DENVER ~ In a recent press release, Governor Polis and the State Demography Office (SDO) announced the release of a comprehensive analysis of Colorado's housing shortfall. The report, conducted in partnership with the legislature, reveals that while progress has been made since 2019, there is still a need for further action to address housing challenges across the state.

Governor Polis emphasized the importance of making housing more affordable for all Coloradans, stating, "We are fighting to lower housing costs and ensure that every Coloradan can realize the dream of becoming a homeowner but more work needs to be done." He also highlighted the need for expanding housing options in order to provide more affordable choices for residents.

Maria De Cambra, Executive Director of DOLA, echoed this sentiment by stating, "Every Coloradan deserves a place to call home." She acknowledged that while progress has been made since 2019, there is still much work to be done. De Cambra reaffirmed DOLA's commitment to working with partners to provide affordable housing options for all Colorado residents.

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The report, conducted by Kate Watkins, Colorado State Demographer, compares existing housing shortage estimates and offers an estimate with a transparent methodology. Watkins explained that by providing objective and reliable data, the analysis aims to support state and local governments in understanding Colorado's evolving housing needs and how best to allocate resources.

Key takeaways from the report include an estimated housing shortfall of 106,000 units for 2023. This is a significant decrease from its peak in 2019 at 140,000 units. However, in order to prevent this shortfall from growing further, approximately 34,100 new homes would need to be built each year over the next decade based on population projections. It is important to note that these homes must be owner- or renter-occupied and not second or vacation homes.

While progress has been made in reducing the housing shortfall since 2019, the report also highlights growing affordability issues. This is largely due to slower population growth and increased housing production. The report notes that between 2020 and 2023, Colorado built an average of 43,000 housing units each year, significantly higher than the previous decade. This surge in construction helped reduce the shortfall by nearly 25 percent in just four years.

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However, since 2023, Colorado's housing market has faced new challenges such as elevated interest rates and rising construction costs. As a result, new construction activity has slowed down, and affordability gaps have widened. To address these challenges, SDO plans to update its analysis annually with new data to track the evolution of the housing shortfall.

DOLA plays a crucial role in addressing the housing shortfall by providing research and analysis to guide housing strategies. The Department's Divisions of Housing (DOH) and Local Government (DLG) actively work towards reducing the gap through infrastructure investments, targeted grant programs, partnerships with local governments and developers, and other solutions such as expanding modular and manufactured housing.

The full report is available on SDO's website. While it highlights meaningful progress in reducing Colorado's housing shortfall, there is still an urgent need for additional homes. DOLA's programs and partnerships continue to work towards addressing this gap while tailoring solutions to meet local needs. Collaboration among state and local governments, developers, and community organizations will be crucial in ensuring that every Coloradan has access to safe, secure, and stable housing.

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