Am i ever going to buy house in DFW? (Dallas: student loan, houses)

[EDS_]

Originally Posted by Threestep

Again - it depends on location, industry and position. You can look at statistics all day long and it is nothing but numbers. Just read up on how median incomes are being computed by US Dept. of Labor.

1. Solid numbers beat guesswork and feelings every time.
2. Clearly pay varies across people, locations and professions. However, those same metrics apply in The US as well as Europe.
3. I'm an economist - I undertsand the numbers just fine.
4. I can't link it now but The World Bank keeps a real income data set for most counties that back me up - I'll post it later. Germany's population adjusted real incomes are a good deal lower than the same in the US.
5. You knowing some wealthy expats does not alter broad income metrics - in a sense you are relying on exceptions to set your reality. That's a common but serious error when examining economics or finance.

[TurtleCreek80]

Originally Posted by lukas1973

Maybe I should have mention that my example was for Germany

The monthly payment for a €1m mortgage with 10% down payment would be around €3,500. On average the insurance for residential buildings in Germany is roughly €200 per year. It's maybe about €1,000 for a €1m mansion. The property tax for such a house here in Düsseldorf would be around €2,000 per year.
I'm aware that it's not comparable to the situation in the U.S.
I'm always staggered about the costs to finance a house and the additional costs in the U.S. But also about the high incomes that many Americans make.

Maybe you shouldn't comment on threads where your info is completely irrelevant to that city. This poster lives IN DALLAS, not Germany. I'm not sure what your intention was because the post was not in any way helpful to any poster living in the DFW area.

[Dallas retail updater]

Originally Posted by EDS_

Don't know about the other stuff but lukas1973's point about incomes is broadly correct......real incomes in Germany and across Europe with only minor exceptions are much lower than in The US.

Yes, but that has little to do with the irrational United States as the German people tend to be sensible. German's won't buy junk even if they are millionaires and all the other German millionaires are buying junk. If all there is available to purchase is junk, they won't buy anything.

This isn't the first time in history that developers were allowed to screw the majority. In the early twentieth century, in response to them, R. Buckminster Fuller looked at the efficiency of a grain silo and said we should be living in those. There is a photo of him sitting in one happy as a lark.

That is my answer to. Even if we have huge amounts of money, we shouldn't be buying something if doing so isn't in their our best interest. I think people are crazy buying homes today.

[Dallas retail updater]

Originally Posted by TurtleCreek80

Maybe you shouldn't comment on threads where your info is completely irrelevant to that city. This poster lives IN DALLAS, not Germany. I'm not sure what your intention was because the post was not in any way helpful to any poster living in the DFW area.

But an option is available to the OP to move even further out into the wilderness of the suburbs, buy cheaper land, and live within a high quality assembled manufactured home. If we all began to do this, a fire would be lit beneath the behinds of developers.

[Dallas retail updater]

Originally Posted by EDS_

1. Solid numbers beat guesswork and feelings every time.
2. Clearly pay varies across people, locations and professions. However, those same metrics apply in The US as well as Europe.
3. I'm an economist - I undertsand the numbers just fine.
4. I can't link it now but The World Bank keeps a real income data set for most counties that back me up - I'll post it later. Germany's population adjusted real incomes are a good deal lower than the same in the US.
5. You knowing some wealthy expats does not alter broad income metrics - in a sense you are relying on exceptions to set your reality. That's a common but serious error when examining economics or finance.

Isn't part of the scheme creating today's bubble in DFW's housing market the dragging of feet by developers in building new homes? In doing so, this keeps the demand for their new houses high in the suburbs while keeping the occupancy of their apartments in the inner city high as well.

I think a smart German would just move further out as I said.

[Threestep2]

Originally Posted by Dallas retail updater

Yes, but that has little to do with the irrational United States as the German people tend to be sensible. German's won't buy junk even if they are millionaires and all the other German millionaires are buying junk. If all there is available to purchase is junk, they won't buy anything.

This isn't the first time in history that developers were allowed to screw the majority. In the early twentieth century, in response to them, R. Buckminster Fuller looked at the efficiency of a grain silo and said we should be living in those. There is a photo of him sitting in one happy as a lark.

That is my answer to. Even if we have huge amounts of money, we shouldn't be buying something if doing so isn't in their our best interest. I think people are crazy buying homes today.

https://www.destatis.de/DE/Publikati...en2014_06.html

I do not know how to set the official site to English.

This thread is going way off OT:>) Overextending is not limited to the US. We bought three houses in the last ten years alone. Are we crazy?

[Threestep2]

Originally Posted by Dallas retail updater

But an option is available to the OP to move even further out into the wilderness of the suburbs, buy cheaper land, and live within a high quality assembled manufactured home. If we all began to do this, a fire would be lit beneath the behinds of developers.

OP is targeting a specific geographic market and price point as well as top school district and commute not a trailer somewhere out there.

[Nadal]

Originally Posted by Dallas retail updater

Isn't part of the scheme creating today's bubble in DFW's housing market the dragging of feet by developers in building new homes? In doing so, this keeps the demand for their new houses high in the suburbs while keeping the occupancy of their apartments in the inner city high as well.

I think a smart German would just move further out as I said.

I guess "smart" Germans also enjoy paying higher gas consumption and vehicle maintenance costs and spending more time commuting to and from work.

[Nadal]

Originally Posted by Zync33

Hello,

I am Married and have two preschool kids. My family income is 115K. I dont have any debts. I have bank balance of 40K. I dont have any other savings. I currently live in West Plano. Our work locations are near by.

I am interested in buying house in safe neighborhood with best schools around in DFW (Plano/Frisco/McKinney/Prosper/Allen). I feel that, i can afford around 350K house with 25k downpayment.

Based on my research on internet, i feel i cannot buy a new house with better schools around.

I currently stay in apartment. What do you guys think? Am i ever going to afford a house in DFW? I thought 115K is above avg income. But it seems i am wrong. I am losing hope.

Your kids are in pre-school. Sounds like you have at least 12-18 months before the eldest enters Kindergarten.

The definition of "Better" schools is massively subjective here in DFW. Better schools are found all over the DFW area.

My advice to you is to hunker down in the apartment for the next 12-18 months and save for a much larger downpayment.

[mikestrong]

Originally Posted by Dallas retail updater

But an option is available to the OP to move even further out into the wilderness of the suburbs, buy cheaper land, and live within a high quality assembled manufactured home. If we all began to do this, a fire would be lit beneath the behinds of developers.

Not everyone can deal with a much longer drive(family wise) out to "the wilderness".