Buying vs Renting in Dallas (McKinney, Frisco: to rent, insurance, mortgage)

[test_new_sw]

In all good school cities, the rents are very high touching $2k. Considering this, assuming their cost to be $400k, isn't buying a much better option?

What about new cities like Frisco, McKinney or any other? Will they change the school stats as time progresses and be good areas to invest/own a home?

Please share your thoughts.

[RonnieinDallas]

Wouldn't a $400,000 house be more like $2500+ a month mortgage?

Anyway, it depends on many things. If you're new to town then it's good to rent for a while and figure out the areas you like.

[colts_01]

Rent Vs buy depends on lot of factors primary being how long you are planning on staying in the house. Buying makes sense only if you are planning to stay in the house for 5 years.

In your case since you are new to DFW, unless you know the lay of land of here, it is better to rent for a year so you can decide which area is better for you.

[LeagleEagleDFW]

Originally Posted by RonnieinDallas

Wouldn't a $400,000 house be more like $2500+ a month mortgage?

Anyway, it depends on many things. If you're new to town then it's good to rent for a while and figure out the areas you like.

$400,000 with taxes and insurance is well over $2500 a month.

[test_new_sw]

Originally Posted by LeagleEagleDFW

$400,000 with taxes and insurance is well over $2500 a month.

But it is still towards own assets and there is a tax break on some of these payments.

[Austrian2]

Originally Posted by test_new_sw

In all good school cities, the rents are very high touching $2k. Considering this, assuming their cost to be $400k, isn't buying a much better option?

What about new cities like Frisco, McKinney or any other? Will they change the school stats as time progresses and be good areas to invest/own a home?

Please share your thoughts.

Most of these cities do offer homes below $300k, you can keep mortgage below $2k but keep property taxes, insurance, yard care, repairs and other miscellaneous homeownership expenses in mind.

Homeownership has better return on investment in long run if after paying mortgage, you have enough money left to cover all expenses but rent takes care of everything and it's a more carefree lifestyle.

[test_new_sw]

Can anyone share an estimate of

1. the max property tax on say a property of $300k
2. insurance cost

[LeagleEagleDFW]

Originally Posted by test_new_sw

Can anyone share an estimate of

1. the max property tax on say a property of $300k
2. insurance cost

Around $6000 to $7000 for taxes, depending on the individual tax rate of the city, and between $1800 and $3200 depending on the type of house, age, roof age, and a number of other factors.

[test_new_sw]

Originally Posted by LeagleEagleDFW

Around $6000 to $7000 for taxes, depending on the individual tax rate of the city, and between $1800 and $3200 depending on the type of house, age, roof age, and a number of other factors.

Thanks a lot for sharing this information.

[unknown00]

Real question is how much $$$ do you have