Using data from the Colorado State Demography Office, Karen Iverson, RHA’s executive director in Durango, says it will be difficult to build 15,700 units in that time period, according to durangoherald. The study says the county will need 4,550 urban and 3,770 rural single-family homes, 3,140 multifamily and condo units, 2,510 manufactured homes, 1,260 townhomes and 470 duplex units.
In addition, the report states employment will grow primarily in the service and tourism industries, and the low average wage in those sectors will increase the demand for more affordable housing. As Iverson notes, “We have an extreme affordability issue in the county. When we look forward, I don’t see anything to suggest it’s going to get any easier. It’s going to get more extreme.” One indication of the housing crunch is a multifamily project, the Lumien Apartments, set for occupancy in October, has 200 applicants for 50 units.
During the first quarter of 2015 the median price for a home in the county was $342,500, and in Durango the median price was $425,000. With low wage jobs growing and affordable housing in such demand, MHProNews understands the door could be wider for more manufactured homes than the study suggests. ##
(Photo credit: Horizon Land Co. manufactured home)
