There is a dramatic difference in what you can get for a home in Oakland, California versus San Antonio, Texas. It’s no secret that California’s home prices have reached levels rarely ever seen. In contrast, San Antonio saw the largest population boom in 2018 according to a Forbes report; however, the Alamo City still remains a very affordable place for home buyers. Currently, a 364-square-foot home in Oakland, California is listed at $235,000, but for the same price in San Antonio you can have a 2,299 square-foot home built.
Middle-class homebuyers are still struggling across the country as housing affordability becomes increasingly difficult. Several markets, including San Antonio, remain affordable. The current income needed in San Antonio if you are putting 20% down on a home is $47,148.
“Housing affordability will be the key to sustained healthy growth in the housing market in the upcoming years. That requires more homebuilding of moderately priced homes,” said National Association of Realtors chief economist Lawrence Yun.
As San Antonio welcomes the influx of new residents, commercial real estate is still available for business owners looking to take advantage of the rising population. Contact IRC today to schedule a tour of San Antonio’s latest commercial real estate listings or for assistance in finding your next business location: 210.828.9261