Austin has become notoriously unaffordable for many people.
mes as the most recent data shows the median cost of a home inside the city limits is still above half a million dollars. mes as the most recent data shows the median cost of a home inside the city limits is still above half a million dollars.
The Austin Board Of Realtors reports that the median cost of a home in the city of Austin is $565,000, which is down from its peak, but still out of reach for many in a city where the median family income is about $75,000 a year. “What it is at its core is a new program that for the first time ever creates a subsidy-free way to build affordable housing in Austin," said District 5 Council Member Ryan Alter.RELATED| First 3D-printed homes in the Austin area go up for sale
“This is going to be for working-class families, we are exploring what the proper median family income threshold will be, but the idea is you know homes priced anywhere in the 200s to 400s, a segment of the market that really just doesn’t exist in a lot of areas of town," Alter said. The US Census and Department of Housing released new numbers showing only 41% of Austinities are renters compared to 34%of adults nationwide. Rent is more expensive in Austin and about 48% of renters are considered “cost-burdened," where they pay more than one-third of their income on rent.“This challenge has been decades in the making and it is multifaceted. We have supply challenges we have challenges around permitting and the administration of getting housing on the ground.
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