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County data presentation: Summit County cost of living, income inequality and population shifts
Summary
Staff presented Lightcast data showing Summit County's cost-of-living index at roughly 135% of the national average in 2024, rising income inequality (Gini), and recent population and household declines tied in part to short-term rental growth.
The chair presented updated Lightcast demographic and economic charts showing Summit County—cost-of-living measures and labor-market comparisons. He said the county's cost-of-living index for 2024 is about 135% of the U.S. average (a 35.1% difference), driven largely by housing costs, and compared the county to other mountain communities.
Citing data from the Federal Reserve Bank of St. Louis, the chair said income inequality (the Gini coefficient) has increased to the highest level measured since tracking began in 2010. He also walked the board through population and household trends: a banner year in 2016 (889 new residents) followed by net population and household losses in recent years. The presentation linked those household losses to conversions of housing units to short-term rentals, citing Kim Gardner data that Summit County added roughly 859 STRs between 2022 and 2023.
Board members raised concerns about the implications for schools, local services and workforce recruitment. The chair warned that if job growth continues to outpace population growth (he cited a projected 7,596 jobs in the model horizon), pressure on housing and wages is likely to persist unless targeted strategies are adopted.
