Affordability has been a chief topic of concern in the housing industry for the past several years, and the lack of affordable options in the state of Colorado is pushing that state’s school districts into action.
Leaders in Colorado districts are entering the housing market in a variety of ways, including engaging in partnerships with developers, constructing tiny homes and even becoming landlords, according to a story published by the Denver Post.
Getting more involved in housing
“School districts in Colorado’s pricey high country are leading such efforts, but at least one metro Denver district — the Douglas County School District — is eyeing a partnership with developers to turn district land into housing for its employees,” the story explained.
Leaders in other counties explain why the move is necessary: raising teacher salaries doesn’t work since funding for the state’s K-12 programs doesn’t allow for wages to rise commensurately with housing costs, necessitating more affordable options for housing.
“We’re solving for an issue that is much more systematic,” said Tony Byrd, superintendent of the Summit School District serving the micropolitan area of Breckenridge, in an interview with the Denver Post. “Frankly, the cost of living vs. wages makes it such that if we are going to staff our schools… for many districts we have to jump in and do it.”
An expensive noncoastal market
According to data from real estate research firm Zonda, Colorado stands as one of the most expensive non-coastal housing markets in the United States.
“Potential buyers in expensive noncoastal markets, but also in many metros across the country, have had to get creative to find paths to homeownership,” said Ali Wolf, chief economist at Zonda in October. “Those looking to buy are considering their options such as buying a smaller home, moving farther from a central business district, stretching their budget, looking for…