The fifth annual Longmont Housing Affordability Review is complete. Please click the link below to retrieve your copy of the report in .pdf format. Thank you to Amy Aschenbrenner, CEO of the Longmont Association of REALTORS® for her assistance.
This is a non-partisan, unbiased review of the 2018 real estate data. It has no agenda besides being a thorough review of the yearly sales and inventory of housing in Longmont and the surrounding area. It compares the affordability of our housing stock to that of nearby and similar towns and cities. The bottom line is that Longmont is becoming less affordable every year, which is no surprise.
The report is revealing of the health of the Longmont real estate market. It also reveals the inadequacies of surrounding towns to provide affordable housing options for their municipality or the region. This inadequate affordability comes in multiple forms. There are towns less expensive than Longmont, but their housing stock is so small it provides few affordable options. Other towns are more expensive than Longmont and do not provide any affordable options. Questions that should be asked are how can we all participate in solving this crisis.
Last year, we revised the way we measure affordability and it’s based on locally adjusted income levels. Our change revealed that our affordability problem is a not just a price problem. Additionally, income is not the only limiting factor to how expensive of a home a family can afford. Personal debt is one of the biggest contributing factors to who can buy and who cannot. Our model considers income level, reasonable debt and decent credit. As debt increases and credit decreases, the attainability of home ownership disappears quickly.
Below is the link to the report. Enjoy. Please call, text or email with questions.