Housing pain

San Antonio sees one of nation's biggest spikes in mortgage payments, says Zillow

San Antonio saw one of the biggest year-over-year increases in mortgage payments.

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Talk about sticker shock. Among the 50 biggest metro areas in the U.S., San Antonio saw the country's 16th biggest rise in mortgage payments from March 2021 to this March 2022, according to a new report from real estate platform Zillow.

The report shows a year-over-over change of 42.8 percent in the typical San Antonio-area mortgage payment. That figure is based on principal and interest for a 30-year, fixed-rate mortgage with a 20 percent down payment. That compares with a nationwide jump of 38 percent. Zillow pegged the San Antonio metro area’s typical monthly mortgage payment at $1,256.

“Home shoppers are facing a one-two affordability punch this spring: Quickly rising mortgage rates are compounding affordability challenges that have been brought on by record home value growth,” Zillow says.

Other major Texas metro areas experienced year-to-year spikes in the typical monthly mortgage payment:

Austin saw the biggest rise, with a 63.5 percent year-over-year increase in the typical monthly mortgage payment ($2,299).
Dallas-Fort Worth ranked 10th with a 48 percent year-over-year increase in the typical monthly mortgage payment ($1,445).
Houston ranked 21st with a 38.8 percent year-over-year increase in the typical monthly mortgage payment ($1,144).

Among the 50 biggest metro areas, Washington, D.C., registered the lowest year-over-year increase in the typical monthly mortgage payment, 27.4 percent, the Zillow report shows.

“Higher mortgage rates were anticipated this year, but the speed of their rise has been breathtaking,” says Jeff Tucker, Zillow’s senior economist. “Record-low mortgage rates had been an affordability lifeline during the pandemic, keeping monthly payments in check even while prices climbed quickly.”

“March was the biggest test yet of whether enough buyers can meet the new asking prices to keep home values growing at a record pace, and the answer was ‘So far, yes,’” Tucker adds. “There will be a point when the cost of buying a home deters enough buyers to bring price growth back down to earth, but for now, there is plenty of fuel in the tank as home-shopping season kicks into gear.”

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Take A Walk

New multifamily community opens near Stone Oak restaurants and shopping

Rendering courtesy of Greyson Luxury Living

The new community offers 291 units.

A new multifamily community is now open to prospective residents in San Antonio. Greyson Luxury Living comprises 291 units at 1734 N. Loop 1604 West, with a focus on lifestyle amenities. But the location will be the main draw for many.

Apartment floor plans range from one to three bedrooms, starting at $1,317 for one bedroom and one bathroom, and working up to a base price of $2,611 for three bedrooms and two baths. The community's pet policy according to the website is: "We welcome all your furry friends at Greyson."

Residents will get reserved parking and a garage with EV charging stations, but it might not always be necessary to hop in the car. The apartments are directly adjacent to restaurants like Cover 3, Eddie V's Prime Seafood, and Blü Prime Steakhouse — not exactly everyday eats, but there's tons more at the Vineyard Shopping Center and the Stone Oak neighborhood's Blanco Market Shopping Center across the highway.

In addition to restaurants, the community is less than a five-minute drive from H-E-B Plus, Whole Foods Market, Target, fashion and furniture stores, and multiple fitness studios like StretchLab and LA Fitness.

A press release promises wood-style flooring, quartz and granite countertops, and ceramic tile backsplash. On the more utilitarian side, it offers single-basin sinks, kitchen islands, "spacious" pantries, a stainless-steel Energy Star appliance package, and washer and dryer connections. (Images shared by the complex so far appear to be more illustrative of the desired vibe than the actual space.)

Every floor plan also shows a private patio or balcony. The most expensive floor plan — the three-by-two — has a wraparound outdoor space.

For shared spaces, a resort-style pool with a tanning shelf (a very shallow area for placing lounge chairs) and bike storage encourage residents to get outside, and a dog wash station makes it easy to leave dirt and hair outside of apartments. There's also a fitness center, a clubhouse with wi-fi, elevators, and concierge services.

“We developed Greyson as a luxury multifamily community aimed to fit any type of lifestyle, and we are grateful for all of our partners that helped bring this project to life,” says Ed Garahan, partner and CEO at Carbon Companies, the development firm heading the project.

Carbon Companies also sold the Addison Medical Center Apartments, Ventura Ridge, Triomphe Apartments, and Pecan Springs Luxury Apartment Homes, with more in the works in San Antonio.

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