Housing Cost and Availability in Centennial

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In 2021, City Council set out to explore housing cost and availability in Centennial. The intent is to advance the understanding of the entire spectrum of housing issues in the City, define the various needs for housing and identify priorities to potentially inform future policy.

Current Research

City Council heard from a variety of local housing experts from across the Metro Denver Region. The following are some of the takeaways that we learned:

- Centennial has desirable amenities, but lacks in affordability and inventory, thus buyers and renters are forced to go elsewhere in the region.

- Centennial has a limited inventory for downsizing, first-time homebuyers, options for aging population, or small to mid-size homes.

- View presentation slides from the South Metro Denver Realtor Association(PDF, 1MB)

- Misconceptions prevent us from embracing affordable housing and using it as a tool for improving communities.

- View presentation slides from Arapahoe County Housing and Community Development Services(PDF, 1MB)

- Colorado ranks as the third-least affordable state in the nation when median income is compared to median home sales price (U.S. News). Successful strategies to close the gap between income and cost of housing include building a broader range of housing options. To accomplish this and encourage this type of development, local governments should build incentives into their Land Development Code (LDC) and zoning regulations, consider strategies to reduce construction costs, and increase development viability.

- View presentation slides from Colorado Housing Affordability Project(PDF, 1MB)

- The Area Median Income (AMI) in Centennial is higher than in surrounding areas. Discussions of WHO in our local workforce would fall within a variety of low-income categories, and benefit from more affordable housing. “Affordable housing” is defined in HB21-1271 as up to 80% AMI for rental housing and up to 140% AMI for affordable homeownership. The table below shows qualifying incomes for Arapahoe County in 2021(PDF, 2MB).

 

Household  1-person  2-person 3-person 4-person 5-person 6-person
Affordable rental
(80% AMI) 

$56,000

($27/hour)

$64,000   $72,000 $80,000 $86,400 $92,800
100% AMI $70,000  $80,000 $90,000 $100,000  $108,000 $116,000
Affordable Homeownership
(140% AMI)

$98,000

($47/hour)

$112,000 $126,000 $140,000 $151,200 $162,400

- View presentation slides from the Department of Local Affairs, Colorado Division of Housing(PDF, 169KB)

At the time of this presentation, a House Bill known as HB21-1271 was making its way through the state legislature and was eventually signed by the Governor in June 2021. The Act authorizes the State of Colorado to develop a grant program to provide funding to local governments who are eager to explore strategies that incentivize the development of affordable housing across the state. The City of Centennial was awarded a grant through this unique opportunity to move forward with our research efforts regarding housing cost and availability.

Next Steps

The City plans to begin extensive research and public outreach in early 2022.

Tentative Schedule:

  • Release Request for Proposals (RFP): November 2021
  • Consultant Selection and Project Kick-off: January 2022
  • Community Housing Needs Assessment: Quarters 1-2 2022
  • Public Engagement on Housing Strategies and Development of Housing Policy: Quarters 2-3 2022
  • Planning and Zoning Commission and City Council Public Hearings (Land Development Code modifications and other policy action): Quarters 3-4 2022

Take a Virtual Housing Tour

In addition to learning from local experts, Centennial is exploring housing types across the Denver Metro area to understand what is working and what isn’t. You can explore some of these housing types through our Virtual Housing Tour(PDF, 3MB).

Share Your Comments

Do you have feedback after exploring the Housing Tour(PDF, 3MB)? Are there housing ideas you think Centennial should include in our research? Are there types of housing you wish you saw more of in Centennial?

Please use the field below to share your thoughts with us.

 


Stay Connected

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If you have questions, send us an email at housing@centennialco.gov.