Welcome to City-Data.com Forum!
U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > Texas > Dallas
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 01-25-2007, 04:35 PM
 
Location: ga
985 posts, read 5,757,848 times
Reputation: 494

Advertisements

We are talking about Dallas market, right? Not Seattle, New York and other markets, right?

Between 2001 to 2004, West Plano market didn't increase at all (i.e zero percent increase) while my parents' house in CT double the price in the time frame. And Dallas also has high property tax due to no income tax (government got to get its money somewhere).

In general, it is good to buy a house than rent a house. I just purchased one in Atlanta recently.

But one need to run the number to be sure. Don't just blindly follow "buy is better than rent" argument.
Reply With Quote Quick reply to this message

 
Old 01-25-2007, 04:58 PM
 
745 posts, read 1,297,335 times
Reputation: 181
Everyone should certainly run the numbers, but don't think that just because you rent in Dallas you are exempt from paying taxes. The taxes are built into the rent.
Reply With Quote Quick reply to this message
 
Old 01-25-2007, 05:48 PM
 
Location: ga
985 posts, read 5,757,848 times
Reputation: 494
Certainly landlord can add tax to the rent. Just IMO, the rent is more determined by market force supply and demand. Between 2001-2004, there was just not a lot of demand. If the landlord ask too much, there just won't be any renter. Maybe now, there are a lot of demands since job market in Dallas seems to boom again.
Reply With Quote Quick reply to this message
 
Old 01-25-2007, 05:54 PM
 
745 posts, read 1,297,335 times
Reputation: 181
Absolutley true. The markets for rental and home sales are largely dependent on interest rates because of the high mobility of the market. Rents seem great now, but they will not stay low forever. Taking all of the market fluctuations into consideration, purchasing a home is a far better long term investment.
Having said that, it has to fit your lifestyle. If you regularly cash out equity to buy cars and vacation, or have to buy a new home every five years, or simply don't like being tied down, owning a home is not for you.
Reply With Quote Quick reply to this message
 
Old 01-25-2007, 08:02 PM
 
Location: WPB, FL. Dreaming of Oil city, PA
2,909 posts, read 14,084,144 times
Reputation: 1033
I have a thread on rent vs. buy and I determined if the rent to buy ratio is 1:200 its a so-so deal. At 1:300+ renting is the better deal. In some locations, ive seen the rent to buy ratio as low as 1:50 and its crazy to rent when the mortgage is less than half the rent! If you can get a mortgage, property tax and insurance to be similar to what it costs to rent, why rent then, you dont save anything and have no equity!
Reply With Quote Quick reply to this message
 
Old 01-25-2007, 09:30 PM
 
Location: Valley Ranch
7 posts, read 37,818 times
Reputation: 13
Property taxes are deductible on your home also so even if they are the highest in the country, you get a bigger deduction on a maybe smaller yearly income, and everything and anything helps
Reply With Quote Quick reply to this message
 
Old 01-25-2007, 09:54 PM
 
3,035 posts, read 14,430,716 times
Reputation: 915
Values do rise in Dallas, but you need to pick the right spot. It takes some work. I know people that have lived in places like Frisco/Mckinney and made quite a bit on their home over the past few years. Also, rents are expensive here and the delta between owning and renting is not that great. Again, you just have to be careful buying and make sure whatever you buy has some kind of WOW factor. Otherwise, it will blend in with the other homes on the market.
Reply With Quote Quick reply to this message
 
Old 01-26-2007, 09:30 AM
 
Location: The Big D
14,862 posts, read 42,869,842 times
Reputation: 5787
Quote:
Originally Posted by jxu66 View Post
We are talking about Dallas market, right? Not Seattle, New York and other markets, right?

Between 2001 to 2004, West Plano market didn't increase at all (i.e zero percent increase) while my parents' house in CT double the price in the time frame. And Dallas also has high property tax due to no income tax (government got to get its money somewhere).

In general, it is good to buy a house than rent a house. I just purchased one in Atlanta recently.

But one need to run the number to be sure. Don't just blindly follow "buy is better than rent" argument.

LMAO!!!!!!!!!!!!! I would not make a blanket statement that the Dallas market does not rise at all. And between 2001 & 2004 there were some pretty good increases in the market. But if the house in an area did not increase there could be some factors to consider. Was it in a bad area? It could still be in "West Plano" but in an undesireable area if it backed up to a highway or something or built surrounded by apartments, etc. Did the buyer pay too much to start with? But I can assure you that the values around here did go up in that time period. We just don't have the staggaring price increases, THANK GOD, that other places have seen. THANKFULLY!!! But then again, I don't come from the mentality that I have to move/relocate or chase a dream to the next hot spot instead I look at buying a house for the longhaul. I don't care what the market is going to bring next year as I'm not selling. Kind of like investments, I'm looking at the longterm picture.

The people that I know that rent a home or an apartment in a nice decent area are paying EXTREMELY high rent compared to what they would if they owned. When someone renting a small 3/2/2 in an "okay" area that is 15-20 years old is paying close to what I'm paying for a fairly new 4/4/3 on a golf course in a desireable area, ya have to stop and think........ WHY?!?!?! Why rent and throw away your money. Then tax season comes, like right now, and they are whining about what they have to pay in for income tax and I'm getting a refund. My taxes and interest are tax deductible while zero of their rent is. That property tax is built in to their rent as the landlord is not going to go broke renting out houses.
Reply With Quote Quick reply to this message
 
Old 01-26-2007, 10:25 AM
 
Location: ga
985 posts, read 5,757,848 times
Reputation: 494
Did I say that Dallas market does not rise at at all ? OMG. I say that West plano didn't rise at all. I lived in West Plano from those years. Due to high tech bust, it was very very tough market.

The mainly point was that people need to run their numbers and do the research first. That's all.
Reply With Quote Quick reply to this message
 
Old 01-26-2007, 10:30 AM
 
Location: Brushy Creek
806 posts, read 2,884,139 times
Reputation: 556
People like to complicate the simplest of tasks. If you buy a house, think of it as forced saving. It will appreciate in value and the longer you own it, the more you save. People like to call that equity because it makes them seem learned.
If you rent, the only thing you get after your lease is up and/or decide to move is the deposit.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:


Settings
X
Data:
Loading data...
Based on 2000-2020 data
Loading data...

123
Hide US histogram


Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > Texas > Dallas

All times are GMT -6. The time now is 12:27 PM.

© 2005-2024, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top