Average income needed to buy a home in San Antonio hits $59,000, but market shows signs of cooling
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The median price for a home in San Antonio is $320,000, according to Redfin.
On average, those looking to buy a home in the San Antonio metro area need to earn at least $59,252 — a 38.1% increase from last year — according to a recent Redfin report.
That’s nearly $7,000 more than the median household income in Alamo City, which is $52,420, according to the U.S Census Bureau.
To come up with its number, online real-estate broker Redfin assumed that prospective buyers would put 5% down on a home costing $320,000, SA’s median home price. That equates to an average mortgage running $1,481 a month.
Although jaw-dropping compared to years past, San Antonio is below the national average. The median income needed to buy a home in the United States was $72,414 in March 2022, according to Redfin. The average price for a home nationally at that time was $412,700.
Things might be looking up for homebuyers, however, since the real estate market is showing signs of cooling off. Last month, 12% of all homes listed on Redfin had their prices reduced. What’s more, the online broker reported a 3% drop in requests for home tours.
Reventure Consulting CEO Nicholas Gerli said in a recent YouTube video that the sudden increase in mortgage rates to 5% and climbing property taxes, especially in Texas, could be causing an increase in inventory and a drop in prices.
In another video, Gerli said the number of San Antonio property listings that experienced price cuts was up 128% year-over-year.
That suggests a greater number of San Antonio residents may be able to afford a home, assuming current trends continue. Bad news: those that bought into the market frenzy over the past two years might end up regretting their purchases.
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