Affordable Housing: FAQ
Austin Population
Families make up a significant portion (36%) of Austin's population, with single parents making up 13% of the households. A significant number (37%) of the population lives alone. Austin has a growing population of children under age 19 and people over the age of 65.
Median family income, as determined by HUD, has not increased substantially since 2001. Many Austin households are constantly challenged to keep up with the rising cost of living and housing.
Download "HUD Income Limits by Household Size" (DOC)
Housing Affordability
From 1970 - 1990, Austin was one of the most affordable cities in the United States. But, in 1999, the Community Action Network (CAN [established by the Austin City Council]) stated housing affordability in Austin had reached crisis proportion. Austin has the highest housing costs for an urban area in Texas (Texas A&M Real Estate Center Report 2005).
The median new home price for the Austin area in 2006 was $196,433. In 2006, the median sales price of a condominium in downtown Austin was approximately $235,000. Home prices are outpacing income. In the last ten years, median family income in the Austin are has increased, roughly, one-third while the median home price has increased by approximately fifty percent. Furthermore, home prices continue to escalate in the Austin area with the median home price increasing over 10% a year in some neighborhoods.
Download "Climbing Austin's Affordable Housing Ladder" (PDF)
Employment Projections
The growing number of industries and companies moving to the Austin area offer low or moderate wage jobs, which underscores the need for affordable homeownership opportunities. The Texas Workforce Commission estimates that education, health care, and food services will gain the most jobs in the next six years. The Commission also projects that these will be the largest areas of employment in Travis County by 2012 and will supply over 265,000 jobs. Nearly 30% of those jobs have a median wage of less than $10 per hour (WorkSource).
Education and Housing
When affordability becomes a problem to families, the solution is often to move and/or change residences, such as moving into a temporary residence. Families may become highly mobile and compete for services to meet their basic needs. The students may have to attend a different school and/or schools. This can adversely affect students in all phases of their learning, and they become at risk for academic failure. In the 2005-2006 school year, AISD Project Help served 1,556 known homeless students. They are projecting to serve approximately 3,000 students in the 2007-2008 school year. (AISD Project Help).