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Well, the only way I can think prices will stop increasing is when Californians stop coming in. That will happen when they can't sell their high priced CA homes to overseas buyers because of border control policy changes or some other political reason. Unlikely in the short term, but possible.
The Toyota employees or other similar cases still have to move but the flow of people who are just taking their money and running from CA will have to slow down in the above scenario.
Well, the only way I can think prices will stop increasing is when Californians stop coming in.The Toyota employees or other similar cases still have to move but the flow of people who are just taking their money and running from CA will have to slow down in the above scenario.
Pretty much. Seems like almost every day now somebody posts in this forum saying they are moving to DFW from California with Toyota or some other relocated company and talking about how they have a 600k budget to move to areas where the homes were 300k just 3 to 5 years ago. Sucks for those of us who were already here, aren't from California, are middle class and are not on inflated California COL salaries.
And then you have the same handful of snobbish, upper income bracket posters on here mocking those of us who have gotten rapidly and suddenly priced out of the local housing market, as if they can't understand what a problem it has created just because it's not a problem for them personally. They will even sit behind their keyboards in their overpriced McMansions, wag their fingers at you from behind their keyboards, and tell you, "You can still find affordable housing in DFW if you are smart with your money and aren't being 'greedy' with want you want in a house," and when you ask them where, their answer is practically Southern Dallas or darn near on the Oklahoma stateline. You know, places they'd never even consider moving to themselves...
Last edited by NoClueWho; 02-09-2017 at 05:32 AM..
And then you have the same handful of snobbish, upper income bracket posters on here mocking those of us who have gotten rapidly and suddenly priced out of the local housing market, as if they can't understand what a problem it has created just because it's not a problem for them personally. They will even sit behind their keyboards in their overpriced McMansions, wag their fingers at you from behind their keyboards, and tell you, "You can still find affordable housing in DFW if you are smart with your money and aren't being 'greedy' with want you want in a house," and when you ask them where, their answer is practically Southern Dallas or darn near on the Oklahoma stateline. You know, places they'd never even consider moving to themselves...
[Mod cut]
You realize that right this second, there are 1,309 homes priced for sale in Plano, Richardson, Allen, McKinney, Frisco, and Prosper (all very desirable cities) priced between $150k and $350k. Reducing the budget to $150k-$300k still leaves 800 homes, and let's not forget, this is not the peak time for listings.
Bottom line, you CAN find affordable housing. [Mod cut]
We can all blame each other (and Californians) all day and forget about the real culprit here (which is the almost fixed property tax rate). If people with money come here and want to buy a home for 600k that was 300k 5 years ago, more power to them and I will be happy to sell them my home when I'm ready. But if I want to stay at my place keeping my job in Dallas with the same salary as before, and I am forced to pay double the property tax because my home is now worth double, it's a problem for me and pretty much all people I know.
My point is, county/city/ISD do not suddenly need double the tax revenue, why are they not forced to cut the tax rates rate in half when values have doubled. What are they doing with double the income? If ISD has to build new schools because of influx, they should be getting the money from the additional units being built.
Right, and many of these posters wouldn't want to live in those houses priced under $350k. It's a bit frustrating that so many posters here have no sympathy for long term DFW residents who haven't purchased a home yet, so could only afford older, smaller homes in less safe areas or areas with terrible commutes. Luckily I purchased myself a couple years ago, well after much of the price increases had already occurred, but early enough that I'm still glad I purchased when I did. But I have many friends who are having to move out of DFW because they can't afford anything that works for them on typical DFW salaries. One of my friends for example graduated college and started working 8 years ago, and in that time salary only went from $32k to $39k (which seems pretty typical), meanwhile rent and property values have far exceeded that increase. DFW salaries tend to suck unless you're in technology, finance, law, or medicine and even then are lower than elsewhere. When we were in NYC, my wife made more than double her current DFW salary... and that was her NYC salary nearly 10 years ago compared to her DFW salary now. Sure, cost of living compared to salary is still lower than in places like southern California or NYC, but most people would pay a little more to live in California or New York. There's a good case to be made that the appeal of DFW is quickly shrinking with the increasing prices, and the rate at which people are moving here will slow. This won't cause a collapse of prices, but merely a lower rate of increase in prices.
I will say that when I bought, many on here even then were saying we were in a bubble that couldn't last, and so advised against buying. Glad I didn't take their advice.
Right, and many of these posters wouldn't want to live in those houses priced under $350k. It's a bit frustrating that so many posters here have no sympathy for long term DFW residents who haven't purchased a home yet, so could only afford older, smaller homes in less safe areas or areas with terrible commutes. Luckily I purchased myself a couple years ago, well after much of the price increases had already occurred, but early enough that I'm still glad I purchased when I did. But I have many friends who are having to move out of DFW because they can't afford anything that works for them on typical DFW salaries.
I will say that when I bought, many on here even then were saying we were in a bubble that couldn't last, and so advised against buying. Glad I didn't take their advice.
I'm very happy we bought when we did even though we were only partially ready(first home). We'd be paying a ton more per month had we waited.
Right, and many of these posters wouldn't want to live in those houses priced under $350k. It's a bit frustrating that so many posters here have no sympathy for long term DFW residents who haven't purchased a home yet, so could only afford older, smaller homes in less safe areas or areas with terrible commutes. Luckily I purchased myself a couple years ago, well after much of the price increases had already occurred, but early enough that I'm still glad I purchased when I did. But I have many friends who are having to move out of DFW because they can't afford anything that works for them on typical DFW salaries.
I will say that when I bought, many on here even then were saying we were in a bubble that couldn't last, and so advised against buying. Glad I didn't take their advice.
I hear you! Lots of sharp elbows and "well you shoulda"s out there. It's irritating.
I bought in 2009; people told me I was nuts then. I didn't think so. I'm glad I bought when I did. On a dual income we'd still be able to easily afford this neighborhood, but on the salary I was on at the time as a single buyer, I wouldn't have been able to afford this area from about 2013 onward. At least if I didn't want to be mortgaged up to the eyeballs.
Right, and many of these posters wouldn't want to live in those houses priced under $350k. It's a bit frustrating that so many posters here have no sympathy for long term DFW residents who haven't purchased a home yet, so could only afford older, smaller homes in less safe areas or areas with terrible commutes. Luckily I purchased myself a couple years ago, well after much of the price increases had already occurred, but early enough that I'm still glad I purchased when I did. But I have many friends who are having to move out of DFW because they can't afford anything that works for them on typical DFW salaries. One of my friends for example graduated college and started working 8 years ago, and in that time salary only went from $32k to $39k (which seems pretty typical), meanwhile rent and property values have far exceeded that increase. DFW salaries tend to suck unless you're in technology, finance, law, or medicine and even then are lower than elsewhere. When we were in NYC, my wife made more than double her current DFW salary... and that was her NYC salary nearly 10 years ago compared to her DFW salary now. Sure, cost of living compared to salary is still lower than in places like southern California or NYC, but most people would pay a little more to live in California or New York. There's a good case to be made that the appeal of DFW is quickly shrinking with the increasing prices, and the rate at which people are moving here will slow. This won't cause a collapse of prices, but merely a lower rate of increase in prices.
I will say that when I bought, many on here even then were saying we were in a bubble that couldn't last, and so advised against buying. Glad I didn't take their advice.
1. Here's a state by state comparison of COL adjusted incomes in terms of real buying power. To a great extent information like this covers why many are moving from places like NYC, Boston, LA, SF and others to places like DFW. The info. is getting a little stale and should be updated in a month or two. I'll repost it then.
2. The notion that DFW salaries are low in "real" or even nominal terms is pretty dated, lots of information from The BLS, USBEA and others refutes that claim. In real terms (COL adjusted) incomes here are very high and have been for years. Especially among the fields you noted as lower paying than other places.
3. DFW and especially The Dallas, Irving, Plano sub-segment had much higher than the national average income growth last year.
4. With broad increases in home values comes a lot of pain for some. I'd urge you or your friends who are contemplating moving should look at real hard data before you do (COL and tax burdens). What's happening with home values is going to force some people out tho.
5. Home values are rising fast in most peer cities as well.
Luckily I purchased myself a couple years ago, well after much of the price increases had already occurred, but early enough that I'm still glad I purchased when I did.
I will say that when I bought, many on here even then were saying we were in a bubble that couldn't last, and so advised against buying. Glad I didn't take their advice.
Quote:
Originally Posted by Aceraceae
I'm very happy we bought when we did even though we were only partially ready(first home). We'd be paying a ton more per month had we waited.
Quote:
Originally Posted by BigDGeek
I bought in 2009; people told me I was nuts then. I didn't think so. I'm glad I bought when I did.
I think any poster considering moving here or already here and thinking of buying needs to read the statements above.
Being on the fence about buying is a surefire way to lose out in a rising market. The only thing that waiting seems to accomplish is breed a bunch of whiners who complain that they don't want to pay $450k for what they think is a $300k house (boy was that a fun thread.)
If you're buying an entry level home, don't expect to get everything you want. Don't expect to get new. Don't expect to get something that doesn't need a bit of work or updating. The goal is to buy a home (not your forever home) and take advantage of equity gains. Eventually, you can trade up.
Right, and many of these posters wouldn't want to live in those houses priced under $350k. It's a bit frustrating that so many posters here have no sympathy for long term DFW residents who haven't purchased a home yet, so could only afford older, smaller homes in less safe areas or areas with terrible commutes. Luckily I purchased myself a couple years ago, well after much of the price increases had already occurred, but early enough that I'm still glad I purchased when I did. But I have many friends who are having to move out of DFW because they can't afford anything that works for them on typical DFW salaries. One of my friends for example graduated college and started working 8 years ago, and in that time salary only went from $32k to $39k (which seems pretty typical), meanwhile rent and property values have far exceeded that increase. DFW salaries tend to suck unless you're in technology, finance, law, or medicine and even then are lower than elsewhere. When we were in NYC, my wife made more than double her current DFW salary... and that was her NYC salary nearly 10 years ago compared to her DFW salary now. Sure, cost of living compared to salary is still lower than in places like southern California or NYC, but most people would pay a little more to live in California or New York. There's a good case to be made that the appeal of DFW is quickly shrinking with the increasing prices, and the rate at which people are moving here will slow. This won't cause a collapse of prices, but merely a lower rate of increase in prices.
I will say that when I bought, many on here even then were saying we were in a bubble that couldn't last, and so advised against buying. Glad I didn't take their advice.
If your friend hasn't even received/earned a 3% annual increase (which would have taken his salary to $42k in 9 years), much less received a promotion, s/he is either not a great performer or needs to change companies. I'm not in a high growth industry, but not even one of the dozens of recent college grads I've hired or managed in the last 9 years has had wage growth that low. An average college grad in my company - using the same $32k starting salary (which is low for a professional job) would have earned at least one promotion in 9 years (more likely, 2-3) and would have pay in the $47-51k range after 9 years. Those who weren't performing would have been terminated way before 9 years.
To put it in perspective, your friend makes about 20% below the median DFW wage for ALL workers ($49k), the great majority of whom don't have a college degree. The average starting salary for a college grad in Dallas is $47k. That's right in the ballpark of starting salaries I've seen.
Also, anyone taking a pay cut to move here made a big mistake. Dallas big law pays the same schedule as NYC big law. I actually received about a 25% increase when I moved from NYC because my employer at the time put a premium value on my NYC experience. And I was able to negotiate their initial offer up. Don't ever ever assume you need to take a pay cut, especially in the private sector.
Last edited by TurtleCreek80; 02-09-2017 at 10:02 AM..
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