Support Local Journalism. Join the SA Current Press Club.

Monday, August 22, 2016

Report: Yes, It's Quickly Becoming More Expensive to Buy a House in San Antonio

Posted By on Mon, Aug 22, 2016 at 9:54 AM

click to enlarge WIKIMEDIA
  • Wikimedia
Following a nationwide trend, the yearly salary required to buy a house in San Antonio rose by nearly $2,000 during the last three months.

Potential home buyers here need to earn $48,752 a year to make the leap from renter to homeowner and if they put down 10 percent instead of 20 percent, the required salary increases to $55,888, according to data crunched by mortgage experts at The price of an average home here is $210,000 — nearly a 6 percent increase compared to 2015.

This is a significant increase since, in the first quarter, the change in required salary in San Antonio was an increase of just $18, while it made a huge second-quarter jump by $1,759.96, according to But it's too soon to tell if the second-quarter increase is an anomaly or the beginning of a new trend. National Association of Realtors Chief Economist Lawrence Yun said in a press release that improving job markets and mortgage rates teetering near all-time lows brought buyers out in force. "However, with homebuilding activity still failing to keep up with demand and not enough current homeowners putting their home up for sale, prices continued their strong ascent — and in many markets at a rate well above income growth," Yun says.

However, despite the increase in home prices, San Antonio managed to stay in's top 10 most affordable metros, as the ninth most affordable large city to buy a home in. Of the three largest cities here, San Antonio residents need to make the least amount of money to buy a house. In Dallas, it takes a salary of $54,764 and in Houston, yearly earnings for potential homebuyers need to be $52,274.

To arrive at their conclusion,'s mortgage analysts used median-home price data compiled by the National Association of Realtors and average interests rates for 30-year fixed-rate mortgages to find out the necessary salary it would take to afford the base cost of owning a home, including the principal, interest, taxes and insurance for the 27 largest U.S. metro areas. 

Support Local Journalism.
Join the San Antonio Current Press Club

Local journalism is information. Information is power. And we believe everyone deserves access to accurate independent coverage of their community and state. Our readers helped us continue this coverage in 2020, and we are so grateful for the support.

Help us keep this coverage going in 2021. Whether it's a one-time acknowledgement of this article or an ongoing membership pledge, your support goes to local-based reporting from our small but mighty team.

Join the San Antonio Press Club for as little as $5 a month.

Read the Digital Print Issue

April 7, 2021

View more issues


Join SA Current Newsletters

Sign Up Now

Subscribe now to get the latest news delivered right to your inbox.


© 2021 San Antonio Current

Website powered by Foundation