It is hard to miss the changes happening in Dallas. The city has been transformed from a sleepy suburb of Houston into one that consistently ranks among America’s fastest-growing cities. Driven by population and job growth, real estate prices have seen significant increases across all price points over the last few years. It seems like just yesterday when you could buy an average home for $100,000 but now it can cost more than $200,000!
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Some cities experience gentrification because of their excessive growth and the mystique that draws so many people there. Twenty years ago, in reaction to this occurrence, citizens of Texas’ state capital adopted the “Keep Austin Weird” slogan. A few years later, 80 miles to the southwest, a group of friends came up with the satirical catchphrase “Keep San Antonio Lame” in an effort to hide the coolness of their city.
Since they came up with the tagline, the city has grown significantly, hence their attempt was unsuccessful. With a population increase of roughly 19% between 2001 and 2019, San Antonio was the fifth-fastest-growing big metro area in the United States. Without taking into consideration in-migration from the pandemic period, it was the ninth-fastest expanding big city between July 2019 and July 2020, rising by 1.3 percent.
According to Edward Friedman, a director at Moody’s Analytics, “the city has boomed along with a lot of other places in the country over the last year,” as low interest rates and the work-from-home revolution encouraged many to seek larger homes and higher quality of life than their dollar could buy in the expensive coastal cities.
San Antonio hasn’t grown as quickly as other areas, and its cost of living is still relatively low—12 it’s percent lower than Austin’s and 18 percent lower than Dallas’.
Related: San Antonio’s Top 5 Investing Locations
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Price increases and a shorter time on market
Home prices have increased due to the boom. According to a San Antonio Board of Realtors (SABOR) study from June, the average property price increased by 19% to $345,144 from the previous year, expanding far more quickly than it did the year before. It wasn’t increasing as quickly as the statewide average, which increased by 26%. The median price increased by 17 percent, or nearly as quickly, to $292,600.
She is lost if she hesitates. Compared to a year earlier, homes now stay on the market for only 23 days on average.
All of this demand indicates that investors will also have a bright future: According to Zillow, property values will increase by 12.3% in the next year. Although at a slower rate than property prices, rental housing prices are also rising: according to SABOR, the average price increased by 7% from one year ago to $1,587. Rentals are also moving quickly.
Billy Elliott, an apartment broker, told News 4 San Antonio that there was no time to “kick the tires.”
According to Sara Briseo Gerrish, secretary and treasurer of SABOR, “San Antonio does have a scarcity, like many areas around the nation. It’s an extremely strong seller’s market right now since there are only 1.6 months’ worth of available properties. Multiple offers are common, and some buyers are even willing to pay more than the asking price.
Despite having been in the industry for twenty years, the San Antonio native claims, “I don’t recall things ever moving this rapidly. It may be a rollercoaster of emotions.
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military installations maintain the local economy
San Antonio’s steady expansion is supported by a sector that has earned it the moniker “Military City USA.”
It’s mostly a defense metro region, according to Friedman. 300,000 active-duty people are housed at military sites like Joint Base San Antonio. Additionally, despite predictions of a mass exodus of IT employees from the Bay Area to less expensive cities and villages, military outposts aren’t going away.
A metro region benefits greatly from having facilities like Fort Sam Houston and Lackland Air Force Base, according to Friedman, who also notes that “together with the soldiers and airmen come a lot of civilian jobs, because not everyone who supports them is in the military. This provides you with a lot of jobs with middle-class wages, which is great for the city.
And growth is often stable, he claims. It won’t advance you as quickly as Austin’s IT would, she said.
Additionally, the roughly 200,000 military retirees add to the stability since their pensions aren’t going away either. In order to take advantage of the 15 VA facilities within 50 miles, many veterans relocate here.
But the military is not the only sector that drives the economy. San Antonio is home to the headquarters or a significant presence of several Fortune 500 corporations, including GM Financial, H.E.B. supermarkets, Frost Bank, Boeing, Lockheed Martin, Toyota, Wells Fargo, and Caterpillar.
And more businesses are joining. Pabst Brewing has relocated its corporate headquarters from Dallas and Los Angeles to San Antonio. These businesses benefit from the lack of state corporation taxes, while their workers benefit from the state constitution’s ban on personal income tax.
Los Angeles, in high-tax California, is actually the top out-of-state city whose citizens are relocating to San Antonio, according to data from real estate company Redfin.
Sean Pavone at istockphoto provided the image.
A future with unprecedented employment growth
San Antonio is the seventh-largest city in the country, and as of May 2020, its annual growth rate was rated ninth in the country. The city came in third place among U-Haul customers’ favorite travel destinations in 2019.
And it will only grow in the coming decades, according to the Alamo Area Metropolitan Planning Organization. Now at 2.5 million, the metro area’s population is forecast to reach four million by 2050. Jobs are expected to grow fastest in Southern Bexar County with expansion of the Texas A&M campus and a Toyota plant. Expect “robust” job growth in Eastern Comal County and “unprecedented” growth in the Boerne/Fair Oaks Ranch sector, says the organization.
Furthermore, New Braunfels, which is on the route to Austin, is part of Greater San Antonio. There, since the 2010 Census, the population has increased by a staggering 56.6 percent, making it the third-fastest-growing city in the nation and earning it a story in The New York Times. Bonus fact: Texas is home to half of the nation’s fastest-growing cities.
The Oktoberfest festivities, which have their origins in German culture stretching back two centuries, are among the traditional New Braunfels attractions. To keep up with the boom, the locals have authorized multimillion dollar bond projects, and local utilities will spend $688 million on renovations over the next five years.
Photo courtesy of SeanPavonePhoto through iStock.
To Military City USA, “Remember the Alamo”
Award-winning author Mimi Swartz, a native of San Antonio, claims that “keeping the past is virtually a religion” in her hometown. If San Antonio is famous for anything, it is the Battle of the Alamo of 1845. Given how closely Americans identify with this deadly conflict with the Mexican army, John Wayne attempted to maintain it in a nearly three-hour box office failure from 1960.
However, the city has a richer past, some of which is still evident in the culture today. On June 13, 1691, the feast day of Saint Anthony, who gave the city its name, Spaniards first settled the region, which had previously been inhabited by Papaya Indians.
In order to utilize San Antonio as a barrier against the French in Louisiana, Spain transported hundreds of people there from the Canary Islands in 1719. The oldest existing structure in Texas, the 1731 San Fernando Church, served those people’s spiritual requirements; now, religious and cultural activities are held within the walls of the Catholic cathedral.
After Texas joined the union in 1845, the Mexican-American War broke out, which resulted in the deaths of two-thirds of the population. With over two-thirds of the city’s population identifying as Latino or Hispanic and five Spanish Catholic missions that together make up a UNESCO World Heritage Site, the region’s Hispanic traditions are strong here.
Dean Fikar/istockphoto is credit for the photo.
Deadly tacos, lethal whales, and a killer NBA squad
San Antonio is “as comfy as an old pair of jeans,” according to a U.S. News & World Report writer who wrote the city profile for the magazine. Due to its 300 days of sunshine each year and plenty of activities, the newspaper rates it as the 24th greatest location to retire and the fourth finest city to live in Texas.
The San Antonio Spurs, who have won the NBA championship five times, have the best winning % of any current organization, and the local football teams are always competitive. (Recall that the famous television program “Friday Night Lights” was filmed in the made-up Texas town of Dillon.)
The prestigious San Antonio Stock Show and Rodeo, which draws around two million people a year, takes place in February. The San Antonio Museum of Art, the McNay Art Museum, and the Tobin Center’s theater and opera are all great options for those seeking for more cultured activities. Families, meanwhile, go to SeaWorld San Antonio and Six Flags Fiesta Texas.
The San Antonio River Walk, which is a 24-hour shopping and dining area in the city’s center, is another of its top attractions. The recent reopening of the river for kayaking expeditions is one benefit of the epidemic.
The city is a center for distribution between Mexico and the rest of the United States and is just 150 miles from the border with Mexico. The city is referred to as a Tex-Mex paradise by Texas Monthly magazine, which claims that it is home to some of the state’s top taquerias. Its history and location are also reflected in some of its best food.
HeadlinePhotos/DepositPhotos are credit for the image.
Nature just outside San Antonio’s entrance
San Antonians can escape to a lot of nature thanks to an 82-mile greenway system that is great for bicycling and hiking (and will eventually expand to 130 miles). The Natural Bridge Caverns, located near to the Bracken Cave Preserve and just 30 miles from the city center, are home to the world’s biggest known colony of Mexican free-tailed bats, estimated to number 15 million.
An urban colony of roughly 50,000 of the same creatures lives beneath the Camden Street Bridge right in the midst of the city. Locals take advantage of the natural beauty of the nearby Hill Country, go tubing on the Guadalupe River (to avoid the oppressive summer heat that may reach 98 degrees), or visit the well-known municipal zoo to see hundreds of different creatures.
While college enrollment nationwide dropped 2.5% year over year by fall 2020, the University of Texas San Antonio grew for the fifth consecutive year as of spring 2021, by an impressive 5% over last spring, to nearly 32,000. And there are 13 other colleges in the city, including an outpost of Texas A&M University, whose young students balance out all the military retirees.
The newest cultural facility in the city is intended for this younger demographic. Pabst, a beer business that owns regional brands like Lone Star and Pearl, moved here and constructed a 1.5-acre cultural park in the River North district with, among other things, a BMX bike track and a skate park. That was only the business’s means of making amends to the young people who downed millions of cans of Pabst Blue Ribbon in recent years, when it rose to the status of “hipster” beer.
One may argue that it’s only fair, but as a writer for the San Antonio Report quipped, it won’t do anything to keep San Antonio dull.
This item was syndicated by MediaFeed.org from its original publication on MYND.com.
Photograph courtesy of CrackerClips/iStock.
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