Elon Musk's influence is spreading to Oak Ranch, a sprawling development of manufactured homes about five miles south of the Tesla Gigafactory going up outside Austin. New lots line freshly paved roads, each with a patch of gravel ready for a new house.
It's part of a boom in lower-cost housing alternatives such as trailer parks, RV sites and tiny houses across the Texas capital, where the median price for a home has soared to $525,000. Nowhere captures the frenzy as well as Del Valle, where the Tesla plant is nearing completion and investment tied to the automaker has lifted typical home values by 58 percent since January 2020, according to data compiled by Zillow Group Inc.
At Oak Ranch, the sales force is regularly fielding inquiries from potential buyers hoping to land a gig at the Gigafactory. Both are located about 15 miles east of the heart of hipster Austin, in a formerly remote area past the airport.