Aurora is growing

Aurora has seen steady population growth since the end of World War II, from 11,400 residents in 1950 to over 386,000 residents today. The availability of developable land, municipal water, and a business-friendly environment have contributed to Aurora being the third most populous city in Colorado and second most populous in the Denver metro area. Aurora’s housing has evolved to include many types of homes, neighborhoods and prices, serving a diversity of households with unique needs and preferences.

  Housing and rental prices have grown even faster

This growth has pushed rents and home prices higher each year, with median renter income increasing by 36 percent between 2010 and 2017 and home values increasing by 71 percent over the same period. In all areas of Aurora's rental submarkets, an income of more than $50,000 is required to afford the average rent—this is about $10,000 higher than the median renter income. As of 2017, Aurora had approximately 7,500 too few rental units for renters earning less than $25,000 a year.

  Demand remains strong

The city is positioned to capture a larger share of workers who need both affordability and proximity to major employment centers, including the Anschutz Medical Center and Denver International Airport, as well as middle income renters who want to become homeowners. The combination of recent price increases and slower income growth has priced many residents out of Aurora’s homeownership market. In 2016 and 2017, 56 percent of units sold were priced under $300,000, compared with 35 percent in 2018 and 2019.

To accommodate projected employment growth, the city will need to increase the pace of residential development across the price spectrum and include affordable rental and ownership products.

  Housing needs are diverse

Aurora’s success in attracting residential development has been an important factor in creating income, racial and ethnic, and household diversity in the city. As households and their preferences change, so does the need for diverse housing options. There is strong housing demand at all levels on the income spectrum, from individuals or households seeking transitional or affordable rental housing, to families looking to buy a home for the first time, to a growing desire for dynamic urban neighborhoods, and others.