Is DFW becoming less affordable? (Dallas, Fort Worth: apartments, renting, hotels)

[BigDGeek]

Originally Posted by LeagleEagleDFW

I hope prices keep escalating for a couple more years - I'll be looking to relocate at that point and would like to see a really nice gain on the house.

Problem is, prices are going up anywhere that has a halfway decent job market. Price increases are great if you're going to retire to a low cost of living area, but it does you no good if you're trying to move somewhere where prices are going up just as fast (or faster).

[aggie972]

Originally Posted by LookingInRichardson

DFW is already there. In May 2016, the median home sale price in the Chicago metro area was $295K. In the same period, the median price in DFW was $282K.

Compared to Jun 2006, Chicago was $262K and DFW was $160K.

That's why I used Chicago as a parallel. Middle of the country, economic powerhouses with extreme whether in at least one season and (other than Lake Michigan) pretty bland scenery. The two metros are pretty on par with each other in most measures today. Unfortunate if you are pining for the days of affordability and a slower pace.

Dallas has really "grown up" economically, but I disagree with you that its "on par" with Chicago in most measures today. For non work considerations, Chicago is a way better city to live in. More culture, better nightlife, way better public transit and walkability, Lake Michigan, etc. Maybe DFW will use its expanding tax base to build some of the things Chicago has, but I'm skeptical. I do hope that the crime problems on the South side of Chicago don't reach a point though where they start driving out everyone else though.

[aggie972]

Originally Posted by BigDGeek

Problem is, prices are going up anywhere that has a halfway decent job market. Price increases are great if you're going to retire to a low cost of living area, but it does you no good if you're trying to move somewhere where prices are going up just as fast (or faster).

It could still help if you move to a lower cost of living area like Oklahoma City. Prices may go up there just as fast, but because the market is cheaper as a whole, you get to pocket some of your equity when you swap houses.

[lepoisson]

Originally Posted by aggie972

Dallas has really "grown up" economically, but I disagree with you that its "on par" with Chicago in most measures today. For non work considerations, Chicago is a way better city to live in. More culture, better nightlife, way better public transit and walkability, Lake Michigan, etc. Maybe DFW will use its expanding tax base to build some of the things Chicago has, but I'm skeptical. I do hope that the crime problems on the South side of Chicago don't reach a point though where they start driving out everyone else though.

Right. The only thing that makes DFW a "big city" area is the population and land area. It has very few characteristics that other large cities in the US have.

[BigDGeek]

Originally Posted by aggie972

It could still help if you move to a lower cost of living area like Oklahoma City. Prices may go up there just as fast, but because the market is cheaper as a whole, you get to pocket some of your equity when you swap houses.

I wouldn't move to OKC unless I wanted to time-travel to the Dallas of the 1970s or something. No offense.

[LookingInRichardson]

Right. The only thing that makes DFW a "big city" area is the population and land area. It has very few characteristics that other large cities in the US have.

I used to think that in 2005 when I first moved here. I don't think that anymore. I think Dallas is a truer big city now than it was 10-15 years ago. Chicago does have the benefit of being an older and more established city and has the density and transportation system to go along with that. We don't have Portillos or the good Italian restaurants that Chicago does but it's a lot closer now than used to be in culture, night life, and restaurants.

I'm not trying to be a Dallas booster - I am not a native and I'm not a "I wasn't born in Texas but I got here as fast as I could" type. I've traveled the country/world a lot for business and have been to Chicago within the last couple of months. Maybe it's fairer to say that Dallas will in the 21st century what Chicago was in the 20th century. I think all things being equal I would prefer Chicago myself purely because of the weather - I'd rather it snow 3-4 months of the year than 100+ with humidity all summer long.

In any case, affordability-wise I still contend they have become very similar. Sure, you can buy a house in DFW for $175K but it will also either need a TON of work, or be in a less desirable area with poorer performing schools. The median sale prices of the 2 metro areas are now within $15K of each other with Dallas having nearly doubled in that measure over the past 10 years. Chicago increased about 8-9% over the same time period.

[Katana49]

Chicago (and Illinois as a whole) is in big trouble. If you managed to beat the odds and won the lottery, your odds of collecting that money from the state are even worse!

Everyone I know (and I have both friends and family who have lived there) is looking for a way out. One guy is a real estate investor. His properties have been stagnant compared to his Dallas area ones. Still, he is thinking of selling and just trying to break even and stop doing business in IL altogether.

[TheOverdog]

We don't have Portillos or the good Italian restaurants that Chicago does but it's a lot closer now than used to be in culture, night life, and restaurants.

Right and Italians and other Europeans are a classier set of immigrants than Hispanics (i don't believe it personally, but sadly its true), so unless there is a grand northern European migration, Dallas is never going to match the cities of the north east in 'culture, night life, and restaurants'..

[Threestep2]

Originally Posted by BigDGeek

I wouldn't move to OKC unless I wanted to time-travel to the Dallas of the 1970s or something. No offense.

That was pretty much my take seven months ago. It was a spur of the moment move and a very good one financially, professionally and personally. What did I leave behind after five years in DFW? A lot of money for taxes, utilities, a few stores and a handful of nice folks.

[EDS_]

Originally Posted by lepoisson

Right. The only thing that makes DFW a "big city" area is the population and land area. It has very few characteristics that other large cities in the US have.

That's just absurd. You sound like someone who lives in Plano, never leaves the city limits, and thinks "Dallas" doesn't have many trees.
Just a few examples:
All four of the big four pro sports only 13 cities can say that.
Two major now international airports - only a few cities can say that.
Two world class symphony centers.
Two world class museums.
Lots of great places to eat and shop.
A private k-12 scene that deserves mention with the best in the country.
DFW is in the top several cities by Fortune 500 HQs.
DFW is becoming a gateway for business and travel to Japan and other points in Asia.
DFW is poised to take great advantage of Brexit.
Exceptional ease of road travel throughout the city.