Santa Fe reviews economic development strategy focusing on population growth and housing challenges

The Quality of Life Committee meeting held by the Santa Fe City Council on April 2, 2025, focused on a comprehensive community assessment aimed at enhancing the city's economic development strategy. The meeting highlighted key findings regarding population growth, demographics, income, and housing trends in Santa Fe.

During the session, city officials discussed the results of a recent analysis that revealed Santa Fe's population growth from 2018 to 2023 has outpaced that of Santa Fe County, the state of New Mexico, and the nation. This growth is attributed to increased housing construction in the area. The median age in Santa Fe is 46.2 years, which is older than both the county and national averages. Notably, the city has a significant senior population, with 27% aged 65 and older, compared to 20% nationally.

The assessment also examined income and education levels, revealing that while Santa Fe has a higher concentration of residents with graduate degrees, the median household income has not risen as quickly as in other regions. This trend raises concerns about economic opportunities for residents.

Housing affordability emerged as a critical topic, with home values in Santa Fe increasing significantly over the past few years. The gap between home prices in Santa Fe and the national average has widened, now standing at $215,000. This disparity is linked to a backlog in housing supply, which has only recently begun to improve.

The meeting concluded with a call for community input on these findings, emphasizing the importance of addressing quality of life issues as part of the city's economic development strategy. The committee aims to refine its focus on target industries that can support local growth and innovation, ensuring that Santa Fe remains an attractive place for both current and future residents.