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- Minimum-wage workers would have to work 106 hours to afford the average apartment
Minimum-wage workers would have to work 106 hours to afford the average apartment
Plus: White House to slash HUD’s disaster recovery office
👋 Hi, and welcome back! Today's newsletter is 716 words — a 3-minute read.
1. Minimum wage workers would have to work 106 hours to afford the average apartment
According to a report by Redfin, a minimum-wage employee would have to work 106 hours a week to afford a median-priced apartment.
In Texas, someone earning the $7.25 minimum wage would have to work a 143-hour week to afford the $1,347 median-priced apartment.
“It’s obviously not realistic for most people to clock into their job for over 100 hours a week, but this thought experiment shines light on the massive rental affordability gap between the average American and our country’s lowest earners”
2. 521-home community opens in New Braunfels
PulteGroup, Inc. has opened the Meadows at Clear Springs, a 521 single-family home development at 1693 Viola Lane in New Braunfels.
Phase one consists of 149 homes.
Homes have three to five bedrooms and range from 1,204 to 2,601 sf, with prices ranging from $270,000 to $350,000.
The community is expected to be fully completed in 2028 with the second phase adding 195 homes, and the third phase adding 177 homes.
A MESSAGE FROM DAVE YOUR MORTGAGE GUY
The truth is some clients are struggling to afford a home in today’s market. There’s one strategy that’s changing the game and I believe is going to become more popular in the future!
In this short video, I break down how a Roommate could make their homeownership dream become a reality. And everything to think about and know on this topic!
3. Catch up quick
🥩 As the state becomes more urban, so does its barbecue. So why does a small-town family feud feel so important? (The New Yorker)
🏆 Austin retains its title as the best capital city to live in the nation. (WalletHub)
🏢 Nearly 400 mixed-income apartments are coming to Fort Worth. (FWReport)
🏡 Black households led the first-time homebuyer market in 2024. (NMP)
💪 Home buyers are finally getting the upper hand again. (Redfin)
🎨 Fun read: Most searched interior design styles of 2024. (BAM)
4. White House to slash HUD’s disaster recovery office
The Trump administration intends to cut staffing at the Department of Housing and Urban Development’s Office of Community Planning and Development, which oversees disaster recovery, raising concerns over the nation’s ability to rebuild after hurricanes, wildfires, and other climate-related calamities.
The office, which funds home reconstruction and recovery efforts after major disasters, faces an 84% reduction in staff, from 936 employees to 150, according to an internal document obtained by The New York Times.
“HUD is following direction from the administration while also ensuring the department continues to deliver on its critical functions, mission to serve rural, tribal and urban communities and statutory responsibilities.”
5. Texas lawmakers consider removing zoning rules for office-to-resi conversions
With around 25% of offices in Texas' four largest metros vacant and home prices soaring, state lawmakers are considering a plan that would ease zoning rules for landlords converting unused commercial space into multifamily units.
State Senator Bryan Hughes’ bill would prohibit Texas’ largest cities and counties from requiring property owners to rezone when converting commercial properties like office buildings, shopping centers, and warehouses into apartments or condominiums, as reported by The Texas Tribune.
The proposed legislation would only apply to cities with more than 60,000 residents in the 13 Texas counties with a population of more than 420,000.
6. Apple is bringing thousands of jobs to Houston
Houston has scored a major win in the global manufacturing and technology race. Apple announced plans to open an advanced manufacturing facility in the Houston region. Part of a $500 billion national investment, the new 250,000-square-foot facility will bring AI-driven manufacturing to Houston.
The facility, set to open in 2026, will focus on producing servers—previously manufactured outside the U.S.—that support Apple Intelligence, the tech giant’s AI software system.
The move comes just days after President Trump said Apple CEO Tim Cook promised him that the tech giant's manufacturing would shift from Mexico to the U.S.
A MESSAGE FROM PACASO
Top Investors Are Buying This “Unlisted” Stock
When the team that grew Zillow to a $16B valuation starts a new company, investors notice. No wonder top firms like SoftBank invested in Pacaso.
Taking the industry by storm all over again, Pacaso’s platform offers co-ownership of premier properties – completely revamping a $1.3T market.
And by handing keys to 1,500+ happy homeowners, Pacaso has made $100M+ in gross profits.
Now, with aggressive global expansion underway, their current share price won’t last long.
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