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Old 07-01-2015, 03:21 PM
 
988 posts, read 1,898,281 times
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Quote:
Originally Posted by TurtleCreek80 View Post
Well, the average price to get into a suburb with above average schools is around $300-350k. If you're conservative and like to keep your home purchase to 2X HHI, then $150-175k HHI is needed. If you're more moderate, $100-110k HHI. If you're comjng from a higher COL area and have a huge down payment, you could probably get along with $75-80k HHI.

It also depends on your family's lifestyle; if you max out 401ks & IRA's, if you are actively saving towards college for 3, if you have elderly parents you're supporting, if you have ongoing medical expenses, if you lease cars or buy new ones often, if your kid(s) play an expensive sport like ice hockey or lacrosse, if you have a special needs kid or one with a learning disability or just one that needs extensive tutoring to keep up in class, if you eat out as a family 3-4 times a week, if you take multiple vacations each year....the above numbers may not be enough.
No
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Old 07-01-2015, 03:25 PM
 
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Quote:
Originally Posted by unknown00 View Post
+1 truth

As someone who is in real estate in North Dallas, I honestly feel (again feel) like 90% of people HH around here have HH income $150k+. The amount of money coming in is ridiculous and you'd be surprised how many people can afford $500k+ houses these days

your sample is just people you deal with and it sounds like you're in the North Dallas area. Most people don't make anywhere near that and live just fine. The OP said average, not Coppell or West Plano. You'd be fine in plenty of safe places on less than $100k for your household.
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Old 07-01-2015, 03:26 PM
 
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Quote:
2. Your 5% figure is not true. In Collin County (where many of the suburbs with good public schools are located), 45% of households make over $100k and 20% make over $150k.
https://www.dfwjobs.com/business/LMI...les/Collin.pdf

In Dallas County, about 20% of households are over $100k and almost 9% over $150k.
https://www.dfwjobs.com/business/LMI...les/Dallas.pdf
Yes it is. I specified $175k. Your charts only point out $150k+, and it dramatically trails off above that number.
You are also comparing the small number of people buying/selling against the entire city. Also I'm comparing medians, and the median purchase price is Colin County is barely above $300k, which means half the houses being sold are less than that. Your charts fully support the idea that is not the "minimum to average after tax household income needed to live in a Dallas suburb?" , which was the question. We aren't even talking Garland or Arlington or the other more middle income suburbs, we are talking among the best.

I actually agree that median income doesn't mean able to buy a median home, but in a place where the median home is barely 20 years old and is more than 2000 sq feet and the 4th quartile houses is still a 1500 plus sq ft single family on 1/4 of an acre and not a 40 year old condo, it's not really a step down.
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Old 07-01-2015, 04:34 PM
 
11,688 posts, read 21,299,249 times
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Quote:
Originally Posted by TheOverdog View Post
Yes it is. I specified $175k. Your charts only point out $150k+, and it dramatically trails off above that number.
No, it's not true. Of the 20% households with incomes over $150k, half are between $150-199k and half are over $200k. 10% of CoCo households have over $200k HHI, and likely around 15% are $175k+. That's about 35,000 households over $175k in CoCo alone. More households make $175k+ than make under $35k.

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Last edited by Yac; 07-15-2015 at 08:03 AM..
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Old 07-01-2015, 05:14 PM
 
766 posts, read 1,305,562 times
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Quote:
Originally Posted by pinkmint View Post
What do you think? What would be the minimum to average after tax household income needed to live in a Dallas suburb? Let's say family of 5 -> 2 adults + 3 children. Not the Park Cities, but not south Oak Cliff either. Doesn't have to be in Dallas city limits but it can be. A relatively safe, family friendly, not super upscale, not too remote or rural city.
Garland, Rockwall, Forney - I'm familiar with those suburbs and I can tell you that I know several Firemen-Teacher, Sales-Nurse, Police Officer - Office Admin type households. Together they are probably making between $80k and $130k and live in homes between $150k and $300k. They are mostly from Texas, Arkansas and Oklahoma, so they didn't move here with big down payments. I also know a couple of single income families where the husband is a teacher/coach, electrician, fireman and they "appear" to do fine. I've often posted that you can live as expensive or as cheaply as you wish to in Dallas. Many other metropolitan areas don't give you that choice.
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Old 07-01-2015, 06:34 PM
 
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It depends, a few factors off the top of my head:
1. Consumption level (if you get a raise do you save it or do you spend it?)
2. Debts outstanding
3. Liquid investments / cash savings
4. What is an average suburb to you?
5. Credit score
6. Costs associated with the suburb of choice (commuting cost, property taxes, sales taxes, COL, etc.)

If your average suburb was a place like Garland or Mesquite, and you purchase a house ~$150K, make a 20% down payment, have a low level of consumption, no debt, healthy amount of savings, good credit, and you work in Dallas then I would think a salary of $30k-$40k could work.
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