Making resort towns affordable

And you thought resort towns were only for the rich. Well, according to an Associated Press story, that’s no longer the case.

The story, which you can read here, says that resort towns such as Jackson, Wyo., are providing more subsidized and affordable housing. The reason is obvious: All those teachers, ski instructors, police officers and fire fighters need to find homes they can afford.

The story focuses in part on a married middle-school teacher in Jackson who purchased a home for $230,000. The home’s market price was $750,000.

Officials in the Rocky Mountain resort town recognize that the vast majority of middle-class buyers can’t afford the town’s median home price of $1.2 million. To keep these people in town, Jackson is often providing financial subsidies to families with six-figure annual incomes.

It sounds strange, I know. But these towns do face a challenge. To keep their resort status, they must be filled with homes cost $1 million or more. But to keep a strong middle-class, they must also find some way to provide affordable housing and subsidies. From the Associated Press story, it looks like Jackson’s on the right track.