Situated 12 miles (19 km) from downtown Austin, Texas, developer Brookfield Residential’s Easton Park is one of the places where the real estate industry is figuring out how to provide housing that people of modest means can afford.
The 1,500-acre (607 ha) master-planned community will include some traditional three-bedroom houses on expansive lots, the sort that once fulfilled the American dream for many of the parents of today’s millennial homebuyers. But to fit within the financial constraints faced by first-time purchasers from the millennial generation, Brookfield also has come up with a format for a detached single-family home that is as small as 1,000 square feet (93 sq m).
“It’s not quite a tiny house,” explains Logan Kimble, Brookfield’s director of land development in Austin. “It’s still got a couple of bedrooms.”
To scale down the cost even further, the homes will be sold in a condominium regime, so that purchasers will own the structure but not the land beneath it. As a result, the price is less than $200,000.
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