Study estimates Basalt needs 298 additional affordable homes
A regional study estimates a 10-year need for 298 affordable homes tied to Basalt’s share of jobs. The findings will support state funding requests and later housing planning, but do not require construction.
What it means for you
For Basalt residents, the findings could shape future housing projects, regulations and state funding requests, but this presentation makes no binding decisions.
The full picture
Council is scheduled to receive a presentation from Liz Axberg and Planning Director Michelle Thibeault on the first phase of a regional housing needs assessment. No ordinance, resolution or spending decision is proposed at this meeting. Council is being asked to hear the findings, discuss the region’s housing shortage and understand the next steps for maintaining access to Colorado affordable-housing funds. The presentation is scheduled for 6:20 p.m. and covers Basalt along with Pitkin County, Garfield County, Aspen, Snowmass Village, Carbondale, Glenwood Springs, New Castle, Silt, Rifle and Parachute.
The work responds to two state requirements. Colorado Senate Bill 24-174, adopted in 2024, requires most local governments to complete and publish a housing needs assessment by December 31, 2026, and update it every six years. Proposition 123, approved by Colorado voters in November 2022, created a state affordable-housing fund. Rural resort communities must submit a petition supported by recent housing data if they want Proposition 123 programs to serve households with incomes above the standard limits. The City of Aspen began the study with Pitkin County and Snowmass Village in February 2025, then expanded it regionally after the Colorado Department of Local Affairs recommended a broader approach. Aspen hired Economic and Planning Systems, which previously completed assessments for Basalt and Eagle County.
The project was divided into two phases because communities face deadlines for Proposition 123 applications. Phase 1 is complete and covers demographics, the economy, housing inventory, market trends, affordability and current and projected need. Phase 2 will add housing problems, available resources, development barriers and opportunities, policy options and a housing action plan. Staff says the assessment itself is not a legal commitment to build the number of homes identified or to put housing in any particular location. Later, each council will use the data, available land, construction costs and other local considerations to set its own 10-year goals through a housing action plan.
The draft finds a regional net need of about 7,176 homes through 2035 after counting affordable units already under construction or approved. Pitkin County’s share is 2,545 homes, or 35% of the regional need, while Garfield County’s share is 4,631, or 65%. Basalt is assigned a net need of 298 homes: 173 associated with an existing shortage and 125 tied to projected demand. The allocation uses each community’s share of county jobs, then subtracts qualifying affordable homes in the development pipeline. Basalt’s figure represents 12% of Pitkin County’s need and about 4% of the regional total.
The study lists 40 affordable Tree Farm homes under construction in Basalt. It also identifies 17 affordable and 48 market-rate homes at Basalt Center Circle, three affordable homes at Basalt Commercial Park Lot J and two at Stott’s Mill as approved but not yet completed. Regionally, the presentation reports 641 affordable homes in the pipeline, including 357 in Pitkin County. Pipeline projects are subtracted differently depending on their stage: homes under construction reduce the estimated existing shortage, while approved projects reduce future projected need. The packet does not assign Basalt’s 298-home figure to specific parcels or projects.
Market data helps explain the estimate. Basalt had 2,249 housing units in 2023, up by 415 from 2015, making it the fastest-growing municipality in the study during that period. A separate affordable-housing table lists 294 Basalt affordable homes—43 rentals and 251 ownership units—against an “all housing” count of 1,610. That differs from the broader 2,249-unit count, and the packet does not fully explain the geographic or data distinction. The study also reports that Basalt’s median single-family sale price rose from $1.03 million in 2020 to $1,817,417 in 2024. The 2024 median was $1.25 million for townhomes and $1.069 million for condominiums.
Affordability has not kept pace with those prices. For Pitkin County, the study reports a 2024 median income of $100,600 for a two-person household, supporting about $2,515 in monthly housing costs under the study’s affordability standard. It says a two-person household earning three times the area median income—$301,800—still could not afford a median-priced home in the mid- or upper valley. In Basalt and Carbondale, only 2% of 2024 sales were affordable to households earning between 80% and 150% of area median income, while 47% were affordable only above 400%. Rental information is less complete, but a statewide apartment survey reported a Glenwood Springs-area median rent of $1,800 in the third quarter of 2025, up 57% from early 2022.
The choices come later. Basalt will need to weigh how much of the estimated need it can realistically address, which income levels should receive priority, and how to balance new construction, deed restrictions, rentals, ownership housing and regional partnerships. The assessment does not calculate a Basalt-specific construction cost, identify funding commitments or recommend zoning changes at this stage. After this update, staff plans to complete the Proposition 123 rural-resort petition, finish the state-compliant assessment and begin the required housing action plan. Residents may speak for up to three minutes during public comment near the start of the meeting and again when the housing presentation is called. Written comments may also be emailed to council for inclusion in the public record.