Name: The push to turn vacant city lots into affordable homes in Chicago
Uploaded: 2025-10-25T00:41:09.135Z
Duration: 2 min 30 s
Description: The national median home price hit a record $407,000 last year, locking out many first-time buyers. But in Chicago, one architect is drawing up a solution to make homeownership more accessible.

The national median home price hit a record $407,000 last year, locking out many first-time buyers. But in Chicago, one architect is drawing up a solution to make homeownership more accessible.

Chicago

A new initiative in Chicago is turning vacant city lots into affordable homes, providing opportunities for residents to purchase homes at prices significantly lower than the local market average. The company behind the project, Inherent Homes, acquires unused lots at minimal cost and uses efficient building methods to reduce construction time and expenses.

By constructing homes indoors and streamlining the building process, Inherent Homes is able to complete new residences in about eight weeks. The homes are sold at prices below typical market rates, with additional financial incentives available to buyers. The company’s founder has expressed willingness to share their approach with other builders to expand affordable housing options in the city.

The push to turn vacant city lots into affordable homes in Chicago

I got it so good. An excited Dominique Ward documents my house a moving day like no other. It's standing once you put it down on the foundation like everything's in it. All appliances came with it. New homes near wards Westside neighborhood could set you back a half a million or more. Ward paid closer to 275 K. It's a great opportunity. An opportunity. That opened up thanks to inherent homes. The Chicago based company's mission is to make home ownership less of a sky high goal by lowering the cost of building first step cheap land. Inherent homes are planted on vacant lots purchased for as little as $1. Finding ways to bring our costs down can meet more families where they're at. Founder Tim Swanson literally walked us through what makes his affordable housing solution work. We learned that keeping the process indoors removes weather delays from the equation. We have six homes here that are not getting wet, which means they're not trying, which means we're not wasting a week to get back into the home. He says they can go from raw material to framed interior ready for a rough finish in two and a half to three weeks. Add another month and change for tiling paint and other homey finishes. So from there to there is eight weeks total and we joke all the time. We wish it were faster. Trimming the time cuts labor costs and keeps interest at bay. We asked what it takes to squeeze out the door. It costs us just about 350. $370,000 to build a home and then we sell them unsubsidized for $395,000. Purchase price on paper is $1.5 million. Purchase price on paper is usually lower. Thanks to various financial incentives, I was able to show my girls like anything is possible. It's an amazing feeling. Why do you think more people or companies are aren't doing this? Yeah, it takes a level of like intense insanity to work through the machinations. Swanson says he'd happily share his secret sauce with other builders to create more moments like this. Lauren victory. Yeah, I'm looking at God. CBS News Chicago.

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