No Affordable Housing Available in Colorado for Minimum Wage Workers

                       No Affordable Housing Available in Colorado for Minimum Wage Workers

Colorado’s Housing Wage for 2017 revealed in a national report released today.  

DENVER, June 8, 2017 — In order to afford a modest, two-bedroom apartment at Fair Market Rent in Colorado, renters need to earn $21.97 an hour. This is Colorado’s 2017 Housing Wage, revealed in a new report released today by the National Low Income Housing Coalition (NLIHC), Out of Reach: The High Cost of Housing.

Every year, Out of Reach reports on the Housing Wage for all states, counties and metropolitan areas in the country. The report highlights the gap between what renters earn and what it costs to afford rent at fair market value.

“The rental housing market in Denver truly is out of reach for so many in our community. As rent and home prices continue to rise, more and more families are experiencing homelessness. Working families are now living on the streets,” said John Parvensky, President and CEO of the Colorado Coalition for the Homeless. “Building more affordable housing is more critical than ever for low and extremely-low income families and individuals in our Colorado communities.”

In Colorado where the minimum wage is just $9.30 an hour, a family must have either almost 2.5 full-time wage earners or one full-time earner working 95 hours per week in order to afford a modest two-bedroom apartment.

Data from the report shows that the typical renter in Colorado earns about $17.13 per hour, which is still almost $5.00 less than the hourly wage needed to afford a modest unit.

"Out of Reach 2017 shows why millions of low income renters are struggling to afford their homes,” said NLIHC President and CEO Diane Yentel. “We have the resources to solve the affordable housing crisis in America by rebalancing federal housing expenditures to serve our country’s most vulnerable households. We lack only the political will to do so.” 

For more information on the Out of Reach report for Colorado, visit: http://nlihc.org/oor/colorado

About National Low Income Housing Coalition

NLIHC is a Washington, D.C.-based nonprofit organization dedicated solely to achieving socially just public policy that assures people with the lowest incomes in the United States have affordable and decent homes. Founded in 1974 by Cushing N. Dolbeare, NLIHC educates, organizes and advocates to ensure decent, affordable housing for everyone. NLIHC’s goals are to preserve existing federally assisted homes and housing resources, expand the supply of low income housing, and establish housing stability as the primary purpose of federal low income housing policy. Learn more at www.nlihc.org.

About Colorado Coalition for the Homeless

The mission of the Colorado Coalition for the Homeless is to work collaboratively toward the prevention of homelessness and the creation of lasting solutions for homeless and at-risk families, children, and individuals throughout Colorado. The Coalition advocates for and provides a continuum of housing and a variety of services to improve the health, well-being and stability of those it serves. Since its founding more than 30 years ago, the organization has earned state and national recognition for its integrated healthcare, housing and service programs. The Coalition’s comprehensive approach addresses the causes of homelessness, as well as the consequences, offering critical assistance to over 15,000 individuals and families each year. Learn more at www.coloradocoalition.org.

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