Study: Many in Summit burdened by cost of living
FRISCO — Despite the completion of several workforce developments, including Valley Brook in Breckenridge and the Peak One Neighborhood in
Frisco, a recent study concluded — and many local residents agree — there is still a need for additional affordable housing in Summit County.
Nearly 40 percent of households are burdened by the cost of living, meaning they spend more than 30 percent of their total income on housing, according to the recently released results of the Summit County Workforce Housing Needs Assessment, which included feedback from more than 800 local residents and input from industry professionals.
More than 60 percent of local households say the availability of affordable living options is a serious or critical problem for the county.
The housing market is recovering and the rental market has made a significant rebound, but employees in Summit County have not, the study showed. More than a third of local households lost an average of $30,000 in annual income to the recession, and many employees hold fewer jobs now than they did before the economic downturn began in 2008.