Demand for affordable Colo. rentals tops supply
DENVER – A new report says the number of the lowest-income Colorado households is roughly double the number of affordable rental units.
The report released Thursday by the Colorado Department of Local Affairs’ Division of Housing defines units as affordable if a household doesn’t have to spend more than 30 percent of its monthly income on rent. So a household earning $20,000 a year could afford monthly rent of $500.
By that standard, the report says, there are 49 affordable rental units for every 100 households earning $20,000 or less per year.
There are 53 units for every 100 households earning $10,000 or less a year.
The picture is better for households making $40,000 per year, with 102 rental units for every 100 of those households.