Santa Cruz approved new county rules to streamline the process for building ADUs, and city council members did the same thing in Othello, WA, with many viewing ADUs as providing housing options for an aging population.
In Berkeley, 2-story backyard homes were approved, where the city committed to the quick approval of ADUs up to 20 feet tall. Oak Park, IL, recently voted for the creation of more ADUs by amending their zoning ordinance. Indeed, many states and municipalities are relaxing the laws surrounding ADUs. The states with the highest concentration of sales listings with ADUs are California, Florida, Texas, and Georgia.”ĪDUs have been touted by many as one of the solutions to the chronic shortage of affordable housing because it adds density to the already existing supply. There are about 1.4 million homes with an ADU in the U.S. For example, an ADU could cost anywhere between $149,000 and $400,000 in the San Francisco Bay Area, and in Austin, Texas, an ADU can cost $300,000, the study shows. That number could stretch much higher depending on where you live. The average cost of an ADU is $180,000, typically about $260 per square foot. Porch conducted an analysis that was reported on by Realtor Magazine, showing that homes in larger cities with ADUs were priced, on average, 35% higher than homes without one. It’s pitting middle-class boomers against their wealthy peers and even millennials with enough cash to snag the few starter homes on the market.” ADUsĪccessory dwelling units (ADUs) can add additional cash flow and value to investment properties, adding an average of 35% additional value to homes according to a new study. “The problem is a historic shortage of not just housing but of starter homes - exactly what boomers need to meet their downsizing purposes. It’s a rain storm after a long drought, but the drought isn’t over yet.”įurther, housing prices across all classes are dropping, but are still higher on a year-over-year basis.īen Winck and Hillary Hoffower of Business Insider comment on the growing lack of starter homes in their article, Wealthy boomers aren’t just keeping millennials from homeownership - they’re screwing up the retirement plans of the rest of their generation.
“The end of forbearance has forced many lower-income Americans to put their homes up for sale and become renters…This has caused the number of affordable homes on the market to surge, helping replenish inventory amid an acute housing shortage. Redfin Chief Economist Daryl Fairweather had this to say about the data: This was prompted by the end of forbearance programs, which means that many homeowners in this asset type likely placed these units on the market for these reasons. etc.Lily Katz of Redfin opened up this week discussing new data on affordable homes, noting that the supply of the most affordable homes on the market jumped 13% year-over-year in Q3 2021.
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