Celebrating 150: How we build
Construction costs: Foundation & infrastructure: 26%. Framing 17%. Trades 19%. Interior finishes 17%. Exterior finishes 10%. Pre-development 11%. Quick math of an average Habitat home. Cost to build: $250,000. Sales price: $150,000. Gap to close: $100,000.
This post is an installment in our Celebrating 150 series. Learn more here.
Did you know that we don’t build affordable homes? We have to make them affordable by offering a subsidy to the homebuyer and helping them secure down payment assistance and other grants to remove barriers to homeownership. We use grants and private donations to fill the gap between what a home costs to build and the sales price.
One of the advantages of purchasing a Habitat home is that we as an organization take on all the risks of building or renovating a home, so homebuyers won’t have to worry about vetting subcontractors, budgeting for emergency repairs, or experimenting with do-it-yourself work. They can move into their new home knowing all they need to plan for is routine maintenance.
Habitat homebuyers are: 1) In need of better housing. Habitat homebuyers are among the one in three households in the Capital District who struggle to afford quality housing. 2) Able to pay an affordable mortgage. Homebuyers demonstrate that they have enough income to pay a monthly housing payment on an affordable mortgage. 3) Willing to partner with Habitat. Homebuyers agree to partner with Habitat. Habitat agrees to uphold our core values to promote racial justice, shared generosity, and complete equality.
With the average cost to build a Habitat home coming in at around $250,000, we know that homeownership would otherwise be out of reach for many of our neighbors.
We aim to build 8-10 homes a year, which is why we frequently rank as one of the region’s top homebuilders. To us, being a top home builder isn’t a bragging right — it’s a reminder about how we must keep building, serving more families and creating more opportunities in our community. Other top homebuilders sell their houses for three times the price of Habitat homes.
Everyone deserves a decent place to call home. So, when one in three local families are paying half or more of their income on a place to live, we’re motivated to keep partnering with families & communities to build affordable housing opportunities.
At the end of this summer, we’ll have sold 151 homes, totaling to 161 units of affordable housing.
Project numbers: 151 houses built/rehabbed with 161 total unites. Single family: 141. Two-family: 10. Rehabs 11.9%. Recycles 0.7%. New construction 87.4%.
Habitat supporters have always understood our collective responsibility to care for the well-being of our communities and our neighbors. It is what has sustained our work with local families for more than 30 years, and it’s what will ensure we can keep working toward a more just future.
Everyone has something they can pitch in to help make that vision a reality. Whether it’s volunteering time or skills, donating & fundraising, or just sharing with your network about housing affordability to raise awareness.