Luxe Austin Homes - minimum lot size

"Texas needs 306,000 more homes to meet demand, experts say"

Community Impact reports, "Texas’ population growth has outpaced homebuilding since 2020, according to the state comptroller’s office, resulting in a widespread housing shortage. Up For Growth, a national housing policy organization, reported that Texas needs about 306,000 more homes to meet demand.

High home prices, steep mortgage rates and limited supply are driving some potential homebuyers out of the market, said Clare Knapp, a housing economist for the Austin Board of Realtors. Texas also had the sixth-highest property tax rate—1.68%—in 2021, according to research from the Tax Foundation.

Home prices shot up during the height of the COVID-19 pandemic, Knapp added, as remote work policies allowed more people to move to Texas.

In 2019, the median home…

93 Views, 0 Comments

"Homeowners and developers can now build on smaller lots under HOME Phase 2"

Austin Business Journal reports, "Developers can now build on smaller lots as part of an effort to allow denser and more affordable housing throughout Austin.

Beginning Aug. 16, homebuilders and homeowners can apply to participate in the second phase of the HOME Initiative, a city of Austin spokesperson confirmed, which allows homes to be built on lots as small as 1,800 square feet — down drastically from the previous minimum lot size of 5,750 square feet.

Many density and affordable housing advocates in Austin have long pushed for smaller minimum lot sizes for single-family homes, calling the change one of many code updates that could move the needle for affordability and housing stock concerns. HOME Phase 2 also establishes new rules for lot…

122 Views, 0 Comments

"Local leaders discuss housing affordability, supply in Austin"

Community Impact Austin shares, "Area leaders are continuing to look for creative ways to increase housing supply and create sustainable housing options in Austin, such as changing development codes and spearheading efforts to grow the local workforce.

Amplify Credit Union hosted its second annual Central Texas Affordability Summit on May 23 with Amplify members; Mayor Kirk Watson; and a panel featuring Heather Donahue of MOD Architecture and Design; Jeremy Striffler, director of real estate and asset management at Austin ISD; and Hannah Rangel of the Downtown Austin Alliance.

The gist

Watson said the city has undertaken a number of initiatives to address its housing supply and affordability. In December, City Council approved the first phase of the Home…

154 Views, 0 Comments

"Why reducing the minimum lot size for single-family homes could create a more attainable Austin"

Austin Business Journal writes, "Austin has a housing crisis with a lack of housing considered affordable to the majority of its residents. Professionals including teachers, EMS workers, firefighters and recent college graduates are being priced out of the communities they serve. Increasing mortgage rates, elevated home prices and limited inventory of affordable homes are some of the barriers to homeownership in Austin, particularly for would-be first-time buyers. To afford a $540,000 home, Austin’s median sales price in 2023, a household must make $180,000. This makes it extremely difficult for many to purchase a home here, driving them out of Austin and into the suburbs. The bottom line is that homeownership is unaffordable and unattainable to many…

203 Views, 0 Comments

"Phase II of the HOME Initiative could bring minimum lot sizes down to 2,000 sqft"

ATX Today reports, "Austin City Council will vote on Phase II of the HOME Initiative — a move that would reduce the minimum size of a single-family lot — as early as May.

The council passed the first phase of the HOME Initiative, which stands for Home Options for Middle-income Empowerment, in December 2023. In part, the decision increased the maximum number of units from one to three on certain single-family lots.

This new phase would change single-family lot minimums from 5,750 sqft to 2,000 sqft, something the Austin Board of Realtors said could improve home affordability moving forward.

Why is this under consideration?

Proponents say passage of the new phase could alleviate the housing shortage by allowing construction of 87 to 871 new…

144 Views, 0 Comments

"Applications open soon to build three homes on one lot through Austin's new HOME Initiative"

Austin Business Journal reports, "developers and homebuilders hoping to take advantage of a new program that will allow up to three residential units to be built on a lot currently zoned for one are about to get their chance.

That's because the HOME Initiative goes into effect Feb. 5, and those who are interested can start applying at that time.

Applications must be submitted through Austin's residential plan review process, according to a new city information hub devoted to the HOME Initiative, which stands for Home Options for Middle-income Empowerment.

The initiative allows the construction of up to three dwellings on lots currently zoned SF-1, SF-2 and SF-3. Most single-family homes in Austin fall into one of those zoning categories.

…

181 Views, 0 Comments