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Old 01-25-2020, 07:41 PM
 
14,912 posts, read 13,817,106 times
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Quote:
Originally Posted by Wittgenstein's Ghost View Post
Are there really this many people making $200k and buying million dollar houses? I couldn't imagine buying a house in Highland Park if my household income was only $200-300k. Maybe they have $25+ mil in the bank? Maybe the household income for buyers in recent years is higher?
As you alluded annual income statistics do not describe wealth particularly well.
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Old 01-26-2020, 12:15 AM
 
1,315 posts, read 2,495,119 times
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With poverty and unemployment rates being considered,these towns and cities not being included makes sense somewhat.

Per the current census information...

Colleyville: $175,369
Prosper: $140,810
Flower Mound: $134,184
Keller: $133,266
Murphy: $132,589
Frisco: $127,133
Celina: $112,176
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Old 01-27-2020, 10:06 AM
 
4,821 posts, read 5,455,848 times
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Quote:
Are there really this many people making $200k and buying million dollar houses? I couldn't imagine buying a house in Highland Park if my household income was only $200-300k. Maybe they have $25+ mil in the bank? Maybe the household income for buyers in recent years is higher?

The median mortgage costs between Highland Park and Southlake (as an example - Terrill Hills San Antonio is like a smaller version of Southlake based on the data) are about the same (about $4k per month), even though the majority of the houses in Southlake cost $750k and less and the majority in Highland Park cost $750k and more. So that says that the median Highland Park owner is coming in with more equity, and thus your basic equation doesn't apply. If you want you can use that $4k per month to figure out how much equity you'd have to bring to the table to buy there.



HP also has twice as many renters as Southlake, so even though SL has 2X as many housing units, the actual number of renters between the two communities is about the same. So the median income doesn't buy the median home price, since only 80% of people in HP are owners. It's closer in Terrill Hills, since they only have like 4% renters.
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Old 01-27-2020, 06:53 PM
 
298 posts, read 437,029 times
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Quote:
Originally Posted by AlecZTexan View Post
Yes. Highland Park is old money in Dallas. Here is an interesting description from https://thedallaswhisperer.wordpress...l-of-a-sudden/

Historically, over the last 100 years, moneyed people in Dallas have flowed north out of downtown, to the Park Cities, Preston Hollow, and into North Dallas. The middle class or more moderate income people moved east through Old East Dallas, to Lakewood, then east of the Lake into Lake Highlands and Far East Dallas. I should point out that for the first half of the past century this meant white moneyed people and white middle class. Minorities (both wealthy and not so wealthy) generally moved south into Oak Cliff, Pleasant Grove, and onto the suburbs like Desoto and Duncanville. Perhaps this is a slight oversimplification, but in broad terms it is true (except for the minorities part which has been changing for the past 30 or so years).

Well for the moneyed people of Dallas, where you live is a really big deal. It’s not just your zip code, not just whether you live in the Park Cities or not, and it’s not even which street you live on. It’s the street AND the address. There are some in Highland Park who talk about living in “Old” Highland Park as opposed to the newer sections. Where the new sections refer to the Henry Exall developed property from a hundred and twenty years ago and not the J.S. Armstrong property from a hundred years ago. These people take where you live as a mark of how wealthy and how cultured you are.

So starting in the late 90’s with the gen x-ers, you had more and more moneyed people in Dallas trying to buy fewer and fewer homes. While it is socially acceptable to live in the Park Cities, certain parts of North Dallas and even perhaps parts of Richardson, it’s social suicide to move all the way to Plano or, gasp Frisco. And in these moneyed circles a huge amount of business gets done at social events, like dinner parties or charity balls, so social suicide begets economic suicide. In the minds of old money Dallas, moving to Plano dooms one to a life of economic and social mediocrity, regardless of whether or not this is true, it’s their perception.
I have lived in the Park Cities for almost 10 years and this is mostly nonsense.

I've never heard any criticism of where I live in the Park Cities (and it's not a prestigious street). I've been to all the holiday parties on Beverly and Lakeside Dr, I've been to the gatherings at the DCC, and nobody cares. If you're in HPISD and your kids go to school together you are in the club. Heck we even entertain a few Lakewood people now and then if they are cool.

The type of wealthy people you're talking about don't have friends and don't matter. What you describe is like the plot off of some bad soap opera and isn't real life.
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Old 01-27-2020, 07:35 PM
 
Location: Wylie, Texas
3,254 posts, read 3,623,501 times
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I would question the credibility of this article.
So highland park was 25th in 2019? And Melissa is number 4 today???
I mean would the actual residents in DFW rank Melissa number 4 in Collin County? Nevermind the entire state.
So Yeah, serious issues with this one.
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Old 01-27-2020, 09:48 PM
 
1,315 posts, read 2,495,119 times
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Quote:
Originally Posted by biafra4life View Post
I would question the credibility of this article.
So highland park was 25th in 2019? And Melissa is number 4 today???
I mean would the actual residents in DFW rank Melissa number 4 in Collin County? Nevermind the entire state.
So Yeah, serious issues with this one.
These towns and cities particularly would make made more sense at first glance...

Colleyville : $175,369
Highland Village : $143,854
Prosper: $140,810
Flower Mound: $134,184
Keller: $133,266
Murphy: $132,589
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Old 01-28-2020, 04:15 AM
 
Location: DFW - Coppell / Las Colinas
39,425 posts, read 44,717,896 times
Reputation: 50220
Yes I call BS on this study.

It leaves out cities like Super Rich small cities like old Money Westover Hills in Tarrant County (The Highland Park of FW). Westlake is the new super rich new money.

Highland Park is very wealthy old money. Melissa? LOL - No. Must be the old ranch / land owners in that area because the homeowners are not that.

Super Rich Families - Midland Texas. Probably 30 out of the top 50 richest families in TX have homes in Midland (thank you big Oil) and many have 2nd homes in Westover HIlls - FTW.
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Old 01-28-2020, 04:19 AM
 
Location: DFW - Coppell / Las Colinas
39,425 posts, read 44,717,896 times
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Quote:
Originally Posted by AlecZTexan View Post
It's interesting that the median household income of Southlake is higher than that of Highland Park. However, I guess the average household income of Highland is the highest.
Quote:
Originally Posted by Bolanders View Post
Correct $358,000 compared to $258,000
You need to understand... Super rich don't have income like you and me. They keep their income to the bare minimum to avoid taxes.

They may be worth Billions but only show a small income. It's similar to retired Seniors worth Millions with no income who qualify for Obamacare subsidies.
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Old 01-28-2020, 05:17 AM
 
76 posts, read 61,297 times
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Quote:
Originally Posted by Rakin View Post
Yes I call BS on this study.

It leaves out cities like Super Rich small cities like old Money Westover Hills in Tarrant County (The Highland Park of FW). Westlake is the new super rich new money.

Highland Park is very wealthy old money. Melissa? LOL - No. Must be the old ranch / land owners in that area because the homeowners are not that.

Super Rich Families - Midland Texas. Probably 30 out of the top 50 richest families in TX have homes in Midland (thank you big Oil) and many have 2nd homes in Westover HIlls - FTW.
Please note that the cited article defined the cities "with at least 5,000 residents". Westover Hills or Westlake is considerably smaller than that, and was not included.

Midland, TX has a median household annual income of $75,646. It's possible that some families there are rich, but the majority are not. Midland cannot be on the list.
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Old 01-28-2020, 06:13 AM
 
76 posts, read 61,297 times
Reputation: 95
Quote:
Originally Posted by Dr. Jake Oil View Post
I have lived in the Park Cities for almost 10 years and this is mostly nonsense.

I've never heard any criticism of where I live in the Park Cities (and it's not a prestigious street). I've been to all the holiday parties on Beverly and Lakeside Dr, I've been to the gatherings at the DCC, and nobody cares. If you're in HPISD and your kids go to school together you are in the club. Heck we even entertain a few Lakewood people now and then if they are cool.

The type of wealthy people you're talking about don't have friends and don't matter. What you describe is like the plot off of some bad soap opera and isn't real life.
Same experience as you when I lived in University Park a few years back. However, people are more interested in having a peek of the life of a small fraction of super wealthy.
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