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On two blocks growing up we had C-level Fortune 500 executives, C-level commercial real estate execs, 3 surgeons, oral surgeon, orthodontist, family oil money(Hunts)....I can't remember what many other's did.
On a side note, I think it's one of the largest contributing factors to Highland Parks success in sports and academia. When you're environment is filled with individuals that "expect" and "exhibit" excellence in multiple areas of life, it really feeds the entire community.
On two blocks growing up we had C-level Fortune 500 executives, C-level commercial real estate execs, 3 surgeons, oral surgeon, orthodontist, family oil money(Hunts)....I can't remember what many other's did.
On a side note, I think it's one of the largest contributing factors to Highland Parks success in sports and academia. When you're environment is filled with individuals that "expect" and "exhibit" excellence in multiple areas of life, it really feeds the entire community.
When I lived in the park cities I never felt like any of neighbors were stretching to live on the street. We were loaded down with doctors, lawyers, Oil guys, fortune 500 execs, etc. The only time the poop hit the fan was when a divorced occurred.
Don't forget about the many who pay cash for their PC homes by liquidating other investments and plunking that cash into real estate that is sure to appraise. Don't forget about the many who have traditional, non-doctor/non-lawyer careers yet choose to live in 2 BR apartments or townhomes so that they can be in HPISD. Or who purchased a cottage that most would consider a tear down, but is just right for them. And then there are the homes that have been in the family forever, and when it's your turn to live in it all you have to cover are the property taxes.
There is no income requirement. It all boils down to how much some are willing to sacrifice in order to be in HPISD. I have seen all kinds of families during my time here...not everyone is wealthy. I have some neighbors who have been in their homes here for over 30 years...they assure me they would not be able to buy into the PC at today's prices.
I would respectfully disagree with the majority of this. I used to live in UP & am VERY familiar with the area.
1) a "small cottage" is still going to run 500K for lot value. the reality is most folks can't afford a 500k house, so yes, that's in essence an 'income requirement.' You have to be able to pay for the 'small cottage' at premium Park Cities prices
2) Honestly, there are only so many 2 bedroom townhomes/apartments within HPISD. Yes, a determined person who is set on sending their kids to HPISD can, but there's still a limited supply. This is the exception & not the norm for the area. Many of those properties are occupied by SMU students & rent is upwards of 2-4 grand per month. Again, not exactly a cheap lease for a smaller property. Yes, there are some dumpy apartments near SMU & off Lomo Alto in HPISD, but again, limited # available & most have occupancy restrictions for max # of occupants
3) Homes that have been in the family forever most likely indicate someone in the family had some degree of affluence at some time. To continue holding on to the property, pass it through generations, etc. you need to be able to afford the property taxes & maintenance. A cash-strapped individual would sell this for the high value the lots command vs. continuing to maintain the property
Yes, I do think there are people sacrificing to be in HPISD, but to say there's not an income requirement to attend a school served by the most expensive area of Dallas seems like a reach to me.
My kids don't go to HPISD & I don't live there anymore, so I could care less about their schools...just pointing out some inconsistencies.
I would respectfully disagree with the majority of this. I used to live in UP & am VERY familiar with the area.
1) a "small cottage" is still going to run 500K for lot value. the reality is most folks can't afford a 500k house, so yes, that's in essence an 'income requirement.' You have to be able to pay for the 'small cottage' at premium Park Cities prices
2) Honestly, there are only so many 2 bedroom townhomes/apartments within HPISD. Yes, a determined person who is set on sending their kids to HPISD can, but there's still a limited supply. This is the exception & not the norm for the area. Many of those properties are occupied by SMU students & rent is upwards of 2-4 grand per month. Again, not exactly a cheap lease for a smaller property. Yes, there are some dumpy apartments near SMU & off Lomo Alto in HPISD, but again, limited # available & most have occupancy restrictions for max # of occupants
3) Homes that have been in the family forever most likely indicate someone in the family had some degree of affluence at some time. To continue holding on to the property, pass it through generations, etc. you need to be able to afford the property taxes & maintenance. A cash-strapped individual would sell this for the high value the lots command vs. continuing to maintain the property
Yes, I do think there are people sacrificing to be in HPISD, but to say there's not an income requirement to attend a school served by the most expensive area of Dallas seems like a reach to me.
My kids don't go to HPISD & I don't live there anymore, so I could care less about their schools...just pointing out some inconsistencies.
Couldn't agree more. Currently, there are 3 detached houses (assuming my search engines gives up to date results) in Park Cities under 600k and two of them are under contract...
And needless to say, it is either Mockingbird or Lovers.
Couldn't agree more. Currently, there are 3 detached houses (assuming my search engines gives up to date results) in Park Cities under 600k and two of them are under contract...
And needless to say, it is either Mockingbird or Lovers.
There are some nice 3 bedroom condos in UP, off Preston that are very nice. On the other end there's the condos across from Northpark, good units priced at about $200k. So it can be done at a decent price.
2) Honestly, there are only so many 2 bedroom townhomes/apartments within HPISD. Yes, a determined person who is set on sending their kids to HPISD can, but there's still a limited supply. This is the exception & not the norm for the area. Many of those properties are occupied by SMU students & rent is upwards of 2-4 grand per month. Again, not exactly a cheap lease for a smaller property. Yes, there are some dumpy apartments near SMU & off Lomo Alto in HPISD, but again, limited # available & most have occupancy restrictions for max # of occupants
3) Homes that have been in the family forever most likely indicate someone in the family had some degree of affluence at some time. To continue holding on to the property, pass it through generations, etc. you need to be able to afford the property taxes & maintenance. A cash-strapped individual would sell this for the high value the lots command vs. continuing to maintain the property.
Re: #2. SMU students are now required to live on campus through their sophomore year. This has opened up about 500 units of rental property to families who, from the looks of HPISD's population explosion the pas two years, are renting them.
Re: #3. It's a lot easier to pay $1500/mo for property taxes and insurance on a $1M home you've owned for 30+ years and own outright than to be buying your first $1M home with a $5,000 monthly PITI. You have to be able to see that for $1500/mo, many families would rather stay in the neighborhood they've lived in forever vs cashing out and moving to somewhere less expensive. If you don't get that, you don't understand the community draw the Park Cities has on many of it's long-time residents.
Sure, there's somewhat of an income requirement in HPISD but the truth is there ARE options for families making less than $100k (which is the avg income in Plano, Frisco, etc). While you do need to be making $400-500k to comfortably afford a $1.5M home, $400-500k is way above entry level income in HPISD. Way above it.
Re: #2. SMU students are now required to live on campus through their sophomore year. This has opened up about 500 units of rental property to families who, from the looks of HPISD's population explosion the pas two years, are renting them.
Re: #3. It's a lot easier to pay $1500/mo for property taxes and insurance on a $1M home you've owned for 30+ years and own outright than to be buying your first $1M home with a $5,000 monthly PITI. You have to be able to see that for $1500/mo, many families would rather stay in the neighborhood they've lived in forever vs cashing out and moving to somewhere less expensive. If you don't get that, you don't understand the community draw the Park Cities has on many of it's long-time residents.
Sure, there's somewhat of an income requirement in HPISD but the truth is there ARE options for families making less than $100k (which is the avg income in Plano, Frisco, etc). While you do need to be making $400-500k to comfortably afford a $1.5M home, $400-500k is way above entry level income in HPISD. Way above it.
I don't disagree. But the further down that income spectrum you go, how much more difficult is it? What about a family making 40K per year or 60K? Rent in a dumpy apartment in HPISD would still be a sizeable portion of that monthly income. My point is if a school district is 0% economically disadvantaged, there's some sort of income requirement. Otherwise, there would be many other districts that are 0% economically disadvantaged.
100K income doesn't go very far in HPISD with respect to housing if you're NOT in a family home where you are only covering maintenance + taxes, so clearly most people gravitate toward an area where they can get more square footage/nicer home for that budget. If HPISD and a smaller townhome/condo is preferable for others at that income, that's fine. I would just say they are in the minority.
Look on realtor.com for "rentals" in 75205 and what you get for under 1500/month. It's pretty sad.
I don't disagree. But the further down that income spectrum you go, how much more difficult is it? What about a family making 40K per year or 60K? Rent in a dumpy apartment in HPISD would still be a sizeable portion of that monthly income. My point is if a school district is 0% economically disadvantaged, there's some sort of income requirement. Otherwise, there would be many other districts that are 0% economically disadvantaged.
100K income doesn't go very far in HPISD with respect to housing if you're NOT in a family home where you are only covering maintenance + taxes, so clearly most people gravitate toward an area where they can get more square footage/nicer home for that budget. If HPISD and a smaller townhome/condo is preferable for others at that income, that's fine. I would just say they are in the minority.
Look on realtor.com for "rentals" in 75205 and what you get for under 1500/month. It's pretty sad.
I do see your point. Unless you're willing to live in a condo or townhouse, you have to be at least upper middle class in order to afford living in the Park Cities. The income requirement is all relative, as it depends on how much debt one has, prior equity in last home, etc. Property taxes and home insurance can be quite low, especially on smaller cottage homes, given that the Park Cities have the lowest property tax rates in the metroplex. But the fact that families are expected to contribute financially to the public schools should also be noted.
There are some nice 3 bedroom condos in UP, off Preston that are very nice. On the other end there's the condos across from Northpark, good units priced at about $200k. So it can be done at a decent price.
Well, I was talking about SFR, sure condos are going to be cheaper, but most likely for 2+ bdr, the starting would be easily close to 300k. And then the HOAs in several thousand a year. So can it be done on 100k family income - sure. However, for instance in Plano, median is about 80k, so half are making less than 80.
Anyway, the original question was what it would take to buy 1.5mil house and pretty good answers were given.
Obviously there's an "income requirement" to get into Park Cities. To say otherwise is a bit silly. That said, the "income requirement" is likely lower than many people think, depending on what they're willing to sacrifice in terms of other comforts to do so. However, that may or may not make sense, depending. It is nice to see people pointing out the (relatively) lower cost ways of residing within HPISD if someone has that as a goal.
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