Young people are flocking to San Antonio. A new report ranks Alamo City the fourth-best home market for millennials in 2022.
Homebuying platform Knock collected data for the 100 largest metro areas related to affordability, availability of homes, and key attributes important at various stages of life, including for millennials, Gen Xers, and baby boomers.
That affordability element, key when comparing San Antonio to other nearby Texas metros, namely Austin, seems to be a major draw for millennials in recent years and into 2022.
“With the typical San Antonio home selling for nearly $200,000 less than a comparable home in Austin, and a strong job market, San Antonio is becoming a more affordable alternative to Austin, attracting over 7,000 movers from the Austin area to San Antonio in 2019,” Knock says.
The Knock report notes that particular draws for millennial homebuyers moving to San Antonio include the River Walk, an active downtown area with boat rides, the city’s many bars and restaurants, and miles of pedestrian-friendly streets.
Knock also cites San Antonio’s “above-average concentration” of tech and healthcare jobs, highlighting the fact that the city “boasts a top five tech salary out of the 100 metros, at $101,540, surpassing Austin.”
While San Antonio secured the No. 4 spot on the millennials list, it was indeed Austin that landed at No. 1 for millennial homebuyers. The Capital City was also one of only two metros to appear in the top 10 in any of Knock’s three generational categories. On Knock’s list of the best home markets for Gen Xers, Austin lands at No. 2, behind only Miami.
In ranking the Austin area first among millennial markets, Knock points out that Austin boasts 40 times more new millennial residents on average than the 99 other big metros.
“Austin increasingly has been noted for its growing tech industry, with over double the national average of tech jobs. Although home prices grew more than 30 percent in 2021, [Austin] continues to be more affordable than Silicon Valley and other major tech hubs,” Knock says.
No other Texas cities made the Knock list in any generational category.