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Old 02-23-2012, 11:11 PM
 
17 posts, read 18,367 times
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I am exploring the opportunity of transferring to our Richardson office from Illinois. By doing so, we would be going to one income, approx 80k+. Could a family of 4 (maybe 5 one day) afford areas such as west Plano, Allen, Frisco or similar areas? Schools will be important soon as kids are 4 and 2. would like the commute to be around 25-35 minutes at most. If we can ever sellout house in Illinois for anywhere close to what we paid for it would be a miracle. We have a 2800 sq ft house now and would not want to downsize that, but a realistic budget for a house would b around 250k.

I am hoping you could provide any feedback. Thanks in advance.
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Old 02-24-2012, 03:47 AM
 
Location: Dallas/Fort Worth, Texas
4,184 posts, read 14,032,175 times
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All the cities you mentioned have very good schools and you can find a decent home for 250K. 80K can be done as well. Our real estate taxes are higher. Between the 3 cities it ranges from 2.18 (Frisco) to 2.42 (Plano) but we have no state income tax.

I moved here from Chicago in '95 and there are a ton of people on this board that are also transplants from Illinois. Do you have a house hunting trip scheduled? I am sure that you will like it here.

Naima
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Old 02-24-2012, 06:02 AM
 
Location: North Texas
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You could save a ton on gas by living in Richardson itself. The schools are terrific and you could easily find something in your budget.
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Old 02-24-2012, 08:38 AM
 
1,005 posts, read 3,494,113 times
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Quote:
Originally Posted by Neko44 View Post
I am exploring the opportunity of transferring to our Richardson office from Illinois. By doing so, we would be going to one income, approx 80k+. Could a family of 4 (maybe 5 one day) afford areas such as west Plano, Allen, Frisco or similar areas? Schools will be important soon as kids are 4 and 2. would like the commute to be around 25-35 minutes at most. If we can ever sellout house in Illinois for anywhere close to what we paid for it would be a miracle. We have a 2800 sq ft house now and would not want to downsize that, but a realistic budget for a house would b around 250k.

I am hoping you could provide any feedback. Thanks in advance.
It'll be possible but you'll be house poor (assuming 20% down + mortgage) and living paycheck to paycheck with a household income that small.
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Old 02-24-2012, 08:42 AM
 
Location: Fort Worth, north TX
427 posts, read 896,948 times
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Originally Posted by galore View Post
It'll be possible but you'll be house poor (assuming 20% down + mortgage) and living paycheck to paycheck with a household income that small.
Someone with a $200k mortgage will be living pay check to paycheck on $80k a year? Seriously? The mortgage payment on a $200k mortgage will be about $900 a month. Someone making $80k will be bringing home around $5k a month...
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Old 02-24-2012, 08:45 AM
 
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I do not have a house trip scheduled...we are very early in the decison making proocess. I am just trying to see if its financially viable for us.

We were tossing around the idea of renting first to get our bearings then committing to an area later.

Galore's comments are noteworthy and is it really possible to get atleast a 2800sq ft house for 200K?

We would moving from an area in a Chicago suburb much like Frisco. Plainfield is an area that had tremendous growth with big houses for little money...then the crash...and now it would be so hard to sell my house with bigger houses around me that are now 100K less than what they were origninally sold for.
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Old 02-24-2012, 08:59 AM
 
44 posts, read 108,434 times
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Originally Posted by Neko44 View Post
We would moving from an area in a Chicago suburb much like Frisco. Plainfield is an area that had tremendous growth with big houses for little money...then the crash...and now it would be so hard to sell my house with bigger houses around me that are now 100K less than what they were origninally sold for.
Then why get stuck in the exact same situation in Frisco? With looming 5$ per gallon gas prices and $$ for Tollway fees you should stick closer to work, especially with excellent possibilities in that area.
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Old 02-24-2012, 08:59 AM
 
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Originally Posted by expatChicagoan View Post
Someone with a $200k mortgage will be living pay check to paycheck on $80k a year? Seriously? The mortgage payment on a $200k mortgage will be about $900 a month. Someone making $80k will be bringing home around $5k a month...
Yes, seriously, because beyond mortgage, you'll have to pay for insurance, taxes, utilities, car(s) and then in this case for one other adult and for up to three children.

I was in a similar financial situation 6 years ago but didn't have to pay for any children (just for another adult) and I imagine the couple hundred dollars left after each month would have been eaten up by three children easily.
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Old 02-24-2012, 09:14 AM
 
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My big sticking point would be the 20% down on a purchased house. We were able to do that with our current place in IL, but the market all but washed that away. I don't see how we would be able to sell now to gain the 20% for a new house.

One postive is that this is not a necessary move right now. My wife is very interested in the possiblity and would like to do it sooner rather than later, since the opportunity has presented itself now, and I would be excited for a change of scenary, but financially it seems very counter productive. I would hate to put my family in a terrible position in a new area.
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Old 02-24-2012, 09:16 AM
 
Location: North Texas
2,487 posts, read 5,987,799 times
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Property taxes are very high here- tapping your home purchase of $200k is going to bankrupt you and force you to foreclose your home within the first two years. You can always rent first and get to know the area before you buy- however if you have to buy (like I did when I moved here) immediately purchase conservably at what your family needs and don't get in the hype of buying big or not buying at all. You can find lovely large homes here for very low prices- olded charming homes. Or you can purchase new builds as well. Although I am a fan of purchasing older homes- no need to build, build, build....to many empty homes that are charming that need a family to own and make their own. Good luck to you.
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