Housing

SpaceX plans to launch rockets near Brownsville, Texas, and send the first person to Mars from there. Seven years after breaking ground, residents say the only thing skyrocketing is housing prices.

During the past two years, home prices nationally have soared more than 30%. Rising mortgage rates make affording a home even harder. That has many people wondering if we're in another housing bubble.

The Travis Central Appraisal District says appraised values, or market values, of homes went up 56% this past year. But homeowners don't pay taxes on that amount.

Texas school districts, cities and counties rely heavily on property taxes to pay for roads, libraries, police, firefighters and public schools. But lowering tax bills has long been a difficult endeavor.

Alternative financing arrangements can be the only option for low-income Americans. But they lack the same protections as a mortgage, and many end up paying for years without ever gaining ownership.

The median price of $624,000 in March represents a record-high price, and a 22% increase in sales price over the past year.

The city says it's finally ready to deploy what it calls a "preference policy," where low-income residents living in gentrifying parts of town are prioritized for affordable housing.

Ground was broken on Tuesday on a master planned community named Mayfair.

Home prices rose nearly 20% last year, in large part because the U.S. is several million homes short of demand. Builders say the pandemic is partly to blame, but the problem goes deeper than that.

Volunteer Legal Services of Central Texas is running a new program where lawyers show up in most Travis County eviction courts to offer representation for tenants.