March 20, 2015 6:00:58 am

The Future of Real Estate

By Eric Thompson

What does real estate look like in Northern Colorado in the future? With the incredible growth in our area, where are all these people going to live? How many more houses do we need? Good questions! Let’s take a look at the numbers.

Today, there are 320,000 people living in Larimer County. Data from the Colorado Department of Local Affairs shows that the estimated population in 2030 will be 420,000. 100,000 people added in 15 years is 6,600 per year. Wow!

What’s really interesting is that about 75% of the population growth is projected to come from people moving here as opposed to natural population growth (babies being born). Double wow!

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So what about housing? A good rule of thumb that has held true over time is 2.5 people per household. Today the exact number is 2.45. By the year 2030 we need 40,000 new housing units for all those people which means we need to add 2,666 per year. That means a combination of homes, condominiums, apartments, etc.

The fundamentals are clearly in place creating long-term demand for real estate in our market.

We cover this and several other topics in our newly-released report called “The Scoop.” It’s everything you need to know about the Northern Colorado market. Contact us to receive a copy by mail or email.