In Colorado state, the town of Steamboat Springs, initially a summer resort, has transformed into a renowned skiing destination. This remote community is famous for training Olympic athletes and its champagne powder. The combination of warm sunshine, cowboy boots, and friendly locals has created a cozy and laid-back atmosphere in this historically significant Colorado vacation town.
According to the city manager of Steamboat Springs, Gary Suiter, wealthy individuals spending millions on second homes in the area have driven up housing costs, a trend that has been exacerbated by the pandemic. The high cost of housing has made it difficult for the local government to find a human resources director despite offering an annual salary as high as $167,000. Two potential candidates have rejected the position as they could not afford the cost of living.
In an effort to make the six-figure salary more attractive, the city government has introduced a signing bonus that can be negotiated for suitable candidates. “If we can recruit the right candidate, we will provide a signing bonus within a reasonable range,” Suiter stated.
Suiter further explained that this situation is not unique to just one position in these high-end vacation communities. Various levels of positions are challenging to fill in these exclusive areas. According to a report by NBC, even doctors willing to spend over $1 million on a house at Steamboat Hospital have repeatedly lost out in fierce property competitions to out-of-town buyers, leaving some positions vacant for over two years due to housing costs.
Realtor.com indicates that the median listing price for homes in the area is currently $1.8 million, while Zillow.com reports a median rent of $4,500 per month. The real estate frenzy, driven by remote workers, second-home buyers, and short-term rental investors, has nearly doubled property prices in Steamboat Springs and other mountain towns and tourist destinations across the United States.
Margaret Bowes, executive director of the Colorado Association of Ski Towns, expressed to NBC that housing prices in Steamboat Springs are simply too high, making it nearly impossible for anyone but the extremely wealthy to reside there.