FOR IMMEDIATE RELEASE

The Yampa Valley Housing Authority (YVHA) and Economic & Planning Systems, Inc. (EPS) Announce the Release of the Final 2025 Housing Market and Demand Study

STEAMBOAT SPRINGS, CO, July 7, 2025 — The Yampa Valley Housing Authority (YVHA) is pleased to announce the publication of the final 2025 Housing Market and Demand Study. YVHA engaged Economic & Planning Systems, Inc. (EPS), a land use and economics consulting firm with offices in Denver and California, who, along with Boulder-based research firm RRC Associates, conducted the study.

Study Objectives and Scope

This study analyzed the housing market and housing needs in the Yampa Valley.  A cornerstone of the study was a statistically valid household survey, conducted in February 2025. The survey was designed to collect primary data on housing challenges and housing preferences in the region. The geographic scope is all of Routt County, plus Craig. Some of the key questions addressed include:

• How affordable is existing housing relative to incomes?
• How many new housing units are needed over the next decade?
• What types of housing — single-family, multi-family, for-sale, or for-rent — best meet demand?
• Where should new housing be located?

Key Findings

Key findings from the report include the following:

• Housing Market Mismatch – The housing market in Routt County has become detached from household incomes and wages. The market is driven largely by demand for vacation homes and part-time residences, whose buyers can outcompete residents and wage earners.
• Jobs and Wages: Tourism and recreation are the largest economic sectors and many of the largest industries and occupations in the region pay less than needed to keep up with housing costs. Two people earning the average wage (about $56,000 per year) can afford a $430,000 home (approximately), compared to the median home price in 2024 of about $1.15 million countywide.
• Changing demographics – Like many mountain communities in Colorado, Routt County is aging faster than the state and becoming more affluent, with more household income coming from investment and retirement sources. These trends indicate that housing and economic conditions in the Yampa Valley region are less favorable for young people and families.
• Renters have high housing stress: About one quarter of renters in Routt County pay half or more of their gross income towards rent. Overall, more than half of renters pay 30% or more of their income to rent, a common measure of affordability. Thirty-five percent of all renters had to move when they did not want to in the past 5 years, and 29% of renters under 35 feel “very or somewhat” insecure with their current housing situation.
• Home prices (all types) have increased rapidly since 2019:
  • Single-family home prices have increased at a rate of 16% per year since 2019 in Routt County. The median single-family home price was about $1.15 million near the end of 2024.
  • The median condominium price in Routt County was $940,000, increasing at 19% per year since 2019.
• 10-Year Housing Demand Estimates: The study provides housing demand estimates that are long range planning targets for the region. They are an “order of magnitude” assessment of the mismatch between the current market and what is needed for people to have more access to housing that is affordable. Total housing demand for Routt County is estimated at approximately 3,200 housing units over ten years (320 per year target) and is composed of:
  • Catch up demand to address existing housing challenges, shortages, or gaps and is estimated at 2,061 housing units.
  • Keep up demand based on projected job growth at 1.4% per year results in over 1,100 housing units over 10 years.
• Housing Stock Alignment: Housing construction in the region generally does not align with the needs of the local workforce and community. In Routt County, just over 320 new homes were built every year on average since 2015, similar to the demand target of about 320 new homes per year. However, what is being built today does not match local needs. Single family homes are becoming larger and more expensive, and most condominiums are designed for part-time residences and overnight rentals.
• Housing Development Feasibility: The costs of land and construction create a large feasibility gap for attainable for-sale housing. The feasibility analysis in the study highlights the importance of resourceful financing approaches and heavily discounted or free land to close the gap.

“YVHA has eagerly awaited the 2025 Housing Market & Demand Study. The study documents demographic and economic changes in Routt County and Craig, particularly in the last five years, and points to serious challenges our communities will have to address to meet local housing needs. YVHA will use this report to guide housing development, investment, and program decisions. We hope that local government partners, policy makers, and the broader community find the report informative, helpful, and actionable too.” said Elliot Lawrence, Deputy Director of YVHA.

“The housing market in Routt County has really turned a corner in the last 10 or so years to look more like some of the most expensive places in Colorado and the Mountain West. We hope this information is useful to the community to think about how to alleviate some of the housing stress people are experiencing, and how to sustain the economy. Housing is central to community well-being and a critical piece of economic infrastructure.” said Brian Duffany, Principal at Economic & Planning Systems, Inc.

To download a copy of the full report, click: 2025 Housing Market and Demand Study. A presentation of findings to the City of Steamboat Springs City Council is scheduled for Tuesday, July 8^th. A detailed agenda and meeting logistics may be found on the City of Steamboat Springs website.

Methodology and Community Input

The study used data from the U.S. Census, Colorado State Demography Office, Multiple Listing Service (MLS), Bureau of Labor Statistics (BLS), Colorado Housing and Finance Authority (CHFA), and other sources. Additionally, a household survey was distributed to 4,000 randomly selected households, with an online option in English and Spanish available for all residents and commuters. Consultants Economic & Planning Systems and RRC Associates led the analysis, with guidance from a Technical Advisory Committee of housing experts.

About Economic & Planning Systems, Inc

Economic & Planning Systems, Inc. (EPS) is a land economics consulting firm experienced in the full spectrum of services related to real estate development market analysis, housing strategies and policy, public/private partnerships, and the financing of government services and public infrastructure. Founded in 1983, the firm has four offices: Berkeley, Los Angeles, and Sacramento, California, and Denver, Colorado—and EPS’s team of 35 consultants serves clients throughout the country and abroad.

About the Yampa Valley Housing Authority

The multi-jurisdictional Yampa Valley Housing Authority advocates for and provides safe, affordable housing and support to low- and moderate-income residents employed in Routt County. Our service area includes the city limits of Steamboat Springs and the boundaries of the Steamboat Springs Rural Fire Protection District. We believe the strength, culture, and diversity of our community is enhanced when everyone has a decent place to call home.