Ed Neuhaus 
Most people who move to the Austin area are thinking about school districts, commute times, and whether they can get a pool. I get it. Those are the big three for about 90% of my buyers. But every now and then I get a call from someone whose first question is a little different.
“How close can I live to a runway?”
I am a pilot. I have been around aviation my entire adult life. And I can tell you that the fly-in communities in Central Texas are one of the most interesting corners of this market that almost nobody talks about. Not because people are keeping it a secret. Its just that the universe of buyers who need a taxiway connected to their garage is.. small. And that is exactly what makes these properties interesting.
So lets talk about what fly-in communities actually are, which ones exist in the Hill Country, and why the barriers to owning one of these properties might be the best thing about them.
What Is a Fly-In Community
A fly-in community, sometimes called a residential airpark, is a neighborhood built around a private or public-use runway. The homes have direct taxiway access, meaning you can literally taxi your aircraft from the runway to your own hangar, which is usually attached to or part of your house.
Think of it like a lake house with a boat dock. Except the dock is a taxiway and the lake is the sky.
These communities are not apartment complexes with a landing strip. They are typically low-density neighborhoods on large lots, often an acre or more, with serious infrastructure. Paved runways, fuel availability, terminal buildings, and in some cases instrument approaches for bad weather days. The homes themselves range from modest ranch-style builds to full custom estates with 2,000+ square foot hangars attached.
The lifestyle is exactly what you would expect. You wake up on a Saturday morning, walk through your house to your hangar, pull the plane out, and you are wheels up in minutes. No driving to an FBO. No ramp fees. No waiting for your aircraft to get pulled out of a shared hangar. Your airplane lives where you live.
The Central Texas Airpark Map
Central Texas has a surprising number of these communities. Some have been here for decades. Others are brand new. Here are the ones worth knowing about.
Lakeway Airpark (3R9)
This is the one I know best, and for my money it is the most compelling airpark in the region. Lakeway Airpark sits on 39 acres just 17 miles northwest of downtown Austin, right in the heart of Lakeway. The runway is 3,930 feet of asphalt, 70 feet wide, designated 16/34 at 909 feet elevation.
The history here is great. The runway started as a ranch strip back in 1962 on the Clifton George ranch. The Lakeway Company paved it in 1964 and it became a key part of the growing Lakeway community. In the late 1970s, the first hangar homes were built alongside the runway with attached taxiways. That is when it became a true airpark. The runway was lengthened to nearly 4,000 feet in 1986, and in 2003 they added an RNAV GPS approach to runway 16.
Today there are 32 residences surrounding the airpark. 30 of them have attached taxiways and hangars on the property. There are also six freestanding condo-style hangar buildings that each house four small aircraft. The airpark is owned and operated by Lakeway Airpark, Inc., a not-for-profit formed in 1995 when a group of homeowners purchased the property from Ross Perot’s Hillwood Corporation. No public funds involved. Its supported entirely by membership fees and fuel sales.
Operations run sunrise to sunset by city ordinance, and aircraft are limited to 12,500 lbs. So we are talking single and twin engine aircraft for 95% of the traffic.
The real estate here is serious. Recent listings have included a 5,800 square foot, 5 bedroom, 5 bath home with a 2,000 square foot aircraft hangar and direct runway access. There is also active new construction through Lakeway Airpark Estates, a luxury development by Zbranek & Holt Custom Homes where seven of eight home sites include an attached airplane hangar with taxiway access.
And because it is Lakeway, you get the full resort lifestyle on top of the aviation. Golf courses, Lake Travis marinas, private clubs, dining, and an award-winning medical center. Its not just an airpark. Its an airpark in one of the best communities in the Hill Country.
If you are looking at homes for sale in Lakeway, the airpark estates are a category of their own.
Lago Vista and Rusty Allen Airport (KRYW)
Lago Vista sits on the north shore of Lake Travis and has its own airport. Rusty Allen Airport, designated KRYW, has a 3,808 foot asphalt runway (15/33) at 1,230 feet elevation, about 2 miles northeast of town.
Lago Vista is a more affordable entry point into the Lake Travis lifestyle compared to Lakeway or Bee Cave, and the airport gives aviation-minded buyers a nearby base of operations even if the surrounding homes are not taxiway-connected in the same way as 3R9. Inventory around the airport tends to be limited, which keeps values stable for the properties that do come up.
Spicewood Airport (88R) and Windermere Oaks
Here is one that flies under the radar. Spicewood Airport, designated 88R, is a privately owned public-use airport with a 4,185 foot asphalt runway. It is managed by pilots, which tells you something about the culture.
What makes this one interesting for buyers is its proximity to Windermere Oaks, a large gated community on the south shore of Lake Travis in unincorporated Spicewood. Windermere Oaks sits right next to the airport, and residents have access to a private marina, boat ramp, swimming pool, and tennis courts. The community dates back to 1979 and homes currently range from around $269K to $975K.
There are also taxiway-access lots available near the airport with water and sewer already in place. For someone who wants the Lake Travis lifestyle, aviation access, and does not want to pay Lakeway prices, this is worth a hard look. The airport is just a mile from the neighborhood.
Georgetown Airpark (TA68)
Georgetown Airpark is the newest player in the Central Texas airpark market and it shows. This is a gated community about 30 minutes north of Austin with a brand new 3,300 foot paved runway, plus a 1,000 foot hard surface RCA strip, and a 2,300 foot turf runway currently being completed.
Lots start at $275,000 and every one of them is over an acre, cleared, level, and ready to build. The infrastructure is modern: underground utilities, public water, high-speed fiber optic internet, a fully equipped pavilion, covered mail station, and even five RV parking spaces with electric hookups for guests. And the tax rate is low.
For pilots who want to build exactly what they want from scratch, this is hard to beat. You are designing your hangar home on a clean lot with brand new everything underneath it. They already have hangar homes built in 2024 with direct runway access, so the community is established and growing.
Horseshoe Bay Jet Center (KDZB)
If you want the biggest runway and the most luxury, Horseshoe Bay is it. The Horseshoe Bay Resort Jet Center has a 6,000 foot by 100 foot paved, lighted runway with full-service FBO operations including Jet A and Avgas.
This is the only airpark in the region that can comfortably handle larger aircraft, and the resort setting is hard to argue with. Lake LBJ waterfront, multiple championship golf courses, fine dining, and a community that caters to the luxury segment. Its about 50 miles from Austin and 60 from Austin-Bergstrom International.
Properties here with hangar access are rare and priced accordingly. One past listing featured a fully remodeled airpark home with a 2,700 square foot hangar adjacent to the Jet Center. This is the top of the market for aviation real estate in Central Texas.
The Complexity Moat: Why Supply Stays Small
Ok here is where it gets interesting from an investment perspective.
You cannot just build a new fly-in community. The barriers to creating one are enormous, and that is exactly why the ones that exist hold their value so well.
Zoning and local regulations are the biggest wall. Texas Local Government Code Chapter 241 establishes controlled compatible land use areas within 1.5 statute miles of runway centerlines and up to five statute miles from runway ends. Local ordinances can prohibit aircraft operations from private property entirely. Many airpark developers have learned to work at the county level outside city limits to avoid the extra layers of bureaucracy, but even then the process is long and uncertain.
FAA requirements add another layer. Part 77 restricts the height of structures near runways. Any new airstrip requires Form 7480-1 registration and an FAA study to confirm it will not conflict with operations at nearby airports. Getting through that process takes time and expertise.
Financing is harder than you would expect. Banks do not assign any value to runway proximity. A hangar is classified as an “outbuilding” and often gets minimal appraisal credit. Lenders sometimes require higher down payments than conventional home loans because the buyer pool is so specialized. An identical home on the same amount of land in a regular neighborhood might sell for 30 to 50 percent less simply because it does not have taxiway access.
So what does all of this mean? It means that the supply of fly-in community properties is effectively capped. Nobody is building new runways inside the Austin metro. The communities that exist are the communities you get. And that scarcity is structural, not cyclical.
The Investment Case for Airpark Homes
I want to be honest about this because I have seen the data go both ways.
On the positive side, limited supply and growing demand have kept airpark values holding strong. In hot aviation markets like Texas, Florida, and Arizona, airpark homes are seeing shorter time on market and in some cases appreciating faster than the broader housing market. The built-in scarcity I just described is real and it is not going away.
On the realistic side, the buyer pool for these properties is small. Over half of airpark homes are second homes, and the owners have well-above-average incomes because, well, owning and maintaining a private aircraft is not cheap. When it comes time to sell, your pool of qualified buyers is a fraction of what it would be for a conventional home in the same price range.
So here is how I think about it. If you are a pilot and you are going to live in the home, the lifestyle premium pays for itself every time you skip the drive to the FBO. The investment upside is a bonus. If you are purely an investor with no aviation interest, you need to understand that you are buying a specialty asset with a thin resale market. The scarcity supports the value, but liquidity is limited.
For the right buyer, though, these properties are the definition of a complexity moat. The barriers to entry are high enough that competition stays low, and the people who want them really want them.
What to Watch For Before You Buy
A few practical things I always tell buyers who are looking at airpark properties.
Operations restrictions matter. Every airpark has its own rules. Lakeway is sunrise to sunset only, no night operations, maximum 12,500 lb aircraft. Georgetown has different rules. Horseshoe Bay can handle jets. Make sure the airpark’s rules match the aircraft you actually fly.
Insurance is different. Hangar homes need specialized coverage. Your standard homeowners policy is not going to cover an aircraft hangar and the liability that comes with taxiway operations on your property. Budget for aviation-specific insurance and talk to a broker who understands the space.
HOA and airpark fees. Most of these communities have membership fees, maintenance assessments, or both. At Lakeway, the airpark is funded by member fees and fuel sales. Georgetown has an HOA structure. Know what you are paying and what it covers.
Runway condition and management. A well-maintained runway is everything. Ask about the last resurface, who pays for maintenance, and what the long-term capital plan looks like. A community that is deferring runway maintenance is a community with problems coming.
Resale planning. Think about your exit before you buy. These homes sell to a niche market. Work with a broker who understands aviation real estate and can market to the right buyers when the time comes.
The Bottom Line
Central Texas has something that most metro areas in the country do not: a real collection of fly-in communities within an hour of a major city. From the established luxury of Lakeway Airpark to the brand new lots at Georgetown, from the Lake Travis lifestyle at Spicewood to the resort setting at Horseshoe Bay, there is an airpark for nearly every budget and every type of aircraft.
The complexity moat around these properties is real. Zoning, FAA regulations, financing hurdles, and the simple fact that you cannot build new runways in developed areas all combine to keep supply permanently limited. For pilots who want to live the life, the premium is worth it. For investors who understand niche assets, the scarcity story is compelling.
I have been working the Hill Country market for over 15 years and I still get excited when an airpark listing comes across my desk. If you are thinking about making a move to one of these communities, or you just want to understand what is available, reach out to me. I will walk you through the options and help you figure out which runway fits your life.
Browse homes for sale in Lakeway or explore the Windermere Oaks community in Spicewood to start your search.
