Million-dollar listing

New study reveals San Antonio's share of million-dollar homes

San Antonio landed at No. 36 on a list of the 50 largest U.S. metros with $1 million-plus homes.

Photo Courtesy of Sotheby's International

With the median home price in the San Antonio metro area closing in on $350,000, it’s no shocker that many homes would be valued at $1 million or more.

In fact, 1.26 percent of San Antonio homes are valued at $1 million or more, landing Alamo City at No. 36 among the country's 50 largest metros for its share of million-dollar homes — according to a new study.

Conducted by personal finance platform LendingTree, the study analyzed the number of $1 million-plus homes in the country’s 50 largest metro areas.

In not at all surprising news, Austin claimed the highest share of $1 million-plus homes among Texas’ major metros, coming in at No. 12 nationally. More than 3.5 percent of owner-occupied homes in the Austin area are valued at $1 million or more, compared with an eye-popping 52.89 percent share in the No. 1 metro on the national list, San Jose, California.

Elsewhere in Texas, Houston ranked No. 17 in the country (2.4 percent), while Dallas came in at No. 20 (2.2 percent).

“Though home prices have risen significantly over the past two years, paying $1 million or more for a house may still seem excessive to most Americans. However, just because million-dollar homes aren’t common throughout the U.S. doesn’t mean they aren’t prevalent in some areas,” LendingTree says.

The website notes that an average of 4.71 percent of owner-occupied homes in the 50 largest metros are valued at $1 million or more.

rankings home-for-sale

bang for your buck

San Antonio ZIP code is 4th most affordable place for renters in U.S.

Photo by Florian Schmid on Unsplash

undefined

Trying to afford buying a home in San Antonio is difficult enough with current mortgage rates, and doubly so if you're already paying high rent on an apartment or a house. But there are six San Antonio ZIP codes where renters can get the most bang for their buck, according to a new study by financial services company CashNetUSA.

To find the most affordable ZIP codes for renters in the U.S., analysts compared median household incomes by ZIP code to the average annual rent costs in those areas using the Zillow Observed Rent Index. ZIP codes where the average annual rental constituted the lowest percentage of median household income were considered the "most affordable."

San Antonio's 78248 ZIP code specifically stood out as the No. 4 most affordable in the country, and the No. 1 most affordable in Texas. This area encompasses the north San Antonio neighborhoods of Inwood, Forests at Inwood, Oakwood, The Park at Deerfield, Canyon Creek Bluffs, Canyon Creek Village, Blanco Village, Deerfield, Cadillac Drive, and Churchill Estates.

According to the study's findings, the average monthly cost of a rental in 78248 comes out to $1,259.17, and the median annual income of a household in the area is $122,986. Analysts then calculated that the annual rent of a home in this ZIP code only takes up 12.29 percent of a household's median income, which is the fourth-lowest in the nation.

CashNetUSA found the No. 1 most affordable ZIP code for renters nationwide is 66224 in Leawood, Kansas, where annual rent only takes a 10.57 percent cut out of a household's median annual income.

Elsewhere in Texas, two Houston-area ZIP codes – 77401 and 77094 – ranked No. 9 and No. 12 nationally, while Allen's 75013 ZIP code fell two spots behind to claim the No. 14 spot.

The most affordable San Antonio-area ZIP codes for renters
CashNetUSA further unveiled the five most affordable ZIP codes across major U.S. cities, including in San Antonio, Austin, and Houston.

Following 78248 (which took the No. 1 spot citywide) is 78261 (No. 2), which spans east of Highway 281, across Smithson Valley Road. Rent costs in this ZIP code averaged out to $1,698 per month, the report found.

Landing in the No. 3 spot is 78258, which includes Rogers Ranch, The Vineyard, Stone Oak, Summit, Hidden Canyon, and Big Springs neighborhoods. The report said average rent in the area comes out to $1,507 per month, which takes up 17.54 percent of a household's median annual income.

The remaining top two most affordable ZIP codes for San Antonio renters are located in 78259 (Encino Park, Encino Ranch, Cavalo Creek Estates, Northwood Hills, Summit at Bulverde Creek, Roseheart, Redland Woods) and 78260 in Timberwood Park, which is about 25 miles north of downtown San Antonio.

rent rent prices affordable housing