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

click to enlarge SHUTTERSTOCK
  • Shutterstock
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.

Stay on top of San Antonio news and views. Sign up for our Weekly Headlines Newsletter.

Tags: , , , , , , , , , , , , , , , ,

We’re keeping you informed…
...and it’s what we love to do. From local politics and culture to national news that hits close to home, San Antonio Current has been keeping San Antonio informed for years.

It’s never been more important to support local news sources. A free press means accountability and a well-informed public, and we want to keep our unique and independent reporting available for many, many years to come.

If quality journalism is important to you, please consider a donation to San Antonio Current. Every reader contribution is valuable and so appreciated, and goes directly to support our coverage of critical issues and neighborhood culture. Thank you.

Read the Digital Print Issue

March 25, 2020


Never miss a beat

Sign Up Now

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


© 2020 San Antonio Current

Website powered by Foundation