Get comfy, San Antonio homeowners. It could take more than a decade to break even on your purchase, per Zillow data shared exclusively with Axios.
Why it matters: That's longer than the traditional advice to stay in your home for at least five years to recover purchase costs.
- With mortgage rates topping 8%, new homeowners will need to stay put longer to avoid going underwater.
By the numbers: Our break-even timeline of 15 to 17 years is above the national average of 11 to 13.5 years, depending on your down payment.
Flashback: This is a departure from just a few years ago when low interest rates and rapidly rising prices allowed local homeowners to turn a profit on their investment within a few years.
How it works: Zillow used typical price increases for each market to forecast the value of a median home and compare it to equity based on down payments of 3% to 20%.
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