realistic housing budgets in the Metroplex... (Dallas, Plano: best city, 2014, renters)

[tcualum]

I've noticed that we're getting another round of out of state posters with wildly unrealistic expectations regarding what their money will buy. I thought that making a list that describes an average 4 bedroom house in different areas might help. I'm suggesting just a snapshot; not a wordy description. Looking at such a list would make it obvious that a potential buyer can't get a 2,500 sq ft house in Plano on a half acre lot for 250k. If this proves useful we could make it a sticky. Here's a template suggestion.

Location:
Average 4 bedroom house size:
Average lot size:
Average age of home:
Common amenities:

[callmebutter]

I'll bite, since I'm a lurker on this forum and live in Plano and will provide generalizations for my area

Let me know if i miss something or if something else would be relevant. it is too hard to generalize this to averages as central plano has new and old. i'll speak to the older sections.

Location: Central Plano - (I'll call this US75 to Coit)
Average 4 bedroom house size: 2,300-3,000 sq ft
Average lot size: 10,000 sq ft (just shy of 1/4 acre)
Average age of home: 35-40 years
Common amenities (characteristics): pool/no pool, rear entrance garage with alley, smaller back yard due to alley but decent sized front yards, proximity to retail at major cross streets (ex. custer @ parker, Legacy @ independence), proximity to numerous parks and walking trails, proximity to neighborhood elementary and middle schools, hit or miss on HOA (older homes likely no HOA)
Price: $290k-380k (no updates to fully updated)
Property Taxes: $5,000-$8,000

[tcualum]

Thanks for adding price and property taxes. I can’t believe I forgot those.

[Lone Star Red]

Thanks, this will be really useful. Long time lurker on this forum but as my wife and I are planning on buying a home in the next 3-6 months, figured I'd take the plunge and join in. We are looking in the Richardson/Farmers Branch area and ideally looking for a 3 Bed/2 bath home under $250K. Will keep my eyes peeled on this thread (among others) as other people chime in with information.

[JTC Mom]

I'll play. I'm including separate estimates for single family vs. single family attached. Condos can be less but there aren't many 4-bedroom condos. (For reference I have two different friends who have purchased 4 bed condos within the last year and each paid $599k)



Location: HPISD - Single Family Home
Average 4 bedroom house size: 3000-4500 sq ft
Average lot size: 7500-8500 sq ft
Average age: may be older or less than 20 years old but average would be fully updated within the last 10-20 years
Common amenities: pool or small backyard, 2-car garage parking, lots of parks, walking distance to schools and some shops
Price: $1.3-$1.8M

Property taxes: $20K-$30K


Single Family Attached Home

Average 4 bedroom home size 2500-4000 sq ft.

Average lot size: 3500-4000 sq ft.
Average age: fully updated within the last 10-20 years
Common amenities: patio, lots of parks, walking distance to schools and some shops, often has a garage

Price: $800-$1M
Property Taxes: 13K-16K

[MarshaBrady1968]

I am in the piece of Dallas that is like 2 steps (literally) from being city of Richardson. I have the Dallas address now because living across the street in Richardson, I was priced out at the time (2014) and would now also be priced out of my current neighborhood. I lived in Richardson for 15 years.
My home is one of the smaller in the neighborhood:
3bdr plus office, 2 bath
just under 2k sf
We bought for $180k in 2014 with ZERO updates since 1978 when it was built. The updated homes at that time were at least $100k more
City of Richardson (across the damn street- yes I'm still bitter) averaged $50k more in both categories (updated and not updated)
Today, our home, non- updated, would sell for about $225k, and updated (which we have done) about $325k
Property taxes right at $5k/ year, but increase about 10-15% every year

PS- Richardson is the best city in the Metroplex, but no, $250k will not get you a decent house- a shabby one yes, decent, no; but if you're handy, I highly recommend it!

[RJ312]

Rising housing costs are a concern, both for renters and buyers. If costs continue to rise, this could turn into another Seattle, San Francisco, or Los Angeles. There are still deals to be had for both renters and buyers, but the era of inexpensive housing in Dallas, Collin, and Tarrant Counties has come to a close.

[stan4]

Originally Posted by tcualum

I've noticed that we're getting another round of out of state posters with wildly unrealistic expectations regarding what their money will buy. I thought that making a list that describes an average 4 bedroom house in different areas might help. I'm suggesting just a snapshot; not a wordy description. Looking at such a list would make it obvious that a potential buyer can't get a 2,500 sq ft house in Plano on a half acre lot for 250k. If this proves useful we could make it a sticky. Here's a template suggestion.

Location:
Average 4 bedroom house size:
Average lot size:
Average age of home:
Common amenities:

This is a good idea, tcu.

Interesting article:

https://www.bizjournals.com/dallas/n...t-fast-no.html

[UnfairPark]

Interesting thread by @tcualum and a very interesting article by @stan4. Plano is a sizeable city and though basics are a standard, there are many elements unique to smaller pockets.

[tcualum]

I wish more articles were available like the one posted by stan4.