23-05-2025
Central Texas ‘stuck' in middle-income affordability crisis: National Association of Realtors
AUSTIN (KXAN) — A report published May 15 by the National Association of Realtors (NAR) claims that Texas' major metros face a 'significant shortage of homes' available for middle-income families.
The NAR said that in order to meet demand, the US must build two homes that list below $260,000 for each home above $680,000. Unless that happens, 'homeownership will remain blocked for millions of Americans who are otherwise financially ready to buy,' the NAR said.
'Middle-income buyers – those who are supposed to form the backbone of the homebuying market – are making progress, but they're still shut out of more than half of the homes for sale today,' the NAR wrote.
Austin leads the nation in affordable multi-family construction, but has the 10th lowest homeownership rate.
Austin's housing market: How quickly are homes selling, and for how much?
Austin Habitat for Humanity's Chief Impact Officer Billy Whipple spoke with KXAN about the report.
'Even as homes are coming online, the asking prices are higher than a lot of our wage earners. If you look at the median incomes, they're not able to afford the product coming online,' Whipple said. 'We've experienced a lot of growth here in Austin, and with that has come a lot more homes, a lot more units. I think we've all seen the construction.'
Whipple said that while Habitat is 'stepping in' to meet demand, support from the local and state governments is necessary to help builders.
'Delivering homes affordably, where more people across our entire economic spectrum can get into home ownership, does require support, subsidy and speed,' he said. 'The longer it takes to go through zoning, permitting, construction, the more uncertainty is entered into the equation. And that always equates to more cost to deliver.'
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