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Wednesday, November 13, 2019

San Antonio Ranks in Top Five Cities Where Rent Is Becoming Less Affordable

Posted By on Wed, Nov 13, 2019 at 7:27 AM

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If it seems like rents in San Antonio are outpacing your boss' willingness to give you a raise, well, that's because it's true.

Statistically, anyway.



A new study by financial site SmartAsset ranked San Antonio 5th on the list of U.S. cities where rent is becoming less affordable relative to income. The report is the latest in a growing pile of evidence that our city has a housing-affordability problem.

From 2015 to 2018, the average fair market rental unit cost in the Alamo City increased by 8.89%, according to the data. With median household incomes increasing just 0.32% over the same time period, rent as a percent of income grew by 2.16%, hitting 27.43% last year.

That last number is important because financial experts recommend households not spend more than 30% of monthly gross income on housing expenses, including rent and utilities. Crossing that line can force folks to cut back on necessities such as food and healthcare.

If there's any silver lining here, it's that despite rising rents, San Antonio still ranked toward the middle of all cities when it came to 2018 rents as a percentage of income.

In case you wondered who has it worse than us, here's the rundown, in order: Detroit; New Orleans; Long Beach, California; and Memphis, Tennessee.

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