When we moved from Oregon to San Antonio a year and a half ago, we expected to find affordable prices for rentals. After all, Texas has a reputation for being a very affordable place to live. We were shocked, however, when we found apartment rental prices to be similar to those in Oregon. Our plans to find a three bedroom for $1000 or less each month were thwarted. Instead, we found ourselves scrambling to find a three bedroom apartment for which we met the minimum income requirements.
After a stressful week-long search we found a quiet, older, three bedroom apartment that was an easy commute from Andy’s job. We barely met the minimum income requirements, but we were just glad to have a place to live.
A year and a half later, I’m ready to stop renting. I’m tired of feeling like we’re throwing money away each month in a rent payment. A rent increase three months ago added to this frustration. We are now paying more than a third of our monthly net spendable income in rent. It’s just not sustainable.
In San Antonio, many mortgage payments are either less than or equal to the price of rent. According to rentcafe.com the average price of rent for a two bedroom with an average of 991 square feet is $1,079 per month. Conversely, the median home value in San Antonio is $166,377, according to Zillow. A mortgage payment for that selling price would come out to about $900 on a 30 year fixed mortgage.
Our lease will expire at the end of December. Ideally, we will have already closed on a house by then so that we can start the new year with a sustainable housing budget. However, ideal situations don’t always materialize.
If we are not able to purchase a house before our current lease expires, we have decided to move to a smaller, more affordable apartment until we can purchase a house. I’m not thrilled by the thought of having to move twice in one year, but we simply must stop the financial bleed that our current rent is causing.