CO School Districts Enter the Housing Market

‍Colorado’s rising housing costs have presented a significant challenge to the state’s education sector. With salaries unable to keep pace with skyrocketing living expenses, school districts across the state are stepping into the housing market to aid their staff. This article explores how these districts are implementing creative solutions, from becoming landlords to building tiny homes, to address this pressing issue.

The Rising Cost of Living in Colorado

Colorado is experiencing one of the most expensive non-coastal housing markets in the United States, according to real estate research firm Zonda. As a result, prospective homeowners, not just in Colorado but across the country, are forced to find creative ways to attain homeownership. Some of these solutions include buying smaller homes, moving farther from business districts, stretching their budget, seeking creative financing, or even relocating to more affordable markets.

The state is also grappling with a significant shortage of housing inventory, a problem plaguing many major housing markets nationwide. On top of that, the staggering rents add another layer of challenge. For instance, the median rent in Aspen is a whopping $35,000, while in Frisco and Breckenridge, renters must shell out $5,500 and $6,000 respectively. In comparison, Denver’s median rent sits at a more manageable $2,169.

The Challenge for Colorado’s School Districts

In light of this housing crisis, school districts in Colorado are finding it increasingly difficult to attract and retain teaching staff. Traditional methods of increasing teacher salaries, such as local levies for tax increases to fund salary hikes or district investments, have proven insufficient. Even when tax levies are approved, the resulting wage increases often fail to offset the rising housing costs.

Douglas County, part of the Denver-Aurora-Lakewood metropolitan statistical area, recently saw voters approve a tax levy that could increase teacher salaries by an estimated 9.2%. However, even with this increase, the starting salary for teachers would still hover around $50,000, a sum insufficient for living in Douglas County, according to Douglas County School District Superintendent Erin Kane.

School Districts Turn to Innovative Solutions

Faced with this dilemma, school districts in Colorado are taking matters into their own hands. They are entering the housing market in various ways, including partnering with developers, constructing tiny homes, and even becoming landlords.

For instance, the Douglas County School District is considering using some of its district land and partnering with developers to create affordable housing for its teachers and staff. This strategy echoes actions taken by other districts across the country, such as a district in Florida that repurposed a former junior high school into a cost-effective housing apartment complex.

The Role of 719 Lending in Colorado’s Housing Market

As Colorado school districts search for solutions to their housing woes, local businesses like 719 Lending are stepping up to support these efforts. As experts in Colorado Springs real estate and finance, the team at 719 Lending provides valuable insights and solutions to help navigate the local housing market.

If you’re a teacher or school district employee impacted by the rising cost of living in Colorado, reach out to 719 Lending. They can help you explore your options, from traditional mortgages to creative financing solutions, ensuring you can find a home within your budget.

Conclusion

The rising cost of living in Colorado has created a unique and pressing challenge for the state’s school districts. As salary increases fail to keep pace with housing costs, these districts are turning to innovative solutions to ensure their staff can afford to live in the communities they serve. Local businesses, like 719 Lending, are stepping up to support these efforts, providing critical guidance and solutions in this challenging market.

If you’re a teacher or school district employee in Colorado struggling to navigate the housing market, don’t hesitate to reach out to 719 Lending. Their team is ready and eager to help you find a solution that fits your needs and budget.