Bexar County homeownership hard to obtain for middle-income familiesBexar County homeownership hard to obtain for middle-income familieshttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=117872016-01-19T06:00:00Z2016-01-19T20:00:00Z

​​​​​SAN ANTONIO – Local planners estimate one million more people will move to Bexar County in the next quarter-century. However, the area doesn't have enough homes of good quality for middle-income earners. 

According to a U.S. Housing and Urban Development study, over 150,000 local homeowners or renters are paying more than a third of their income — the recommended maximum — for their housing. This is partially because housing prices have risen faster than wages. 

The San Antonio Board of Realtors (SABOR) says that in Bexar County last year, the median price of a new home climbed to $255,000, and the median price of all homes sold rose to $184,000. That's an increase of 42 percent from ten years ago. 

However, median household income decreased. According to data from the U.S. Census Bureau, the median household income in the San Antonio metro area was $52,689 in 2014. When adjusted for inflation, the median income in 1999 was $55,631. 

The dramatic increase in home prices may partially be from increased land costs caused by more people moving to the area. Additionally, the cost of materials has increased faster than inflation, and the cost of new government regulations is being passed on to homebuyers. 

"The San Antonio Water System's (SAWS) water impact fee is now almost $2,800 per home," says San Antonio real estate developer Norman Dugas. "It used to be non-existent. You know, Bexar County has changed the street standards from an inch and a half of asphalt to two inches of asphalt. Doesn’t seem like much but that’s 33 percent more asphalt. And all those things disproportionately affect the price of entry level homes."

City planners say they're looking for opportunities to create additional, middle-income housing by changing zoning requirements and by taking other steps to encourage development. 

Texas Public Radio
San Antonio-New Braunfels
http://tpr.org/post/home-ownership-slipping-beyond-reach-some-middle-income-families#stream/0Read more at {Source}

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