In the latest ConstructConnx U.S. Spotlight, Texas real estate developers and homebuilders are announcing a steady stream of new offerings in the $300,000 to $800K,000 range, most on the outskirts of major urban centres.
, nearly 50 per cent of low income renter households spend more than 30 per cent of their income on rent and utilities. Most of these are working families, many of whom live in the cities.Much of the city’s overall housing deficit and lack of expansion exists in the southern suburbs where many Blacks and Hispanics live and where population growth is highest. In contrast, most residential development is occurring in the northern suburbs, an area dominated by non-Hispanic whites and Asians.
Compounding this, Dallas is experiencing the same increases in material and financial cost inputs seen elsewhere across the state. One builder told local media that over the past four years, square foot building costs had swollen from $85 to around $120. High interest rates and rising demand from the influx of new arrivals, many lured to Texas by well-paying jobs, have widened the affordability gap even further.
According to the NLIHC, Dallas is much worse off than Austin and San Antonio, each of which have affordable housing deficits one-third that of Dallas. One reason may be that San Antonio and Austin have issued Affordable Housing Bonds. For example, the City of Austin has proposed its fourth such bond, a $350 million issue that awaits the endorsement of voters in a referendum this November. If approved, it would increase property taxes by more than $45 annually for an average Austin home with a taxable value of $358,400., a vocal “nonpartisan citizen’s group.” They claim the tax increase would be a burden to homeowners. The group is on record opposing various municipal actions.
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