Is DFW becoming less affordable? (Houston, Dallas: best schools, living in, price)

[Ice_Major]

Originally Posted by Downtown Dave

It is interesting how this post started in 2016 and the cost of living has only skyrocketed ever since then with no let up.

Only these 4 delusional types don't believe DFW is increasingly unaffordable:

1. Angry Archie Bunker-type Boomers: "Millennials would have a paid off home, but they just spend all their money on fancy iPods and Avocado Toast. Back in my day..."

2. Highly Educated/Paid DINKs: "I am a Patent Attorney with a MBA and my wife has a PHD in Artificial Intelligence/Neural Networks combining Fractal Data Algorithms. We have no kids. We don't find Dallas to be expensive."

3. People who bought their house a long time ago and are sitting pretty: "I bought my house in Plano for $19,000 back in 1986. I don't understand all this crazy talk about DFW being expensive."

4. Forum posters who cherry pick the worst property listings to prove DFW is inexpensive: "I did a search on Zillow and found these 3 houses for less than 300k. The intersection of Skillman & Audelia is a perfect location to commute anywhere in the MetroPlex. Therefore, DFW is inexpensive - end of story!"

One the best post I've read in a while. Forgot the folks who constantly compare Texas to more expensive areas of the country, to make you feel better or grateful about your situation. The folks who go, "well this same house in San Fran or NY would be $1 million, so $600K isn't so bad." Reminds me of parents who tell children “people are starving in Africa” whenever they complain about food. Okay, but I don't live in Africa. Same with housing. I live in Texas, not California or New York.

[NoClueWho]

Originally Posted by SyZ

I bought 2 years ago in a great area for 295. I was 34. I graduated college at 27 with 50k debt and lived in CA, never going above a 60k salary. I moved to TX in 2016 and moved up to 65k, aggressively paid off my debt, and put 5% down to get into the home.

Interestingly, I didn't spend money on avocado toast or fancy iPads.

DFW is incredibly affordable compared to several other areas.

So basically, you're a combination of types 3, 4, and 5.

[Cicnod]

Originally Posted by Ice_Major

One the best post I've read in a while. Forgot the folks who constantly compare Texas to more expensive areas of the country, to make you feel better or grateful about your situation. The folks who go, "well this same house in San Fran or NY would be $1 million, so $600K isn't so bad." Reminds me of parents who tell children “people are starving in Africa” whenever they complain about food. Okay, but I don't live in Africa. Same with housing. I live in Texas, not California or New York.

So then what are you comparing DFW to? You say that it is a mistake to compare it to CA or NY.

[albert648]

Originally Posted by SyZ

DFW is incredibly affordable compared to several other areas.

This. One of my biggest motivators for moving to DFW was that I like nice things. Nice things cost money. I can't have nice things if half my paycheck goes to rent.

I did somehow manage to get massive raises throughout my time here though, so that always helps.

I managed to save up and buy a house while eating avocado toast and buying fancy iPads lol. Again I was fortunate to make some good career moves that doubled my income in the past 2 years.

But the answer the original question, Yes, DFW is becoming less affordable, and Yes, DFW is still relatively affordable compared to comparable metros.

[michaeltx9412]

No place on earth is perfect... If y'all don't like Dallas, maybe move to Atlanta, it's on the similar level with Dallas in many aspects, but it offers better natural landscape and milder climate... The negatives are probably about the same. But ATL will be a little more expensive and crime rates will be higher.

If y'all like four seasons with better topography... Move to East Tennessee! Chattanooga sounds nice. Taxes are much less... and more affordable. But the airport is going to suck and diversity is also going to suck compared to DFW. Only 2% of Asians? As an Asian myself, I would hesitate to move there if I'm being honest.

Dallas is not perfect and yes, it's true that it's getting less affordable. For what it offers, it's still on the affordable side IMHO.

[texstout]

I think its all relative to your expectations and desires. 10 years ago, we moved back to Dallas (from DC) when we were pregnant with our 2nd. While family was one component of our decision, we also knew that in DC (at that time) we could only afford to buy a home in the suburbs and not the cool areas of town that we loved and rented in. Our thought process was if we could only afford a house 45 mins outside DC, then we were losing the reasons why we liked living there.



Comparatively, we could buy in a very cool area/central area of Dallas for less than 500K. So for us, could live in a home/neighborhood that was consistent with our preferences at a decent price point (for a central/urban area). We couldn't do that in other cities that we frequent (DC/NY/LA)...so it was a decision that we were okay with. Ten years later, the home value has greatly appreciated...so good for us, but not good for others moving in from outside of Texas or first-time home owners who don't want to live far out. Its also getting much harder to find lower priced homes. My SIL is trying to buy a SFH outside of Ft Worth for under 250K and is having a horrible time. She doesn't care about schools and is fine with a very small home - but it needs to be relatively move-in ready and in a safe neighborhood. She isn't very picky, but has struck out thus far. Every home that meets her qualifications comes under contract (with many bids) in a couple days.



That said, the greater DFW area still is much more affordable than many US urban areas.

[SyZ]

Originally Posted by Julio July

So basically, you're a combination of types 3, 4, and 5.

What?

I bought in 2019, not 1986.

I live in an amazing city with great school districts in a safe and spacious home, not the ghetto.

I had debt and no money when I moved.

It's like people literally ignore facts and just believe whatever they want.

[TheOverdog]

I get it. It's pretty weird. I moved in 11 years ago, my house was not in great shape but was less than $200k. Very middle class. There was a guy who owned a racing Porsche (not a famous pro driver) whose car was worth more than his house. Now 10 years later, most of the houses have been remodeled (that 2015? (maybe?) hail storm really helped), several torn down and replaced, and now moms and not semi-pro racers drive the Porsches and someone daily drives a Ferrari.

What's funny is my neighborhood used to be pretty 'complete', schools, grocery, regionally recognized restaurant, mass market retail, and all that has gotten worse even as the homeowners have gotten wealthier. So it does seem like people are paying more for housing, maybe more for transportation (who knows proportionally - they all could be much wealthier), but less for other things and fewer jobs as retail consolidates on major roads.



The lesser number of children is really noticeable too, which I think caused some of the retail closure. It was over 5000 people per sq mile, now closer to 3k just due to fewer children per household, and little new housing built.



So yeah, all those middle class people had to go somewhere else. Not sure where they went.

[mjtinmemphis]

I would consider Dallas if I was young, looking for a job in Tech and or looking for upward mobility. It is one of the best places especially for the suburban lifestyle. Dallas is definitely a great option but not the only option.

I personally do not find the area appealing to someone who is already established in a mid sized city like St. Louis or Cincinnati. Cost of housing is too high when considering the taxes. The area isn't as affordable and probably would be a step down in quality of life unless they are relocating to the area for a specific opportunity that is clearly geared towards Dallas.

Upward mobility seems to be a strong selling point of the Dallas area. If you are moving from a high end market, the cost of living could still be a selling point.

[lepoisson]

Hey, this is my thread


My original statement in 2016 said: My apartment rent has gone from $750 to $900 in just a few years. Next year I'd imagine I'll be paying around $1000 for a 1br.

I just checked their website and that $900 1br apartment in 2016 is now renting for $1464. This is in Arlington which is less desirable than other parts of the metroplex, so I can only imagine how much rent prices in other parts have increased.

I am paying more for rent in a Tarrant county suburb than I paid in Chicago (in the city, not suburbs), just two train stops (about 3mi) from downtown. My apartment here is bigger and is newer but the number of bedrooms is the same. Is Chicago really undervalued or is DFW really overpriced? Maybe both?

Surely these price increases will end eventually. Will people really be paying $2000/mo for a 40yr old apartment in Arlington in 2025? I guess at some point the increases will end. The shocking thing is that it hasn't gotten better since 2016, but far worse. Rent prices are higher than ever and people are paying more than asking prices for homes.