Real estate
BY ISABELLA ZEFF
City initiatives to focus on increasing affordable housing supply
Another approach
Renters have also felt the impact of rising housing costs and Richardson has an “acute undersupply” of affordable rental housing units, the assessment found. Milligan recommended that the city advocate for the state to designate some of Richardson’s five eli- gible census tracts as opportunity zones, which are identified by meeting median family income and poverty rate criteria. The program facilitates tax incentives to spur economic development, includ- ing the development of affordable apartments. “The whole purpose of this program is to increase the flow of capital into communities that were seen as too risky due to lower incomes,” Milligan said. Magner said the city plans to submit its opportu- nity zone application within the next month.
Milligan recommended strategies to develop more reasonably priced “missing middle” housing, units like townhomes that bridge the gap between large apartment complexes and single-family homes. Most of Richardson’s zoning does not currently support these housing types. Milligan said city staff is preparing to review the comprehensive zoning ordinance to allow more development. “By completely revamping the comprehensive zoning ordinance and making it a more modern, contemporary document … we’ll make it easier for developers and businesses to do business in the city,” City Manager Don Magner said.
Grow America field director Maureen Milligan presented housing initiatives to City Council on Jan. 12, after the city commissioned a housing needs assessment last year. Milligan identified three priority housing needs: more reasonably priced units for families, more affordable rental units and a strategy for older, low-income homeowners to age in place. Richardson’s population is growing but the supply of lower-priced homes in Richardson is shrinking, the assessment found, and an increasing number of residents are housing cost-burdened, which means they spend over 30% of their gross income on housing costs.
Richardson's monthly average asking rents
Home sales prices in Richardson
The majority of homes sold in Richardson in 2024 were over $300,000. In 2011, most homes sold were less than $250,000.
Studio
One-bed
Two-bed Three-bed
2011
2024
$2K
35% 30% 25% 20% 15% 10% 5% 0%
$1.5K
$1K
$500
$0- $69K
$70K- $99K
$100K- $149K
$150K- $199K
$200K- $249K
$250K- $299K
$300K- $399K
$400K- $499K
$500K- $749K
$750K- $999K
$1M+
Home sales price
$0
SOURCE: CITY OF RICHARDSON/COMMUNITY IMPACT
SOURCE: COSTAR/COMMUNITY IMPACT
Looking ahead
Richardson can do it,” Magner said. After City Council’s approval for staff to move forward with the recommendations, Magner said the city will focus on securing opportunity zone designations and reviewing the city’s comprehensive zoning ordinance. City Council will receive further briefings on each of the recommended initiatives throughout 2026, Milligan said, in order to create more specific plans.
be unable to maintain their aging homes due to health issues or financial restraints. She said Richardson could access federal funds from the Community Development Block Grant. Richardson would receive a little under $700,000 a year from the grant if the city pursued this initiative. “We’re the only entitled city in the state of Texas that doesn’t accept a dollar, so my thinking is, if Frisco can do it ... then
Nearly 5,000 homes in Richardson were built prior to 1980 and are currently owned by a resident 65 years or older, the assessment found. Many of these homeowners may be unable to maintain their home due to age- related health issues or financial restraints, according to the report. Milligan also suggested that the city develop a home repair program to provide assistance to low-income senior homeowners, who may
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RICHARDSON EDITION
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