Housing Market in DFW (Houston, Dallas: fit in, 2014, loan)

[stan4]

Originally Posted by lepoisson

DFW will never be as expensive as Chicago, NYC, or DC because why would anyone even move here if they could live in the previously mentioned places for the same price?.

Weather
Dbags
Dbags



That's why.

[arkiadrian]

Originally Posted by octo

I didn't move here because of cheap housing.

+1

[lepoisson]

Originally Posted by stan4

Weather
Dbags
Dbags



That's why.

NYC and DC have great weather. Four distinct seasons and mostly mild winters and summers. Chicago has the same weather as DFW, just flipped around. Instead of terrible summers in DFW, you trade it for terrible winters in Chi-town.

There are Dbags everywhere, but larger cities like NYC and Chicago seem to have an abundance of them.

[TurtleCreek80]

Originally Posted by lepoisson

Right, but population size doesn't have anything to do with housing cost. Seattle and Detroit have metros with similar populations, yet one metro is triple (or more) the cost of the other. New Haven, CT is a lot smaller than Omaha, yet NH has a much higher cost of living.

DFW will never be as expensive as Chicago, NYC, or DC because why would anyone even move here if they could live in the previously mentioned places for the same price? The only reason people move here is because of the cheap housing.

Besides population, Omaha and DFW have a lot in common.

WRONG. People move here for economic prosperity, of which COL is only one component. Of greater importance is job opportunities, the ease of which one can start a business, available talent pool, lower than average total tax burdens, etc.

You're right in that Dallas and Omaha share some similarities, both being prairie cities that have no real reason for being. They aren't port cities or on major interior waterways, nor does either have any historical significance. The major difference between the two is the Dallas is roughly 40-50 years into a 100 year "boom" cycle. We have the 10th busiest airport in the world, if Wikipedia is correct, Omaha doesn't even offer 1 international route. We are home to 21 Fortune 500 HQ's; Omaha has 5. The leaders of Dallas-Forth Worth have strategically positioned our metro area as a major business hub across dozens of industries, and it's paying off now and will pay dividends decades into the future. More than 150,000 people are moving to DFW each year for one reason- the promise of economic prosperity. How many are moving to Omaha?

[lepoisson]

Originally Posted by TurtleCreek80

WRONG. People move here for economic prosperity, of which COL is only one component. Of greater importance is job opportunities, the ease of which one can start a business, available talent pool, lower than average total tax burdens, etc.

You're right in that Dallas and Omaha share some similarities, both being prairie cities that have no real reason for being. They aren't port cities or on major interior waterways, nor does either have any historical significance. The major difference between the two is the Dallas is roughly 40-50 years into a 100 year "boom" cycle. We have the 10th busiest airport in the world, if Wikipedia is correct, Omaha doesn't even offer 1 international route. We are home to 21 Fortune 500 HQ's; Omaha has 5. The leaders of Dallas-Forth Worth have strategically positioned our metro area as a major business hub across dozens of industries, and it's paying off now and will pay dividends decades into the future. More than 150,000 people are moving to DFW each year for one reason- the promise of economic prosperity. How many are moving to Omaha?

I suppose I am in a unique situation because I work in higher education. As long as I have a job opportunity waiting for me, I couldn't care less what the job market is like. Why should I? I already have a job. So for me, there is little difference between Omaha and Dallas. In fact, having this booming job economy is doing some people a disservice. Because COL is increasing very rapidly, yet salaries remain fairly stagnant, many people are losing money. The only reason I moved here is because I found a job here. If I would have found a job in Albuquerque (random city I picked), I would have moved there too.

However, I do realize that job market matters a lot to some people, especially those who want to start their own business, or work in the corporate environment where competition is high.

After evaluating my situation, I realized I would be much better off in a college town, or a "little big city" like Omaha. My salary would be the same as here (maybe even more because the UT system is horribly underfunded), but the COL would be significantly lower, meaning I would have more spending power.

DFW is the perfect environment for someone 30+ who wants to work for a large company and have other opportunities waiting in case the current opportunity doesn't pan out.

[loves2read]

The only reason people move here is because of the cheap housing.

That is obviously not accurate...maybe for people from very high COL who are in some specific job fields w/desireable hiring, but I think that companies are relocating here thinking it is a cheaper COL and advertise that to their employees who are being moved but it likely isn't going to be that much better for most companies/employees in practical applications.

Read any thread about transfers who come here thinking they are going to get 2700 sq ft new upscale build in great school district/location for 150-200K...
Not...

[hbdwihdh378y9]

DFW is the perfect environment for someone 30+ who wants to work for a large company and have other opportunities waiting in case the current opportunity doesn't pan out.

And it's even better for people in their 20's. So why do you continue to denigrate DFW?

[J800]

Let's just say people don't move here for the arts, culture, diversity, lakes, etc.

The DFW area has more outdoor activities than most people think, though.

[bringiton1]

I am here an immigrant and dont have bond with any location in usa. I can stay anywhere in usa.

But i love dallas because of the weather and i made so many friends because i have been here for many years.

In terms of job, i dont loose anything if i relocate any other place. Costly places i get high salary and vice versa.

I feel like this is the right time in my life to buy house. But when i look for houses, i feel dallas wages are not propositional to housing prices in last 2,3 years.

If this continues, i may move to other location and buy house. I would love to stay in dallas . But i dont want to spend +100k more on the house than it is actually worth.

Personally i feel prices will go down. But dont know when.

[BigDGeek]

Originally Posted by bringiton1

I am here an immigrant and dont have bond with any location in usa. I can stay anywhere in usa.

But i love dallas because of the weather and i made so many friends because i have been here for many years.

In terms of job, i dont loose anything if i relocate any other place. Costly places i get high salary and vice versa.

I feel like this is the right time in my life to buy house. But when i look for houses, i feel dallas wages are not propositional to housing prices in last 2,3 years.

If this continues, i may move to other location and buy house. I would love to stay in dallas . But i dont want to spend +100k more on the house than it is actually worth.

Personally i feel prices will go down. But dont know when.

Up to you; you can go ahead and wait for that to happen but if it does, it could be irrelevant because you may no longer have a job to make mortgage payments with, or prices after the crash will still be too "high" according to your unscientific analysis.