According to the Texas Real Estate Association, Texas, California, and Florida are responsible for 46% of the nation’s population growth. However, the number of home sales in San Antonio is not consistent with its growing population; Texas ranks 45th out of the fifty states when it comes to home sale numbers. Members of the Texas Real Estate Association believe that these unfavorable numbers are due to high property taxes, among other factors.
Quick San Antonio Housing Facts
Percent of Homeowners in San Antonio: 58.1%
Percent of Renters in San Antonio: 36.2%
Median San Antonio Household Income: $36,214
Average San Antonio Credit Score: 651
Best Cities to Near San Antonio: Colleyville, Boerne
Median San Antonio Home Value: $82,500
How Much Real Estate Can I Afford in San Antonio?
The question that concerns anyone entering the housing market is this; will I be able to afford the house I want? Many homebuyers find the market daunting, and are deterred by it because they don’t understand how they fit in it. Fortunately, that doesn’t need to be the case. We can help. First, we suggest that you answer the following questions:
- How much am I willing to spend on monthly mortgage payments? If you currently rent, keep in mind that mortgage payments will probably be a little more than rent payments.
- What kind of payment plan will work well for me? Fixed Rate and Adjustable Rate programs are very popular, so you may want to consider those first.
- What are the property taxes like in San Antonio?
- What are the interest rates in the area of San Antonio I want to live in?
The next step involves a little number crunching. Check out our mortgage calculators, and see what kind of mortgages you could qualify for. Once you have completed these two steps, we have no doubt that you will easily be able to decide what your next step is.
Refinancing in San Antonio
Refinancing is a great way to lower your monthly mortgage payments. If the market interest rate has dropped 2% from the rate you pay, it’s probably time to refinance. You also may want to check and see if you credit score has improved significantly; if it has, you may qualify for lower interest rates, and therefore should look into refinancing.
This site is not a broker and does not collect or solicit mortgage applications. Content is for informational or comparison purposes only. Services are not available in New York. Products and services may not be available in all other states.