Seniors now outnumber children in Routt County as rapidly rising housing costs weigh on families
- Dylan Anderson
- 1 day ago
- 5 min read
Data from a new housing demand study shows the number of residents over 65 has increased by 158% in Routt County since 2010, while the number of residents under 18 declined by 9%
As the number of seniors in Routt County has seen surging growth since 2010, the number of children is steadily declining — a pair of trends that now has seniors outnumbering children in the Yampa Valley.
The data comes from a new housing demand study that will be presented to Steamboat Springs City Council on Tuesday. It shows that the number of residents over the age of 65 in Routt County has grown by 158% since 2010 while the number of children locally has declined by more than 9%.
The study’s demographics section shows that seniors over the age of 65 now slightly outnumber children under the age of 18 in Routt County, roughly 4,410 to 4,390, respectively. This growth in seniors and shrinking in the number of children helped increase Routt County’s median age to 42.6 years. That’s up from 38.9 in 2010. The average age in Colorado is 37.5 years.
“Routt County is aging faster than the state, indicating that housing and economic conditions in the Yampa Valley region are less favorable for young people and families,” the study reads.
These trends are even more stark in Steamboat Springs, where the number of older adults is up 182% since 2010 — a change from roughly 860 residents over 65 in 2010 and more than 2,410 in 2023. The decline in children is steeper in Steamboat too; down 11% since 2010, or roughly 250 fewer children in the community.
The number of young adults ages 18 to 24 living in Routt County has declined faster than any other age group, including children. While there were more than 2,200 residents in this age group in 2010, that number is down to about 1,730 in 2023 — a 22% decrease. Like with children, Steamboat Springs has seen a larger, 23% decrease in young adults.
In 2010, roughly 38% of homeowners locally were between the ages of 35 and 54, the largest of any age bracket. By 2023, people over the age of 60 had become the largest age bracket of owners, with them owning 31% of homes.
“Many of these people who purchased their homes at lower prices have been able to stay in the community, and new wealthy retirees and semi-retirees have moved to the region, pushing up the average age of homeowners,” the study reads.
The study, commissioned by the Yampa Valley Housing Authority and conducted by Denver-based Economic & Planning Systems Inc., comes roughly 16 months after voters soundly rejected annexation of land and 2,200 units of housing at Brown Ranch, with many voters feeling the project was too big. Updated numbers in the 156-page report show demand has only increased since then, with the area needing 2,061 units to “catch up” and about 1,132 units to “keep up” with future demand for housing.
While these figures will undoubtedly be part of the ongoing conversation about the future of the 535-acre Brown Ranch parcel, the study says specifically that it is not meant to inform officials on what would be built at Brown Ranch.
“This housing demand study evaluates broad trends in the housing market,” the study reads. “More specific market analysis and feasibility studies are needed to help housing developers determine what will be the most marketable and financially feasible on the development side.”
Unlike previous housing demand studies, this one looked at the city of Craig and all of Routt County, not just Steamboat Springs or the Yampa Valley Housing Authority’s district area. The study includes a survey with more than 2,700 responses weighted across the survey area by zip code.
The lead consultant on the study is Economic & Planning Systems, a firm that was initially hired by the city of Steamboat Springs during Brown Ranch annexation talks.
Single-family home prices have more than doubled since 2019
A key finding of the study is that the price of housing has more than doubled since 2019, with the median price for a single-family home in Routt County increasing at a rate of 16% per year.
That is a jump from the median being $670,000 in 2019 to $1.4 million in 2024, of a 109% increase. The median condo price increased faster, at a rate of 19% per year and now sits at $940,000, up from 390,000 in 2019. That’s an increase of 141% since 2019.
The study found that in 2024, more than 71% of all homes sold in Routt County would have required an income that is at least double the area median income. In 2019, more than half of home sales would have been attainable for households that made less than double area median income.
The alternative of building a home isn’t much better, with the study estimating that a “simple, good quality 1,700 square foot single-family detached home” in and around Steamboat would cost roughly $1.2 million to build, with $500,000 of that being the cost for land with utilities. Outside of Steamboat, the same home would cost roughly $950,000 to build, the study says, a decrease due to lower land costs.
Despite high costs, housing is being built locally with 2024 seeing more new units permitted than any year since 2002. Since 2020, Routt County has permitted nearly 2,000 new housing units, with 55% of those being new multifamily units like condos. (As these units are counted based on the year the project was first permitted, not all of this housing has been built yet.)
While the study says there are indicators of a softening housing market in the Yampa Valley, it is unlikely to make any meaningful changes in housing affordability.
“Home prices would need to drop by several hundred thousand dollars to bring them down far enough to align with local incomes and wages,” the study reads. “Home prices would need to fall by more than 50% which is unlikely even in a severe recession.”
More people are working in Routt County and living elsewhere — mainly Craig
The study estimates that nearly 2,000 people are working for an employer in Routt County but are living somewhere outside of Routt County. Of these people, more than 80% live in Moffat County, with 60% of them living in the city of Craig.
“Commuting trends are important to analyze because they can indicate a mismatch between the locations of jobs and where workers live,” the study reads.
Commuting estimates are based on U.S. Census Transportation Planning Product data, which covers five-year study windows. From the first study window, 2012 to 2016, to the second, 2017 to 2021, the number of commuters has increased by more than 28%, or an additional 400 commuters, though the study encourages looking at trends as “accurate to the person commuting estimates are difficult to obtain.”
“Given that the [census] data is now four years old and housing prices have increased substantially, it is reasonable to project that the number of commuters has continued to grow since the 2021 data release,” the study reads.
Nearly 70% of condos in Routt County are owned by non-residents
The study estimates that more than 37% of housing in Routt County is owned by someone who does not live in Routt County, likely indicating a part-time resident, short-term rental or second-home. That number is higher in Steamboat Springs, where 44% of housing is owned by a non-resident.
When looking at condos alone, nearly 70% of units are owned by someone who does not live in Routt County.
"People who buy part-time residences can outcompete local buyers and set the market pricing for housing in areas where part-time residences are a large part of the housing market," the study reads. “The Group Steamboat’s 2024 year-end real estate market report found that over 50% of home sales in Steamboat Springs were cash transactions.”