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Published Date 1/9/2024

. What good does it do to live in an upscale area when the people who serve you can’t afford to live anywhere near you? Do you raise the salaries of teachers, police, domestics, etc. just to make up for their commutes and survival, or do you provide a way to “help them help you?” According to HousingWire’s Will Robinson, a secondary school teacher in Colorado makes on average just under $63,000, according to the Bureau of Labor Statistics. “If a Colorado teacher making the average salary had $20,000 to put towards a down payment and were willing to spend 30% of their pre-tax salary on their mortgage payment, she could afford a house that costs about $225,000,” he says. The only problem? The typical Colorado home there runs more than $528,000. Together with homebuilders and landlords, districts across the country concluding Colorado and Austin TX, are coming up with a solution: workforce housing. “With forecasters not expecting home prices to crash anytime soon and essential jobs across the country needing to be filled, will this become a model for the future? Scenes of Steinbeck’s Grapes of Wrath come to mind, but on a much more sophisticated scale. Aspen, CO is famous for ski slopes and luxury housing. In 2022, the median home was worth about $843,000, and the median renter paid $1,738 per month, according to American Community Survey five-year estimates. And as in elsewhere in the country, affordability worsened during the pandemic. Aspen had already provided some housing for teachers for decades. It doubled down on this effort in the last two years, however, spending $40.8 million over that period to acquire 52 units and renovate several of its 50 existing units, according to Robinson. Reach out for more HousingWire, TBWS

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