Preston Hollow v. HPISD for Young Family (Dallas, Plano: rentals, insurance)

[cordata]

Just curious ... what kind of income / wealth does it take to buy a $1.5 million home ?

Are there that many people making this kind of money? (I assume > $500K per year). Who are they? Doctors, lawyers?

[BigDGeek]

Originally Posted by cordata

Just curious ... what kind of income / wealth does it take to buy a $1.5 million home ?

Depends on how much you put down (obviously) but assuming you put 20% down, it'd probably take an income of at least $400k a year to afford a $1.5 million house, assuming no debt at all.

Are there that many people making this kind of money? (I assume > $500K per year). Who are they? Doctors, lawyers?

Obviously there are, because there are lots of $1 million + properties in Dallas county. I know a few doctors and while they're quite affluent, they're not making enough to buy a $1.5 million house. Yet.

[TurtleCreek80]

Originally Posted by cordata

Just curious ... what kind of income / wealth does it take to buy a $1.5 million home ?

Are there that many people making this kind of money? (I assume > $500K per year). Who are they? Doctors, lawyers?

Assuming someone is trading up from a prior house with some decent equity, a minimum of $300k income.....not difficult to do with two professional incomes, family money/trust funds, or one income that is a law firm partner, doctor, small business owner, hedge fund/ private equity income, upper middle corporate management & C-suiters, etc.

I grew up in the Park Cities and on my block there was an ENT doctor, double professors at SMU, an EDS executive, an orthodontist, a home builder (owned his own custom home company), a Frito Lay executive, 2 or at least 3 families with old family money, a finance guy, etc.

[biafra4life]

Originally Posted by TurtleCreek80

Assuming someone is trading up from a prior house with some decent equity, a minimum of $300k income.....not difficult to do with two professional incomes, family money/trust funds, or one income that is a law firm partner, doctor, small business owner, hedge fund/ private equity income, upper middle corporate management & C-suiters, etc.

I grew up in the Park Cities and on my block there was an ENT doctor, double professors at SMU, an EDS executive, an orthodontist, a home builder (owned his own custom home company), a Frito Lay executive, 2 or at least 3 families with old family money, a finance guy, etc.

I'm glad you specified to type of doctor that lived on your block...I work for a large hospital system, and see what the docs we have make...ENT guys usually over $500K so yes they could swing a Highland Park mortgage. Yet I can say that the Park Cities would be out of reach for most family docs who usually pull in the low $200s...and that is the low end of the Park Cities.

[GreyDay]

Originally Posted by biafra4life

I'm glad you specified to type of doctor that lived on your block...I work for a large hospital system, and see what the docs we have make...ENT guys usually over $500K so yes they could swing a Highland Park mortgage. Yet I can say that the Park Cities would be out of reach for most family docs who usually pull in the low $200s...and that is the low end of the Park Cities.

2 married family docs could easily afford a home in PC, especially if not burdened with a ton of student debt.

[LarryTX]

Just for clarification, regarding "family friendly" etc feeling of Park Cities, which (or both?) of the Park Cities are we talking about.

Thanks

[mami2emily]

Originally Posted by cordata

Just curious ... what kind of income / wealth does it take to buy a $1.5 million home ?

Are there that many people making this kind of money? (I assume > $500K per year). Who are they? Doctors, lawyers?

Don't forget about the many who pay cash for their PC homes by liquidating other investments and plunking that cash into real estate that is sure to appraise. Don't forget about the many who have traditional, non-doctor/non-lawyer careers yet choose to live in 2 BR apartments or townhomes so that they can be in HPISD. Or who purchased a cottage that most would consider a tear down, but is just right for them. And then there are the homes that have been in the family forever, and when it's your turn to live in it all you have to cover are the property taxes.

There is no income requirement. It all boils down to how much some are willing to sacrifice in order to be in HPISD. I have seen all kinds of families during my time here...not everyone is wealthy. I have some neighbors who have been in their homes here for over 30 years...they assure me they would not be able to buy into the PC at today's prices.

[mami2emily]

Originally Posted by LarryTX

Just for clarification, regarding "family friendly" etc feeling of Park Cities, which (or both?) of the Park Cities are we talking about.

Thanks

Highland Park and University Park are both family friendly. The bulk of the youngsters and young families I would say are in University Park.

[JTC Mom]

Originally Posted by mami2emily

Highland Park and University Park are both family friendly. The bulk of the youngsters and young families I would say are in University Park.

I would also say the 4500 blocks in HP are filled with young kids. I know someone who has more than FIFTY elementary and preschool age kids on her block. Many other blocks along the tollway have 20-30 young children on them. These are traditionally the "lower cost" blocks - at least relative to other parts of HP, so that is probably one reason they attract younger families.

[SVTRay]

Originally Posted by cordata

Just curious ... what kind of income / wealth does it take to buy a $1.5 million home ?

Are there that many people making this kind of money? (I assume > $500K per year). Who are they? Doctors, lawyers?

We're investors, namely oil & gas...I'm also a photographer and the wife is a licensed esthetician. The latter is more to give us something to do with our extra time.