Housing Needs and Strategies Assessment

In Spring 2022, the City contracted with Gruen Gruen and Associates to conduct a Housing Needs Assessment and to recommend strategies to encourage affordable housing development. The purpose of this study is to look at the housing market in Golden (both homeownership and rental) to determine how well it is serving the population and workforce of the city. The consultants analyzed statistical data, conducted interviews with Golden housing professionals and collected resident input to determine how well the current housing stock is meeting the need.

Results and recommendations from the final Housing Needs Assessment Report were presented to Council in October 2022.

Background

With our current population at about 21,000, the City of Golden has experienced a population growth of about 15% since the year 2000. In March 2022, the median home sales price was $950,000, up from about $500,000 in 2019. Almost half of the homes sold in March were sold for over $1 million.

Average rents in Golden continue to climb as well. Various sources list that a two bedroom (2 BR) rents between $1600-$1800 a month with a vacancy rate of 2.4%. Since 1996, the City of Golden has had a residential growth management system in place that currently limits construction of new residential units to a maximum of 1% per year.

According to the Jefferson County Economic Development Corporation Labor Force Report for the City of Golden, slightly over 75% of the workforce of Golden is employed in the combined sectors of Retail Trade (13.33%), Services (32.48%) and Public Administration (29.84%). According to US Census data, approximately 95% of the workforce of Golden lives outside of the city limits. As of Fall 2021, residential enrollment at the Colorado School of Mines (CSM) was just under 7,000 students.

Per the US Department of Housing and Urban Development, the median income for the Denver Metro area is $117,800.