This Town Was Paradise Until Everyone Started Working From Home
In June of 2021, the town of Crested Butte, CO declared an affordable housing emergency due to multiple factors, including the so-called “Zoom Boom,” an influx of new residents seeking a scenic refuge to work from home after the worldwide crisis we experienced in 2020.
Property values in the resort town have skyrocketed since the 1990s. Houses that once sold for $60,000 now go for $1M and up. The median home value in Crested Butte increased by 38 percent in 2020, while supply dipped by 30 percent in 2021. The pricing surge, combined with long-term rentals switching to shorter-term, and wealthy non-residents building second or third homes on the ever-shrinking land supply, have only added to the crisis.