Possible Housing Affordability Crisis in Dallas (Houston, Plano: incomes, property tax, living)

[crazyforger]

Originally Posted by kyam11

Then don't complain about the consequences of the choices you make. Not talking about you specifically, but in general. I certainly don't hit my arm with a hammer and them complain that my arm hurts and it isn't my fault.

Absolutely agree.
Too much whining in this thread by people who don't understand the market.

I was passionate about something that didn't pay much.

But I went with a profession that paid good and I work on my passion on the side

[Soonhun]

If only all our teachers had well paying jobs and educated our children on the side.

[Y'allNotYa'll]

Originally Posted by kyam11

Yeah . Tell your girlfriends mom to make better choices. Make a better choice on who she reproduces with. Don't have kids if you can't afford them. Don't make poor career choices.

I'm so sick of people making bad choices or choices in general and it is somehow my job to save them.

You know how many choices she had to make to become a teacher? A ton. There are 1000 jobs I would rather do than the one I have, but you know what I like more than one of those jobs? Making money.

You know who doesn't have to go to work next Monday? Your girlfriend's mom. You know who doesn't have to go to work in June and July and August? Your girlfriend's mom. You know who does have to work Monday and in June, July and August? Me. That is fine, but both of us are in our situations because of choices we made.

You are in college you said. You have absolutely no excuse to not making hundreds of thousands of dollars a year, after you finish. The only thing that can and will stop you are the choices you make.

Both dad's died dude. My girlfriend's of cancer and her sister's in a car accident. When did I ever say that it was your job to save them?
You know who does have to work in June, July, and August? My girlfriend's mom. So nice try.
The fact that you think everyone should be in a career that pays big money says a lot about you. You know what I personally like more than money? Being happy.
I do plan/hope to make 6 figures by the time I hit 30. I wanted to be a teacher as well but realized it'd be difficult to get ahead so didn't go through with it. The difference is that I'm not gonna tell people in the profession or pursuing it that they're not making the "right" choice.

Again, it's not your job to save them. I never stated that. But when you specifically said that you'd continue to drive up prices so that people would have to, "get better or get out", that ticked me off. Plenty of people were doing just fine for years, but you want to make it a lot harder.
Hope you have a change of heart.

[crazyforger]

Originally Posted by Parhe

If only all our teachers had well paying jobs and educated our children on the side.

Yes. This world would have been a much better place if that had happened.

It is a sign of true development.
I still see USA as a developing country.

[crazyforger]

Originally Posted by Y'allNotYa'll

Both dad's died dude. My girlfriend's of cancer and her sister's in a car accident. When did I ever say that it was your job to save them?
You know who does have to work in June, July, and August? My girlfriend's mom. So nice try.
The fact that you think everyone should be in a career that pays big money says a lot about you. You know what I personally like more than money? Being happy.
I do plan/hope to make 6 figures by the time I hit 30. I wanted to be a teacher as well but realized it'd be difficult to get ahead so didn't go through with it. The difference is that I'm not gonna tell people in the profession or pursuing it that they're not making the "right" choice.

Again, it's not your job to save them. I never stated that. But when you specifically said that you'd continue to drive up prices so that people would have to, "get better or get out", that ticked me off. Plenty of people were doing just fine for years, but you want to make it a lot harder.
Hope you have a change of heart.

Kyam went overboard with some stuff.
But the intent is right.
Glad that you are doing what it takes

[numbersguy100]

Originally Posted by MarshaBrady1968

Yes, I realize that it is somehow affordable for people who live there, lest they wouldn't live there. I'm trying to figure out how, in this sense:

I have a master's degree and a pretty good career, so does my husband. Yet, we are still pretty much paycheck to paycheck. If my company right now today said "you can keep your job if you move to our HQ in SFO, which comes with a 25% cost of living increase" (and let's assume my hubby's company said the same thing), then our combined income would go to approximately $135k combined. For that income, I would be approved for about $2800/month mortgage or rent. That cannot be done in the SFO area.

You are correct- I would have to have some sort of windfall or at least hefty savings. Very very few Americans have that. This answers the question that a normal person doing a normal job cannot live there.

And yet, SFO does have grocery stores, trash collection, etc. Where do those people live? Do they allow people to put like 6 bunk beds in a studio apt and live as if in a college dormitory?

I am very literally trying to figure this out.

On a related note, I always wondered the same about other expensive places, such as Aspen and surrounding areas. Went on a rafting trip with my kids this summer and got into a convo about it with the rafting guide. All of the guides live in their cars and shower at the rafting tour office.

Remember that markets like San Fran and NYC are skewed by several factors. Rent control is one. We have friends in SF who want to make the move to a 2 bed place but the jump would be something like 4x the current rent for similar neighborhood because the 1 bed place they have now can only increase X% per year while they'd be at full market rate in the new 2 bed. Friend in NYC with the reverse problem. Wants to downsize but would end up paying far more for less space so they just use the extra bedroom to house family/friends like an airbnb except without the strangers. Repeat this scenario over and over and you have landlords with no incentive or ability to create new inventory, and tons of friction as no one wants to leave their existing place once they're locked in.

Another factor is that lots new supply being created in places like LA, SF, NYC, etc is being used to build high end properties that are effectively money laundering operations for Russians, Chinese, Middle Eastern people who want to move money to a country w/ more stable private property laws. I do know the Chinese were doing lots of buying in Dallas, but more of it was multifamiliy stuff that I'd call institutional buying as opposed to high end personal property.

[grilledcheeseftw]

Originally Posted by kyam11

Last time I checked NYC, SFO, LA all have a functioning society with prices more than double ours. Quit with the Hyperbole and rhetoric.

Never said they didn't. I was wondering what it would be like if everyone made the "right" choice like you.

ETA: There are clearly two different things being discussed on this thread. I don't begrudge you your expensive house that you earned by being super successful and making all the right, superior choices that other people did not. I am perfectly fine with my family and our "lot" in life. What does concern me is the idea that my kids' teachers, and the police officers and firefighters (as an example) that serve the community, should lose their family homes for no other reason than rapidly skyrocketing property taxes when their pay does not increase proportionately. At least in CA, per my understanding, assessed value is capped at 2% raise per year.

[NP78]

Originally Posted by grilledcheeseftw

Never said they didn't. I was wondering what it would be like if everyone made the "right" choice like you.

ETA: There are clearly two different things being discussed on this thread. I don't begrudge you your expensive house that you earned by being super successful and making all the right, superior choices that other people did not. I am perfectly fine with my family and our "lot" in life. What does concern me is the idea that my kids' teachers, and the police officers and firefighters (as an example) that serve the community, should lose their family homes for no other reason than rapidly skyrocketing property taxes when their pay does not increase proportionately. At least in CA, per my understanding, assessed value is capped at 2% raise per year.

Is that really happening here though?

[kyam11]

Originally Posted by grilledcheeseftw

Never said they didn't. I was wondering what it would be like if everyone made the "right" choice like you.

ETA: There are clearly two different things being discussed on this thread. I don't begrudge you your expensive house that you earned by being super successful and making all the right, superior choices that other people did not. I am perfectly fine with my family and our "lot" in life. What does concern me is the idea that my kids' teachers, and the police officers and firefighters (as an example) that serve the community, should lose their family homes for no other reason than rapidly skyrocketing property taxes when their pay does not increase proportionately. At least in CA, per my understanding, assessed value is capped at 2% raise per year.

I never said my choice was the right choice but I sure as heck am not going to make a choice, complain about the consequences of that choice, and them blame others who made a different choice for my choice.

All those people you named (or anyone else)are free any day to change their profession and choose to do something else more lucrative if they choose to.

I know many who work jobs you named above that are perfectly content doing so and perfectly content with their decisions, but they also don't blame others for their choices if they can't afford x.

As another posted out things change. Get with the program and find ways to evolve with that change or get left behind.

I am in a career that I had nothing to do with 15 years ago. Anyone else can do the same.

[grilledcheeseftw]

Originally Posted by NP78

Is that really happening here though?

Probably not on a wide scale, yet, but that is a concern, isn't it? I have my own, personal examples, but it's pretty simple math if you look at the rapid increase in house valuations in some areas. I saw it happen quite a bit in Houston before we moved, too. A $200k house increased at the max cap for 5 years would see a total tax bill increase of about $300 per month, which can be a squeeze in many people's budgets. Plus, now, that same house that was affordable for many middle and lower-middle incomes 5 years ago is now completely out of the question for people in that same scenario. Again, something I've seen be quite impactful to my age group in the last 5-10 years. *shrug*

This will also get interesting as the baby boomers start to retire en masse https://www.star-telegram.com/news/b...209980869.html