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Old 01-29-2019, 12:13 PM
 
3 posts, read 3,371 times
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Hi all - my family (myself, wife, 2yo, one on the way) will be moving to Dallas from the Pacific northwest in the next couple of months. I'm looking for a little advice on neighborhoods/areas to look at. We want to be in the city as we're used to city amenities.

Commutes: One of us will be downtown and the other in Plano

Schools: Not really concerned about school districts except as it would pertain to house value. My feeling is that we'll test the private school waters during pre-k admissions and see what happens. If we don't like the outcome of that, we'll move for schools at that time. Secondary question: what household income do you think is necessary to get into HPISD and not feel like you're stretched ridiculously thin? I feel like we are going to be just under whatever number that is... It's certainly not in the cards at this moment but there hopefully will be some growth.

House styles: Recently updated would be nice. Would like about 3000 sf and 3 or 4 bedrooms

Budget: 700-800k, could flex up a little if needed.


So basically what we're looking for is a nice house in our budget where no one takes a disproportionate share of the commute pain. It's also somewhat likely we'll be moving in 5-6 years so if there's any neighborhood you feel has a little more short-term appreciation value compared to others in Dallas that would be good to know.

Thanks in advance!
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Old 01-29-2019, 12:36 PM
 
964 posts, read 869,307 times
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A nice 3000sf house in HP will be at least about $1.4M. What I would say about affordability is that you can afford a house that is 3x income max.

So if you make $300K combined then you can afford a $900K house with 20% down.

If you wanted a $900K house and put about $200K down that means you would have a $700K loan on about $300K of income. Definitely doable allowing you to max out 401K, save for college, and still have some disposable income left.


Having said that if you want a $1.4M home then I would put $700K down and still have a $700K loan on $300K income. The only other thing I might consider is putting down 20% about $280K or so and then putting $420K into an account to be used to help subsidize the higher mortgage payment. Without knowing specific equity you will be coming with or income it is hard to giv eyou every scenario of what I feel is realistic.
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Old 01-29-2019, 12:50 PM
 
Location: Dallas, TX and wherever planes fly
1,907 posts, read 3,210,503 times
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Richardson, Lake Highlands, Farmers Branch, Far North Dallas, Las Colinas

These areas will fit in your budget and commutes as they are more or less equidistant to Plano and Downtown.
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Old 01-29-2019, 01:14 PM
 
763 posts, read 1,184,246 times
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Splitting the commute is a reasonable option, and the suggestions above are good for that. I'd live close to the tollway, if you are taking that to Plano, or close to 75 if work is in East Plano. Getting east or west is a pain during rush hour. Commuting on the tollway costs money, so be sure to factor that in.



Another option is to live closer to one person's work, so one parent has an easier time getting the kids on time from daycare, or staying home if they are sick, etc. In that case I would suggest Preston Hollow or a single family attached (SFA) home in HPISD. I love living in HPISD and lots of young families live in SFA homes.



To answer your budget question, my estimate is that you need family annual income of $400K + to buy a detached home and live comfortably in HPISD with children. Of course I know LOTS of people who live on less, some live on A LOT LESS. I've done it too! People will also tell you that average household income is something like half that, which may be true, but there are lots of reasons average household income level is below what it costs to live here comfortably. (lots of people have parents who provide downpayment or even buy them a house, even more people have parents who fund grandkids college, lots of people have significant assets that make annual income level less relevant for various reasons).


Good luck with your move!
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Old 01-29-2019, 02:02 PM
 
1,428 posts, read 1,746,437 times
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I would look at NW Dallas if the Plano commute is off the tollway. If the Plano commute is off central I'd look at Lake Highlands. True Preston Hollow is out of your budget and I'd be surprised if you could afford a single family attached home in Park Cities. Maybe a condo in HPISD is feasible if you're willing to live in one. If you live in HPISD the Plano commuter will endure an outsized portion of the commute burden.
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Old 01-29-2019, 02:08 PM
 
625 posts, read 1,948,760 times
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I agree with JTC mom - if I were you I would strongly look at West Plano and do as she suggested! (I know I sound like a homer).

I think its better for one parent to be close (sick kid, daycare, school, grocery store runs, etc.), rather than halfway - halfway in your example would still be 20-25 minutes for both of you.

If you moved to Plano, you would have the chance to be 5 minutes away from your office (depending on where you live). West Plano to downtown is 45-60 minutes depending on when you leave.

Daycare costs are also MUCH cheaper in the Plano area than in Dallas. Premier daycares in the HP area are $2,000/month, whereas Plano daycares are running $1000-$1200/month.
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Old 01-29-2019, 02:36 PM
 
18,512 posts, read 7,267,681 times
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You want to live in Lake Highlands eastern Preston Hollow if the Plano job is near US 75. If the Plano job is near the Tollway, you will want to live in western Preston Hollow. The northbound morning commute on 75 is so easy that you could slide farther south to UP or the M Streets if the commute is to eastern Plano.

Last edited by hbdwihdh378y9; 01-29-2019 at 03:11 PM..
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Old 01-29-2019, 02:42 PM
 
3 posts, read 3,371 times
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Thanks for the advice so far, everyone. On the HPISD question, we'll be a little over the number needed by either kyam11 or JTC Mom's criteria, but that's also not something I want to stretch for until I want/need the schools. Of course I thought about making this move a few years ago and Dallas real estate prices have risen faster than my comp!

The Plano office is off the tollway to answer that question. And good points about having one parent close to the kiddos - we're both super close right now so hadn't considered that as much.
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Old 01-29-2019, 03:38 PM
 
3,805 posts, read 9,286,485 times
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Hi i moved from your target area to Lake Oswego five years ago.

75287 is a good zip, then I'd suggest Lakewood. IMO, HP isn't worth it.
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Old 01-29-2019, 04:09 PM
 
Location: Fort Worth, TX
2,502 posts, read 2,176,989 times
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I’m confused as to why you’d consider private school if you move to the HPISD attendance zone. One of big reasons people move there is because of the public schools.
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