Buying a house is a huge decision—often the biggest one a family has ever made. Knowing you’ve made a good financial choice is important to achieving peace of mind. That’s easier for those who are buying a home in San Antonio. The city has previously been named the No. 5 “Hottest Real Estate Market of 2016” by FORTUNE and a “Best Buy City” by Forbes. Now Zillow put San Antonio at the top of its “sweet spot” list.
“Zillow has determined that San Antonio is the sweet spot for home ownership this quarter,” said Builder magazine. The designation is based on the Zillow® Breakeven Horizon, “a quarterly report on how long home buyers need to stay in a home before buying it makes more financial sense than renting it.”
In several markets across the country, the “Breakeven Horizon” is more than two years; San Antonio topped the list at one year, four months. Next was Nashville at one year, five months. Zillow’s sweet spot list also takes into account “job market and income information to find places where home ownership is not just financially advantageous but also more likely to be financially possible,” they said.
With all that homeownership in San Antonio has going for it, the new acclaim is not surprising. “Average U.S. employment growth is 2% and average U.S. income growth is 2.3%, said Construction Dive. San Antonio’s job growth is 2.8% and its income growth is 4.1%.
Affordability continues to be an issue nationwide—Zillow Chief Economist Dr. Svenja Gudell reminded that buying a home hinges on the assumption that “you can qualify for a mortgage, have a down-payment saved up and, most importantly, can find a home for sale in your price range." However, San Antonio has been able to provide encouraging signs for homebuyers in communities like Mission del Lago on The Southside, where affordability in combination with low interest rates and builder programs are helping buyers make their new home dream come true.
“The San Antonio area is seen as a vibrant market, but prices overall are affordable in comparison to other large cities in Texas and the nation, industry observers say,” reported the Bexar Witness. “The average sales price for the first quarter of this year rose 3 percent to $227,971 while the median sales price increased 4 percent to $192,900.”
Prices for single-family new homes in San Antonio start at just $170,000—one of many reasons Mission del Lago is the fastest-selling community in all of San Antonio in its price category and one of the fastest growing across all price points. This 800-acre San Antonio golf course community offers homes from D.R Horton and Lennar and an array of resort amenities in a convenient and growing South San Antonio location.
For more information, visit Mission del Lago or click below to view move-in ready homes in San Antonio.