American Community Survey Shows Need to Increase Housing Supply and Make Colorado More Affordable


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Media Contact: Chynna Cowart 
chynna.cowart@state.co.us | 303-656-7464

Recent data from the Census Bureau’s 2018-2022 American Community Survey indicates that Colorado must continue to encourage the creation, preservation, and overall production of affordable and attainable housing for the state’s growing population. This month, Governor Polis released a Roadmap to Colorado’s Future: 2026 that highlights a common vision for a Colorado on its 150th birthday that is affordable and has a high quality of life.

This dataset contains population characteristics for census block groups, census tracts, municipalities, counties, and states. It provides a rich picture of Colorado's educational attainment, income, housing, and work location, among other social characteristics.

It is important to note the ACS 5-year estimates are not designed to measure rapid change during short periods because the data come from a 5-year period. The most appropriate comparison for the 2018-2022 ACS release is the 2013-2017 ACS or prior years as they do not include overlapping years. Dollar values are in real or inflation-adjusted values for the last year of the 5-year series (2022 for the 2018-2022 series)

The ACS provides more than 1,400 tables containing information about the characteristics and conditions of the population ranging from place of birth, geographic mobility, transportation, commuting and educational attainment. To view the ACS list of tables and variables as well as several common tables collected by the Colorado State Demography Office please visit the State Demography Office ACS webpage.

Below are a few of the initial findings for Colorado and its counties:

Housing Ownership, Renting, and Housing Costs

Statewide Results:

  • The home ownership rate for Colorado rose by 1.5 percentage points from 64.7% in the 2013-2017 ACS to 66.2% in the 2018-2022 ACS and owner-occupied households increased by nearly 160,000.
  • Housing value and housing costs increased, in inflation-adjusted dollars, in this five year time frame between the 2013-2017 and 2018-2022 ACS.
    • The median home value of owner-occupied housing units increased from $334,600 to $465,900.
    • The number of owner-occupied housing units with a mortgage decreased from 72% to 70%.
    • The median monthly mortgage costs for owner-occupied housing units with a mortgage increased from $1,944 to $2,109.
    • The median monthly gross rent increased from $1,125 to $1,594.
  • The percentage of home owners paying more than 30% of their income on housing costs remained the same between 2013-2017 ACS and 2018-2022 ACS at 23%.
  • The percentage of renters paying more than 30% of their income on housing costs increased from 48.5% in the 2013-2017 ACS to 49.5% in the 2018-2022 ACS.

County Results:

  • Median home value increased between the 2013-2017 and 2018-2022 ACS in 45 counties
    • The median increase, in 2022 dollars, was slightly over $94,000.
    • The smallest increase, $19,000, was in Conejos County, while the largest increase, $164,000, was in Elbert County.
  • The median monthly mortgage cost increased between the 2013-2017 and 2018-2022 ACS in 19 counties.
    • The median increase, in 2022 dollars, was slightly over $190.
    • The smallest increase, $45, was in Pueblo County, while the largest increase, $308, was in Morgan County.
  • The median gross rent increased between the 2013-2017 and 2018-2022 ACS in 21 counties, decreased in three counties (Baca, Delta and San Juan counties), and remained statistically unchanged in the rest of the counties. 
    • The median increase, in 2022 dollars, was slightly over $240.
    • The smallest monthly increase, $68, was in Douglas County, while the largest increase, just under $500, was in Lake County.
  • The percentage of home owners paying more than 30% of their income on housing costs increased in two counties (Arapahoe and Morgan counties) and decreased in eight counties (Alamosa, Broomfield, Custer, Jefferson, Montezuma, Montrose, Ouray, and Rio Grande counties) and remained statistically unchanged in the rest of the counties.
  • The percentage of renters paying more than 30% of their income on housing costs increased in five counties (Adams, Arapahoe, Clear Creek, Douglas, and Weld counties) and decreased in four counties (Larimer, Logan, Mesa, and San Miguel counties) and remained statistically unchanged in the rest of the counties.

Other Findings:

  • The percentage of people age 25 and older with a bachelor’s degree or higher degree increased from 39.4% in the 2013-2017 ACS to 45.7% in the 2018-2022 ACS.  In both the 2013-2017 ACS and the 2018-2022 ACS, the percentage of persons with at least a bachelor’s degree was second highest in the nation.
  • The number of people with incomes below 100% of the federal poverty level in the 2013-2017 ACS fell from 612,000, or 11.5%, to 540,000, or 10% in the 2018-2022 ACS. 
  • The percentage of persons who report working from home more than doubled from 7.4% in the 2013-2017 ACS to 16.5% in the 2018-2022 ACS. 

The Census Bureau posted a collection of Narrative Profiles highlighting key results from the 2018-2022 ACS as well the 2018-2022 ACS press release.

Serving as the primary source for Colorado population and demographic information, the State Demography Office provides population estimates and forecasts for Colorado’s regions, counties, and municipalities developed by the State Demography Office and the U.S. Census Bureau.

 

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