Texas first-time buyers need $10,000 more to afford a home this year

The price is not right

Photo by fstop123/Getty Images

The hurdles are raised for first-time homebuyers in Texas yet again, as rising interest rates demand an overall higher income for mortgage approval.

The Texas Real Estate Research Center released findings in its recent Texas Housing Affordability Outlook that Texans buying their first homes need $10,000 more in income than at the beginning of last year to be approved for a $229,000 house.

Purchasing power, the center explains, and mortgage interest rates are indirectly related. Higher interest means higher monthly payments; it takes a higher income to keep up. “... As long as the rise in home prices continues to outpace the increase in income, purchase affordability, or the ability of a household to buy a home, will continue to diminish,” explains the report.

The $229,000 figure represents the first-quartile home price in Texas in Q1 2022, described as "the highest home price among those lowest-priced 25 percent of homes sold" in the state. The state's median home price for the first quarter of 2022 was $319,000. Year-over-year growth was slightly higher for the median figure (18.4 percent) than first-quartile figure (17.5 percent), but both are at their highest rates since the beginning of the chart in 2012.

San Antonio’s first-quartile home price sat slightly above the state average, at $235,000, while the area's median home price for the first quarter came in at $305,000. The Austin-Round Rock area is a large contributor to the statewide growth, with a 29.2 percent change in first-quartile prices, up to $420,000. Dallas’ numbers are a near match to the state's figures, and Houston’s are just slightly below.

Unfortunately for many Texans currently renting, only 37.4 percent of them are making the qualifying income ($61,652) to buy one of those first-quartile homes with a 3.4 percent interest rate (that was the national interest rate at the beginning of the year; by mid-May the interest rate had risen to 5.25 percent). In San Antonio, only 32.5 percent of area residents are in a similar position, necessitating an income of $63,236. This is nearly twice the qualifying income required for a first-quartile home in 2011 ($23,142).

Douglas Elliman

Late San Antonio philanthropist’s artsy penthouse spices up market for $7.25 million

Hot property

The former San Antonio penthouse of the late philanthropist and art collector Linda Pace — whose parents launched the Pace picante sauce empire — has landed on the market with a price tag of $7.25 million.

The two-story Camp Street penthouse encompasses 15,076 square feet in the historic Southtown district. The property features a private rooftop with 7,500 square feet of open-air space offering 360-degree views, a jetted swim spa, and irrigated gardens. The penthouse provided exhibition space for Pace’s extensive art collection, which is now housed at the Ruby City art museum.

Pace purchased the entire building in 2001 and converted it into “one of the most prestigious residential properties in San Antonio,” according to Douglas Elliman Texas, where Michael Reisor has the listing. The Camp Street Residents project occupies a structure built in 1926 that once housed the Duerler Candy Factory.

Highlights of the penthouse include:

Six bedrooms.
Seven full and three half-bathrooms.
Industrial loft space with “Soho vibe.”
Private elevators.
Four underground parking spaces.
High-end Miele appliances in both kitchens.
Pocket porch terrace on each floor.
Vast collection of contemporary art.
More than 2,000 feet of separate storage space for art.
Full-time concierge service for all 20 condos at Camp Street Residences.

Pace died in 2007 at age 62. Her parents started Pace Foods, their picante sauce business, in 1948. Twenty-one years later, Pace’s husband, Christopher “Kit” Goldsbury, joined the company. In 1982, Pace and Goldsbury bought Pace Foods. The couple split up five years later.

Campbell Soup bought Pace Foods in 1994 for a little over $1.1 billion. At the time, Goldsbury was the sole owner of Pace Foods. In the 1980s, he purchased Linda Pace’s 50 percent stake for $95 million.

A year after the Campbell deal, Pace — an artist in her own right — founded Artpace San Antonio, a nonprofit residency program for artists. Goldsbury, with an estimated net worth of $1.7 billion, is the driving force behind San Antonio’s wildly popular Pearl development.

The two-story penthouse is in Southtown.

Douglas Elliman

The two-story penthouse is in Southtown.

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Zillow predicts home affordability in San Antonio will continue to plummet this year

Mortgage madness

San Antonio homebuyers are in for some sticker shock before year’s end if one home-affordability forecast is accurate.

An analysis released August 12 by real estate platform Zillow predicts home affordability in San Antonio will keep falling, with mortgages eating up more of homebuyers’ income. And it’s happening quickly.

According to Zillow, the typical homebuyer in the San Antonio area should expect to put 21.8 percent of their income toward mortgage payments in December, up from 19.5 percent in June.

While that is likely bad news for potential homebuyers in San Antonio, it could be worse. Up in nearby Austin, residents are fretting about the region becoming more California-ized than ever.

According to Zillow, home affordability in the Austin area will keep falling to the point that it’ll be the country’s least affordable metro for homebuyers outside California.

As of June, Austin enjoyed home affordability greater than only eight major U.S. metros. But by December, Zillow expects Austin to drop below Seattle, Miami, and New York City for home affordability. If that happens, the five metro areas with worse affordability than Austin would all be in California: San Francisco, San Jose, San Diego, Los Angeles, and Riverside-San Bernardino.

Zillow claims the typical homebuyer in the Austin area should have expected to put 19.7 percent of their income toward mortgage payments in June 2020. A year later, that figure had climbed to 25.3 percent. Even if mortgage rates stay the same, Austin homebuyers should brace themselves to be forking over 30.1 percent of their income for mortgage payments in December, Zillow says.

By comparison, the same mortgage-payment numbers are projected to climb from 39.3 percent to 43.1 percent between June and December in San Francisco, and from 36.8 percent to 40.9 percent between June and December in San Jose.

The mortgage-affordability outlook is far rosier for Texas’ other major metro areas, the Zillow analysis shows:

The typical homebuyer in Dallas-Fort Worth should anticipate spending 22.1 percent of their income on mortgage payments in December, up from 19.8 percent in June.
The typical homebuyer in Houston should anticipate spending 18.8 percent of their income on mortgage payments in December, up from 17.2 percent in June.

“Strong demand and rising prices for homes are overwhelming the ability of low mortgage rates to keep monthly payments down,” Nicole Bachaud, economic data analyst at Zillow, says in a news release. “As prices continue to outpace income gains, affordability constraints will start to slow home-price growth.”

Courtesy rendering

Luxury condos gallop into Hill Country resort with prices up to $1.3 million

Waves of luxury

Horseshoe Bay, one of the Hill Country’s most popular resorts, is adding some high-end housing at the more than 7,000-acre destination.

The resort, situated along Lake LBJ in the town of Horseshoe Bay, is building 60 luxury condos between the marina and yacht club. Prices of the condos run from the $800s to more than $1.3 million. Sizes range from 1,570 to 2,324 square feet.

Horseshoe Bay says the three-building Waters Lakeside condo project will be completed by the summer of 2022. Each condo will feature three bedrooms.

“These new high-end condominiums are in the center of the resort’s amenity complex and offer wonderful views of Lake LBJ. These residences are the perfect base camp for families and friends to enjoy the exclusive club and resort lifestyle,” Jordan Jaffe, owner of Horseshoe Bay, says in a news release.

The condo project is part of more than $100 million in renovations and upgrades that the 400-room resort has undertaken.

Amenities at Horseshoe Bay include:

Four championship golf courses
Spa and health club
Fourteen tennis courts
Bike rentals
Hiking trails
Private airport

Photo courtesy of Kuper Sotheby's International Realty

Urban condo claims its spot only 2 blocks from the River Walk

Haute Property

831 S. Flores #1103
San Antonio, TX 78204

Neighborhood: Downtown
Style: Condominium
Square footage: 2,169
Beds: 3
Baths: 3
Price: $500,000

The lowdown: Living downtown is cool to begin with, but when you live in a cool historic building that's been converted into condo lofts? Double the cool quotient. This unit has 13-foot ceilings and an industrial urban feel with exposed stone walls, and is only two blocks from the River Walk and King William.

It's open-concept with a main-level kitchen, living room, two bedrooms, and two bathrooms. The lower-level basement has a huge family room plus the third bedroom and bathroom. The condo building itself offers a pool, gym, dedicated park for dogs, bike storage, a barbecue, and a rooftop deck with amazing views that can be reserved for your own private use.

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This home is on the market with Barbara Finch of Kuper Sotheby's International Realty. Click here to see more photos, details, and to contact the agent.

Unit #1103 at 831 S. Flores is listed for $500,000.

Photo courtesy of Kuper Sotheby's International Realty

Unit #1103 at 831 S. Flores is listed for $500,000.

Photo courtesy of Kuper Sotheby's International Realty

Loft living gets a chic upgrade at downtown San Antonio condo

Haute Property

831 S. Flores St., #3212
San Antonio, TX 78204

Neighborhood: Downtown
Style: Condominium
Square footage: 790
Beds: 1
Baths: 1
Price: $269,500

The lowdown: When it comes to character, this condo at the Judson is hard to beat. Once a candy factory, the historic building now houses 84 homes and shows off a brick exterior and architectural details that reveal its past. The interior of #3212 is freshly painted, clean, bright, and boasts high ceilings and industrial touches that add to its appeal. The practical floorplan has tons of fun features, including a kitty door to the balcony.

You'll notice granite countertops, a spacious laundry room, and a large patio to enjoy coffee in the morning or a glass of wine in the evening. A separate dining area is off the kitchen, plus the unit comes with a convenient storage room. Residents can take advantage of the community pool, gym, and dog grooming spot. The best part? Its location. Judson lofts are near the River Walk, King William Historic District, Blue Star Arts Complex, the new San Pedro Creek Culture Park, H-E-B, and the blue line trolley route for access to downtown and the Alamo.

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This home is on the market with Debra Maltz of Kuper Sotheby's International Realty. Click here to see more photos, details, and to contact the agent.

Unit #3212 at 831 S. Flores is listed for $269,500.

Photo courtesy of Kuper Sotheby's International Realty

Unit #3212 at 831 S. Flores is listed for $269,500.

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Latin lords Enrique Iglesias, Ricky Martin, and Pitbull team up for Trilogy tour headed to San Antonio

the big 3

Three of pop music's biggest powerhouses are headed to San Antonio for a star-studded fall tour. Latin superstars Enrique Iglesias, Ricky Martin, and Pitbull will share the stage together for the first time ever as part of The Trilogy Tour, which will hit arenas across America this fall.

This new 19-city tour produced by Live Nation kicks off in Washington, D.C., on October 14. The tour hits San Antonio on Sunday, November 19 at the AT&T Center as part of three-city Texas stop. Other shows include a stop at American Airlines Center in Dallas, on Friday, November 17 and Toyota Center in Houston on Saturday, November 18.

As one would expect, the megastars promise to deliver an electrifying mix of their biggest, career-spanning hits with tastes of reggaeton, salsa pop, dance, and electronic all thrown in for good measure. Each showman will backed by world-class production and state-of-the-art visuals, per an announcement.

Live Nation recommends that fans register now through Sunday, June 4 at 11:59 pm ET for the Verified Fan presale here. Those who are selected to receive an access code will be able to participate in the Verified Fan presale starting on Wednesday, June 7. (More information on Verified Fan can be found here).

A limited number of tickets will be sold during a general on sale starting at 10 am Friday, June 9 at Ticketmaster.com — while supplies last.

Expect a slew of VIP packages and experiences, which include perks like an invitation to the pre-show VIP lounge, exclusive VIP tour poster, specially designed VIP gift item and more. More VIP information can be found at vipnation.com.

From prince to King Enrique

The son of Latin king Julio Iglesias, Enrique Iglesias has evolved from promising pop prince to arguably the biggest Latin recording artist in music history, with a wow-worthy 154 No. 1 single’s across Billboard charts and 27 No. 1 singles on Billboard’s Hot Latin Songs Chart. Iglesias currently holds the record for most number ones in the chart’s history.

At once a sultry crooner and poppy persona, he fluidly moves between English and Spanish and genres to the tune of more than 180 million albums sold worldwide, released 11 studio albums, and three greatest hits compilations. To date, Iglesias has headlined 10 sold-out world tours and performed in front of more than 10 million fans.

Known for big collabs with Whitney Houston, Lionel Richie, Pitbull, and more, he boasts multiple Grammy, Billboard, ASCAP, and more major awards. His 14 billion views on YouTube/VEVO and 14 billion in streams make him one the most streamed and viewed artists on the planet.

"I am incredibly excited to be going on tour with my friends Pitbull and Ricky," Iglesias said in a tour announcement. "The Trilogy Tour will be an amazing experience for ALL of our fans. It’s going to be a once in a lifetime tour."

La Vida Ricky

A fresh-faced poser boy for '80s pop group Menudo, Ricky Martin grew up before fans eyes into a hunky, bellowing singer known for leaving it all out onstage. Often dubbed the "King of Latin Pop," Martin has scored more than 180 awards and multiple Grammy Awards, most recently for the EP Pausaa nd the album PLAY, which features collaborations with Bad Bunny, Residente, and Sting.

The Puerto Rico native is also an accomplished actor, flexing his chops and earning an Emmy nomination in FX's The Assassination of Gianni Versace: American Crime Story. He's next set to star in the highly anticipated Apple TV series Palm Royale, alongside Laura Dern, Kristen Wiig, Allison Janney, and Carol Burnett.

Martin has championed HIV and AIDS causes and founded the Ricky Martin Foundation, which actively fights against human trafficking and modern-day slavery. He is a Global Ambassador for UNICEF, has received the Hispanic Federation's "Humanitarian Award" and the Human Rights Campaign's "National Visibility Award." The City of New York declared "Ricky Martin Day" to honor his musical legacy and charitable work.

"Going back on the road with not only Enrique, but now with Pitbull it’s very exciting," Martin notes in a statement. "This tour will be a wild party from beginning to end so get ready, it's going to be epic!"

Mr. Worldwide

Grammy-winning showman Pitbull — aka Mr. Worldwide — has a golden touch when it comes to singalong party anthems and killer shows. As an artist, the Miami performer boasts billions of audio streams and video views plus hundreds of gold and platinum certifications. As an entrepreneur, he co-owns the NASCAR racing team Trackhouse and tours with life strategy guru Tony Robbins on motivational speaking engagements.

Famed for his fiesta vibe, Armando Christian "Pitbull" Perez is dead serious about education as he helped establish the nationwide Sports Leadership Arts and Management (SLAM!), tuition-free public charter schools.

“It’s a true honor to tour with Enrique and Ricky, 2 music icons, who broke global music barriers for our culture and open doors for someone like myself,” said Pitbull. “We’re excited to take The Trilogy tour around the world and give our fans the time of their Trilogy lives, Dale!"

Here are the official dates for The Trilogy Tour:

Sat Oct 14 – Washington, DC – Capital One Arena

Tue Oct 17 – Toronto, ON – Scotiabank Arena

Fri Oct 20 – Montreal, QC – Bell Centre

Sat Oct 21– Boston, MA – TD Garden

Thu Oct 26 – New York, NY – Madison Square Garden

Sat Oct 28 – Brooklyn, NY – Barclays Center

Wed Nov 01 – Chicago, IL – United Center

Fri Nov 03 – Detroit, MI – Little Caesars Arena

Thu Nov 09 – Orlando, FL – Amway Center

Fri Nov 10 – Miami, FL – Kaseya Center

Fri Nov 17 – Dallas, TX – American Airlines Center

Sat Nov 18 – Houston – Toyota Center

Sun Nov 19 – San Antonio, TX – AT&T Center

Fri Nov 24 – Las Vegas, NV – T-Mobile Arena

Sat Nov 25 – Phoenix, AZ – Footprint Center

Thu Nov 30 – Los Angeles, CA – Crypto.com Arena

Wed Dec 06 – San Jose, CA – SAP Center

Fri Dec 08 – Seattle, WA – Climate Pledge Arena

Sun Dec 10 – Vancouver, BC – Rogers Arena

Enrique Iglesias/Facebook

Music royal Enrique Iglesias joins Ricky Martin and Pitbull.

San Antonio arts soar with these 8 June exhibits

State of the Arts

Awaken your artistic muse this summer with these exhibits to inspire and ignite your creativity. Angela Guerra Walley weaves joy into her series of deconstructed quilt dresses at Artpace; a big spotlight shines on the little stages or maquettes at the McNay exhibit, “Big Little Stage"; Alethea Jones woos her viewers with neon colors and fantastical landscapes in “Floating Between Chaos and Peace”; and a group exhibit examines both cultural and social-economic commentary in “I Am Not Your Mexican” at Ruiz-Healy Art. Seize the summer and make it an artful one.

Artpace

“Angela Guerra Walley: We Are Quilted Together” — Now through September 3
Angela Guerra Walley, who is also a local documentary filmmaker and frontwoman for the band Dreambored, says she has come back to a place of “love, joy and comfort” in her art. Her new subject material comforts her as she pays tribute to the lineage of quilt-and-clothing-making women that she comes from. “I’m interested in dresses as symbols of beauty and femininity as a gender-ﬂuid, queer person. I brieﬂy pursued dressmaking, but I realized the most satisfaction I found was in ripping my worn dresses apart at the seams and sewing together textile collages from the pieces.” “We Are Quilted” displays her series of “quilt dresses” made from fabrics that were cut apart, reconﬁgured, and sewn back together.

Un Grito Gallery

“Joao Quiroz: Fluxus” — June 1 through 15
Mexican visual artist Joao Quiroz settled in San Antonio in 2019 and established himself as an urban landscape impressionist. His work is eclectic, outwardly impressionist, and inwardly expressionist, exploring classical art and the avant-garde. Quiroz also has a sense of humor, as witnessed in his painting of the artist Frida Kahlo wearing a Buc-ees t-shirt.

The McNay

"Big Little Stage" — June 1 through February 25, 2024
“Big Little Stage” is an exploration in how designers "present creative visions for stage productions through small-scale and large-scale models called maquettes." A variety of materials are used: "Papier-mâché, fabric, and wood ... as well as sleeker materials like stainless steel and plexiglass." Some of the stage pieces on view include a miniature Hanging Gardens of Babylon (1860), Pablo Picasso’s pastel maquette for Le Tricorne (1919) and a futuristic set by Ralph Koltai for Shakespeare’s Othello (1985).

Sala Diaz

"Alethia Jones: Floating Between Chaos and Peace" — June 2 through 30
In this vibrant exhibit with pieces that look like they were made from collage, Alethia Jones explores her personal mental health through her work. Neon colors and "fantastical landscapes" with "hints of recognizable objects" captivate the viewer. Jones says of her experience, “Like so many people on the planet, I have spent the majority of my life living with mental illness. This body of work exposes the helplessness of one grappling with negative current events, but also suggests that hope does exist, and there is still much beauty to behold in this world.”

Blue Star Contemporary

"Actions for the Earth: Art, Care & Ecology" — June 2 through September 3
18 artists, including Yoko Ono, have created an exhibit that "considers kinship, healing, and restorative interventions as artistic practices and strategies to foster a deeper consciousness of the interconnectedness with the earth." They are putting their concerns about the planet, social inequity, and public health into a creative outpouring. This touring exhibit invites the public to participate in "instruction-based meditation and deep listening among other actions."

Ruiz-Healy Art

“I Am Not Your Mexican" — June 7 through September 9
Featuring works by six different artists, “I Am Not Your Mexican” is a title inspired by James Baldwin’s documentary film “I Am Not Your Negro,” and "is a glimpse into an international macro-cultural phenomenon," according to the gallery's description. Artist Jesse Amado came up with the series name in reference to understanding art that may at first appear to be "highly conceptual or purely abstract." Instead, it prompts visitors to reconsider what belongs in a contemporary canon for this century. Amado’s series is "innovative" in its use of "chicharrón (pork rind) and Styrofoam fast food containers, products with both cultural and social-economic commentary."

San Antonio Art League

"Wax and Wildflowers" — June 11 through August 11
The International Encaustic Artists Annual Juried Exhibition, which is a mouthful to say, simply celebrates layered wax art. The encaustic medium consists of natural bees wax and damar resin (crystallized tree sap), heated or burned. The theme of the all-encaustic exhibit is “Wax and Wildflowers” and invites national, international, and regional encaustic artists to interpret the theme of wildflowers. If you are not familiar with this process, this show is definitely worth discovering.

San Antonio Museum of Art

Photo courtesy San Antonio Art League

Shary Bartlett, Vancouver BC for Wax and Wildflowers at SAALM.

“Still Brewing Art” — June 29 through September 3
Once upon a time, SAMA’s Romanesque style grand brick and stone building was the Lone Star Brewery, the first large, mechanized brewery in Texas. “Still Brewing Art” shares the history of the building with "historic photographs and artwork including belle époque large format brewery posters." In addition, the exhibition will "explore San Antonio’s history as a brewing city and how the San Antonio River fits into the story." The renovated complex reopened in 1981, accompanied by the slogan, “We’re Brewing Art.”

Here are the top 5 things to do in San Antonio this weekend

Weekend Event Guide

Artful experiences, comedic commentary, and a little bit of bubbly are on our agenda over the next few days. Enjoy brunch by Landrace with sparkling wine on the barges at Go Rio, or see comedian Joe Gatto live for a night of laughs. Check out the top five things to do in San Antonio this weekend. For a full list of events, visit our calendar.

Thursday, June 1

McNay Art Museum presents "Big Little Stage"
Explore a selection of small-scale and large-scale models of stage productions, known as maquettes, at the McNay Art Museum’s newest exhibition. Featured small-scale maquettes include a miniature Hanging Gardens of Babylon (1860) by Victor St. Leon and a substantial ship’s prow by William Dudley for Billy Bud (1976). Large-scale pieces displayed include the Trojan Horse by Helen Pond and Herbert Senn for Les Troyens (1972) and a futuristic set by Ralph Koltai for Shakespeare’s Othello (1985). Following opening weekend, this exhibition on display through February 2024.

Friday, June 2

Tobin Center for the Performing Arts presents Josh Gates: An Evening of Legends, Mysteries and Tales of Adventure
Explorer and Discovery Channel star Josh Gates shares stories of his most notable adventures, and insights on famous mysteries live at Tobin Center for the Performing Arts. Fans can expect an immersive and exciting recount of Gates’ global journeys and discoveries with sharp detail. Ticket options include general admission and a VIP meet and greet package offering.

Majestic Theatre presents Joe Gatto’s Night of Comedy
Joe Gatto brings his comedic talents to the stage for an evening of certain laughter. He’s best known for his improvisational roles in hit shows Impractical Jokers and The Misery Index, both of which require thick skin and an impenetrable sense of embarrassment. Check out majesticempire.com for ticket details.

Max Stalling in concert
Country music singer-songwriter and Texan Max Stalling takes the stage at Gruene Hall for one night only. He’s best known for his live projects, including a full-length DVD, and hits songs “The Pila Song” and “Ping Pong, Pool.” General admission tickets are available at thundertix.com.

Sunday, June 4

Joe Gatto/Instagram

Joe Gatto takes the Majestic Theatre stage on June 2.

Thompson San Antonio Bubbles + Bagels Brunch on a Boat
Float into the new week ahead on an effervescent cloud of boozy bubbles at this brunch-inspired Thompson San Antonio boating event. The swanky hotel’s restaurant, Landrace, is now offering a brunch experience complete with sparkling sips on the historically famous Go Rio river barges. Get more information and tickets on Eventbrite

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