San Antonio home prices have increased twice as fast as local wages

A recent study from Construction Coverage says home prices in the San Antonio area increased twice as fast as local wages from 2014 to 2019.

The research company released its report Tuesday, stating that the average price for a house in the San Antonio-New Braunfels metro area grew by 32.2 percent during the five-year span, compared to only 16.1 percent for wages.

In 2019, the median home price for the San Antonio area was $204,558 while the median annual wage was $36,130.

READ ALSO: San Antonio apartments are among the smallest in Texas, study says

Data ranked the San Antonio-New Braunfels metro area at 34th on Construction Coverage’s list of major U.S. metros where home prices are outpacing wages. Texas cities also ranked in the list are No.6 Dallas (housing costs grew 3.7 times faster), No. 24 Houston (2.7 times faster) and No. 25 Austin (2.5 times faster).

Las Vegas

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Where US home prices increased the most in September

  • The national median listing price of a home increased 11.1% year-over-year in September, and was $350,000 at the end of the month, according to a report by Realtor.com.
  • Per the report, which analyzed the 50 largest US metro areas, home prices are continuing to shoot up, even as we enter the fall.
  • Of the 5 housing markets that saw the largest year-over-year home price increases, all by double-digit percentages, 3 are located in the Northeastern part of the country. 
  • Visit Business Insider’s homepage for more stories.

As a result of the coronavirus pandemic, the single-family housing sector has been booming. 

Prospective homebuyers are on the hunt for larger spaces, affordable prices, and areas where social distancing is made easier. These desires have put a spotlight on suburban and suburban-like markets outside of major cities, and have driven up home prices. 

According to a report by Realtor.com, the national median listing

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Home Prices Skyrocketing Because Of Low Mortgage Rates, Not Because Covid-19 Increased Demand For Large Homes

Home prices are skyrocketing in most U.S. markets despite Covid-19, a recession and a shockingly high unemployment rate.

Many analysts are speculating that part of the boom in house prices is caused by Covid-19—that some people are concerned about Covid-19 contagion and don’t want to live in tight, multi-family buildings anymore, so they’re buying single-family homes in the suburbs. Another theory along the same lines is that because working from home has skyrocketed, some people want more space, so they’re buying larger single-family homes, especially if their kids are home all day, too. This seems to be happening in metro New York City, but what about places that weren’t hit as hard by Covid-19 and aren’t as dense as New York City?

Certainly the lower mortgage interest rates are a huge part of the current home price boom. The 30-year fixed-rate mortgage rate the first week of January 2020

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