San Antonio’s Growth
Home to the Alamo and the Menger Hotel, the oldest operating hotel west of the Mississippi River, San Antonio is steeped in American history. The historical attractions of San Antonio’s downtown draw millions of tourists to the city each year. In fact, the Alamo, along with the famous Paseo del Rio, or San Antonio River Walk, are two of the state’s top attractions.
San Antonio isn’t just popular with tourists, though. Over the past decade, the city has seen rapid population growth as eager new residents have settled within the city limits. Between the 2000 and 2010 censuses, San Antonio saw a population increase of over 25%, ballooning the metropolitan population to over two million residents.
What’s With All the Growth?
San Antonio serves as home to a number of business and government enterprises. It’s the home of Lackland Air Force Base, a training center for new recruits to the Air Force, and five Fortune 500 companies including Valero Energy Corp and CC Media Holdings. Many other major companies are headquartered in San Antonio as well including Whataburger and Eye Care Centers of America. Companies with regional headquarters in San Antonio include Citigroup, Boeing and Wells Fargo.
With all of the successful businesses with a presence in town, it’s no surprise that San Antonio’s job market has continued to grow during a time when many cities are struggling to employ their residents. This job stability accounts for a large part of the rapid growth of San Antonio over the past decade. Those who have the means are moving from regions in which employment is hard to come by to find steady employment in San Antonio’s strong job market.
What Does This Mean for Real Estate?
As the population of a city goes up, so does the demand for real estate. When the demand for real estate goes up, so do real estate prices. So, even as most regions of the country have undergone a housing recession that crashed home values and brought down the average home prices in those areas, the prices of San Antonio’s houses have continued to rise. Between the years 2002 and 2011, the average sales price of a home in San Antonio jumped from just over $131,000 to over $184,000, according to Texas A&M University’s Real Estate Center.
Should I Buy?
The continuing rise of the San Antonio housing market is a boon for realtors, but it’s not as beneficial for renters trying to save enough money to make a down payment in the market. The question on the minds of many anxious home seekers is undoubtedly, “Is it a good time for me to buy?”
While whether or not to buy a house is a very large decision—and a personal one as well—
as far as the economics goes, there may be no better time to buy. Unlike many U.S. cities where home prices have either been dropping or fluctuating, the San Antonio housing market has grown steadily. Like its strong employment rates, the city’s real estate market shown no signs of weakness, continuing to grow despite the rest of the country’s economy. So, if you’re worried about the foundation cracking beneath you, it’s not impossible, but, at this point, it does seem unlikely.
The best time to get in on a growing housing market is as soon as you can. The longer you wait, the more you’ll pay for the type of home you want. The quicker you can buy, the better deal you’ll get on the home. As the market continues to grow, the value of your home will also go up, which increases the amount of equity you have in your home. This helps decrease your debt and stabilize your finances.
Again, choosing to buy a house is a personal financial decision. Only you know if you have the means to make it work. As far as the San Antonio real estate goes, though, you’re looking at a strong market with potential for further growth. So, if you’re ready to buy, sooner may be better than later.
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Elli writes for YourLocalSecurity.com. She was born in Colorado and currently lives in Salt Lake City, Utah where she enjoys blogging, writing, skiing, and enjoying the outdoors with friends and family.