New regional housing assessment shows Colorado Springs 27,000-unit shortage today, 60,000 homes needed by 2035

~ The City of Colorado Springs has released a new Regional Housing Needs Assessment to the City Council, providing a comprehensive analysis of the local housing conditions. This is the most extensive study conducted in over a decade and reveals significant gaps between the current housing situation and the needs of current and future residents.

According to the assessment, there is a shortage of 27,712 housing units as of 2023, and it is projected that an additional 60,034 homes will be needed by 2035. This would require doubling the community's annual production pace. The report also highlights rising home values, limited rental options, and a mismatch between existing housing stock and household demographics. This includes single-person households, seniors, young professionals, and low- to moderate-income workers.

The assessment also sheds light on the cost burdens faced by residents in the region. More than half of renters and nearly one in three homeowners spend over 30% of their income on housing. Aimee Cox, Chief Housing and Homelessness Response Officer, stated that this assessment provides an honest picture of where they stand and where they need to go. She added that the shortage affects residents across all income levels and limits housing choices for families, seniors, and low-wage workers. However, she also sees potential solutions in these numbers.

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To help residents understand the data better, the City has launched two interactive online dashboards that visualize neighborhood-level housing trends, needs, and affordability across El Paso County. The first dashboard displays key data from the study's dataset by municipality while the second presents census tract-level housing and demographic information.

Both dashboards include summary views for quick insights as well as interactive maps that allow residents to explore deeper into municipality and census-level trends across the region. These dashboards are available at ColoradoSprings.gov/HousingNeedsAssessment.

The Housing Needs Assessment will directly inform the Colorado Springs Housing Action Plan expected in 2026. This plan will outline specific strategies, such as zoning updates, funding tools, and partnerships, to address the identified needs and support a more balanced and resilient housing market across all income levels.

The project was conducted in response to the City's growing population and the requirement of SB 24-174. It was funded by the City of Colorado Springs, the El Paso County Community Development Block Grant, and the Colorado Infrastructure and Strong Communities Grant Program. The assessment also provides data for all municipalities within El Paso County to support their planning and compliance with Colorado Senate Bill 24-174. However, only Colorado Springs and unincorporated El Paso County will receive recommendations as part of this study.

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Some key findings from the Regional Housing Needs Assessment include:

- El Paso County is projected to reach one million residents by 2050, a 35% increase from 2023.

- Since 2010, Colorado Springs has added over 30,000 households.

- The average rent in Colorado Springs reached $1,784 in March 2025, requiring an income of $78,693 to be affordable. However, only 36% of renters meet this threshold.

- The median renter income is $58,325.

- The average home value reached $457,000, requiring an income above $150,000 to purchase. Only about 30% of local households meet this threshold.

- The median homeowner income is $106,625.

- Real home values grew nearly four times faster than incomes from 2018–2023.

- Nearly 78% of senior households in Colorado Springs are overhoused.

- The region needs an estimated 23,345 accessible units to meet reported mobility needs.

- Basic Allowance for Housing levels fall below typical family-sized rental and ownership costs for many enlisted personnel.

- Family-sized rental options remain limited.

The City of Colorado Springs hopes that this assessment will help them create a Housing Action Plan to support a balanced housing market and ensure that all residents, whether they live, work, or choose to retire in the city, can find a home that meets their needs. The full assessment and dashboards are available at ColoradoSprings.gov/HousingNeedsAssessment.

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