The Austin Board of Realtors (ABoR) is backing a proposal to expand affordable homeownership opportunities by subdividing single-family lots for the building of smaller and less expensive homes.
According to a CBS Austin report, the median price for home sales in the Texas capital was $540,000, but ABoR noted that 94.5% of residential sales last year exceeded $300,000 – with a large percentage of those properties priced beyond the reach of many residents.
The Austin City Council has put forth the “HOME Plan” to create more affordable homes with smaller properties being created on smaller parcels. ABoR estimated this strategy could lower local home costs by 24%.
“While the full potential impact of this initiative may take several years, it represents a crucial step towards enhancing housing affordability,” said ABoR CEO Emily Chenevert. “It’s not just about addressing the current housing crisis; it’s about laying the groundwork for a future where Austin remains an inclusive, vibrant community where everyone can thrive. From first-time homebuyers to existing homeowners, young people to older adults, and essential workers to professionals, these changes stand to benefit us all.”
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