A ‘cowboy ski town’ where high earners can’t afford a home faces a housing battle

STEAMBOAT SPRINGS, Colo. — Despite offering a salary of $167,000, the city of Steamboat Springs can’t find a head of human resources who can afford a place to live in the remote Colorado community surrounded by ranches and famous for training Olympic athletes.

At the Steamboat hospital, doctors willing to pay more than $1 million for a home have been repeatedly outbid by all-cash, out-of-town buyers, and housing costs have caused some positions to go unfilled for more than two years. The local ski resort has been leasing a hotel for its employees to live in as the homes they once rented are increasingly turned into short-term rentals for visitors.

“Houses used to be for employees and hotels for guests. Now houses are for guests and hotels are for employee housing,” said Loryn Duke, director of communications for the Steamboat ski resort. “We have a lot of great staff who are early in their careers or have young families, but they just aren’t able to put down those roots.”

In Steamboat, along with other mountain towns and destination communities across the country, a pandemic-fueled real estate boom driven by remote workers, second-home buyers and short-term rental investors has caused home prices to nearly double. Those prices have shown few signs of easing, despite rising interest rates and a push for remote workers to return to the office, leaving even high-income professionals struggling to find housing in small, rural communities across the country.

“I know that it’s so hard for folks outside of mountain or resort communities to even wrap their heads around, but housing is just so through the roof that unless you’re extremely wealthy, it’s unattainable,” said Margaret Bowes, executive director of the Colorado