In Teller County, housing is a challenge for many people. Here’s why:
- The minimum wage is not keeping pace with the rising cost of housing, and many workers struggle to afford a decent home, often paying 30 – 50% of their income on housing.
- Service jobs pay among the lowest wages in the county (averaging $22,000 in 2004), and place additional strain on already scarce affordable rentals and entry-level ownership housing.
- Home prices are increasing, with the median home value for Teller County at $232,300 (Source: 2015 Dept. of Housing and Urban Development).
- The estimated need for affordable housing in Teller County is 200 units each year (Source: 2006 Teller County Needs Assessment).
A decent, affordable home is something we all need to thrive, and the benefits associated with housing are many.
- Stable housing supports healthy growth and development in young children
- Children of homeowners are 116% more likely to attend college than children of renters
- The foreclosure rate on Habitat houses in the United States is less than 2% on an annualized basis
- Habitat homeowners work to build their own homes, go through financial education classes, and pay an affordable mortgage