Thu. Sep 21st, 2023
    Austin Board of REALTORS Report Highlights Lack of Affordable Housing in Austin

    The Austin Board of REALTORS (ABoR) recently released a research report detailing the lack of affordable housing in Austin, Texas. The report emphasized the ongoing affordability issues in Austin-Travis County and the undersupply of housing in the city.

    According to Emily Chenevert, CEO of ABoR, the report confirmed what many have suspected for a long time – that Austin lacks affordability and accessibility when it comes to homeownership. The findings of the report showed that there is not enough supply to meet the demand in the region. The incomes of EMS workers, teachers, and firefighters, who are essential to the community, are not enough to afford a home in Central Texas.

    To address these barriers to homeownership, the report presented several recommendations for policymakers. These recommendations include reducing minimum lot sizes, decreasing parking requirements, and streamlining the process of land development and home building to make it more efficient and affordable.

    The good news is that some of these recommendations are already in progress under the current leadership of the mayor and council. They have been actively working towards implementing policies to alleviate the affordability challenge. However, it is acknowledged that the process may take some time.

    Chenevert highlighted the cultural conversation about the level of commitment needed to create more affordability in Austin. The broader Austin community needs to understand the importance of providing accessible housing for everyone and work together to find solutions.

    In addition to policy changes, working with a professional realtor who has access to down payment assistance programs and a deep understanding of the housing market can be beneficial in the short term. They can guide individuals through the process and help them determine their buying power.

    It is hoped that this report will provide valuable context for future policy decisions and encourage proactive action to address the housing affordability crisis in Austin.

    Source: Austin Board of REALTORS Report