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.

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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 topped the list. It’s average costs for a home jumped 51 percent while wages only increased 7.5 percent.

To identify metropolitan areas with the greatest rise in home prices relative to income, researchers analyzed data from Zillow and the U.S. Bureau of Labor Statistics. For each metro, the percentage change in home price between 2014 and 2019 was divided by the percentage change in median wage during the same time period.

Construction Coverage research technology and insurance companies and distill what it learns into the most relevant information for companies who need it, according to its website.

Priscilla Aguirre is a general assignment reporter for | [email protected] | @CillaAguirre

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