Only 10% of homes on the market in El Paso County are affordable for majority of residents, says realtor

EL PASO COUNTY, Colo. (KRDO) - On Monday, the Pikes Peak Housing Network (PPHN) presented its state of housing report to the Colorado Springs City Council. The local non-profit presented some eye-popping numbers surrounding what residents can afford and what is actually available.

According to the PPHN network, 77% of El Paso County households can afford to buy a home in the $201k-$300k range. The group reports 45% of households can afford to purchase a home in the median range.

Local realtors report that only about 10% of properties on the market are priced below $300,000, creating an affordability gap for many residents. In response, local nonprofit Pikes Peak Housing Network is advocating for solutions, while builders like Oakwood Homes are introducing new collections aimed at providing more attainable housing options in areas like Banning Lewis Ranch.

PPHN says the significant disparity between income and home prices makes homeownership challenging for many. The group reports that the median home price in Colorado Springs has risen to approximately $480,000, while the median household income ranges between $84,000 and $98,000.

According to Pikes Peak Housing Network Executive Director Jill Gaebler, the region has a housing deficit somewhere between 13,000 and 27,000 homes.

"Our incomes with the price of homes. This right here [motions to presentation], in a nutshell, is why our community members cannot afford to buy a home. We just are not keeping up our incomes with the price of homes," explained Jill Gaebler, executive director for Pikes Peak Housing Network.

A new development in Banning Lewis Ranch, Oakwood Homes, says it has made a conscious effort to focus on accessible housing.

"Our mission is simple. It is to design and build homes that are accessible to every budget. So more Coloradans can find a place to call their own," stated Colorado Division President, Ryan Delp, for Oakwood Homes.

This strategy allows more residents to achieve homeownership, particularly in master-planned communities like Banning Lewis Ranch.

Oakwood Homes' new "Arrival Collection" in Banning Lewis Ranch starts in the mid-$200,000s, offering homes from 704 to 1,562 square feet with up to four bedrooms and three bathrooms, the builder says.

Pikes Peak Association of Realtors President Andrea Warner, confirmed the scarcity of affordable homes.

She noted that the overall market is unbalanced, with luxury homes over $650,000 currently moving faster than lower-priced homes, citing the migration of higher-income individuals and tech companies to Colorado Springs.

Warner stressed the importance of a diverse housing inventory for the community.

"Having a nice, balanced inventory and that means balanced priced homes in all these markets because it benefits everybody," Warner said. She added that such availability "gives opportunity for people to reach that American dream, which is homeownership."

Warner also advised buyers to be cautious of "add-ons" and hidden costs when new homes are advertised at starting prices, recommending realtor representation to understand what is included in the base price and overall expenses.

Warner expressed enthusiasm for new affordable developments.

"I'm really excited about this builder putting in this new development in the two hundreds because that is going to help out," Warner said.

She recommended buyers ask what features are standard, including lot options, flooring, paint packages, landscaping and fixtures and suggested working with a realtor for guidance.

The PPHN will host its inaugural Housing Summit on Oct. 1, featuring a keynote speaker on building small to provide toolkits for community development.

Oakwood Homes plans to pursue additional infill opportunities to offer more affordable solutions in the coming months.

Stay up to date with the latest local news, sports, and investigations by downloading the KRDO13 app. Click here to download it from the Apple App Store. Android users can download it from Google Play here.