San Antonio and Austin are at the top and bottom of a new list of the state’s most affordable cities for first-time homebuyers.
For its new First-time Homebuyer Report, the American Enterprise Institute Housing Center analyzed more than 5 million sales in the past decade across the 60 largest U.S. metropolitan areas. Among its findings:
San Antonio is the most affordable metro area in Texas. It ranked No. 12 nationally, with an affordability ratio of 3.2, meaning first-time homebuyers spent 3.2 times their household income to purchase a home. The report said the median home price paid by a first-time buyer last year was $298,000, while the median first-time buyer’s gross annual income was $92,000…