Was the past really “simpler” when it came to buying a home in San Antonio? From the 1960’s to today, trace the path of your parents (and grandparents!) as they navigated the perils and joys of homeownership!
1802 Olm os Dr | $195,000 | Built in 1956
The 1950’s:
Median Annual Family Income: $32,000
Average Mortgage Rate: 4-5%
Median Home Cost: $44,600
Smack-dab in the middle of a post-war era, the 1950’s real estate market reflected a national desire for normalcy. As veterans returned home from war, and families began to re-assemble, the American Dream was once again emphasized...meaning that homeownership rates began to rise dramatically, and a house-and-kids in the suburbs was the ultimate symbol of success. Neighborhoods like Alamo Heights (by some considered to be San Antonio’s original suburb) thrived in this era, solidly establishing themselves as classic local neighborhoods.
222 Herweck Dr | $550,000 | Built in 1960
The 1960’s
Median Annual Family Income: $45,000
Average Mortgage Rate: 6-7%
Median Cost of Home: $58,600
Known far and wide as the “space age”, the 1960’s were all about the future. Families (and income rates) were still strong, and homeownership rates were still rising, but not nearly as dramatically. The post-war era had calmed, and it appeared that the main appeal of homeownership was high in neighborhoods like Castle Hills, which offered the suburban lifestyle still so appealing to families.
151 Valdez Ave | $325, 000 | Built in 1974
The 1970’s
Median Annual Household Income: $48,000
Average Mortgage Rate: 9.0%
Median Cost of Home: $65,600
As mortgage rates began to rise (along with the housing prices), homeownership began to seem less attainable. Families with the means to buy did so in areas that seemed practical and family-oriented, moving to the suburbs outside of Loop 410.
1926 Iron Mill | $1.2 Million | Built in 1981
The 1980’s
Median Annual Household Income: $50,000
Average Mortgage Rate: 12.7%
Median Cost of Home: $93,400
As mortgage rates skyrocketed (up to 17% at some points!), home ownership began to stagnate, meaning renting became more commonplace for families. Sound familiar in a post-recession era?
3423 Westmark | $255,000 | Built in 1990
The 1990’s
Average Annual Income: $54,000
Average Mortgage Rate: 8.1%
Median Cost of Home: $101,100
After several decades of a teetering market, the 1990’s saw some stability. Although market prices were still growing, mortgage rates declined dramatically, and families breathed a sigh of relief in the face of an economic boom (resulting in an increase in homeownership, especially in North and West-lying neighborhoods like Deerfield and Northwest Crossing).
30 Bighorn Cyn | $395,000 | Built in 2002
The Early 2000's
Average Annual Income: $55,000
Average Mortgage Rate: 6.3%
Median Cost of Home: $119,600
One of the most eventful decades for the housing market, the 2000’s saw the recession, housing bubble, and the resulting market crash, marking a low point for American real estate. As many Millennials began reaching the age to buy, these doom-and-gloom factors (as well as rising student debt) became major blockades in the efforts to buy a home. However, the advent of Alamo Ranch and several other West San Antonio neighborhoods brought with them affordable housing and attractive options! The push towards the outskirts of the city began gaining even more speed.
2030 Buffalo St | $150,000 | Built in 2018
Present Day: 2018
Median Household Income: $59,000
Average Mortgage Rate: 4.3%
Median Cost of Home: $207,600 (according to Zillow)
After a rough start-to-the-century, it seems that 2018 is finally seeing factors that encourage more and more Millennials to transition from renting to buying. (Thanks for nothing, Recession mindset!). This list of the most popular neighborhoods in San Antonio proves that suburbs are still the keys to our heart, and a house close to the Hill Country is this decade’s measure of success.
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Interested in taking part in the San Antonio homebuying legacy? Connect with a lender, download our exclusive Buyer’s Guide, then contact an agent to get started!
Note: Price-based home data has been adjusted per inflation to 2000 value, approximations are based on Nationally compiled data, and mortgage rates based on 30-year-fixed rates (Sources: CNBC, Freddie Mac, Russell Sage, Dave Manuel, Zillow, Newser)
