Affordable Rental Costs
Date posted: 02/20/2008
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Affordable rental housing is defined as housing which costs no more than 30% of a household's gross monthly income for rent and utilities.
What this chart shows: Average Household Rent and Vacancy Rates in the Fort Collins/Loveland MSA, 2000 to 2007*
Data Source: Colorado Division of Housing
*The above chart and the corresponding table display data based on multi-unit (duplexes, apartment buildings, etc.) rental housing only.
What this chart shows: Percentage of Households Spending 30% and More of Gross Annual Household Income toward Rent by Income Range - Larimer County, 2007
Data Source: Colorado Division of Housing
*The above chart and the corresponding table display data based on multi-unit (duplexes, apartment buildings, etc.) rental housing only.
What this chart shows: Percentage of Households Paying 30% and More of Gross Annual Household Income toward Rent - United States, Colorado, Larimer County & Cities and Towns, Census 2000
Data Source: United States Census Bureau
What this chart shows: Households by Percentage of Gross Annual Household Income Paid toward Rent - Larimer County, 2000
Data Source: United States Census Bureau
What these data tell us:
Vacancy rates in Larimer County increased almost 14% between the first quarter of 2001 and the first quarter of 2003. Since 2003, vacancy rates have declined slightly each year, reaching 7.9% in the second quarter of 2007. Average rent in 2007 increased $9 from 2006.According to the 2000 Census, 42% of Larimer County renters were paying 30% or more of their household income for rent. From 2000 to 2002, average rent in the Fort Collins/ Loveland MSA increased, and then fell slightly in 2003 and 2004. Between 2004 and 2007, average rent increased from $726 to $758. Rather than lowering rental prices, in many cases discounts on damage deposits and free months' rent were offered as incentives to lease apartments. Households with lower incomes remained "rent burdened", often paying 50% and more of income on rent.
Additional Information:
- The 'Fort Collins/Loveland MSA' is used by the State of Colorado, Division of Housing, to discuss housing statistics for Larimer County. An MSA (Metropolitan Statistical Area) is a large population nucleus, with adjacent communities which have a high degree of social and economic integration.
- Average rent is the average rent charged for all rental units (includes all sizes and prices of units) in the listed Metropolitan Statistical Area (MSA).
- Vacancy Rates are the percentage of rental units (includes all sizes and prices of rental units) that are available for new renters during a particular quarter (3 months).
On Compass-
- Food Stamps
- Free/ Reduced Lunch Program
- Home Ownership/Affordable Housing
- Homelessness
- Housing Occupancy - Ownership/Renting
- Low Income Energy Assistance Program (LEAP)
- Poverty
- Self-Sufficient Wages
- Subsidized Housing
- Temporary Assistance to Needy Families (TANF)
Outside Compass-
- Colorado Division of Housing
- United States Census Bureau
- United States Department of Housing and Urban Development (HUD)
- 2008 Housing Colorado Facts Book
Data Tables:
Average Rent and Vacancy Rates - Fort Collins/Loveland MSA
|
Rent |
Vacancy Rate |
|
|
2000 |
$690 |
3.4% |
|
2001 |
$727 |
2.6% |
|
2002 |
$753 |
7.0% |
|
2003 |
$743 |
16.1% |
|
2004 |
$726 |
13.4% |
|
2005 |
$740 |
12.7% |
|
2006 |
$749 |
8.8% |
|
2007 |
$758 |
7.9% |
Households Paying 30% and More of Income toward Rent by Income Range - Larimer County, 2007
|
Less Than $10,000 |
$10,000 to $19,999 |
$20,000 to $34,999 |
$35,000 to $49,999 |
$50,000 to $74,999 |
$75,000 to $99,999 |
$100,000 and More |
|
|
Households in Income Range |
76.6% |
82.0% |
46.0% |
15.0% |
3.7% |
0.7% |
0.0% |
Percentage of Households Paying 30% and More toward Rent
|
2000 Census |
30-34% |
35-39% |
40-49% |
50% or more |
TOTAL % |
|
United States |
7.3% |
5.1% |
6.7% |
17.6% |
36.7% |
|
Colorado |
8.3% |
5.7% |
7.2% |
17.4% |
38.6% |
|
Larimer County |
8.1% |
5.6% |
7.8% |
20.5% |
42.0% |
|
Berthoud |
9.5% |
7.2% |
8.8% |
9.0% |
34.5% |
|
Estes Park |
11.1% |
4.9% |
3.8% |
10.3% |
30.1% |
|
Fort Collins |
7.8% |
5.8% |
8.5% |
24.7% |
46.8% |
|
LaPorte |
8.8% |
2.0% |
10.7% |
12.7% |
34.2% |
|
Loveland |
9.9% |
5.6% |
6.9% |
14.3% |
36.7% |
|
Red Feather Lakes |
0.0% |
0.0% |
22.6% |
32.3% |
54.9% |
|
Timnath |
0.0% |
0.0% |
25.0% |
20.0% |
45.0% |
|
Wellington |
6.7% |
5.3% |
5.3% |
8.7% |
26.0% |
Household Income to Rental Payment - Larimer County, 2000 Census
|
Percentage of Household Income Paid |
Percentage of Households Paying that Amount |
|
30-34% |
8.1% |
|
35-39% |
5.6% |
|
40-49% |
7.8% |
|
50% or more |
20.5% |