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A daily look at the most significant and interesting stories affecting San Antonio.

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ERCOT prepping for winter electric demand

The grid operator has been closely watched since mass outages in 2021.

News

Mural of Spurs-themed vela unveiled in downtown San Antonio

The artist calls it an "emotional gift" to the city.

Vending machine "with heart" sets up in San Antonio

Instead of snacks, the vending machine is stocked with cards representing items needed by nonprofits.

Texas Gov. Greg Abbott's vice-presidential chances

A prolific fundraiser, the border governor is a Trump loyalist.

Politics

Condo prices rising faster than home prices in San Antonio

Condos appeal to younger buyers who want affordable homes.

Real Estate

Condos are having a moment in San Antonio.Driving the news: San Antonio metro condo prices rose faster than those of single-family homes, per the latest Zillow data, Axios&#x27; Sami Sparber reports.

The Andy brings live-work lofts to the East Side

The Andy is housed in Handy Andy's former distribution center.

Business

<a class="gtmContentClick" data-vars-link-text="The Andy" data-vars-click-url="https://theandysa.com/" data-vars-content-id="d84820d3-af47-481b-9f66-d8a80a2fdf51" data-vars-headline="The Andy brings live-work lofts to the East Side" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://theandysa.com/" target="_blank">The Andy</a>, a live-work development on the East Side near the AT&amp;T Center, is nearing completion.Why it matters: It signals a substantial investment in the area, which has an older housing stock and is known for having an industrial landscape, by introducing a new style of living to the neighborhood and attracting diverse businesses.

A room in a large, spacious loft with concrete floors. 

San Antonio homebuilding up since COVID-19 pandemic

Recent estimates from Freddie Mac indicate the U.S. is short about 3.8 million units of housing, either for rent or purchase.

Development

More than 1,686 new home building permits were issued in May in the San Antonio area, up from 1,184 issued in May 2020, in the early stages of the pandemic.<ul><li>That&#x27;s per a new Axios analysis of Census Bureau data.</li></ul>

Here's how long it takes to save for a down payment in San Antonio

The share of first-time homebuyers is at a record low.

It takes San Antonians an average of 8.4 years to save up for a 10% down payment on the typical home, <a class="gtmContentClick" data-vars-link-text="Zillow data shows" data-vars-click-url="https://www.zillow.com/research/understanding-affordability-32538/" data-vars-content-id="507b797d-14d2-453c-a6f6-68a99f375f7a" data-vars-headline="Here&#x27;s how long it takes to save for a down payment in San Antonio" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.zillow.com/research/understanding-affordability-32538/" target="_blank">Zillow data shows</a>.Why it matters: Affordability could be a &quot;major driver of cross-country moves&quot; as buyers seek a lifestyle within their means, Zillow economists say.

Neighborhoods where San Antonio home prices are rising

The city's urban core is seeing rising home prices.

Home prices in San Antonio&#x27;s urban core have increased in the past year, per recent figures from Zillow.By the numbers: The 78215 ZIP code, encompassing north downtown and the growing Broadway corridor, saw home prices climb 8.3% from April 2022 to April 2023, to a typical price of around $414,000.

A map showing increases in San Antonio home prices across most of the city.

Austin residents look to San Antonio for more affordable housing

Housing affordability is what's driving moves right now.

Claudia Zepeda recently moved to San Antonio with her fiance after living in Austin for five years. The reason: Their rent was about to jump 40%, and they felt it was time to buy a house.<ul><li>Zepeda&#x27;s experience resonates with others.</li></ul>

San Antonio homes are staying on the market longer

Buyers are already hampered by climbing mortgage rates.

Sales of San Antonio-area homes declined 3.7% in August compared to a year ago, according to the <a class="gtmContentClick" data-vars-link-text="San Antonio Board of Realtors" data-vars-click-url="https://sabor.com/Market-Research-and-Statistics/Market-Statistics/San-Antonio-Area-Market-Report" data-vars-content-id="232d3384-f2d2-4aa6-b96c-9432d8d4b399" data-vars-headline="San Antonio homes are staying on the market longer" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://sabor.com/Market-Research-and-Statistics/Market-Statistics/San-Antonio-Area-Market-Report" target="_blank">San Antonio Board of Realtors</a>.Driving the news: Homes are staying on the market longer, for an average of 56 days — up 81% over last year, according to SABOR.

Illustration of two hammers forming an "X" shape. 

How long it takes to break even on your home in San Antonio

That's longer than the typical advice on how long to stay.

Get comfy, <a class="gtmContentClick" data-vars-link-text="San Antonio homeowners" data-vars-click-url="https://www.axios.com/local/san-antonio/2023/09/29/fixer-upper-houses-stay-market-longer-home-sales" data-vars-content-id="b1cb745d-6781-4622-87fe-f0c209cc7e02" data-vars-headline="How long it takes to break even on your home in San Antonio" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/local/san-antonio/2023/09/29/fixer-upper-houses-stay-market-longer-home-sales" target="_self">San Antonio homeowners</a>. It could take more than a decade to break even on your purchase, per Zillow data shared exclusively with Axios.Why it matters: That&#x27;s longer than the traditional advice to stay in your home for <a class="gtmContentClick" data-vars-link-text="at least five years" data-vars-click-url="https://www.experian.com/blogs/ask-experian/how-long-should-you-live-in-house-before-selling/#:~:text=Though%20five%20years%20is%20a,idea%20of%20your%20breakeven%20point." data-vars-content-id="b1cb745d-6781-4622-87fe-f0c209cc7e02" data-vars-headline="How long it takes to break even on your home in San Antonio" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.experian.com/blogs/ask-experian/how-long-should-you-live-in-house-before-selling/#:~:text=Though%20five%20years%20is%20a,idea%20of%20your%20breakeven%20point." target="_blank">at least five years</a> to recover purchase costs.

Built-to-rent homes surge in San Antonio and Texas

Texas is a leading state for built-to-rent houses.

The brutal housing market is driving more and more Americans to <a class="gtmContentClick" data-vars-link-text="opt out of buying" data-vars-click-url="https://www.axios.com/local/san-antonio/2023/07/19/texas-housing-supply-mortgages" data-vars-content-id="0e5fd9d0-0a32-41a8-8483-029f2c8347e1" data-vars-headline="Built-to-rent homes surge in San Antonio and Texas" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/local/san-antonio/2023/07/19/texas-housing-supply-mortgages" target="_self">opt out of buying</a>.<ul><li>That&#x27;s particularly acute in San Antonio and across Texas, where more built-to-rent homes are popping up.</li></ul>Driving the news: About 856 built-to-rent homes are planned or are under construction for every million Texans, per the National Rental Home Council.<ul><li>Nationwide, the average is 345 per million Americans.</li></ul>Why it matters: Built-to-rent housing offers a new, single-family home, often with property management perks, and without the need for a down payment or long-term commitment, <a class="gtmContentClick" data-vars-link-text="Axios&#x27; Felix Salmon reports" data-vars-click-url="https://link.axios.com/click/32031187.78/aHR0cHM6Ly93d3cuYXhpb3MuY29tLzIwMjMvMDUvMjAvdXMtcmVudGFsLWhvbWUtaG91c2luZy1zaG9ydGFnZS1hbWVyaWNhP3V0bV9zb3VyY2U9bmV3c2xldHRlciZ1dG1fbWVkaXVtPWVtYWlsJnV0bV9jYW1wYWlnbj1zZW5kdG9fbG9jYWxuZXdzbGV0dGVydGVzdCZzdHJlYW09dG9w/6376a0227dbe7b95f501299bB5075c00d" data-vars-content-id="0e5fd9d0-0a32-41a8-8483-029f2c8347e1" data-vars-headline="Built-to-rent homes surge in San Antonio and Texas" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://link.axios.com/click/32031187.78/aHR0cHM6Ly93d3cuYXhpb3MuY29tLzIwMjMvMDUvMjAvdXMtcmVudGFsLWhvbWUtaG91c2luZy1zaG9ydGFnZS1hbWVyaWNhP3V0bV9zb3VyY2U9bmV3c2xldHRlciZ1dG1fbWVkaXVtPWVtYWlsJnV0bV9jYW1wYWlnbj1zZW5kdG9fbG9jYWxuZXdzbGV0dGVydGVzdCZzdHJlYW09dG9w/6376a0227dbe7b95f501299bB5075c00d" target="_blank">Axios&#x27; Felix Salmon reports</a>.What&#x27;s happening: These houses are in growing demand among <a class="gtmContentClick" data-vars-link-text="would-be buyers" data-vars-click-url="https://link.axios.com/click/32031187.78/aHR0cHM6Ly93d3cuYXhpb3MuY29tLzIwMjMvMDYvMjAvaG91c2luZy1zaG9ydGFnZS1wcmljZXMtaGlnaD91dG1fc291cmNlPW5ld3NsZXR0ZXImdXRtX21lZGl1bT1lbWFpbCZ1dG1fY2FtcGFpZ249c2VuZHRvX2xvY2FsbmV3c2xldHRlcnRlc3Qmc3RyZWFtPXRvcA/6376a0227dbe7b95f501299bB2e79bd03" data-vars-content-id="0e5fd9d0-0a32-41a8-8483-029f2c8347e1" data-vars-headline="Built-to-rent homes surge in San Antonio and Texas" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://link.axios.com/click/32031187.78/aHR0cHM6Ly93d3cuYXhpb3MuY29tLzIwMjMvMDYvMjAvaG91c2luZy1zaG9ydGFnZS1wcmljZXMtaGlnaD91dG1fc291cmNlPW5ld3NsZXR0ZXImdXRtX21lZGl1bT1lbWFpbCZ1dG1fY2FtcGFpZ249c2VuZHRvX2xvY2FsbmV3c2xldHRlcnRlc3Qmc3RyZWFtPXRvcA/6376a0227dbe7b95f501299bB2e79bd03" target="_blank">would-be buyers</a> who can&#x27;t afford — or find — a single-family home, and those opting not to buy for lifestyle reasons, Doug Ressler of real estate research firm Yardi Matrix tells Axios.The big picture: Texas is a leading state for built-to-rent homes, <a class="gtmContentClick" data-vars-link-text="per RentCafe" data-vars-click-url="https://www.rentcafe.com/blog/rental-market/market-snapshots/build-to-rent-single-family-homes-construction/" data-vars-content-id="0e5fd9d0-0a32-41a8-8483-029f2c8347e1" data-vars-headline="Built-to-rent homes surge in San Antonio and Texas" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.rentcafe.com/blog/rental-market/market-snapshots/build-to-rent-single-family-homes-construction/" target="_blank">per RentCafe</a>.Zoom in: San Antonio ranks eighth among the top metros for built-to-rent homes in the last five years, per RentCafe, with 1,001 new single-family rentals in that time period.Plus, there are more on the way, with 969 single-family rental homes under construction in San Antonio.Of note: <a class="gtmContentClick" data-vars-link-text="Another recent report" data-vars-click-url="https://www.embreydc.com/news-media/untangling-btr-todays-hottest-multifamily-product-is-build-to-rent-housing/" data-vars-content-id="0e5fd9d0-0a32-41a8-8483-029f2c8347e1" data-vars-headline="Built-to-rent homes surge in San Antonio and Texas" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.embreydc.com/news-media/untangling-btr-todays-hottest-multifamily-product-is-build-to-rent-housing/" target="_blank">Another recent report</a> from San Antonio-based developer Embrey suggests the built-to-rent surge is even higher in the Alamo City, with more than 3,100 such homes at the end of last year — up from just 973 in 2018.<ul><li>The Far West Side, the Northwest Side and the Interstate 35 corridor are primarily seeing the built-to-rent boom.</li></ul>The bottom line: Building more single-family rentals isn&#x27;t going to solve the housing crisis, but it could ease the supply crunch.

Why Texas' housing supply is locked up

"Golden handcuffs" are stopping homeowners from selling.

Roughly 57% of homeowners with mortgages in Texas had a rate below 4% as of late last year, locking homeowners in place and leaving buyers with fewer homes to choose from, per Redfin data shared with Axios.Why it matters: Mortgage holders are experiencing the &quot;golden handcuffs&quot; phenomenon, writes Axios&#x27; Brianna Crane.

Bar graph showing the monthly mortgage payments have increased. 

Real Estate 🏠

Condo prices rising faster than home prices in San Antonio

The Andy brings live-work lofts to the East Side

San Antonio homebuilding up since COVID-19 pandemic

Here's how long it takes to save for a down payment in San Antonio

Neighborhoods where San Antonio home prices are rising