New affordable homes in Frisco coming soon
To purchase the “average” Frisco home, an income of more than $207,000 would be required.
“Affordable” is the favorite term used when referring to homes that are deed restricted to local Summit County residents. It seems that is the only way locals can afford to buy a home. Lately, I have heard “attainable” used, rather than “affordable”. As prices go up, it seems to be a better word. The Summit Housing Authority does a great job of helping people with low interest loans for down payments together with homeowner education. The towns and the county governments have been trying to find more ways to provide housing for locals. The Peak One parcel, being town owned, seems perfect for it.
The Peak One tract of land in Frisco was aquired by the Town as part of a Forest Service land exchange. It has been used for recreation and open space, but the Town of Frisco has warned residents that it would not stay that way forever. The time seems to have come for it to be developed, and an ongoing dialogue between the Town and homeowners is coming to an end as plans for the area are coming together. The primary use will be for affordable housing for Summit County locals.
Frisco currently only has 35% of its housing stock owned by full time residents. The rest are second homes and vacation homes.
The gap between what locals can afford and the cost of housing is widening. It is driven by what second home owners are willing to pay, and many locals can no longer afford to buy any of the market priced homes. While the average income has gone from $35,220 in 1990 to $55,200 today, the average home price jumped from $121,600 to $809,932. To purchase the “average” Frisco home, an income of more than $207,000 would be required.
The Town has had three meetings asking for input on the Peak One parcel from local residents, and it has listened. They have three possible plans for development that would still allow a major portion of the 12.7 acre parcel to be kept as open space. They then presented the draft master plan to the town council at a meeting the end of May and listened to comments from residents and the Council. At a later meeting, the Peak One master plan will be formally adopted by the Council, then it will have to go through the annexation process and proposals for development will be solicited. For more information, including viewing the three possible plans, go to http://www.townoffrisco.com/government/affordable-housing/peak-one.html or call Amy Stoehrmann at 970-668-9126.
July 1st, 2008 at 8:38 pm
Affordable - or now attainable - housing is definitely needed in Summit County. It’s tough to be a true local and live and work in the county.