Can McMansions count as affordable housing in some markets?

A New Jersey fair housing group highlights a recent report that argued thousands of homes $300,000 and up counted as affordable housing.

On the face of it, this seems absurd: expensive large suburban homes might count as being within the reach of many Americans? Yet, there is the matter of the particular housing market that may affect such calculations. The priciest markets tend to be on the coast and whether one is examining the median sales price or the average list price (and this does matter – the median suggests half the homes sell for above and below that price and all 15 on this list are around $300k or higher), a $300,000 home might be difficult to find.

Now, whether such a home is within the reach of many in the region is another matter and it is likely not. Even with higher incomes in these metropolitan regions, there are still plenty of workers and residents who don’t see as much of a relative bump in their salaries. McMansions might be some of the cheaper homes available in pricier markets but that does not mean they are attainable.

Do any of these more expensive regions have interest in suggested plans to alter McMansions (see here and here) to make more cheaper housing? This would likely face opposition from nearby owners who would fight tooth and nail against any efforts to introduce multi-family housing.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s