U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > Texas > Dallas
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 07-01-2015, 08:10 AM
 
32 posts, read 44,136 times
Reputation: 45

Advertisements

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.
Reply With Quote Quick reply to this message

 
Old 07-01-2015, 08:21 AM
 
73 posts, read 77,009 times
Reputation: 57
Do you have any form of debt? (student loans, CC, car loan, etc.)
Reply With Quote Quick reply to this message
 
Old 07-01-2015, 08:26 AM
 
11,671 posts, read 21,231,508 times
Reputation: 10057
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.
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.
Reply With Quote Quick reply to this message
 
Old 07-01-2015, 09:30 AM
 
Location: garland
1,595 posts, read 1,569,606 times
Reputation: 1969
Lol. that's like asking how much income a family should have before being able to afford children. There answer is always "never enough".

A typical American family of 4 comprised of a school teacher and admin assistant wage earners in non-peak earning years has no problem living in suburbia around here. Much like anywhere else, you simply adapt. If you are struggling where you are now, you will likely struggle here as well.
Reply With Quote Quick reply to this message
 
Old 07-01-2015, 09:49 AM
 
485 posts, read 519,907 times
Reputation: 828
Quote:
Originally Posted by jdallas View Post
Lol. that's like asking how much income a family should have before being able to afford children. There answer is always "never enough".

A typical American family of 4 comprised of a school teacher and admin assistant wage earners in non-peak earning years has no problem living in suburbia around here. Much like anywhere else, you simply adapt. If you are struggling where you are now, you will likely struggle here as well.
Yeah, but presumably (s)he is asking how much to spend and still be secure/not house poor. Sure there are plenty of people who "make it work", but maybe they don't have any retirement savings, their credit is shot, and they're just praying that their alternator doesn't break. There's definitely value in planning ahead and budgeting vs just saying "we'll make it work".
Reply With Quote Quick reply to this message
 
Old 07-01-2015, 11:14 AM
 
3,810 posts, read 3,703,126 times
Reputation: 4106
Median household income (half make more, half make less) in Plano is around $77k, so that's what it takes there. I think that is a pretty fair number for DFW - it represents one solid professional with a stay-at-home parent, or two decent but not great jobs supporting kids.

Most of the other suburbs are less than that, a handful are more. The major cities of Dallas and FT Worth are much less, around $55k. That illustrates the higher diversity mix of the major cities vs the suburbs, and the larger number of younger people.

$175k household income like TurtleCreek suggests is the top 5% or so for DFW, meaning 95% of the people in DFW earn less than that.
Reply With Quote Quick reply to this message
 
Old 07-01-2015, 12:04 PM
 
11,671 posts, read 21,231,508 times
Reputation: 10057
Quote:
Originally Posted by TheOverdog View Post

$175k household income like TurtleCreek suggests is the top 5% or so for DFW, meaning 95% of the people in DFW earn less than that.
1. My $175k figure was for a very financially conservative household buying a home on the upper end of median suburb price (with above average schools), figuring they would buy a home worth 2X their HHI. Are most people this conservative? No, but some of us actually are.

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

If you have recently tried to buy a $300k home, you'd know it feels like all 150,000 households making $150k+ are bidding against you in the current housing market!!

3. Median income is realistic if someone doesn't plan to buy a home. I think the median Plano household making $77k would be hard-pressed to comfortably afford the median home price in Plano ($280k YTD and climbing, several months have had median sales prices over $300k this year). PITI would be over 40% of take-home income, assuming a 20% down payment and 6% 401k contribution & $400/mo for family health insurance which is probably a low $.

Last edited by TurtleCreek80; 07-01-2015 at 12:26 PM..
Reply With Quote Quick reply to this message
 
Old 07-01-2015, 01:32 PM
 
Location: garland
1,595 posts, read 1,569,606 times
Reputation: 1969
Dallas is no different than anyplace else. We like to think we are a special snowflake but national data applies here as well:

Why isn't the middle class earning $156,000 a year? - Jul. 1, 2015

suburb = middle class = $72,036 which certainly supports Overdog's post and also my own suburban experience.
Reply With Quote Quick reply to this message
 
Old 07-01-2015, 01:47 PM
 
7,279 posts, read 8,112,371 times
Reputation: 5366
In my best Ed McMahon voice............"ONE MILLON DOLLARS"!!!!!
Reply With Quote Quick reply to this message
 
Old 07-01-2015, 02:00 PM
 
959 posts, read 1,012,563 times
Reputation: 604
Quote:
Originally Posted by TurtleCreek80 View Post
If you have recently tried to buy a $300k home, you'd know it feels like all 150,000 households making $150k+ are bidding against you in the current housing market!!
+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
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:


Options
X
Data:
Loading data...
Based on 2000-2016 data
Loading data...

123
Hide US histogram

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > Texas > Dallas
Follow City-Data.com founder on our Forum or

All times are GMT -6.

2005-2018, Advameg, Inc.

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top