Here’s how much you should make to own a home in San Antonio – mySA

It's getting more expensive to own a home in San Antonio. Here's how much you would have to make to afford a home.

It’s getting more expensive to own a home in San Antonio. Here’s how much you would have to make to afford a home.

William Luther, Staff

With high interest rates hindering buying power in San Antonio for those looking to buy a house, it’s getting more expensive to own a home in the Alamo City. A new report from online real estate company Redfin says that one would have to make over $87,000 if they want to own a home in San Antonio. 

The report says a person must make $87,453 annually to buy a home with the October median sale price of $325,000, which amounts to a monthly mortgage payment of $2,186. The median household income for a family of four for the San Antonio-New Braunfels area is $83,500, according to 2022 numbers from the U.S. Department of Housing and Urban Development.

The annual income to afford a San Antonio home jumped 49.4% from $58,532 in 2021. The news comes after a report said that over a quarter of homeowners bought a newly built house in 2022. In Austin, the income to own a home in the Texas capital rose 43.8% to $128,354. That is a monthly mortgage of $3,209.

Nationally, a homebuyer must earn $107,281 to afford a $2,682 monthly mortgage payment on the typical U.S. home, the report says. The average U.S. wage was only up 4.7% in October, down from 5% in September, but the report says that inflation continues to cut into those wages. 

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