Show Me the Money
Owning a house is expensive, even if you just strip it down to the principal, interest, taxes, and insurance. So what kind of salary do you need to afford a median-priced home in San Antonio?
Much more than last year, it turns out. Mortgage tracking site HSH.com once again analyzed 27 major U.S. metros and found that Alamo City is experiencing a decrease in mortgage rates and a major uptick in home prices. Put those two together and you also get a $3,000 increase in the salary necessary to make it all happen.
In San Antonio, the annual income needed now to comfortably sign on the dotted line is $48,752.98, compared to last year's $45,374.30. With this salary and a mortgage rate of 3.71, homebuyers can afford a $210,500 home with an average monthly payment of $1,137.57.
The data puts San Antonio at No. 19, sandwiched between Orlando and Tampa. It's still the cheapest Texas city on the list, behind No. 16 Houston and No. 14 Dallas.
Big D saw a significant increase over last year, with salaries alone jumping up $2,938. That brings total earnings to $54,764.49 in order to afford a $232,200 home with a monthly payment of $1,277.84. In Houston, now $52,274.68 will buy a $217,400 house with a monthly payment of $1,219.74.
The website also calculates what salary would be required if a 10 percent down payment were used instead of the more traditional 20 percent, and the sum is, predictably, much larger. In San Antonio, it's $55,888. In Dallas, it's nearly 10 grand more: $62,663. In Houston, it's $59,664.
San Francisco is still the most expensive city overall, with the median home price having gone up from $742,900 to $885,600. If you want to buy there, you'd better be earning at least $161,947.60 — way, way higher than the national average of $52,699.17.