Below is the transcript for the video above.
Introduction
Are you looking for a place to live that's more affordable, especially here in Texas? Well, you're in luck because today we're going to be talking about the cost of living in San Antonio and the outlook for 2024. Our comprehensive analysis includes housing costs. We'll also look at transportation and fuel expenses. You'll learn what to expect with your utility bills. We'll analyze the local food scene, grocery store choices, and average prices, helping you to estimate your monthly expenditure on meals. You will learn exactly what to expect with your salary and who the top 10 companies are here in San Antonio. We're going to discuss everything you need to know about the cost of living in San Antonio, Texas. If you're planning to move to San Antonio or you just want to learn more, stay tuned.
Welcome to San Antonio Homes Insider. I'm glad you're here. I'm Pam Roberts, realtor and local expert. On our channel, we give buyer tips and selling secrets for San Antonio and the surrounding area. We're here to support you whether you're looking to move to San Antonio or you just have questions.
Here's our information on how you can reach us by phone and we'll also have other ways to reach us in the description below. San Antonio is one of the lesser talked about large cities in the US. As a matter of fact, we are ranked number seven by population as of 2023. San Antonio is known for The Alamo and its rich cultural heritage, and it's also gaining attention for its affordability. But what does affordable really mean going into 2024? Well, people are moving here every day because San Antonio is known for its economical cost of living and thriving job market. When we look at this cost of living chart by payscale.com, we see that San Antonio is 8% less overall than the national average.
Housing Cost
First, let's take a look at housing cost. Housing is 20% less than the national average. San Antonio and the surrounding area presents a range of choices when it comes to housing from new construction neighborhoods to well-developed communities with mature oak trees to expansive luxury homes on acreage. San Antonio's housing market is more budget friendly compared to other major Texas cities like Austin, Dallas, and Houston. The median single priced home is currently under 300,000 at 298,000. It's a steal compared to Austin and Dallas. If you're renting, also expect to pay around $1,200 for a decent one-bedroom apartment.
Transportation Costs
When it comes to transportation and fuel costs, San Antonio is 4% less than the national average. You'll most likely want to own your own car. We do have public transportation available, but it's not as comprehensive as some other large cities. It just makes sense to have your own car, especially in the suburbs. Speaking of cars, Texans love their trucks. You will see more trucks per capita in Texas than in most cities, and the bigger, the better. Fuel costs in San Antonio are low. AAA list the national average for a regular tank of gas at $3.12 per gallon versus San Antonio at $2.52 cents. GasBuddy is a good resource for finding the best fuel prices in town. This map shows the price per gallon around the Stone Oak area. You'll find links to these resources that I mentioned in the description below this video.
Understanding Texas Energy Cost
I'm a native Texan and I've lived in San Antonio for many years, and what I find about Texas is we're very welcoming and also, there's lots for everyone. San Antonio utilities are 11% less than the national average. Utility cost can vary significantly based on factors like climate, square footage, and energy usage. Expect your monthly utility bill to be around $150 for a small home or apartment, and it can go as high as up to $400 a month for a larger home. Texas is on its own power grid called ERCOT or Electric Reliability Council of Texas. San Antonio is mostly serviced by CPS Energy. The city owned electric and gas utility raised its base rates to 3.85% in March of 2022, and it plans more rate hikes in 2024 and 2026. The announced increase for 2024 is 4.25%, which will go into effect February 1st, 2024. If you're lucky enough to find a home to buy that has solar panels already, that's a real bonus. They will save you a tremendous amount on your monthly power bill.
Solar Panels in Texas
It is a word of caution if you already own your home. Be careful, adding solar panels will not always translate into an advantage to your home's value because they're costly and they must be paid off prior to selling. This can eat into your profit and equity that you've built up on your home. I think solar panels is more of a long-term strategy to save money on your energy cost.
Food Cost
Food prices and grocery budgets are an essential aspect of anyone's cost of living considerations. San Antonio's groceries costs 11% less than the national average. For this segment, we're using a resource called numbeo.com for information on the average cost for meals and groceries. The average cost per person to dine out at an inexpensive restaurant is about 15 to $20 per person. A meal for two people in a mid-range restaurant with three courses is about $80. How much you spend on food depends on many things. The size of your family, shopping habits, and food preferences. For groceries, the typical market basket for basics, the daily amount you might expect to spend for food per person is $12. The monthly amount of money per person for food will run you about 350. Key grocery store chains are H-E-B, Sprouts, Whole Foods, Target, and Walmart.
We hope you're finding this video helpful and valuable. If so, please consider subscribing to our channel. What is your current spend on groceries? We're curious. Where do you live and how much do you spend, and do you think yours is more expensive than what we've talked about today? We'd like to know what you think.
Employment and Jobs Market
Before moving to any big city, you'll want to know about the employment and jobs market. And that's what we're talking about next. San Antonio is ranked number three in the five places that require the lowest salaries of the top 25 cities. The average San Antonio salary by indeed.com currently is $70,657. One thing to consider for like or similar careers is that the pay rate might be slightly less in San Antonio. However, with the cheaper cost of living, you'll actually come out of ahead. The San Antonio Business Journal list these companies as the top employers in San Antonio as of 2023. Some of these are actually corporate headquarters for these companies. Of course, there's many others, but these are the top 10. The unemployment rate in the San Antonio New Braunfels area stayed relatively consistent over the past year with a slight increase from 3.5% to 3.6%. The good news is there's no state income tax.
Now, if you want more information about moving to the San Antonio area, we have a link to our quick chat in the description down below. You can also snag your copy of our relocation guide, which is also in the description. Another thing that might help you make your decision is we also did a video comparing San Antonio to the other Texas major cities, Dallas, Austin, and Houston. We'll put a link to that video up in the description so that you can watch it next.
