The income required to buy a house in the San Antonio area in January 2024 was $38,307 more than in January 2020, according to Zillow Group Inc.
Surging home prices and mortgage interest rates over the past four years have made it much more difficult for San Antonio residents to afford a home. A new analysis shows the income required has increased 67% in the past four years. As of January, prospective buyers needed to earn $95,767 a year to afford a typical home in the area, according to Zillow Group Inc. That’s $38,307 more than during the same month in 2020, before the pandemic upended the real estate market across the U.S.
Home sales in San Antonio hit a 5-year low in 2023 Zillow put the typical value of a house in the San Antonio area at $283,161, a calculation it calls its “home value index” measured as a weighted average of the middle third of homes in an area, and estimated the monthly mortgage payment would be $1,807. That payment includes principal, interest, taxes and insurance.
More than half of San Antonio-area renter households spend too much of their income on rent, report says A buyer would need to make $121,398 in Dallas and $149,267 in Austin to afford the typical home, increases of $53,679 and $65,144 since January 2020, respectively. In Houston, a buyer would need to earn $95,374, or $39,779 more. Zillow estimated the typical value of a house to be $366,690 in Dallas, $451,322 in Austin and $300,955 in Houston.
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