San Antonio is Texas’ second-biggest city, with a fast-growing population. It is a city with a lot to offer residents, from delicious Mexican cuisine, a fascinating history, warm weather, and some of the nicest areas to walk around in all of Texas.
There are other features of the city that are extremely appealing to people looking to relocate, particularly the financial aspects. Not only is San Antonio as affordable as a major American city can be, its location in Texas means that there is no state income tax. Let’s do a deep dive into why San Antonio is a rising city that ranks as an intriguing real estate option.
San Antonio is a city that is going to give you a lot of bang for your buck. According to PayScale, the cost of living in San Antonio is 14% below the national average. According to a Norada report, the median cost of a house in San Antonio is $240,000, which is an extremely affordable cost for a house in a big city.
In the last 5 years, San Antonio Metro Area’s Real Estate has appreciated 40%.
Combined with the lack of income tax, there is a great opportunity for wealth accumulation in San Antonio, particularly when considering the massive growth the real estate market has seen in recent years.
In the last 5 years, San Antonio Metro Area’s Real Estate has appreciated 40%. This is a whopping growth spurred by a large migration of residents to the city. According to Life Storage, in 2018-19, San Antonio was one of the top five fastest-growing cities in America. With a strong local economy and that cheap cost of living, it is pretty obvious why so many people are interested in moving to San Antonio.
According to the same report by Life Storage, San Antonio saw job growth increase by 3% in 2016-17, which is a large number suggesting economic prosperity. According to the aforementioned Norada report, San Antonio has an unemployment rate under 4%, which is significantly lower than the national average. As well, according to Forbes, San Antonio is the 2nd most recession-proof city in America.
With a young population that is constantly growing, the future of San Antonio is quite bright. Norada states that San Antonio is among the nation’s fastest-growing cities in the college-educated millennial demographic.
Texas is also seeing the benefit of their no state income tax, as many businesses are pivoting towards the Lone Star state. Businesses from Oracle to Tesla have recently announced plans to make Texas their new home, and this suggests that the economic prosperity and employment opportunities available are not going to come to an end any time soon.
San Antonio has all the ingredients to continue its growth. It is extremely affordable, culturally significant, and has a strong economy with a large amount of young, educated professionals. Their large population continues to increase, and this will inevitably drive the prices of houses in San Antonio up. This is part of what makes San Antonio such a strong real estate investment.
With massive growth in the past 5 years and beyond, there is no real reason for the growth to stop. Houses remain affordable despite the consistent growth, and Norada projects a 3-year appreciation forecast of 9%.
San Antonio is a city that appears set to continue its ascent, and become one of America’s new powerhouses. An investment in San Antonio now, while it is still as affordable as it is, is a wise decision.