Should you Rent-to-Own in San Antonio?

Thinking of buying or renting-to-own home in San Antonio?   San Antonio is nestled deep in the heart of Texas and is one of the state’s most visited cities because of its warm weather and urban beauty.  Most people know of San Antonio because of the famous Alamo and the 13 day siege by Mexican troops on the mission which still exists in Downtown.  More recently, San Antonio is known for the river walk offering gondola style transportation which winds through the downtown area with access to bars, clubs, shopping, and restaurants.  Speaking of restaurants, San Antonio lays claim to some of the best Tex-Mex food offered anywhere. 

These are not the only things that bring people to San Antonio though, more and more people are flocking to the city due to its high availability of jobs.   San Antonio currently has one of the lowest unemployment rates in the country at just 3.5%.   Most of the jobs available in the city are in health care, social services, finance, insurance, professional services, scientific services, and technical services.  The economy in San Antonio is continually growing and job growth is projected to climb nearly 40% over the next 10 years.

In addition to the jobs market outperforming the national average, the housing market is also doing quite well.  Housing in San Antonio continues to show high affordability despite its recent surge of growth.   Home prices are still relatively low when compared to most other major metropolitan areas.   The median home price in San Antonio is $210,000.  Combine this with the median household income of $55,000 and it makes for very affordable housing.

2016 was a year of great growth in San Antonio for housing and the economy.  Despite a lower inventory of homes available the number of sales in 2016 were above 2015 numbers.  Additionally, home values and prices rose throughout the entire year and 2017 should see much of the same growth. However, that growth will be slightly slower-paced than previously seen, a trend expected not only for San Antonio but for the nation as a whole due to rising interest rates.

With the rising interest rates and other factors sellers may see their homes sitting on the market longer than expected and could push home prices down.   Some sellers may even consider looking for different types of buyers and different ways to sell their homes.   Rent-to-own homes are one of the options that could be employed by sellers.    Check out our available rent-to-own listings in San Antonio and find a home that’s right for you.