Any new small (1,200 sq ft or less) single level homes for $140,000 or under available in San Antonio? (Houston: how much, first time home buyer)

[txbullsfan]

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

[rynetwo]

Originally Posted by txbullsfan

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.

[verybadgnome]

Originally Posted by txtea

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

[cobolt]

Originally Posted by rynetwo

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.

[txbullsfan]

Originally Posted by verybadgnome

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.

Originally Posted by cobolt

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.

[Juventud Guerrero]

Originally Posted by cobolt

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.

[Pancho-Villa]

Originally Posted by Juventud Guerrero

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.

[ashbeeigh]

Originally Posted by Juventud Guerrero

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.

[Juventud Guerrero]

Originally Posted by Pancho-Villa

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.

[Pancho-Villa]

Yes, very.