Looks like San Antonians in the market for their first home have chosen the right time to buy. Not only are home values rising (and list prices have actually fallen), but the city has been named one of the best for first-timers.
A new report from SmartAsset ranks San Antonio No. 7 among the 10 best cities for first-time homebuyers in 2018. The finance company looked at seven factors to determine where first-time homebuyers should put down roots: number of HUD-approved lenders, loan funding ratio, average price per square foot, affordability ratio, stability score, price variance, and number of negative quarters from 2012-2017.
With a price per square foot of only $80.50, San Antonio is an affordable place to buy. And, with only one year-over-year quarter of negative growth in home prices between 2012-2017, SmartAsset says "homebuyers in San Antonio can feel confident about their home investment."
The market also boasts a loan approval rate of 62 percent and 154 HUD-approved mortgage lenders, meaning "first-time homebuyers here should have no trouble finding a mortgage," writes SmartAsset.
Texas is home to three of SmartAsset's 10 best markets for first-time buyers, with Houston at No. 4 and Dallas at No. 10. Houston has the highest number of mortgage lenders, while Big D is deemed a safe housing market in which to invest.
Five other Texas cities appear on the finance site's full list of 25: Fort Worth (11), Arlington (14), Corpus Christi (16), El Paso (20), and Austin (24).