True to its historic persona, San Antonio continues to buck the trend of other major U.S. cities. We’ve all heard our share of the grim real estate market and flailing economy throughout the country, yet San Antonio continues to defy the odds and come out shining more brightly than any other major city in the United States.
The question that begs an answer is: what makes San Antonio so different from all of other cities throughout the U.S.? The answer: a lot!
The Difference in San Antonio
Of course, San Antonio has seen its share of setbacks in its real estate market and local economy. Obvious signs of this include the slowdown in construction and slowing retail sales.
However, when the bigger picture emerges, it becomes quite clear that San Antonio has remained a picture of stability and weathered the national recession and the real estate market meltdown in stride.
San Antonio has a knack for doing what other cities have failed to do: and that’s play on its strengths instead of its weaknesses to strive and succeed.
The finest example of this is the time, energy and capital poured into San Antonio’s tourist attractions. From the gorgeous Riverwalk – which is in the process of major upgrades – to the Alamo, tourists continue to flock to this unique and eclectic Southwestern town to enjoy these fantastic icons of this fine city.
The result of these world-renowned tourist attractions has certainly buoyed the hospitality industry in San Antonio, including the restaurant industry, which continues to post gains where other types of businesses are struggling to keep their heads above water.
And, of course, the income generated from the hospitality industry is invested into the local industries and the other sectors of San Antonio, thereby allowing the city to play off its strengths and push forward through these tumultuous times.
The Effect of a Strong Economy
Where does the strong, stable economy show most? The proof is most evident in the real estate market, where homes are, and have always been (despite other cities where home values rose to ridiculous levels and then crashed and burned), affordable for the masses.
In fact, more than 70 percent of the homes sold in San Antonio in May alone cost less than $200,000. This stable market has attracted a diverse, well-educated workforce because of the excellent local economy and affordable housing market.
In addition, rentals have continued to increase almost 11 percent over the last year, with the average rental price for a one-bedroom apartment in San Antonio hovering around $650.
In other words, whether you’re interested in renting or owning a home in San Antonio, you can bet that you can successfully find affordable housing.
Is it any wonder, then, that San Antonio remains one of the top 10 relocation destinations in the U.S.?