Great news for those who are looking to stop renting and get into a new home in San Antonio: San Antonio is one of the best places for first-time buyers in the country, according to financial website SmartAsset. SmartAsset just came out with their third annual study ranking the best cities for buyers to take the plunge into homeownership. They used “data for every U.S. city with at least 300,000 residents” as a starting point. Their overall conclusion: “First-time buyers would prefer to purchase homes in stable housing markets with affordable housing and low market volatility. We also looked at the availability of conventional mortgage loans.”
San Antonio ranked No. 6 in the nation, with affordability in the city and market stability scoring high. “Since 2011, there have only been three negative quarters,” they said. “In other words, there have been few year-over-year declines in the home price index, according to the Federal Housing Finance Agency.” The website’s key findings determined that “Texas is a top state for first-time buyers;” in all, seven cities across the state ranked in the top 25, with three in the top 10 (In addition to San Antonio at No. 6, Houston is seventh and Fort Worth is ninth.).
SmartAsset used seven factors to build its list, including:
- Value per square foot
- Affordability ratio, which compares median household income to median annual housing costs. “Data comes from SmartAsset’s analysis of the most affordable places in America,” they said “Calculations are based on data from the U.S. Census Bureau’s American Community Survey, government websites and the National Association of Insurance Commissioners.”
- Market volatility, based on quarterly annual housing price changes
- Mortgage and lender data
San Antonio was also recently named the No. 23 best place to live in the nation by U.S. News & World Report, which used quality of life; the local employment market; the overall value of living there; and desirability to compile their 2017 list. The city’s value score was especially impressive, at 7.3. That calculation was reached by comparing the median household to the cost of living. “San Antonio offers a better value than similarly sized metro areas,” they said. “Additionally, San Antonio residents pay slightly less for everyday expenses, such as food and health care, than those who live in other metro areas.”
The low 3.7 percent unemployment rate, which is 1.2 percent lower than the national average, and the “thriving job market with growing opportunities in the bioscience, renewable energy and manufacturing industries,” were also noted. NerdWallet’s 2017 list of Best Places to Find a Job in the Nation recognized San Antonio’s growing job market, and Forbes named it a Best Buy City by as one of the 20 real estate markets where it’s smart to purchase a home this year.
For more information about buying a home in San Antonio and San Antonio masterplanned communities, visit Mission del Lago. This popular new-home community offers single-family new homes on the Southside starting in the $160s, spacious, modern floorplans from renowned national homebuilders Lennar and D.R. Horton filled with all the most wanted features, abundant on-site amenities, and a convenient location just minutes from downtown, the Toyota plant, and Brooks City Base.
You can also click below to see move-in ready homes for sale.