Is San Antonio still affordable? Depends on where you’re from.
Understanding the cost of living in a city is crucial when considering relocation, and San Antonio’s affordability is a hot topic. Views on its affordability vastly differ depending on one’s origin.
San Antonio’s Affordability Charm
“Life Works Greater”—a notably grammatically awkward tagline has passed through the eyes of approximately 52 million people in various targeted cities. The slogan is part of a campaign push from Greater:SATX, San Antonio’s regional economic development organization. These advertisements littered with images of local landmarks such as the Pearl, the River Walk, and Frost Tower underline the city’s affordability, quality of life, and bountiful food and entertainment.
San Antonio’s competitive cost of living has been particularly appealing, according to Cecilia Garcia Redmond, the chief brand and communications officer for Greater:SATX. However, amidst rising median home prices of over 30% since 2019 and the inflationary pinch on budgets, how affordable is San Antonio today?
Comparing Costs of Living
The verdict is relative—largely based on where you’re moving from. For individuals relocating from more expensive places such as the West Coast, the Northeast, or other major cities, San Antonio’s cost of living can feel relieving.
According to a cost-of-living calculator provided by Greater:SATX, San Antonio ranks 91.3—a figure 8.7% less than the average city. This lower average cost of living sends a message that in San Antonio, “you can accomplish your goals much quicker,” claims Redmond who is a Los Angeles transplant.
Rising Home Prices and Wages
Corresponding to this lower cost of living, the median price of a home in San Antonio in March this year was about $310,000. Although this is 31% higher than the median price in 2019, San Antonio home prices remain below the national average, attracting individuals from more expensive cities. However, stacked with these rising home prices are increasing property taxes, often nullifying any savings residents might experience from Texas not having an income tax.
Matching this lower cost of living are also lower wages in San Antonio. Data retrieved from the Bureau of Labor Statistics shows that in May 2022, San Antonio’s “mean hourly wages” were 13% lower than the U.S. average.
Affordable vs Cheap
Greater:SATX is fighting the battle to increase residents’ wages and has been successful in acquiring new businesses and the proliferation of existing businesses in sectors that promise well-paying jobs. Port San Antonio, home to a growing concentration of the city’s aerospace, cybersecurity, and technology firms, believes that messaging is crucial to San Antonio selling itself to the outside world.
However, there’s a line to be drawn between an affordable place to live and a cheap place to do business. This is because a cheap place to do business exerts downward pressure on salaries and wages. San Antonio is walking on a tightrope between maintaining a balance where it retains its affordability charm while becoming an economically advanced city.
