Home Ownership/ Affordable Housing
Date updated: 03/20/2012
Chart Directory:
- Median Family Income & Median Sale Price - Fort Collins, 2006 - 2011
- Housing Opportunity Index - Colorado MSAs, Fourth Quarter 2011
- Percentage of Homeowners With and Without Mortgages - Larimer County & Communities, 2006-2010 American Community Survey 5-Year Averages
- Homeowners Paying 30% or More of Income for Housing - Larimer County & Communities, 2006-2010 American Community Survey 5-Year Averages
- Homeowners Paying 30% or More of Income for Housing by Income Level - Larimer County, 2006-2010 American Community Survey 5-Year Averages
Median Family Income (MFI) is an annual income figure. The median divides income distribution into two equal parts: one-half falling below the median income and one-half above the median. MFI is based on the distribution of the total number of families including those with no income. In 2010, the MFI for the Fort Collins-Loveland Metropolitan Service Area (MSA) was $76,700.
Median sale price is determined by taking the prices of all homes sold during a given year and splitting the range into two equal parts, with one-half falling below the median sale price and the other above the median sale price. Median sale price includes the prices of all homes sold in a particular year, including new, existing, single-family, and attached homes (such as condominiums).
The Housing Opportunity Index (HOI) is a measure of the percentage of homes sold that a family earning the median area income can afford to buy.
Affordable housing is defined as housing with monthly payments that cost no more than 30% of a household's gross monthly income for rent and utilities or mortgage PITI (principal, interest, taxes and insurance).
What this chart shows: Median Family Income & Median Home Sale Price in the Fort Collins MSA, 2006 - 2011
Data Source: National Association of Home Builders
What the above data tell us:
From 2006 to 2011, the price to income ratio in Larimer County varied between a low of 2.8 in 2009 and 2011 and a high of 3.3 in 2006. A lower price to income ratio means housing is more affordable.For a home to be considered affordable in 2011, mortgage PITI (principal, interest, taxes and insurance) on a $217,000 home would have to be $1,918 or less. Assuming a 10% downpayment and a 30-year fixed mortgage of $195,300, monthly PITI payments would run approximately $1,133, assuming an interest rate of 3.88%, a monthly average property tax payment of $114 and a monthly insurance payment of $100.
What this chart shows: Housing Opportunity Index (HOI), Fourth Quarter, 2011
Data Source: National Association of Home Builders
What the above data tell us:
The Housing Opportunity Index (HOI) measures the proportion of houses sold that are affordable to families earning the annual Median Family Income. In the fourth quarter of 2011, Greeley had the highest HOI in the state (88.6%). The Fort Collins/Loveland MSA had the fourth highest HOI in the state (79.7%). This means that 20.3% of homes sold within the Fort Collins-Loveland MSA in 2011 were not affordable to families with income equal to the Median Family Income.What this chart shows: Percentage of Homeowners With and Without Mortgages, 2006-2010 American Community Survey 5-Year Averages
Data Source: United States Census (Table B25091)
What the above data tell us:
On average, between 2006 and 2010 an estimated 76.3% of Larimer County homeowners had mortgages compared to 67.9% in the United States and 76.1% in Colorado. In 2000, slightly more (79.7%) of all Larimer County homeowners carried a mortgage.Wellington had the highest percentage of homeowners with mortgages at 93.4% and Red Feather Lakes had the lowest percentage at 42.6%. This is very likely due to the number of young families living in Wellington (media age 31.0) and the number of retired individuals living in Red Feather Lakes (media age 60.4).
What this chart shows: Homeowners Paying 30% or More of Income for Housing, 2006-2010 American Community Survey 5-Year Averages
Data Source: United States Census (Table B25091)
What the above data tell us:
In 2006-2010, an estimated 30.9% of Larimer County homeowners were paying 30% or more of their household income toward a housing, 22.5% of which were paying 35% or more. In comparison, only 22.1% of Larimer County homeowers in 2000 paid 30% or more of their income toward their housing.There were more Larimer County homeowners paying between 30.0% and 34.9% of their household income on mortgages (8.4%) than in the United States (7.2%) or in Colorado (7.9%). The percentage of homeowners in the United States (23.2%) and Colorado (23.1%) paying 35% or more of income on housing was higher than in the Larimer County (22.5%).
When comparing Larimer Communities by the percentage of income paid for housing, Johnstown is the only community with fewer residents paying 50% or more of their income on housing than those paying between 30% and 34.9% of their income. (See data table for details.)
What this chart shows: Homeowners in Larimer County Paying 30% or More of Income for Housing by Income Level, 2006-2010 American Community Survey 5-Year Averages
Data Source: United States Census (Table S2506)
What the above data tell us:
According to the 2006-2010 American Community Survey 5-Year Estimates, a higher percentage of homeowners earning less than $35,000 per year pay more than 30% of their income to housing than any other income level.During this same time period, 54.2% of Larimer County homeowners paid $1,500 or more in real estate taxes. More homeowners in Berthoud (59.7%), Fort Collins (57.1%), Red Feather Lakes (65.0%), Timnath (56.8%) and Wellington (55.4%) paid $1,500 or more in real estate taxes than homeowners in Estes Park (53.9%), Johnstown (54.1%), Laporte (36.8%) or Loveland (35.1%).
Additional Information:
Related Information on COMPASS -
- Affordable Housing Report - 2011 [pdf]
- Affordable Rental Costs
- Federally Subsidized Housing
- Homelessness [pdf]
- Household Types & Age of Residents
- Housing Occupancy - Ownership/Renting
- Residential Home Sales
Other Resources -
- National Association of Home Builders
- United States Census Bureau
- United States Department of Housing and Urban Development
Data Tables:
Median Family Income and Median Home Sale Price in Fort Collins
|
Year |
Median Family Income |
Median Home Sale Price |
|
2006 |
$68,600 |
$225,000 |
|
2007 |
$68,200 |
$220,000 |
|
2008 |
$75,000 |
$217,000 |
|
2009 |
$75,200 |
$208,000 |
|
2010 |
$74,900 |
$215,000 |
|
2011 |
$76,700 |
$217,000 |
Housing Opportunity Index - Fourth Quarter 2011
|
Metropolitan Statistical Area (MSA) |
HOI |
|
Boulder-Longmont PMSA |
73.5% |
|
Colorado Springs MSA |
85.5% |
|
Denver PMSA |
79.1% |
|
Fort Collins-Loveland MSA |
79.7% |
|
Greeley PMSA |
88.6% |
|
Pueblo MSA |
88.0% |
Homeowners With and Without Mortgages, 2006-2010 5-Year Averages
|
# With Mortgage |
% With Mortgage |
# Without Mortgage |
% Without Mortgage |
|
| United States | 51,696,841 | 67.9% | 24,392,809 | 32.1% |
| Colorado | 986,449 | 76.1% | 310,221 | 23.9% |
| Larimer County | 60,409 | 76.3% | 18,809 | 23.7% |
| Berthoud | 1,366 | 82.4% | 292 | 17.6% |
| Estes Park | 1,334 | 69.2% | 593 | 30.8% |
| Fort Collins | 24,815 | 79.5% | 6,396 | 20.5% |
| Johnstown | 2,061 | 84.7% | 373 | 15.3% |
| Laporte | 549 | 77.5% | 159 | 22.5% |
| Loveland | 14,140 | 76.2% | 4,415 | 23.8% |
| Red Feather Lakes | 40 | 42.6% | 54 | 57.4% |
| Timnath | 125 | 88.7% | 16 | 11.3% |
| Wellington | 1,420 | 93.4% | 101 | 6.6% |
Homeowners Paying 30% or More of Household Income
for Housing (2006-2010 5-Year Averages)
|
# Homeowners |
30% or More |
|
|
United States |
23,103,371 | 30.4% |
|
Colorado |
401,612 | 31.0% |
|
Larimer County |
24,460 | 30.9% |
|
Berthoud |
547 | 33.0% |
|
Estes Park |
672 | 34.9% |
|
Ft. Collins |
9,194 | 29.5% |
|
Johnstown |
671 | 27.6% |
|
Laporte |
234 | 33.1% |
|
Loveland |
5,413 | 29.2% |
|
Red Feather Lakes |
14 | 14.9% |
|
Timnath |
36 | 25.5% |
|
Wellington |
711 | 46.7% |
|
# Homeowners |
30-34% |
# Homeowners |
35%-39% |
|
|
United States |
5,475,880 | 7.2% | 3,857,568 | 5.1% |
|
Colorado |
102,148 | 7.9% | 69,461 | 5.4% |
|
Larimer County |
6,649 | 8.4% | 3,696 | 4.7% |
|
Berthoud |
130 | 7.8% | 85 | 5.1% |
|
Estes Park |
128 | 6.6% | 105 | 5.4% |
|
Ft. Collins |
2,835 | 9.1% | 1,392 | 4.5% |
|
Johnstown |
241 | 9.9% | 116 | 4.8% |
|
Laporte |
69 | 9.7% | 30 | 4.2% |
|
Loveland |
1,353 | 7.3% | 962 | 5.2% |
|
Red Feather Lakes |
0 | 0.0% | 0 | 0.0% |
|
Timnath |
0 | 0.0% | 10 | 7.1% |
|
Wellington |
190 | 12.5% | 88 |
5.8% |
|
Cont'd |
# Homeowners |
40-49% |
# Homeowners |
50% or More |
|
United States |
4,728,322 | 6.2% | 9,041,601 | 11.9% |
|
Colorado |
82,174 | 6.3% | 147,829 | 11.4% |
|
Larimer County |
4,717 | 6.0% | 9,398 | 11.9% |
|
Berthoud |
165 | 10.0% | 167 | 10.1% |
|
Estes Park |
143 | 7.4% | 296 | 15.4% |
|
Ft. Collins |
1,607 | 5.1% | 3,360 | 10.8% |
|
Johnstown |
97 | 4.0% | 217 | 8.9% |
|
Laporte |
25 | 3.5% | 110 | 15.5% |
|
Loveland |
1,245 | 6.7% | 1,853 | 10.0% |
|
Red Feather Lakes |
9 | 9.6% | 5 | 5.3% |
|
Timnath |
12 | 8.5% | 14 | 9.9% |
|
Wellington |
83 | 5.5% | 350 | 23.0% |
Homeowners (with Mortgages) Paying 30% or More of Household Income for Mortgage by Income Level (2006-2010 Five-Year Averages)
|
Income Level |
30% or More of Income |
|
<$34,999 |
12.6% |
|
$35,000 to $49,999 |
8.0% |
|
$50,000 to $74,999 |
10.3% |
|
>$75,000 |
6.1% |