It would take 12 years for a San Antonio area homebuyer to save for a 6% down payment, study finds
By Mary Claire Patton (ksat.com)
Photo: House in suburban neighborhood. (Pixabay)
SAN ANTONIO – High demand, low mortgage rates and massive price increases for homes have led to a hectic housing market in the U.S. over the last year.
In October, the median sales price of a home was $305,400, up from $259,500 in October 2020.
That’s an 18% increase year-over-year and the first time ever that the median home price in San Antonio has exceeded $300,000.
Skyrocketing home prices haven’t slowed down the market though, according to market statistics from the San Antonio Board of Realtors, 99.5% of homes in the San Antonio area sold at or above the list price last month.
Based on current market prices, these are the top 12 ZIP codes with the highest median home sales price in the San Antonio area:
78257 - $702,500
78256 - $585,000
78266 - $585,000
78215 - $485,000
78255 - $460,000
78258 - $439,500
78248 - $438,000
78101 - $421,900
78205 - $407,500
78231 - $407,000
78209 - $403,450
78203 - $399,500
A more comprehensive look at San Antonio area median home prices can be seen in the interactive graphic below:
Despite the increase in price, digital homeownership platform Knock recently released an analysis of housing markets across the U.S. and found that the San Antonio and New Braunfels area actually has one of the most affordable markets for new construction homes.
On average, it would take 12 years to save for a 6% down payment on a median-priced new home in San Antonio based on this reports findings.
On average, it would take 12 years to save for a 6% down payment on a median-priced new home in San Antonio based on this reports findings. (Knock)
While the San Antonio area might come in at No. 1 in terms of new construction affordability, Knock also found that approximately 49% of households in our area would not qualify for a mortgage on a median-priced new home based on their income.
Additionally, it would take 12 years for a San Antonio area homebuyer to save for a 6% down payment on a median-priced new home, according to Knock’s findings.