6 of Texas' most affluent cities in the D/FW area (Dallas: 2013, attorney)

[brock2010]

I thought this interesting.
6 affluent Dallas-Fort Worth cities cash in as the richest in Texas - CultureMap Dallas

[Wittgenstein's Ghost]

Money, money, money.....it's all this board talks about.

[AlecZTexan]

It's interesting that the median household income of Southlake is higher than that of Highland Park. However, I guess the average household income of Highland is the highest.

[brock2010]

Originally Posted by AlecZTexan

It's interesting that the median household income of Southlake is higher than that of Highland Park. However, I guess the average household income of Highland is the highest.

Isn't Highland Park old money?

[AlecZTexan]

Originally Posted by brock2010

Isn't Highland Park old money?

Yes. Highland Park is old money in Dallas. Here is an interesting description from https://thedallaswhisperer.wordpress...l-of-a-sudden/

Historically, over the last 100 years, moneyed people in Dallas have flowed north out of downtown, to the Park Cities, Preston Hollow, and into North Dallas. The middle class or more moderate income people moved east through Old East Dallas, to Lakewood, then east of the Lake into Lake Highlands and Far East Dallas. I should point out that for the first half of the past century this meant white moneyed people and white middle class. Minorities (both wealthy and not so wealthy) generally moved south into Oak Cliff, Pleasant Grove, and onto the suburbs like Desoto and Duncanville. Perhaps this is a slight oversimplification, but in broad terms it is true (except for the minorities part which has been changing for the past 30 or so years).

Well for the moneyed people of Dallas, where you live is a really big deal. It’s not just your zip code, not just whether you live in the Park Cities or not, and it’s not even which street you live on. It’s the street AND the address. There are some in Highland Park who talk about living in “Old” Highland Park as opposed to the newer sections. Where the new sections refer to the Henry Exall developed property from a hundred and twenty years ago and not the J.S. Armstrong property from a hundred years ago. These people take where you live as a mark of how wealthy and how cultured you are.

So starting in the late 90’s with the gen x-ers, you had more and more moneyed people in Dallas trying to buy fewer and fewer homes. While it is socially acceptable to live in the Park Cities, certain parts of North Dallas and even perhaps parts of Richardson, it’s social suicide to move all the way to Plano or, gasp Frisco. And in these moneyed circles a huge amount of business gets done at social events, like dinner parties or charity balls, so social suicide begets economic suicide. In the minds of old money Dallas, moving to Plano dooms one to a life of economic and social mediocrity, regardless of whether or not this is true, it’s their perception.

[Bolanders]

Originally Posted by AlecZTexan

It's interesting that the median household income of Southlake is higher than that of Highland Park. However, I guess the average household income of Highland is the highest.

Correct $358,000 compared to $258,000

[brock2010]

Originally Posted by AlecZTexan

Yes. Highland Park is old money in Dallas. Here is an interesting description from https://thedallaswhisperer.wordpress...l-of-a-sudden/

Historically, over the last 100 years, moneyed people in Dallas have flowed north out of downtown, to the Park Cities, Preston Hollow, and into North Dallas. The middle class or more moderate income people moved east through Old East Dallas, to Lakewood, then east of the Lake into Lake Highlands and Far East Dallas. I should point out that for the first half of the past century this meant white moneyed people and white middle class. Minorities (both wealthy and not so wealthy) generally moved south into Oak Cliff, Pleasant Grove, and onto the suburbs like Desoto and Duncanville. Perhaps this is a slight oversimplification, but in broad terms it is true (except for the minorities part which has been changing for the past 30 or so years).

Well for the moneyed people of Dallas, where you live is a really big deal. It’s not just your zip code, not just whether you live in the Park Cities or not, and it’s not even which street you live on. It’s the street AND the address. There are some in Highland Park who talk about living in “Old” Highland Park as opposed to the newer sections. Where the new sections refer to the Henry Exall developed property from a hundred and twenty years ago and not the J.S. Armstrong property from a hundred years ago. These people take where you live as a mark of how wealthy and how cultured you are.

So starting in the late 90’s with the gen x-ers, you had more and more moneyed people in Dallas trying to buy fewer and fewer homes. While it is socially acceptable to live in the Park Cities, certain parts of North Dallas and even perhaps parts of Richardson, it’s social suicide to move all the way to Plano or, gasp Frisco. And in these moneyed circles a huge amount of business gets done at social events, like dinner parties or charity balls, so social suicide begets economic suicide. In the minds of old money Dallas, moving to Plano dooms one to a life of economic and social mediocrity, regardless of whether or not this is true, it’s their perception.

Very interesting. Thanks for explaining.

[Wittgenstein's Ghost]

Are there really this many people making $200k and buying million dollar houses? I couldn't imagine buying a house in Highland Park if my household income was only $200-300k. Maybe they have $25+ mil in the bank? Maybe the household income for buyers in recent years is higher?

[jgn2013]

Income sorta makes sense. To me, Southlake is the place a successful doctor/attorney moves to along with another high earning spouse. They may or may not have been born into money but their careers allow them a degree of financial freedom...at least enough freedom to buy a nice home, drive fancy cars and take great vacations.

The Highland Park family may have less "income" coming through their checking account bi-weekly, but likely have more actual wealth in terms of investments/passive income etc. This is the family where both parents could golf and go to the spa all day, every day and be fine. Wealthy versus upper middle class/low-end of rich. Old Money vs. New Money.

[AlecZTexan]

Originally Posted by Wittgenstein's Ghost

Are there really this many people making $200k and buying million dollar houses? I couldn't imagine buying a house in Highland Park if my household income was only $200-300k. Maybe they have $25+ mil in the bank? Maybe the household income for buyers in recent years is higher?

Nowadays those who purchased houses at Park cities have a family income >$300k as far as I know. In 2010-2013, some with ~$150-200k income bought houses at University Park for ~$500-900k - now the market values of those homes are $750k-1.6m.