Access Affordable Housing

By December 2022: Implement a tool kit of housing mix and style plans to improve access to quality housing affordable for a broad range of income levels

Description:

The strong economy in the State of Colorado plays a key role in rising housing costs. In December 2019, the median home value in Arvada was $440,589. Arvada home values have gone up 2.2% over the past year and Zillow predicts they will rise 1.0% within the next year. 

The median list price per square foot in Arvada is $272, which is higher than the Denver-Aurora-Lakewood Metro average of $267. The median price of homes currently listed in Arvada is $459,900 while the median price of homes that sold is $421,500. 

The median rent price in Arvada is $2,150, which is higher than the Denver-Aurora-Lakewood Metro median of $2,100. A household would need to make $85,000 per year to manage a monthly rental rate of $2,100. 

Significance:

To support a vibrant community, the City has adopted, as one of its guiding principles, to "Improve access to quality housing that is affordable to a broad range of income levels and provide resources, housing, and neighborhood assistance services to residents, neighborhoods, property owners, and stakeholders."

Arvada's ability to attract and retain residents and businesses relies on affordable housing to a broad range of income levels.

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Analysis:

In March, 2021, a City Council workshop was held to review the results of the public engagement efforts made to date and to further discuss the six recommendations suggested in the work undertaken by the Root Policy Group. It is anticipated that the plan will be adopted by the end of 2021, which would complete work on this strategic result.