San Antonio – Did you get a 50% raise this year? Probably not. But homebuyers need to earn that much more to buy a typical home in San Antonio than they did just a year ago.
Statistics shared by real estate sites redfin This is further evidence that more and more people are being devalued from home ownership.
The median San Antonio home sale price in October was $325,000, up from $301,000 in October 2021, according to Redfin. Rising home prices and soaring mortgage rates have pushed the median mortgage payment to $2,186, up from $1,463 just a year ago.
Based on the recommendation that homeowners spend no more than 30% of their income on their total monthly mortgage payment, this is a home priced in the middle of all homes for sale in San Antonio. means an individual or couple must earn $87,453. .
In 2021, a salary of $58,532 will get you the same house. That’s about $29,000 a year, or a 49.4% pay raise requirement, and few people actually get it.
In fact, Redfin found that average US hourly wages grew by only 5% last year, well below inflation.
Even if the $87,000 salary seems high, San Antonio is better than many US cities.
Redkin found that homeowners must earn at least $100,000 to buy a home in nearly half of the metropolitan areas analyzed.
Click here to see the full list of cities and the annual income required to purchase each average-priced home.
Despite the dire stats, real estate experts say if you want to buy a home and can afford it, don’t wait.
“I encourage buyers to think long-term,” said Chelsea Traylor, a Redfin agent in Washington, DC. “Prices are unlikely to fall significantly over the long term, so if you can afford your monthly payments, even if you buy a home now, it’s likely that your wealth will grow over time, especially if you plan to live in it for several years. Even with the higher interest rates, another advantage of buying now is that there is no competition and no opportunity to bargain with sellers.”
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