"Gabriel Veasey, a reader in Central Texas, has children who live near Austin, Texas. They've been hunting for their first home but can't find anything affordable. He asked: Why can't they have the opportunity to buy the starter homes the two bedroom, $200,000 [home] that's just what they need, instead of a three [bed], two [bath] or four [bed], three [bath] home for $400,000 to $500,000 that's just not within their range? Where can my kids go?"
"The housing market in Austin mirrors what's happening across the country The math doesn't work in their favor. The median income in Austin is about $134,000 enough for a mortgage of roughly $350,000. But in September, the median home price in Austin was about $560,000, according to Zillow. "If you're a median income earner in the region, you can't afford to buy a house in the city of Austin," says local builder Scott Turner."
Bidding wars have eased and mortgage rates could fall below 6% next year, but a shortage of smaller, affordable "starter homes" continues to block many first-time buyers. In Central Texas, buyers seeking two-bedroom, $200,000 homes face a market dominated by larger, $400,000–$500,000 listings. Median household income in Austin is about $134,000, supporting a mortgage near $350,000, while the median home price was about $560,000 in September. Rapid population growth has pushed prices higher. Entry-level production has declined nationally; in Albuquerque, entry-level new homes fell from roughly 20% to about 4% over a decade.
Read at www.npr.org
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