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A salary of $167,000 is not enough to buy a house in this small town

A salary of $167,000 is not enough to buy a house in this small town

The Colorado town of 13,000 is experiencing a severe housing crisis, leaving local ski resort workers forced to stay in hotels and the hospital struggling to hire staff, according to reports. nbc.

The municipality of Steamboat Springs has seen single-family housing prices increase by 80% since 2020 to reach a median value of $1.8 million USD, or about $2.4 million CAD.

During this period, homeowners saw their property taxes rise by 86%. Obtaining real estate in Steamboat Springs with an income of less than $200,000 has become nearly impossible.

The municipal administration is also unable to hire a human resources director because the salary offered, $167,000 a year, is not enough to buy a house in Steamboat Springs.

The local hospital says several doctors who were willing to pay more than $1 million for residency saw their offers significantly outperformed by outside buyers.

The small town, whose economy relies heavily on its ski resort, has become a popular location for Winter Olympic athletes.

Now the ski resort has to rent a hotel to house its employees, because apartments and houses that were once available for rent are now Airbnb-style accommodation.

“In the past, our employees used the houses and the hotels housed visitors. Now, the houses are rented by visitors and the hotels are used to house our staff,” laments Steamboat Ski Center's director of communications.

She laments that many of her employees have young families and are starting their careers, but are unable to put down roots in the city due to the housing crisis.

Thanks to an anonymous donation of $24 million, the city was able to purchase land of just over two square kilometers to build about 2,200 housing units. The sale and rental of these units will be limited to people who work and live in Steamboat Springs full time.

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The hospital also embarked on a real estate project consisting of 42 apartments whose rent does not exceed 30% of the income of the employees who will live in them.