Dozens of Austinites weighed in on Phase 2 of the HOME Initiative, which would reduce the minimum lot size required for one residential unit.
AUSTIN, Texas — The Austin Board of Realtors hasThe Austin City Council is considering whether to approve Phase 2 of the HOME Initiative, which would reduce the minimum size of single-family lots from 5,750 to 2,000 square feet or less.
The ABoR found that the change could lower home sale prices. For example, a home that sold for Austin's median sales price in 2023, $540,000, could have an estimated $477,313 sales price if the home is allowed to be built on a 2,000-square-foot lot instead of a 5,750-square-foot lot. If both the lot size and the size of the home are reduced, homeowners could save even more. ABoR said given a 50% decline in lot size, if the square footage of the home also declined by 25%, the price of a new home would decline by around 24.1%.
Broadly, reducing the minimum lot size for a single-family home has the potential to increase the housing supply by allowing more homes on existing lots, ABoR said. The board's analysis estimated that between 87 and 871 new homes could be built annually as a result of reducing the minimum lot size by allowing two homes to built instead of one on current lots.
Residents who wish to weigh in can attend an open house Wednesday, April 17, from 6 to 8 p.m. at the Austin Central Library on West Cesar Chavez Street. Other open houses will be held between now and when the council votes on the changes, which could happen in May.
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