Affordable Housing

More than just housing: a place to call home

Ensuring every older adult has access to quality, affordable living.

Silver Key is dedicated to addressing one of the most pressing needs in our community: affordable housing. We believe that everyone deserves a quality, secure place to call home. Building on the success of our existing housing community, we continue to expand affordable housing opportunities throughout Colorado Springs—creating places where individuals can live with dignity, connection, and independence. Through these efforts, we’re helping build a stronger, more supportive community in the Pikes Peak region.

Leading the way: Silver Key’s commitment to affordable senior housing

Building a secure future for older adults

Quality, affordable housing is essential for older adults to thrive.

Silver Key believes everyone deserves a safe, welcoming place to call home. Access to affordable, quality housing remains one of the greatest needs facing older adults in our community, and Silver Key is committed to being part of the solution.

Today, we are proud to offer two affordable housing communities where elders can live with dignity, connection, and peace of mind—Murray Apartments at 1575 S. Murray Blvd., Colorado Springs, CO 80916, and Hancock Apartments at 1410 N. Hancock Ave., Colorado Springs, CO 80903.

To meet the growing demand, we are already developing a third affordable housing community—our Future Site on Weber at 2126 N. Weber St., Colorado Springs, CO 80907.

As the need for affordable housing continues to rise, Silver Key remains dedicated to expanding opportunities that foster independence, community, and well-being. Together, we’re building more than homes—we’re building a future where every older adult has the stability and support they deserve.

Join us in making this new apartment a reality.

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1. Exterior building photo “An aerial view of a modern three-story apartment building with parking spaces and landscaped areas surrounding the entrance.” 2. Living room photo “A furnished apartment living room with a window, gray sofa, round ottoman, wooden-style flooring, plants, and a stainless-steel refrigerator is visible.” 3. Kitchen photo “A contemporary apartment kitchen with stainless steel appliances, (Dishwasher, Sink, Microwave, Oven.) tile backsplash, and wood cabinetry.”

Discover Our Current Apartments

Discover the comfort and community of Silver Key’s two affordable senior housing apartment communities, thoughtfully designed for elders and veterans.

Silver Key Apartments at Hancock

Silver Key Apartments at Hancock

Located directly next to the new Senior Center, this community offers single-bedroom units for older adults and individuals with disabilities. The three-story building sits beside the Patty Jewett Golf Course, with easy access to Walmart, public transportation, and other nearby amenities.
1410 N. Hancock Ave.
Colorado Springs, CO 80903
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Silver Key Apartments at Murray

Silver Key Apartments at Murray

Nestled beside a beautiful river with a scenic walking path, our community offers a welcoming home for adults 62+ looking to enhance their lifestyle. Enjoy mountain views of the Front Range from our sundeck, appreciate energy-efficient appliances, and rest easy with all utilities included. Plus, we’re proudly pet-friendly.
1575 S. Murray Blvd.
Colorado Springs, CO 80916
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Together, We’re Building What’s Next

Safe, Affordable Housing Matters for Community Health

At Silver Key, we understand that housing and health are deeply interconnected. Safe, stable, and affordable housing is more than shelter—it’s the foundation for overall well-being. When older adults struggle to maintain housing, their health, nutrition, and access to care often decline. Likewise, when housing is secure, it promotes independence, mental health, and community connection.

This understanding drives Silver Key’s efforts to expand affordable housing options and integrate supportive services that nurture both the physical and emotional health of older adults.

Four Health Impacts of Housing

Three in five Coloradans (60%) say their community is in a housing crisis. But only 34% think housing is closely tied to health. Many aspects of housing, ranging from the quality of a home to its affordability, have been shown to affect the health of residents. A framework published in Health Affairs describes four pathways that demonstrate the connection between housing and health.

  • Stability: Securing and keeping housing can promote good physical and mental health.
  • Safety and quality: Poor housing conditions such as allergens and lack of ventilation can lead to chronic health issues.
  • Affordability: Lack of affordable housing can lead to displacement and limit the ability to access other needs, such as food or health care.
  • Neighborhood: Physical and social characteristics such as parks and businesses can promote well-being

 

Learn More:

Robert Wood Johnson Foundation – Housing and Health: An Overview of the Literature

Health Affairs Policy Brief (PDF)

The Growing Need

Requests for housing support and navigation services have surged as rising rents and home prices push more individuals—especially older adults—toward housing instability.

Average rents and home prices in Colorado continue to climb at remarkable rates, putting growing pressure on housing stability. In 2023, about 7.1% of Coloradans reported worrying about keeping stable housing in the next two months—up from 5.6% in 2021. Renters were especially impacted: nearly 17% expressed concern about having a place to live, compared to just 2.4% of homeowners.

Colorado’s aging population adds another layer to this challenge. The number of residents aged 65 and older is projected to grow by 48% by 2050, with older adults expected to make up roughly 21% of the state’s total population. As housing and healthcare costs rise, many elders living on fixed incomes face increased risks of housing instability, which can directly affect health, access to care, and overall well-being.

 

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Our Changing Community

Colorado Springs is experiencing significant growth among both young professionals and older adults, reshaping the region’s housing landscape. With rising rent costs, limited availability, and a growing population of elders on fixed incomes, the need for affordable and age-friendly housing continues to intensify.

  • The average monthly rent for apartments in Colorado Springs is approximately $1,500–$1,900 (varies by unit type and neighborhood).
  • Housing supply remains constrained in the region, contributing to affordability pressures.
  • Around one in three households are cost‑burdened, meaning they devote 30% or more of income to housing costs.
  • Older Adults make up 14.66% of the population (projected to be 48% by 2050)
  • 6% of Seniors in Colorado Springs have an annual income of less than $10K and 22% less than $20K
  • The average Social Security Income in COS is ~$20K – $23K annually
  • The median household income in Colorado Springs is $83,198 overall. For households headed by seniors (65+), it’s about $66,937 — and lower still for those living alone.

Older adults want (and often need) housing that includes age-in-place design features, inviting floor spaces, and a connection with people and the outdoors. Additionally, Elders face unique barriers including: low-fixed incomes, accessibility barriers, ageism, transportation needs, and increased anxiety/vulnerability, requiring carefully crafted, integrated strategies.

Silver Key's Housing History

Silver Key has a long history of providing safe, affordable housing for older adults. Since the 1980s, we have been committed to creating communities where elders can live with dignity, connection, and peace of mind. Today, we offer multiple affordable housing communities and continue to expand our efforts—like our upcoming development on Weber Street—so even more older adults in the Pikes Peak region have a place to call home.

Hancock Apartments (also known as Senior Heritage Plaza Apartments), located at 1410 N. Hancock Ave., Colorado Springs, CO 80903, has been a cornerstone of our housing mission since its founding in the 1980s. This welcoming community offers a comfortable, supportive environment where residents can thrive.

Murray Apartments, located at 1655 S. Murray Blvd., Colorado Springs, CO 80916, is a welcoming affordable housing community for older adults. This vibrant community offers residents a safe and supportive environment where they can live with dignity, connection, and peace of mind. Murray Apartments includes 50 units, with 13 specifically designated for veterans. It is conveniently located on our campus at 1625 S. Murray Blvd., Colorado Springs, CO 80916, where residents have easy access to all of our services, including but not limited to our food pantry and transportation.

“Exterior view of the Murray Apartments, a welcoming and comfortable affordable housing location for older adults in Colorado Springs.

Future Affordable Housing Development (Weber Street) – Silver Key is expanding its commitment to affordable housing with a new 50-unit community for older adults at 2126 N. Weber St., Colorado Springs, CO 80907. A portion of the units will be specifically designated for veterans, and residents will enjoy convenient access to Silver Key services, including transportation, meal delivery, Connections Cafe, and more. This new development reflects our ongoing mission to create welcoming, supportive spaces where older adults can live with dignity, independence, and connection.

More Than Housing

Our thoughtfully designed housing brings Silver Key’s core services right to residents’ doorsteps—offering spaces for connection, wellness, and support all in one place.

  • Community space large enough for gathering, activities, and meal sharing of food provided by Silver Key
  • Closed-door meeting rooms for residents to receive Silver Key behavioral health and wellness services including Veteran support
  • Small community kitchen space for Silver Key meal delivery and distribution
  • Covered entrance with close to door drive-up vehicle access for residents to conveniently access Silver Key transportation services
  • Small community garden for individual and group activities
  • Opportunity to volunteer for Silver Key
  • And much more!

Join Us in Expanding Access and Awareness

Community support is vital to the success of this and future projects. By helping raise awareness and sharing information about Silver Key’s housing initiatives, you play an important part in ensuring older adults in our region have access to the homes and services they deserve.

We’d love to hear from you! Share your thoughts, ideas, or feedback about this project with the Silver Key team.

If you’d like to support our housing services—including our building projects and housing navigation programs—please note “for housing services” with your donation. Your generosity helps create safe, welcoming homes for older adults in our community.

Housing Headlines: Understanding the Need

Explore articles and resources highlighting the growing need for affordable housing for older adults in Colorado and beyond. Learn more about the challenges many face—and why expanding access to safe, stable housing is more important than ever.

The shortage of safe, affordable, and accessible housing for older adults in the Colorado Springs region is one of the most pressing social issues today. Silver Key understands the unique challenges older adults face and has developed a comprehensive, coordinated approach to address these needs.

Discover more in Silver Key’s Housing Program FIVE PILLARS.

Relevant Articles:

Aging with nowhere to go: Increasing number of people age 65 and older are becoming homeless in Colorado

Looking for resources or guidance? Explore our Housing Support Toolkit — click here to get started.

Ready to connect?

For more information please email info@silverkey.org – reference housing in your message.

Call us: 719-884-2300
Email us:  info@silverkey.org

Learn more about Silver Key

Housing is just one of the many ways Silver Key supports our senior community.

Silver Key Connections Café

Enjoy delicious meals and meaningful conversations in a welcoming environment where new friendships bloom over breakfast and lunch. Our café serves fresh, nutritious food at affordable prices, making it the perfect place to connect with others while savoring home-style cooking.

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Visit our thrift store

Find unique treasures and quality merchandise while supporting Silver Key's mission. Our thrift store offers amazing bargains on gently used items, and Senior Wednesdays provide extra savings. We're like a neighborhood boutique where every purchase helps local seniors!

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Need a ride?

Our friendly drivers provide reliable transportation to Silver Key's activity centers and other destinations. We'll help you get to your favorite classes, social events, and community activities with ease, ensuring you never miss a moment of fun or learning.

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