Colorado Ski Town Reserves 75% of Housing for Local Workers

URGENT UPDATE: In a pioneering move, Breckenridge, Colorado, has reserved nearly 75% of its full-time housing for local workforce residents, addressing a critical housing crisis in this popular ski town. This groundbreaking initiative aims to ensure that essential workers can afford to live in the community as home prices surge.

Recent reports highlight the plight of local workers like Jake Carter, a 27-year-old emergency medical technician. Carter purchased his two-bedroom condo for less than $1.85 million—a price significantly lower than the market average due to deed restrictions allowing only full-time locals to reside there. “I definitely have this program to thank for my permanence here,” Carter stated, emphasizing the importance of such housing initiatives.

The town’s housing crisis is alarming; over the past decade, home prices in Breckenridge have skyrocketed by more than 80%. A study from Harvard University shows rural vacation areas in the West saw home prices leap by over 50% from 2020 to 2023. The consequences are dire: 60% of all renters in Breckenridge, including 86% of Latino renters, spend more than a third of their income on housing.

While 68% of Breckenridge’s housing units are designated as second homes or vacation rentals, the town has passed a $50 million housing plan to combat this trend. Since its implementation in 2022, over 400 new deed-restricted units have been constructed, with an additional 300 expected in the next four years. This effort is unprecedented in Colorado ski towns, with Breckenridge leading the charge.

Local officials, including Laurie Best, the town’s housing director, have been instrumental in this housing strategy. By annexing land and collaborating with private developers, Breckenridge has made significant strides in creating affordable housing. “They have made workforce housing a priority, and they put their money where their mouth is,” said Margaret Bowes, executive director of the Colorado Association of Ski Towns.

Despite these efforts, the challenges remain daunting. Breckenridge still needs approximately 1,200 more units to adequately house its workforce. Last year, a new apartment complex saw an overwhelming response, with over 1,000 applicants vying for just 52 units. This highlights the desperate need for more affordable housing options in the area.

The town’s approach emphasizes not just the quantity of housing but also diversity in types of units. Best noted that the resort area’s workforce ranges from young lift operators to established professionals, necessitating various housing options. However, even with significant investment, affordability remains a relative term, with three-bedroom units in new developments projected at around $780,000.

As Breckenridge continues to grapple with these housing issues, it sets an example for other mountain towns facing similar challenges. The community’s commitment to fostering a sustainable living environment for its workers is crucial, particularly as rising real estate prices threaten to displace local residents.

Stay tuned for further updates on this developing story as Breckenridge strives to balance growth with the needs of its local workforce.