Austin’s affordability crisis is only getting worse, that’s according to a new report out by the National Home Builders Association, they call it the Priced Out Index. It shows for every $1000 dollars that Austin’s median home price grows almost 1,100 families are priced out of the market.
The Home Builders Association of Greater Austin’s David Glenn explained this is pushing population growth Northwest out 183, East to Manor and South into Hays County. For the first time in a very long time, Glenn continued, both Williamson and Hays County’s growth rates are surpassing that of Travis County.
Glenn said Austin’s Priced out index number has been growing for the last 6-years, adding there are several reasons why. Nationally, President Donald Trump’s trade wars had caused lumber and labor prices to soar. Additionally, the Federal reserve increased interest rates.
Locally, Glenn reports area government officials are fueling the fires with overburden some regulations. On the economic side, he added Austin’s income growth have not been keeping pace with housing prices either.
(Photo:Shutterstock/karamysh)
