Seventy-one percent of Aspen’s projected housing need over the next 10 years is for affordable and moderate-income units, according to data presented to City Council December 8.
The regional housing needs assessment identifies 1,246 total units needed in Aspen—with 882 of those for households earning below 130% of area median income. That’s $147,030 or less for a three-person household in 2024.
Liz Axberg, city housing policy analyst, presented findings from Economic and Planning Systems. The study covers Pitkin and Garfield counties and was completed to meet state requirements under Senate Bill 24-174 and qualify for Proposition 123 funding.
For context, the 2024 Pitkin County area median income is $100,600 for a two-person household and $113,100 for a three-person household.
The breakdown shows urgent need across income levels: 216 units for extremely low to very low income (under 50% AMI), 347 units for low income (51-85% AMI), 319 units for moderate income (86-130% AMI), 175 units for middle income (131-205% AMI), and 189 units for households earning above 205% AMI.
The data reveals severe affordability gaps even for high earners. A two-person household earning 300% of area median income ($301,800 in 2024) cannot afford homes in Aspen or the mid-valley. Households need 200% AMI ($201,200) to afford median-priced homes in down-valley communities like Carbondale and Basalt.
In 2024, 80% of home sales in the upper valley were only affordable to households earning over 400% AMI—$452,400 for a three-person household. No sales in Aspen, Snowmass Village, or surrounding areas were affordable below 120% AMI.
Median home prices tell the story: $7.3 million for single-family homes in Aspen, $7.5 million in Snowmass Village, and $1.8 million in Basalt. Even condominiums in Aspen now sell for a median $2.7 million.
The regional study identified 7,176 total units needed across both counties—2,545 in Pitkin County and 4,631 in Garfield County. The assessment splits need into five income categories, with the greatest demand in categories 2 (51-85% AMI) and 3 (86-130% AMI).
Axberg emphasized the study does not mandate construction targets. “It’s really just data on what’s going on in terms of housing need here,” she said. The findings will support a Rural Resort Income Limit Petition to access Proposition 123 funding, potentially bringing millions in state grants.
The state affordable housing fund totals $200 million. Aspen’s petition would allow the city to count housing units serving higher income levels toward state requirements and access funding for projects beyond typical AMI restrictions.
Next steps include completing Phase 2 of the assessment and developing a Housing Action Plan for City Council adoption. The same presentation was scheduled for Snowmass Village and the Pitkin County Board of County Commissioners.
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