Its been a year since I was on here: How bad is the job market? (Austin: homes, universities)

[sinking]

Originally Posted by achtungpv

I see a lot of people well into their 30s being supplemented by their parents so they can afford their lifestyle. One pair of friends probably bring in around $120K and her parents give them $1K/month. Another single friend making over $70K and in her 30s has her car payment, insurance, and gas card paid by her parents. Another friend who's an attorney making over $140K still has her car insurance and cell phone paid by her parents. My wife's aunt and her husband who are in their late 40s get $40K/year from his parents. We were just at an open house in Circle C a few weeks back and another couple there was with their parents and from overhearing the conversation they were going to pay for a large portion of the house for them.

Wow. And I can't even get my father to help me move my possessions across town.

[sinking]

Originally Posted by jobert

Not to mention taxes...sweet jeebus. Imagine spending around 12% of your disposable income (36K) on property taxes (4.5K)... deductions or not.

This is why I say Texas' taxes favor the wealthy. I am paying 10% of my GROSS income to property taxes.

[jobert]

Originally Posted by achtungpv

I see a lot of people well into their 30s being supplemented by their parents so they can afford their lifestyle. One pair of friends probably bring in around $120K and her parents give them $1K/month. Another single friend making over $70K and in her 30s has her car payment, insurance, and gas card paid by her parents. Another friend who's an attorney making over $140K still has her car insurance and cell phone paid by her parents. My wife's aunt and her husband who are in their late 40s get $40K/year from his parents. We were just at an open house in Circle C a few weeks back and another couple there was with their parents and from overhearing the conversation they were going to pay for a large portion of the house for them.

That's absurd, but believable. I see alot of that here, and hang out with a few people who have that type of arrangement - but I don't judge them for it. Maybe it's a southern thing. When I see someone with my same level job, my age, children, with a SAHW, but living in Tarrytown, for example - it's pretty obvious what's going on. I'm not bitter about it, but I will not take their uppity attitude about it.

Why are the baby-boomers subsidizing their children like this? Are they trying to keep on good terms with them so they don't get placed in bad nursing homes? Perhaps it is the smaller family dynamic that is funneling this wealth.

[trayanh]

"tons" is just exaggeration, but they did get a lot of onsite interviews. I know that because they were looking for excuses to take days off for interviews. They are in finance and energy industry. They got increased pay, better title, and one of my friends' previous employer was willing to match his new salary and locate a job for his girlfriend since she was graduating and started looking for jobs. I am little envious and feel the pressure.

Originally Posted by inthecut

I don't think anyone is getting "tons" of interviews anywhere, even with headhunters..at least, employers are certainly not begging for applicants right now, and just about every industry here is overwhelmed by apps, from public to private...tons of interviews sounds so cute and quaint, like "real estate boom"....if only they were true! LOL!

[achtungpv]

Originally Posted by sinking

Wow. And I can't even get my father to help me move my possessions across town.

Ha ha. Me too. I've been on my own since I was 18 and have never taken a dollar from my parents for anything since then including college, food, and shelter. I don't have much empathy for anyone that has had the door opened for them by their parents and aren't smart enough to step through it.

[sliverbox]

We're pretty frugal as well. When I met my Wife we were both making around 20k per year. We still managed to save some money though. In the years since we make considerably more but live the same as we did when we made 20k. I'm still driving the truck I bought in High school. We shop at wholesale food outlets, rarely eat out and don't buy gadgets and gizmos. We're saving about 50% of our income annually.

I've never been in debt and one of the reasons for wanting to move is that we could buy a home in Austin, Atlanta, Raleigh, or some other Southeastern city for cash and have money leftover. We've saved a lot for retirement too. All because we chose to live as frugal as possible. I have no interest in tying ourselves to a mortgage. Austin is a first choice only because it seems to have more jobs in my field ( for a 2nd tier metro).

One thing worth noting is that we don't have nor plan on having kids. Thus I don't really care about good schools, school districts and all that other stuff. The people we met also didn't have kids and told us they paid less in property taxes by living in a different district/zone. It sounds like that property taxes are dependent on whatever access there is to things like schools, libraries and other stuff. So it sounds like if you have kids, want good schools and all that comes with it you're going to pay more for housing and more for property taxes. Is that about right? Also- we are not dead-set on living in the city. I'm fine with living outside by as far as a 30 minute commute and would even consider rural areas as well since that's how I grew up.

I agree that Austin is expensive by Southeastern standards. My Grandmother lives 20 minutes from Nashville and owns 14 acres and a pretty decent 2 story house. It was last accessed at $130,000 total. That's considerably cheaper than Austin. That and as mentioned, property taxes are minimal. So we're not totally sold on Austin yet for that reason.

[jobert]

What surprises me the most is that we have a high unemployment rate and yet, I still have worthless coworkers.

[mgrif426]

Seriously, listen to IntheCut- he is dead on, my friend. Yes our town is 'cool' and quirky and sunny- but the job and housing are horrid! The high cost of living drove many Californians here over the last 10-15 years. Then AZ and NM lost some of their folks to us. This was seen as the land of milk and honey- where hills were green and so was the money. Now the Hill Country is not dotted, but crammed, with Italian "villas" and little 2 bedroom 'bungalows' close to town go for 500K. A 2BD condo downtown cost 350-700+K, a tiny house in SoCo is the same. Tarrytown is way overpriced and so is westlake. If you care about the school districts those are the two hotspots. (Tiny Apt. rents for 1200-1800 in westlake and way higher close to downtown- which is now comparable to Santa Monica)
Here is a case in point about the inflated prices here: I have a 4500 sf 'executive home' in the midwest (4 bds, 3.5ba, 3 fireplaces, 1 acre, contemporary with walls of glass, gourmet kit, etc.) I can't get over $500K! I was lucky just to lease it out. If I could crane it to Austin, put it on a similiar street in the best school district, it would quickly bring more than $2M.
Like your wife, I have a BBA from right here at UT- then I also have a JD, plus 18 years in construction and design, and experience in Admin. Law. Left my business in the midwest, can't find work, have applied all over for everything I am even remotely qualified for. I have been out of work- for over a year now! I can't even get an interview! With 2 kids to support too- it is very, very discouraging and scary. My advice is to hang on to your job for dear life. I'm even thinking that maybe now California is the place to head because now that everyone has left there, the job openings will be greater-LOL.

[sliverbox]

I'm even thinking that maybe now California is the place to head because now that everyone has left there, the job openings will be greater-LOL.

As I mentioned the economy is no better here. Most of my friends who were out of work last year are still out of work. If you're in the housing and construction biz its probably even worse. At least they're building in Austin. Building anything new in California is extremely difficult and always wrapped in red tape. Tons and tons of Not In My Backyard politics in every coastal town.

I've been in Norcal for over 10 years. It has never been easy. Everything- and I mean everything is expensive. You have to pay a ton for everything. You have to pay out 10% of your income to state income taxes. You have to smog your car and pay to register every year. Rent is not cheap anywhere near the major job sectors. Expect to pay anything from $2,500-$3,500 a month for rent on a house anywhere near Silicon Valley or San Fran. Buying a house- any house that is remotely conveniently located, in a safe neighborhood and not dilapidated to set you back over $500k. That's for a 2 bedroom small starter home too. $800k+ for something that's probably $200k in Austin.

All I know is that if I pull up the Austin Craigslist site and punch in $150k max for a home price I get hundreds and hundreds of results. Sure- most are boring, cookie-cutter type houses in subdivisions all over the place, but the fact that you can buy something that's not going to bankrupt your finances is simply amazing to me. Perhaps my view along with the rest of us who've suffered on the coasts is a result of having lived in that environment for so long. We've been branded to think that all houses are meant to be unaffordable and untouchable anywhere remotely nice. Thus the reasoning why seeing a 200k or less home is simply crazy to us.

Lastly- I believe what's happening in TX is happening just about anywhere else that has un-miserable winters, a decent growing economy and at least perceived cheap housing. Whenever I visit my folks in TN its crazy: They are building houses on every hillside and in HUGE quantities. Its being overrun with strip malls and big box stores. But lord knows you can buy a house for 150k or less and that's what causes people from NY, MA, CA, and other expensive places to move there. At the end of the day we too will probably be one of those people. Its sad that our country is going the way it is- where people can't live the life they want to live without having to move across country.

[jclimber99]

Originally Posted by inthecut

Very much so...except for the really large major metros....not super higher, but def higher than average..

Yes, but there is no income tax in TX so that's need to be considered.