Dallas on $100k/year (Richardson, Howe: real estate, apartment, mortgage) - Texas (TX) - City-Data Forum

THL2000 · 10-12-2014, 07:49 AM

Due to unexpected family tragedy, I have suddenly found myself the permanent sole guardian of an 18 month-old child. I currently make a generous salary but in a very high cost of living area at a job that requires long/irregular hours and a lot of travel--in other words, at a job that is not a sustainable option in light of my changed living situation.

I've been offered a job in Dallas with a salary of approximately $100k/year with regular 8-5 hours and no travel. If I took the job, I could live in an apartment for a few months to a year, but ultimately, I'd be looking to buy a modest (three bedrooms will do) home in the city, preferably no more than a 15 or 20 minute commute to downtown and in an area with good public schools. I will also need to budget for full-time day care for at least the next few years. I have enough in savings to be able to buy a car and probably put 20% down on a house. No student loan or other debt.

My question: Is this a liveable salary in Dallas given the requirements outlined above? I apologize if this is a silly question (in either direction). I've just had a lot of recent life changes and am also not extremely familiar with how much things cost in the Dallas area, and trying to figure things out with so many changed variables has proven a daunting task.

Thanks in advance.

JTC Mom · 10-12-2014, 08:02 AM

God bless you for taking on what is sure to be a rewarding and life-altering challenge. Buying a house with good schools and close to downtown will be a challenge, assuming your budget is in the range of about $250k? (Just guessing based on salary info you provided). Daycare cost will probably be approx $800-900 monthly.

You may not be able to afford the designer lifestyle you once could but can do this on 100k for sure. And thank you for doing it.

Need TC80 to weigh in on specific neighborhoods in this price range with good schools. Her neighborhood and schools advice is the best.

THL2000 · 10-12-2014, 08:17 AM

Thanks. I really don't know how much house I can afford. That's one of the things I'm trying to get a feel for. In the area where I currently live, people have mortgages multiple times their salaries because housing is extremely expensive, so the idea of having a mortgage that is, say, 3x-4x my annual salary doesn't sound inherently odd to me if that's what it is required AND if I can make it work given what I've heard about high property taxes and utilities in Dallas. I definitely don't want to bite off more than I can chew.

I don't need to eat out all the time or have very expensive hobbies, but I do to be able to pay bills without going into debt, plan for emergencies, etc.

JTC Mom · 10-12-2014, 08:26 AM

I lived on the east coast for many years and understand 4x salary is common mortgage. People here mostly don't do that much. Property taxes are high, but I find the savings from no income tax offsets it. Kids are expensive though so I would recommend you stay under 300k...and aim for a little less.

Squirl · 10-12-2014, 08:35 AM

It is silly for you to be given input on specific places to seek housing in the DFW area at this point. However it is very doable as a single person to raise a child and live on $100K income here. So that's your answer.

By the way, if the situation of raising a child is due to the death of the parent or other qualifying events; don't fail to apply for Social Security to assist with expenses for the child.

JTC Mom · 10-12-2014, 08:41 AM

[quote=Squirl;36846887]It is silly for you to be given input on specific places to seek housing in the DFW area at this point

I'm not sure why you would say that. OP asked for specific input on places to live within 15-20 min of downtown, with good public schools, affordable on a salary of 100k. This relocation forum is all about answering questions like that.

Squirl · 10-12-2014, 08:46 AM

[quote=JTC Mom;36846932]

Quote:

Originally Posted by Squirl

It is silly for you to be given input on specific places to seek housing in the DFW area at this point

I'm not sure why you would say that. OP asked for specific input on places to live within 15-20 min of downtown, with good public schools, affordable on a salary of 100k. This relocation forum is all about answering questions like that.

OP was asking if income could support living in a modest place w/I 20 min of downtown -- not specific neighborhoods. It was a very general question. OP is not house hunting at this time.

BigDGeek · 10-12-2014, 08:53 AM

Quote:

Originally Posted by THL2000

Due to unexpected family tragedy, I have suddenly found myself the permanent sole guardian of an 18 month-old child. I currently make a generous salary but in a very high cost of living area at a job that requires long/irregular hours and a lot of travel--in other words, at a job that is not a sustainable option in light of my changed living situation.

I've been offered a job in Dallas with a salary of approximately $100k/year with regular 8-5 hours and no travel. If I took the job, I could live in an apartment for a few months to a year, but ultimately, I'd be looking to buy a modest (three bedrooms will do) home in the city, preferably no more than a 15 or 20 minute commute to downtown and in an area with good public schools. I will also need to budget for full-time day care for at least the next few years. I have enough in savings to be able to buy a car and probably put 20% down on a house. No student loan or other debt.

My question: Is this a liveable salary in Dallas given the requirements outlined above? I apologize if this is a silly question (in either direction). I've just had a lot of recent life changes and am also not extremely familiar with how much things cost in the Dallas area, and trying to figure things out with so many changed variables has proven a daunting task.

Thanks in advance.

I think Richardson would be PERFECT for you in your situation. Commuting to downtown Dallas might take a little longer than 20 minutes at rush hour, but our school system is terrific. There are areas of Dallas zoned to RISD, but the best schools are in Richardson itself or far North Dallas. (School districts don't strictly follow city boundaries.)

You'll be able to easily afford a nice older house in Richardson and the Heights area is very family-friendly and laid-back. You also have the option of taking the DART rail to work instead of driving. $100k is an excellent salary here; you'll be better off than most.

THL2000 · 10-12-2014, 09:00 AM

I apologize if I was unclear. I'm very much interested in hearing about specific neighborhoods. While I'm not buying a house at this time, I hope to do so within a short period of time after relocating, and I would like to see what's available and where before committing myself to relocating.

I'm asking about Dallas because of the specific job offer I've received, but Dallas is not the only city I'm investigating, so I'd like to see what is possible in this range before committing myself to this path. There are other options, including other jobs and other cities, under general consideration.

JTC Mom · 10-12-2014, 09:01 AM

[quote=Squirl;36846992]

Quote:

Originally Posted by JTC Mom

OP was asking if income could support living in a modest place w/I 20 min of downtown -- not specific neighborhoods. It was a very general question. OP is not house hunting at this time.

Every time we have moved to another city we have found it useful to search local real estate websites before we were actually officially house hunting. It really helped us to get a sense of neighborhoods in the areas we were considering. You may not choose to do the same thing in that situation but there is really no need to be unkind and call me "silly".