I have a Job Opportunity in Lancaster, TX ...Where can an affluent Black family live? (Grand Prairie: school district, living in)

[Sabsyop]

What is IB?

[expatChicagoan]

Originally Posted by kuntz

What is IB?

International Baccalaureate

International education - The International Baccalaureate offers high quality programmes of education to a worldwide community of schools

[nonexpat]

Originally Posted by kuntz

[SIZE=3]I thank you all for your replies and I truly appreciate your suggestions. [/SIZE]
[SIZE=3]When I say I can afford to buy a house up to $350,000; I am talking Cash Money. [/SIZE]
[SIZE=3]Something is wrong with us (Americans), and that’s exactly why we are in this current situation. The bank qualified us for up to $900,000 loan, but again, I will have to spend the next 15 to 20 years paying off the balance (roughly $550,000). With that said, I will be enriching the bank, while I am depleting my bank account.[/SIZE]
[SIZE=3]I need a house I can afford cash. My wife and I don’t follow the crowd by buying more than we can afford. We have 2 fully paid cars, no credits cards debt, living totally debt free, and we have over $430,000 in savings. [/SIZE]
[SIZE=3]Can we all do that and stop giving all our money to the Big Guys (banks)?[/SIZE]

My husband and I think exactly the same. We buy slightly used cars since they depreciate so much after they go out of the dealer, and we pay only cash. We have never had a car loan. Our house in Austin is paid in full, but we do have a mortgage on the one here in ABQ.

In my Plano neighborhood, I saw so many people driving BMW's, Mercedes, etc. and then getting foreclosed on. People don't know how to live within their means--especially when you never know when a rainy day comes along. I have a friend who is a banker, and he told me you would never guess who a lot of millionaires are since many of them live simple lives, and many of those who have all the bling are in debt up to their ears.

If people didn't worry about keeping up with the Joneses and lived like you, our country would be in much less trouble right now!

[nonexpat]

Originally Posted by HOAPRESIDENT

Yeah, I hope his use of the verb "can" was intended very liberally. An affluent black family can live anywhere any affluent family can live. But he may be surprised that $350k for a home is not considered affluent in DFW. Richardson has plenty of minority families. But its a non-starter as far commute times go.

According to statistics, somebody making only about 120,k a year or more is in the top ten percent of income earners in the US.

See this link: How Much Money Do The Top Income Earners Make By Percentage? | Financial Samurai

People making more than about 350k are in the top 1%.

I would say that homes in the 350k range are affluent by most people's standards especially in DFW where housing is very inexpensive.

[GreyDay]

Originally Posted by nonexpat

According to statistics, somebody making only about 120,k a year or more is in the top ten percent of income earners in the US.

See this link: How Much Money Do The Top Income Earners Make By Percentage? | Financial Samurai

People making more than about 350k are in the top 1%.

I would say that homes in the 350k range are affluent by most people's standards especially in DFW where housing is very inexpensive.

It's all local.

But a hearty Hell yeah on the used car purchase (look at the depriciation on new Mercedes AMG's if you want a Halloween scare)

$350k gets you maybe a 1 bedroom condo in Park Cities if you're lucky. And I doubt if many would call a guy living in a 1 bedroom condo behind Whole Foods and Lemmon affluent. $350k a year puts you top 2%, Top 1% is 500k a year, but we're splitting atoms here.

Income Percentiles 2011

I'm sure most would love to pay cash for their home. It's not practical for most.

Also depending on how your mortgage is structured, taxes and interest written off plus if the price of private school offset it may not be the best thing to buy what you can only pay cash for.

It's deader than disco but if you want to do great public school education (magnets in Dallas aside) you're looking at Southlake, Coppel, HPISD. But those houses ain't cheap. So you move to say Euless, easy living and the like. You get a grand home for $300k but you're dropping $20k a year per kid and for 3 kids that's 60k a year x 12, or 720k lost + the price of your home. So if you move in 12 years you sell your place for 300k, private school money lost. But if you'd bought in Southlake and paid 800k, hopefully you get that 800k back.

[expatChicagoan]

If you don't want the ritziest home in town, you can get a house in Southlake for $320k.

[GreyDay]

Originally Posted by expatChicagoan

If you don't want the ritziest home in town, you can get a house in Southlake for $320k.

Winner, winner, chicken dinner. Too rich for my blood, I like the city.

[BigDGeek]

Originally Posted by expatChicagoan

If you don't want the ritziest home in town, you can get a house in Southlake for $320k.

Originally Posted by suntastic08

Sunnyvale, Texas! PM me any questions, I live there

Come on y'all...the OP's job is in Lancaster...let's keep that in mind. Who wants to spend half the day in the car?

[Squirl]

Originally Posted by suntastic08

Sunnyvale, Texas! PM me any questions, I live there

Sunnyvale is not a bad choice..

[GreyDay]

Originally Posted by BigDGeek

Come on y'all...the OP's job is in Lancaster...let's keep that in mind. Who wants to spend half the day in the car?

Depends on the car...