both adults and children. And the entire community benefits when we provide equitable housing options. When people can afford to live where they work and attend school, traffic decreases, local businesses thrive, and school enrollment stays up. Additionally, families and individuals with safe and stable housing are more likely to upkeep their home, vote, and participate in solving local issues. Communities with attainable housing for all are safer, more educated, and more equitable.
Most Broomfield renters are cost-burdened by housing, meaning that they spend more than 30 percent of their income on housing. 25% of Broomfield residents are severely cost-burdened, meaning that they spend more than 50% of their income on housing and are at-risk of losing their home.
Only two of Broomfield’s top five industries have average wages high enough to afford a home at the median sale price.
To afford renting a 2-bedroom apartment in Broomfield, full-time workers must earn $29/hour (more than three times minimum wage)*
Only 7% of all homes listed or sold in Broomfield in 2016/2017 were affordable for households earning less than $75,000 per year.
There is a shortage of nearly 1,300 units for renters earning less than $20,000 per year.
While most of our housing stock is geared toward middle-aged residents (35-54 years old), Millennials and seniors account for 23 percent of the population. Diverse housing stock is needed to provide options for younger workers, growing families, and older adults.
These numbers were reported in the 2018 Broomfield Housing Needs Study conducted by BBC research.
*National Low-Income Housing Coalition, 2019 Out of Reach Report