Work, save, buy land, and build starter homes
Vision: Equip high school students, and others, with the knowledge and skills to achieve financial security through hands-on, real-world financial education.
Approach: Empower students to work earning more money, save effectively, invest in land for starter homes, and actively participate in building more starter homes—making homeownership attainable by age 25.
Financial Security: Save three to six months of expenses, avoid non-mortgage debt, maintain good credit score, and achieve homeownership before age 25 or when having children.
Starter Home: Simpler, smaller, and cost-effective homes under 1,500 sqft—especially between 200 to 1,000 sqft—priced within $200K and some under $100K.
DIY example $30k to buy developed lot, $30k material and 1k hours labor to build a 500 ft2 home.
Construction loan example to pay for $30k land and $70k to build a 500 ft2 home, minimum cash about $4k, minimum credit score 580 or 640 or 680, income above 3 times loan payment.
This chart illustrates how land cost, size of home, and building partition may impact the cost of a home.
A 1500 ft2 3 story home on a 1600 ft2 lot could cost $200k with $10/ft2 land.
A 1000 ft2 2 story home could cost $150k.
With only the ground floor 500 ft2 it could cost $90k.
Owning half of the 1000 ft2 2 story home would be $75k, either as a unit of a duplex, or as a space-assignment co-ownership with a tenants in common agreement.
If the 1000 ft2 2 story home is shared as a 200 and 800, the 200 may cost $40k while the 800 $110k.
In City of Houston,
1600 ft2 is minimum average lot size (27 dwelling units per acre),
while 1245 ft2 is minimum lot size (35 dwelling units per acre) "if rear or side vehicular access via alley, flag staff, shared driveway or PAE".
The information provided on this website is for general informational purposes only and should not be considered legal, financial, or tax advice. While we strive for accuracy, we make no guarantees regarding the completeness, reliability, or applicability of this information to your specific situation. You should consult with a qualified professional before making any financial decisions. We are not responsible for any actions taken based on the content of this website.
