From 3D printing and modular construction to smart infill projects and container homes, Austin, Texas, is flourishing with housing innovation companies and communities to meet the area's rapid growth.
Bryan Glasshagel is senior vice president at housing data and consultancy firm Zonda, and tracks Texas markets. He points out that as some of the world’s largest tech companies like Tesla, Samsung, Apple, Meta and Oracle, arrive in Austin, the job growth brings in new housing demand.
The city gained 13 headquarters along with 8 expansions in 2022. Many are tech companies, but others like John Deere, Wise, inKind, INK Games, BAE Systems, and Nomi Health, have entered the market as well.
While adding to the city’s economic base, the growth puts a lot of pressure on the housing market. Zonda’s data shows that starts are down 25% year over year, while closings are up. These dynamics are pushing the city’s median existing home price to more than six times its median household income in 2022.
“Smaller lots, smaller homes, and further out locations will likely be the main affordability offsets,” Glasshagel said.
As the solutions he identifies are working, at the same time, they are being complemented by some of the most innovative housing solutions in the country.Read More