Where to live? (Dallas, Garland, Richardson: for sale, lease, loan)

[AceGoldstein]

Originally Posted by gocubs418

Ace,

What's your income?

3 X gross should be your absolute max, personally I think that's a stretch.

I really like 2-2.5X. So for a 300 Budget, you should be pulling home at least $100K combined.

As for location, getting to downtown Dallas sucks especially via 75. 75, IMO, is the worst highway in DFW, 35 might be the only other one that tops it.

Richardson is probably good for your budget. You can find a rehabbed ranch built in the 70s for around that. If you want bang for your buck, Murphy, Wylie, Sachese but you will be further out. Maybe East Plano. Even if you had a kid tomorrow, they won't go to school for 6 years.

$150K, excluding her income. How is Wylie?

[gocubs418]

Originally Posted by AceGoldstein

$150K, excluding her income. How is Wylie?

Wonderful, you see Millennials like us know what they are doing, the rest make us look bad.

At that income, I think Richardson will fit you nicely, very nicely. I would advise you to push it a little bit higher than $300K, move closer to $350K-$400K. Unless you have $100K+ Student Loan debt and other debts, you should easily be able to afford it.

I am more of a "stay in one place longer, less cost to sell and move, less hassle" however you are in your mid 20's so "first house shouldn't be your dream house" so it could change your mind. Especially since we are in a rapidly rising market, it was so much easier for me to buy since the value is holding.

Put 20% down if you can, keep a close eye on property taxes, they are a *****, lock in a 30 year fixed, you'll be good.

I really liked Murphy in certain areas, Wylie and Sachese are a bit out there, you can get a jumbo/brand new home out there for a decent price, but you will commute at least 45 minutes each way. Wylie and Sachese schools are OK, dont know too much

[TurtleCreek80]

I wouldn't worry about schools now. You won't be in a 2/1 by the time your future kids are going to elementary school. If you find a house zoned to a good elementary, then great, but I wouldn't focus on that at this point.

I also wouldn't move out the the burbs in my mid-20's. But that's just me. Also keep in mind you'd be getting a much bigger house in Wylie vs say Dallas proper and therefore it will cost much more to furnish and maintain it (pool expenses, probably a HOA fee, probably twice the square footage to clean/ heat/ cool, etc.)

North Oak Cliff to Garland would be a pretty bad commute. My top picks for you are:
1. Lake Highlands - you might be able to find something in the $325k range which is totally doable with your income only.
2. East Dallas east of White Rock - neighborhoods like Lochwood, Old Lake Highlands, Clermont, maybe something in Little Forest Hills. There are a lot of fun restaurants and bars along Garland / Buckner.

[AceGoldstein]

Originally Posted by TurtleCreek80

I wouldn't worry about schools now. You won't be in a 2/1 by the time your future kids are going to elementary school. If you find a house zoned to a good elementary, then great, but I wouldn't focus on that at this point.

I also wouldn't move out the the burbs in my mid-20's. But that's just me. Also keep in mind you'd be getting a much bigger house in Wylie vs say Dallas proper and therefore it will cost much more to furnish and maintain it (pool expenses, probably a HOA fee, probably twice the square footage to clean/ heat/ cool, etc.)

North Oak Cliff to Garland would be a pretty bad commute. My top picks for you are:
1. Lake Highlands - you might be able to find something in the $325k range which is totally doable with your income only.
2. East Dallas east of White Rock - neighborhoods like Lochwood, Old Lake Highlands, Clermont, maybe something in Little Forest Hills. There are a lot of fun restaurants and bars along Garland / Buckner.

Thanks TC. We'd really like to avoid the suburbs but I figured it would be almost impossible in this market given our income, but I guess that's not true.

[NP78]

Originally Posted by AceGoldstein

Thanks TC. We'd really like to avoid the suburbs but I figured it would be almost impossible in this market given our income, but I guess that's not true.

I would second TC's recommendations. With the recent run-up in prices, it is getting harder to find homes in the price range in the neighborhoods listed, but still possible.


Not sure where the Garland job is exactly (Garland is pretty big), but the areas east of White Rock that TC mentions are pretty well located between downtown and Garland. Could probably avoid highways for the most part for both commutes depending on exact job location.

[gocubs418]

Originally Posted by TurtleCreek80

I wouldn't worry about schools now. You won't be in a 2/1 by the time your future kids are going to elementary school. If you find a house zoned to a good elementary, then great, but I wouldn't focus on that at this point.

I also wouldn't move out the the burbs in my mid-20's. But that's just me. Also keep in mind you'd be getting a much bigger house in Wylie vs say Dallas proper and therefore it will cost much more to furnish and maintain it (pool expenses, probably a HOA fee, probably twice the square footage to clean/ heat/ cool, etc.)

North Oak Cliff to Garland would be a pretty bad commute. My top picks for you are:
1. Lake Highlands - you might be able to find something in the $325k range which is totally doable with your income only.
2. East Dallas east of White Rock - neighborhoods like Lochwood, Old Lake Highlands, Clermont, maybe something in Little Forest Hills. There are a lot of fun restaurants and bars along Garland / Buckner.

Good points.

Better school districts typically appraise better/ sell for more/ sell more frequently / hold their value, but I tend to agree.

[GBCommenter]

Originally Posted by gocubs418

Fixed that for you.

Yeah, I forget it's the hoi polloi who have to suck it up in Frisco and Plano...

[GBCommenter]

Originally Posted by AceGoldstein

Thanks TC. We'd really like to avoid the suburbs but I figured it would be almost impossible in this market given our income, but I guess that's not true.

Ace, I get it - if you can avoid deep suburbia at this point I think you'd do well. There will be time in the future for that if you later choose that path. TC has generally good recommendations in the city so if you can find the right place in the city go with it.

That said, while Richardson isn't Knox-Henderson, I think it might be a decent compromise if you don't find something great on TC's recommendations. There's some interesting things to do nearby such as Alamo, Free Play, and some interesting food options and it's still near enough to neighborhoods such as KH, Uptown and more for when you need an Uber ride to live it up.

Always consider how much time you'll really spend going out and exploring as compared to how much time you'll have to sit in traffic if you live in a cool neighborhood but are always sitting in traffic to/from work. At least that's how I look at it...:-)

[BigDGeek]

Originally Posted by GBCommenter

Ace, I get it - if you can avoid deep suburbia at this point I think you'd do well. There will be time in the future for that if you later choose that path. TC has generally good recommendations in the city so if you can find the right place in the city go with it.

That said, while Richardson isn't Knox-Henderson, I think it might be a decent compromise if you don't find something great on TC's recommendations. There's some interesting things to do nearby such as Alamo, Free Play, and some interesting food options and it's still near enough to neighborhoods such as KH, Uptown and more for when you need an Uber ride to live it up.

Always consider how much time you'll really spend going out and exploring as compared to how much time you'll have to sit in traffic if you live in a cool neighborhood but are always sitting in traffic to/from work. At least that's how I look at it...:-)

Richardson is a good place to "split the difference," if you like.

DH and I like its relatively central location; we have family all over Dallas & the northern burbs and it's definitely easier to get to them from where we are. We're also on 75 which brings its own advantages. Sure, the traffic sucks...but there's always DART.

Plus, we love that there's a lot to do within walking/biking distance. Our neighborhood's walkability is excellent. There aren't many affordable neighborhoods with good schools where you can walk to a movie theater, a bookstore, several restaurants, banks, a grocery store, etc.

Additionally, Richardson's city management is excellent, and dealing with the city is very easy.

[TurtleCreek80]

Originally Posted by AceGoldstein

Thanks TC. We'd really like to avoid the suburbs but I figured it would be almost impossible in this market given our income, but I guess that's not true.

I noticed a few listings in tbe $325k range in Munger Place/ Junius Heights part of Old East Dallas (just north of Baylor hospital area, parallel to Swiss Ave). Worth a look - the elementary school, Lipscomb, is good and has a lot of neighborbood support.