Homeownership in Dallas area falls as millennials balk at buying (Austin: mortgages, student loans)

[Berrie143]

Originally Posted by serger

You really need to define your area in So cal and what exactly you mean by DFW metro and good schools. So it can be apples to apples.

Quick check gives median on SF home in Plano around $400k, Dallas $450k, Frisco $450k or somewhat more

I live in what is called the Inland Empire, which is a mix of crappy cities and some cities that have homes that are beyond pricey and money that flows like a river. We live one city away from L.A. County and the median home price is $546K in our zip code.

When I say the DFW metro, I literally mean Dallas, Fort Worth and all the cities in between and slightly N/E/S/W of them. Every metro is going to have the areas that are more affordable- like Bedford or Hurst- and the areas that are not- like Frisco and Plano and the like.

Dallas, TX - Forbes

[BigDGeek]

Originally Posted by aggie972

This thread is refreshing to read. I feel like most places where Gen X and boomers gather to talk about millennials, its always "They're lazy/entitled/godless/listen to that damned rap music. When I was in school, I paid for it all with my summer job as a painter. I didn't need no stinking debt."

Please, I'm an X-er and I didn't know anyone who could put themselves through school in only four years. I know only one person who actually did it and it took her 12 years.

Y'all have it worse than we did. No argument from me.

[Berrie143]

Originally Posted by aggie972

This thread is refreshing to read. I feel like most places where Gen X and boomers gather to talk about millennials, its always "They're lazy/entitled/godless/listen to that damned rap music. When I was in school, I paid for it all with my summer job as a painter. I didn't need no stinking debt."

^^^ This made me laugh I'm considered a Gen X'er but I actually think more like a baby boomer, LOL. My sister was born mid-80's and I will say that her generation falls into the "entitlement" category. It boggles my mind when I hear what my sister and her friends say and I'm only 5 years older.

[bencronin04]

Originally Posted by Berrie143

^^^ This made me laugh I'm considered a Gen X'er but I actually think more like a baby boomer, LOL. My sister was born mid-80's and I will say that her generation falls into the "entitlement" category. It boggles my mind when I hear what my sister and her friends say and I'm only 5 years older.

It's the same with every generation. The older ones were saying the same things about Gen X'ers before the Millennials came along and stole the thunder.

Also the cost of living has become much higher than when the boomers and other were buying houses, going to college, etc. etc.

http://www.mybudget360.com/wp-conten...ual-prices.png


Also the amount of liabilities and programs created by the boomers and other makes me and others in "my generation" extremely nervous. We will be paying for it for a long, long time.

[serger]

Originally Posted by Berrie143

I live in what is called the Inland Empire, which is a mix of crappy cities and some cities that have homes that are beyond pricey and money that flows like a river. We live one city away from L.A. County and the median home price is $546K in our zip code.

When I say the DFW metro, I literally mean Dallas, Fort Worth and all the cities in between and slightly N/E/S/W of them. Every metro is going to have the areas that are more affordable- like Bedford or Hurst- and the areas that are not- like Frisco and Plano and the like.

Dallas, TX - Forbes

Well, ok, so you can take the median over Dallas, Collin, Tarrant and Denton counties combined, it is still > $300k (in current asking prices).

[bencronin04]

Originally Posted by serger

Well, ok, so you can take the median over Dallas, Collin, Tarrant and Denton counties combined, it is still > $300k (in current asking prices).

I find often that people in other states don't understand Dallas either. They think they can walk in and get a 3500sqft brand new house for 200K. I have friends that live in Jersey, NYC, D.C., etc that will send me links to nice looking houses for cheap, but neglect to look at the local schools or crime rates.

Are we expensive as other large metros....no. Are we as dirt cheap as people think.....no and we're getting more and more expensive.

[happycrow]

Originally Posted by Berrie143

See any discrepancies with those figures? ^^^

You've re-interpreted my quote.
Otherwise, having actually tried to live out in CA, the answer is simple: can't live there, too expensive to survive on a middling income. It's rich areas and "places the rest are either squeezed into, or they choose to leave."

Dallas County is starting to look like that to my eyes.

[happycrow]

Originally Posted by BigDGeek

Please, I'm an X-er and I didn't know anyone who could put themselves through school in only four years. I know only one person who actually did it and it took her 12 years.

Y'all have it worse than we did. No argument from me.

Actually, I did. But it sucked, and having to do so meant that I didn't get some training I would have needed to be successful in my first career.

Anyway, yeah, you see a lot of scorn heaped on Milennials from the Boomers. Not a lot of Xers doing that, b/c we know better. (Point them out if you find them so I can poke them in the belly and slap them with the figurative mustard).

[happycrow]

Originally Posted by Berrie143

A "good school" for us is a score of 8 or above and steady records of improvements, etc. While the number of homes in the price range of 200K or less that have those kinds of schools assigned to them has gone down dramatically since we first started looking 2 years ago, we are still finding homes that we can afford in the DFW area.

With all due respect, it's hallucinatory to think that a family in DFW earning the median salary has ready access to affordable houses assigned to "good schools" as you have defined it. YOU may. But the average family does not.

[aznkobee]

Originally Posted by Berrie143

I can say, with absolute conviction and certainty, that the DFW area is NOTHING like California in respect to housing. A lot of you really have no idea how lucky you are to live in a place, like the DFW metroplex and its surrounding suburbs, that has nice homes with good schools that are AFFORDABLE. Yes, AFFORDABLE.

The median household income level where I live in So Cal is 61K.
The median house price where I live in So Cal is 429K.

For DFW, the median household income is 58K.
For DFW, the median house price is $188K.

See any discrepancies with those figures? ^^^

Of course there are areas in DFW that are very, very expensive and are out of reach for a lot of people. The thing is, a lot more of you actually have a chance at home ownership by purchasing a nice home for a good price and that you can most likely afford. For us out here in So Cal, it's literally impossible, especially with the influx of foreigners (mostly Asians- we're having issues with what the newspapers are calling "anchor babies" being born here) coming here and dropping cash and driving prices up to ridiculous highs.

Just to give you perspective: my brother and his wife gross about 140K a year and they purchased a 485K home a few years ago. Their mortgage is $3500 a month. Think about writing a check like that just to live in good old So Cal. It's honestly ridiculous how some people exhaust CA as a "paradise" that they will never leave- but those are the people who live by the beach and can afford to do it. Those are the top 1% of the income pool. The rest of us regular folk are grasping at straws just trying to stay afloat.

My DH had his interview with the Dallas office of his company just this morning. We'll know by the end of next week if we're going to be moving to the DFW area. While it's going to be VERY hard to leave our families and friends behind if we move, the idea of buying a nice home for less than $175K and putting our children in good schools and actually having some financial freedom is exhilarating. Not to mention being in a place that generally has a friendlier population and more self-respect.

Growing up in Socal I definitely feel most people who grew up there all have the mentality that Socal is the best place to live and no matter what the monetary trade off it is worth it. I always feel like my friends and cousins are jealous that I have a nice house here but at the same time pity me because I live in Texas and have to suffer the heat and boredom..... Young people definitely care more about where to live than making money and owning houses. I don't feel bad for them at all because their lucky parents all bought houses at the right time, right place and saw it jump up couple folds. They can easily support their kids.