Homeownership in Dallas area falls as millennials balk at buying (Plano: rent, loan)

[BigDGeek]

Originally Posted by unknown00

Let's see it

Sure; I'll have to download it from my company's HR site tomorrow. They don't give out paper stubs anymore.

[biafra4life]

I remember joining this forum back in 2011. The wife and I were still renting a crappy 2 bedroom apartment in Garland, with two kids. Total household income was barely $60K. Coming on here and reading the average thread in which the OP is looking for a $350K, 4,000 sq ft home in Frisco/Allen/McKinney/Southlake...with the occasional Park Cities thrown in, led to some serious soul searching to figure out just where in the heck I went so wrong...I mean there is a recent thread in which the OP is having a hissy fit because her two kids were denied admission to the most expensive private schools in Dallas! Not once did I read her say "I wonder how I'm going to come up with $40K a year for tuition"...just mad that they got denied...talk about first world problems.

[LeagleEagleDFW]

Making more or less money doesn't mean you went wrong anywhere. I've seen that pop up a couple times in this thread. I've made less than $20,000 in a year and I now make well, over that. Making more money is nice, but it doesn't mean I feel like I was doing something wrong before.

[ordopao]

I graduated with a BSME from a non-target state school in IL in 2011. I graduated late at 25; but no regrets. The main reason my wife and I moved to TX was for the weather and affordable housing. We secured our house in West Frisco in 2012 at $87/sq ft. Same neighborhood is selling in the $120/sq ft range today. I'm ready to make those gains real but the wife is hesitant.

Regarding salary, it is largely industry specific. Engineering has always paid very well; especially if you can get into O&G. However you can also see how cyclical that business is. I still remember how my hiring manager was confident that the industry was booming and here to stay for years to come. I started with that oilfield service company in 2011 at $60k. Large A&M, UT, OU, OSU presence, but still managed to get in with a non target out of state degree. Legacy schools can help get your foot in the door but it's ultimately up to you to win the gig.

The only way to really accelerate your earnings is to jump ship. The best part about buying my house in Frisco was moving next door to the sales manager for the company I now work for. In addition to industry, networking can play a huge role in your career advancement. I switched companies and instantly jumped 25% in base. In the 20 months that I've been here my salary continues to grow (low six figure salary now). Not because of my performance, but because I'm underpaid with respect to my peers. We pay fresh grad chemical engineers $95k to start.....

However, money is not everything. I know a lot of people who make less that have an awesome quality of life. I also have tons of neighbors who have high profile gigs that require crazy travel and insane hours that just beat them down. You have to determine your number, live within your means, and don't worry about other people. You can only control your own life, so do what makes you happy and be smart with your money. I'm off the soap box now.

[aznkobee]

i see too many of these articles trying to measure millennials by boomer's standard of material success. Yes maybe the huge student loan, bad job prospects and the insanely low ROI of a degree today compared to 30 yrs ago has something to do it. Some of them don't want to buy a house because they would love to stay at parents house playing video games forever. But majority simply don't give crap about owning a house in which the boomers are so prideful about. They rather take the low paying dream job that they feel they are making a difference. They dream of traveling the world, learn different cultures, end world hunger, live green and free than dream about the white picket fence dream house in the suburb and living a life of keeping up with the joneses.

[ordopao]

Originally Posted by aznkobee

i see too many of these articles trying to measure millennials by boomer's standard of material success. Yes maybe the huge student loan, bad job prospects and the insanely low ROI of a degree today compared to 30 yrs ago has something to do it. Some of them don't want to buy a house because they would love to stay at parents house playing video games forever. But majority simply don't give crap about owning a house in which the boomers are so prideful about. They rather take the low paying dream job that they feel they are making a difference. They dream of traveling the world, learn different cultures, end world hunger, live green and free than dream about the white picket fence dream house in the suburb and living a life of keeping up with the joneses.

Spot on. Rings true on many notes for me.

[octo]

After a few international flights in coach and staying in cheap hotels, traveling the world becomes a lot less attractive.

It is fun though if you can afford business class and 5 star hotels. But that is $$$$$$$

[BigDGeek]

Originally Posted by unknown00

Let's see it

I'm only including the YTD pay summary which includes what I get paid every pay period (semi-monthly) and how much I've been paid since the start of 2015.

The whole thing would take me a while to Photoshop out irrelevant details.

[NoClueWho]

Originally Posted by octo

After a few international flights in coach and staying in cheap hotels, traveling the world becomes a lot less attractive.

It is fun though if you can afford business class and 5 star hotels. But that is $$$$$$$

One doesn't have to be James Bond to enjoy traveling the world. If your attitude is first class and 5 star hotels all the time everywhere you go, then you're bound to miss most of the best things that the world has to offer when you travel anyway.

[bencronin04]

Originally Posted by numberfive

Just curious, have you read The Millionaire Next Door? It will open your eyes to what the financial habits are of millionaires, and it's often very different from what your preconceived notions might be.

For example, the majority of millionaires don't buy new cars. They buy used, and don't spend over $30,000 on them. The people leasing high-end cars typically have an embarrassingly low net worth. In other words, the people that want to look like millionaires are usually the poorest.

"It's not what you earn, it's what you save".

Originally Posted by synchronicity

I think that was his entire point - people in various ways "looking" better off than they actually are.

Heck, for all anyone knows I might actually be renting a 2BR scruffy apt. for under $700/month.

Yes that was exactly my point. I now drive a used pick up truck, live in an 1950's 2 bed 1 bath house. I've grown up in that aspect of my life, thanks it part to children and my grounded wife.