U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > Texas > San Antonio
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 02-22-2018, 02:02 PM
 
1,515 posts, read 775,124 times
Reputation: 1960

Advertisements

Local wages for a sizable group of locals are most certainly NOT keeping pace with ever increasing local rent costs or house purchase costs. Nor are local wages for this large group keeping pace for basic cost of living for a sizable portion of locals.

This sizable portion of people sits within the minimum wage or a few dollars above group. Government jobs, tech and contractor jobs earning $20+ per hour inflate the average numbers to a large degree and these positions insulate those earning them from housing and cost of living increases . However, they dont represent the majority.

Cost of living has increased, local wages for a sizable group of locals has not. There will be eventual consequences for this. Its just a matter of time.

Directly from the mouths of our local news:
https://m.mysanantonio.com/news/loca...e-12624629.php

Last edited by txbullsfan; 02-22-2018 at 02:12 PM..
Rate this post positively Reply With Quote Quick reply to this message

 
Old 02-22-2018, 04:03 PM
 
Location: USA
4,253 posts, read 4,919,532 times
Reputation: 3873
Quote:
Originally Posted by txbullsfan View Post
Local wages for a sizable group of locals are most certainly NOT keeping pace with ever increasing local rent costs or house purchase costs. Nor are local wages for this large group keeping pace for basic cost of living for a sizable portion of locals.

This sizable portion of people sits within the minimum wage or a few dollars above group. Government jobs, tech and contractor jobs earning $20+ per hour inflate the average numbers to a large degree and these positions insulate those earning them from housing and cost of living increases . However, they dont represent the majority.

Cost of living has increased, local wages for a sizable group of locals has not. There will be eventual consequences for this. Its just a matter of time.

Directly from the mouths of our local news:
https://m.mysanantonio.com/news/loca...e-12624629.php
Local here not having this problem nor is anyone in my friend circle. We are all 30 ish and make more than the local average.

That being said, if you can only afford 140K then you won't get a new house. You have PLENTY of existing home options at that price.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 02-22-2018, 04:06 PM
 
Location: Holly Neighborhood, Austin, Texas
3,961 posts, read 6,299,670 times
Reputation: 2840
Quote:
Originally Posted by txtea View Post
Didn't tank too bad??
Those years were the worst market for sellers in 50 years!
We were forced to sell my mother's house for less than a third of what we could get for it now.

San Antonio wages are way behind the cost of living/housing.
What planet do you live on?

Looking at data from Texas A&M real estate center there was no tanking, but there was a dip to an median value of $138k in October 2009 but then a quick rebound after that, followed by steady appreciation. It is possible to sell at the bottom of the market but statistically most did not.

https://www.recenter.tamu.edu/data/h...-New_Braunfels
Rate this post positively Reply With Quote Quick reply to this message
 
Old 02-22-2018, 04:35 PM
 
Location: The Great State of Texas, Finally!
5,413 posts, read 11,770,805 times
Reputation: 2709
Quote:
Originally Posted by rynetwo View Post
Local here not having this problem nor is anyone in my friend circle. We are all 30 ish and make more than the local average.

That being said, if you can only afford 140K then you won't get a new house. You have PLENTY of existing home options at that price.
Not so. Show me a 140k house in a good, solid neighborhood. I'm not even talking new. Anything at that pricepoint is in the hood or darned close to it and/or has major issues (foundation) or needs a total gut. Even the homes with Formica countertops and outdated fixtures are going to cost into the 200s. Unless you're willing to commute outside the loop, it ain't happening.

Last edited by cobolt; 02-22-2018 at 04:47 PM..
Rate this post positively Reply With Quote Quick reply to this message
 
Old 02-22-2018, 05:26 PM
 
1,515 posts, read 775,124 times
Reputation: 1960
Quote:
Originally Posted by verybadgnome View Post
Looking at data from Texas A&M real estate center there was no tanking, but there was a dip to an median value of $138k in October 2009 but then a quick rebound after that, followed by steady appreciation. It is possible to sell at the bottom of the market but statistically most did not.

https://www.recenter.tamu.edu/data/h...-New_Braunfels
Wonderful website man! I did not know this exists. This confirms my assessment of what I saw in 2008 and now (2018). In just 10 short years, home prices have roughly doubled. Unfortunately, wages for a sizable portion of San Antonio have not.

Here is an article from a local news site from 2011 titled "Texas: The minimum - wage state"

Excerpt from article:
"Some 550,000 Texans, or 9.5 percent of hourly paid workers, made the federal minimum wage of $7.25 an hour or less last year. That's up 76,000 workers, or 16 percent, from 2009, the Bureau of Labor Statistics reported..."

https://www.mysanantonio.com/busines...te-1311815.php

Has the minimum wage gone up since 2011? No, it remains stagnant at $7.25.

Not increasing the minimum wage also means that similar type hourly jobs that pay a portion over minimum wage (such as $12 or $15/hour) also will remain relatively stagnant. This salary/hourly range above minimum wage usually requires some degree of after high school education (i.e. college). If this sizable group of people (minimum wage up to a few dollars over minimum wage) remains stagnant then cost of living must remain stagnant. If cost of living increases but wages do not, there will be consequences.

Because out of state money (i.e. people from wealthier locations in the country) are flocking to the SA Austin belt in droves and easily paying the rent/home prices, it creates a high demand. High demand decreases supply and increases prices. Substantial increase in prices with local stagnant wages for a large portion of the locals creates tremendous hardship on locals as there wages can not sustain the increases in home costs and rent. They also can not sustain Cost of living. A large portion of the population here is strapped thin. Unless this is reigned in/moderated to a reasonable degree, there will be consequences.

Quote:
Originally Posted by cobolt View Post
Not so. Show me a 140k house in a good, solid neighborhood. I'm not even talking new. Anything at that pricepoint is in the hood or darned close to it and/or has major issues (foundation) or needs a total gut. Even the homes with Formica countertops and outdated fixtures are going to cost into the 200s. Unless you're willing to commute outside the loop, it ain't happening.
I think you and me might be out of luck man. I am looking to move out of my longtime apartment but this market is not kind to first time home buyers.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 02-22-2018, 07:26 PM
 
343 posts, read 278,710 times
Reputation: 366
Quote:
Originally Posted by cobolt View Post
Not so. Show me a 140k house in a good, solid neighborhood. I'm not even talking new. Anything at that pricepoint is in the hood or darned close to it and/or has major issues (foundation) or needs a total gut. Even the homes with Formica countertops and outdated fixtures are going to cost into the 200s. Unless you're willing to commute outside the loop, it ain't happening.
There are some out there; the one I posted didn't seem to bad and I come across other similar ones all the time. I guess depending on your perspective it could be in the hood but it's not really that bad.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 02-22-2018, 07:45 PM
 
1,642 posts, read 1,928,744 times
Reputation: 1534
Quote:
Originally Posted by Juventud Guerrero View Post
There are some out there; the one I posted didn't seem to bad and I come across other similar ones all the time. I guess depending on your perspective it could be in the hood but it's not really that bad.

Don't think the want something that's not "too bad" or somewhere that's "not really that bad". I can understand that. I'm sorry, but I think these people are late to the party.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 02-22-2018, 09:06 PM
 
Location: Austin, TX via San Antonio, TX
9,633 posts, read 12,371,932 times
Reputation: 5505
Quote:
Originally Posted by Juventud Guerrero View Post
There are some out there; the one I posted didn't seem to bad and I come across other similar ones all the time. I guess depending on your perspective it could be in the hood but it's not really that bad.
While I understand beauty is in the eye of the beholder snd I personally have loosened my definition of ”safe” the border iof 78207 to 78228 and 78237 are still not my idea of a “not too bad” part of town. I think if someone who is not from SA is looking for small and under 140k and move in ready in an okay seea better start looking outside of sannsntonio.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 02-22-2018, 09:13 PM
 
343 posts, read 278,710 times
Reputation: 366
Quote:
Originally Posted by Pancho-Villa View Post
Don't think the want something that's not "too bad" or somewhere that's "not really that bad". I can understand that. I'm sorry, but I think these people are late to the party.
I guess perspectives are different.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 02-23-2018, 02:07 AM
 
1,642 posts, read 1,928,744 times
Reputation: 1534
Yes, very.
Rate this post positively Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:


Settings
X
Data:
Loading data...
Based on 2000-2020 data
Loading data...

123
Hide US histogram

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > Texas > San Antonio
Similar Threads

All times are GMT -6. The time now is 09:00 PM.

© 2005-2023, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top