Home News A home on the North or West Side grows increasingly out of reach for most San Antonians

A home on the North or West Side grows increasingly out of reach for most San Antonians

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San Antonio – San Antonio homebuyers are looking north and west of the city and may find themselves locked out of more and more areas.

In the course of the pandemic, nine San Antonio zip codes became prohibitively expensive for moderate-income households. Four on the North side, four on the Far West Side and one in the downtown Lone Star district.

This represents a 30% debt-to-income ratio (which the U.S. Department of Housing and Urban Development says is the threshold of affordability), median pre- and post-pandemic home prices and incomes, and a 30% Calculated using a year mortgage. The rate is 5.1%.

By this measure, 45% of San Antonio zip codes are technically not affordable for moderate income households.

Of all affordable-to-affordable zip codes, the largest mortgage rate increase was in Far West Side Government Canyon zip code 78251, where monthly mortgage payments increased by 44%, or $542. Increased. The biggest dollar gain was just west of that at 78253, at $581.

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Data from Zonda, a housing market analytics firm, show that the Far West Side is exploded during the pandemic And the San Antonio-New Braunfels subway experienced the majority of the 35% housing starts.

Meanwhile, median housing costs in San Antonio have increased 39% since the pandemic, Some of the Most Affordable Zip Codes Experienced the Highest Growth RatesFor example, the Avenida Guadalupe neighborhood on the city’s Inner West Side saw a 52% increase in median housing costs, the highest in the city. At the same time, it was, and continues to be, the most affordable neighborhood in the city.

In fact, the city’s 10 most affordable zip codes had the highest median housing cost increases, although the exact order changed somewhat.

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However, Zonda’s latest research also points out that: Slowing sales activity halts housing growth Twenty percent of builders who had previously raised home prices began lowering home prices to boost sales.

Rising interest rates are expected to dampen home sales and eventually keep prices flat, some experts believe They also continue to keep home ownership out of reach for many Americans.

Editor’s Note: This article was partnership Between KSAT and San Antonio Business Journal.

Click here to read the San Antonio Business Journal article.

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