Feels like I'm being priced out - where can I buy in DFW? Single 30M, work remotely make 200K (Houston: for sale, rent)

[EDS_]

Originally Posted by TheOverdog

Just because you don't consider yourself doesn't mean that it's not true. Southlake has a median household income of close to $200k, but that's 20,000 people/8,000 households out of a metro of millions of people.


I personally think you should rethink San Diego. I have a friend there who lives in the suburbs in a brand new mcmansion-type house on about your income. He was originally from Plano, and moved out there and loves it, after some time in a few other west coast cities. The only downside is the airport. They are not struggling financially with 2 kids.

I love SD. But the downsides out there per the OP would be a much higher state and local aggregated tax burden, the airport as noted, and overall COL.

At the OP's income the money-side factors become very costly over time.

[EDS_]

Originally Posted by Pilsn3r

Staying in TX for state income tax reasons does not make a lot of sense and you seem to be smart enough to know that. As a homeowner in TX with your home price budget - sales tax, property tax, etc - you're overall tax burden is going to be higher than about 25 states on average from various websites. I'm not sure why the focus on state income tax. According to various website, some states with an overall tax burden lower than TX includes FL (many nice walkable cities), Missouri (KC as WG mentioned), Virginia (several nice cities), Georgia (Atlanta or Savannah), and a couple other states that some websites say have an overall tax burden less than TX while other sites say it's a little higher (NC, Utah, AZ, CO). There are many cities in other states with overall tax burdens less than DFW/TX for homeowners, are more walkable, and have direct flights to many places.

In Texas as incomes increase relative state and local tax burdens tend to fall. That plus work and business opportunities are chiefly why Dallas (Houston too for that matter) has a very high number of both very rich people and high earners (per Wealth-X top 10 in the world in both categories).

[EDS_]

Originally Posted by Bitey

Yeah man, the struggle is real.

That wasn't an opinion subject to debate. You literally are, by virtue of fact, at the 90th percentile level of household income. Notwithstanding this middling circumstance in which you are presently situated, I'm sure you'll find a way to claw out a life of dignity for yourself.

Why are you so worried about the other guy's success?

[Bitey]

Originally Posted by EDS_

Why are you so worried about the other guy's success?

I think you might have confused me with someone else? You may want to go back through whatever posts you've read to figure out who was worried about anyone's success and respond to them instead.

[EDS_]

Originally Posted by Bitey

I think you might have confused me with someone else? You may want to go back through whatever posts you've read to figure out who was worried about anyone's success and respond to them instead.

No dice. You were worried enough to cast shade on the OP twice.

[TurtleCreek80]

Originally Posted by CoastieOnTheMove

I should rephrase - $6.5K/month on utilities/car insurance/gas/food/entertainment + savings/brokerage

Ideally more of the $6.5K will go into the savings/brokerage section over utilities/car insurance/gas/food/entertainment. Another category as someone pointed out is recurring medical bills. Unfortunately haven't saved as much as I would have liked this year due to some necessary dental + medical things. Hoping 2022 will be a much, much better savings year and that I can sock away $60-$70K post tax in 2022.

I went to an open house this past weekend, and was surprised to see people's parents accompany them on these showings. I make a really great income, but I don't come from money and don't have wealthy parents.

In a market like this, I'm not just competing against the hated Californians lol. It's also the well-to-do suburban mom + dad who are throwing a bunch of money in to help their adult children. I'm not bitter over that, it's a simple reality. I can't imagine how it must feel for those who are working parents and make less than I do

2 thoughts:

1. You’re already paying $2000 for a place to live every month. The question is, can you afford to pay an extra $1000/mo to buy and pay bills/utilities on a $500k range home and the answer is, YES! You can.

2. The sooner you learn your money is as good as someone else’s parents money, the better. Sellers literally DO NOT care where the money is coming from as long as it’s a competitive offer. The best thing you can do to be successful in your home search is get pre-approved for your mortgage and hook up with a very experienced realtor in your target area(s).

We are in private school where many grandparents or trust funds pay the tuition. We pay for our kid 100%. I don’t care. I’m actually sad for people who are my age who have never had to make their own money - or can’t make enough to sustain the family “lifestyle.”

[cordata]

Originally Posted by TurtleCreek80

2 thoughts:

1. You’re already paying $2000 for a place to live every month. The question is, can you afford to pay an extra $1000/mo to buy and pay bills/utilities on a $500k range home and the answer is, YES! You can.

2. The sooner you learn your money is as good as someone else’s parents money, the better. Sellers literally DO NOT care where the money is coming from as long as it’s a competitive offer. The best thing you can do to be successful in your home search is get pre-approved for your mortgage and hook up with a very experienced realtor in your target area(s).

We are in private school where many grandparents or trust funds pay the tuition. We pay for our kid 100%. I don’t care. I’m actually sad for people who are my age who have never had to make their own money - or can’t make enough to sustain the family “lifestyle.”

When I bought my house I really had no idea that there was so much money from Mom and Dad out there. I only started realizing this in the last few years. It certainly would have been nice, but I'm with you that I'm glad we can fund our own lifestyle and let the parents worry about their life.

[Wittgenstein's Ghost]

Originally Posted by Leonard123

No wonder. My expenses are about $1500 a month, and that's all I could ever want. You could not pay me to travel or eat out, and I have no insurance and minimal medical expenses. I haven't been on a bike since I was 8 years old.

Even for a family of 3, I consider that excessive, so I guess that explains the discrepancy. I would much rather pay a higher mortgage than over half that stuff.

Oh I agree. We do pay for our own health insurance, and the medical bills and sporting goods purchases are abnormal. But there's still probably $75k of non-mortgage and non-tax expense in there. It's too high, for sure.

[walker1962]

Originally Posted by Wittgenstein's Ghost

OP, why on earth would you choose to live in DFW if you make that kind of money and can work anywhere? Most people who live in DFW do so for one of three reasons:

1. They have family/friend ties.
2. Their job is in DFW.
3. The quality of schools/cost of living/income mix is attractive, particularly when coupled with a low to moderately low tax burden.

It doesn't sound like the first two apply to you, and if you don't have kids, the schools don't matter. Move somewhere with a great quality of life -- better weather, better urban vibes, beach/mountains, etc. For the life of me, I can't fathom why someone in your position would stay in DFW.

However, if I were in your position, and I was stuck on DFW, I'd check out the Kessler Park/North Oak Cliff/Bishop Arts area. For the love of god, don't pick Plano if schools are irrelevant. Plano is for families who want the suburban family life.

I'd pick something like one of these:
https://www.realtor.com/realestatean...8_M70532-37874
https://www.realtor.com/realestatean...8_M72483-07933


Full disclosure: I used to live in DFW but moved away because I could work anywhere. The only reason it was a tough decision was due to family ties.

_______
Edit to add: The idea that areas with good schools appreciate faster is probably overblown. The good schools are already priced in. If a place's schools get better, sure. But Plano is well-known as having great schools, so that's already reflected in its high prices.

Wow, the way you speak about DFW its as if its a sinkhole of big city living. Having lived in four other major metros, and traveled to several countries, some places aren't all there cracked up to be. California has mountain views and a long coast line but also mudslides and wildfires. Miami has beachfront but high humidity, flat terrain and hurricane risk. Boston has history, pubs, great summers but freezing winters and high taxes. NO place is perfect, even for the wealthy in many instances. That's why some have multiple homes.

[walker1962]

Any MSA hugging the west coast is PRICEY and not going to change anytime soon. $200K is going to be like $125K in DFW, maybe less. L.A. maybe your best bet out west actually in terms of price as it has the most land area in which to choose. Seattle is crazy! Amazon basically occupies half of the CBD/waterfront and has gotten so big its now building towers in the toney suburb of Bellevue. Bellevue already has Expedie.com, T-Mobile, Paccar and Eddie Bauer based there. Then you got Microsoft, Boeing Plants and Costco big up there.