Homeownership in Dallas area falls as millennials balk at buying (Howe: countertops, credit)

[happycrow]

Originally Posted by bencronin04

My wife and I have no student debt or CC debt (just one that I get a tank of gas on a month and pay off in full). We do have two car payments. If we bring in around 120K a year(before taxes) we should be looking at 300K-400K houses? That just seems crazy to me! We are trying to focus on 200K-275K TOPS, if we decide not to take any "help" from my parents.

Totally crazy, yup. If I were in your shoes I'd go no higher than 200k, period, and not considering pre-tax dollars into that equation. But if this thread is any indication I'm definitely not representative here.

[bencronin04]

Originally Posted by Aceraceae

28% would put him at 33,600 for mortgage or 2,800 a month.

Correct, and we'd like to stay below 2000 all in if not lower. I can't imagine 2,800 a month!!

[bencronin04]

Originally Posted by happycrow

Totally crazy, yup. If I were in your shoes I'd go no higher than 200k, period, and not considering pre-tax dollars into that equation. But if this thread is any indication I'm definitely not representative here.

We have 2 young kids and have been shelling out around 1650 a month as is for rent and insurance for almost 3 years now. 200K or less for a house with "desirable" schools is VERY difficult to find.

[happycrow]

No "desirable" schools in Irving where I live - we went with G&T and lots and lots of "Daddy homework" until we managed to get her into a charter.

[unknown00]

Originally Posted by bencronin04

My wife and I have no student debt or CC debt (just one that I get a tank of gas on a month and pay off in full). We do have two car payments. If we bring in around 120K a year(before taxes) we should be looking at 300K-400K houses? That just seems crazy to me! We are trying to focus on 200K-275K TOPS, if we decide not to take any "help" from my parents.

Everyone is entitled to their own opinions, I think 300k is easy for you. If you didn't have 2 car payments, 350k should be easy too, even with kids. Then again, I don't know your spending habits

[bencronin04]

Originally Posted by happycrow

No "desirable" schools in Irving where I live - we went with G&T and lots and lots of "Daddy homework" until we managed to get her into a charter.

We're looking into a new charter that is coming to Dallas. I'm just scared to take that gamble and be in a "bad" elementary. That is why Richardson is still on a radar, though I'm afraid we will be priced out when we're ready to buy next summer.

[happycrow]

If it's the one coming from Phoenix, I may actually be teaching there in a couple of years when they grow "upwards."

[bencronin04]

Originally Posted by happycrow

If it's the one coming from Phoenix, I may actually be teaching there in a couple of years when they grow "upwards."

That is the one!!!!!!!! We're pretty excited and hope to get in early before it gets extremely crowded and difficult to enter.

[aggierk]

Originally Posted by unknown00

Everyone is entitled to their own opinions, I think 300k is easy for you. If you didn't have 2 car payments, 350k should be easy too, even with kids. Then again, I don't know your spending habits

With no debt, I would think 350k should be possible especially to get a home in good school district.

[J800]

I know I'm thinking ahead but the market worries me as well.

I make $100K, and we've been pocketing my fiancée's income. When she starts teaching we'll make $147-$150K combined.

We'd like to continue to invest/save most of her income and live like we only make $110K combined. Our thought process was that if she taught, our future child(ren) could simply go to the best schools in whatever district she worked in (wishful thinking). I know not all districts allow transfers even with teachers kids. By the time we buy my income should increase to roughly $120K, but we are torn between:

A) Combining both of our incomes to get a better house in a good area, or
B) Using only my income, investing hers and hoping that our child will be able to go to school at the best elementary in her district. Don't care about the drive.

We're 22 and 23 and AA. In the future, we would like a diverse area (decent balance of white, black, Asian, etc.) but would put that aside if need be to be around people with similar values (families that stress the importance of education). I'm not sure where we'd fit.