Montrose has experienced demographic changes over the past decade. The population has fluctuated, increasing from 1,560 in 2017 to 1,958 in 2022. The median income has also varied, peaking at $44,029 in 2018 before decreasing to $35,395 in 2022.

Racial demographics in Montrose have shown minor shifts. The white population decreased from 92% in 2017 to 82% in 2022, while diversity slightly increased. The Hispanic population remained relatively stable at approximately 6%, and the percentage of residents identifying as two or more races increased from 2% to 8% during this period.

These demographic changes, particularly the fluctuations in population and median income, may influence the demand for affordable housing in Montrose. The slight increase in diversity could also impact housing needs for different cultural groups.

Montrose's LIHTC-funded affordable housing inventory provides an important resource for low-income residents. The two projects, completed in the early 2000s, offer a mix of one-bedroom and two-bedroom units, catering to smaller households. While the current inventory covers about 10.7% of the estimated housing units, demographic trends, including population growth and income fluctuations, may indicate an evolving need for affordable housing in the city. Ongoing monitoring of these trends will be essential for future housing policy decisions in Montrose.