2023 Housing Reality: San Antonio Buyers Must Boost Incomes to Afford Starter Homes
It is no secret that buying a home in San Antonio, Texas, is getting hard- but just how much harder is it?
Online real estate brokerage Redfin has released a report showing how much a potential homeowner needs to make to afford a "starter home" in San Antonio.
They found that a first-time homebuyer will need to earn $55,657 annually to afford a San Antonio home in 2023. This is a massive 18.7 percent increase over the income required in 2022.
Over the last year, home sales in San Antonio have increased by 11.6%- the most significant increase in any of the 50 biggest cities in the nation. The median sale price is $210,000, while median mortgage payments are about $1,391 monthly.
"Buyers searching for starter homes in today’s market are on a wild goose chase because, in many parts of the country, there’s no such thing as a starter home anymore. The most affordable homes for sale are no longer affordable to people with lower budgets due to the combination of rising prices and rising rates." Redfin Senior Economist Sheharyar Bokhari
While the news isn't great for potential home buyers in San Antonio, at least the income required is lower than other major cities in Texas.
Austin residents need an income of $92,057; people in Dallas must earn $72,885; in Fort Worth, $64,933; and in Houston, $57,513.
"People who are already homeowners are sitting pretty, comparatively, because most of them have benefited from home values soaring over the last few years. That could lead to the wealth gap in this country becoming even more drastic." Redfin Senior Economist Sheharyar Bokhari
Do you think the San Antonio real estate market is too expensive? What can be done to address the wealth gap?
Please leave your thoughts in the comments section below and share this article with others so more people can join the discussion.
To keep up with all the latest business and retail developments in Texas and the United States, please click on the follow button!