Inflated home prices (Dallas, Plano, University Park: lawyers, neighborhood, buying)

[widespreadfan]

Originally Posted by TX Rover

She didn’t Trump up enough for the uneducated.

Working families are not necessarily uneducated. I also never have voted for Donald Trump.

[NoClueWho]

The reasons WHY can be debated all day long, but the sad truth is that DFW is just not for solidly middle class famlies anymore. That is, unless they were already established and homeowners prior to the big Company Relocations/California/Transplant boom. Otherwise, for new people just now moving to DFW, if you don't AT LEAST have an UPPER middle class income---or don't have a trust fund or some relative willing to sponsor you or "gift" you a huge downpayment---then you're pretty much priced out of the local housing market for a decent home in a neighborhood that's safe with good schools. And as several others have noted, it's already becoming a stretch for UPPER Middle Class folks who are on the lower end of upper middle class and who don't have trust funds or sponsors.

DFW Costs will keep rising from here on out and DECENT home availably will keep on getting tighter, so either accept it and buy a dump of a fixer upper in Balch Springs, or just move on to another state and/or a smaller city and metro that's less populated, has fewer transplants rushing in, and has a lower cost of living, where your money can go farther and you can be on the HIGHER end of the socioeconomic scale instead of struggling to stay afloat.

[CoastieOnTheMove]

Originally Posted by Julio July

The reasons WHY can be debated all day long, but the sad truth is that DFW is just not for solidly middle class famlies anymore. That is, unless they were already established and homeowners prior to the big Company Relocations/California/Transplant boom. Otherwise, for new people just now moving to DFW, if you don't AT LEAST have an UPPER middle class income---or don't have a trust fund or some relative willing to sponsor you or "gift" you a huge downpayment---then you're pretty much priced out of the local housing market for a decent home in a neighborhood that's safe with good schools. And as several others have noted, it's already becoming a stretch for UPPER Middle Class folks who are on the lower end of upper middle class and who don't have trust funds or sponsors.

DFW Costs will keep rising from here on out and DECENT home availably will keep on getting tighter, so either accept it and buy a dump of a fixer upper in Balch Springs, or just move on to another state and/or a smaller city and metro that's less populated, has fewer transplants rushing in, and has a lower cost of living, where your money can go farther and you can be on the HIGHER end of the socioeconomic scale instead of struggling to stay afloat.

At what incomes would you consider one upper middle class? I am hoping to buy in DFW some point this year. Factors: 30 year old unmarried male (have a girlfriend), not planning on having kids. I make ~200K and she makes over 100K. I'm a veteran so would hope that I could use the VA Home loan as I don't have the 20% down saved.

Ideally I'd like to buy something in the 350-500K range, but it seems like anything good is already gone or increased beyond 500K. Moved here 2 years ago and it's crazy how much costs have increased

[Wittgenstein's Ghost]

Originally Posted by CoastieOnTheMove

At what incomes would you consider one upper middle class? I am hoping to buy in DFW some point this year. Factors: 30 year old unmarried male (have a girlfriend), not planning on having kids. I make ~200K and she makes over 100K. I'm a veteran so would hope that I could use the VA Home loan as I don't have the 20% down saved.

Ideally I'd like to buy something in the 350-500K range, but it seems like anything good is already gone or increased beyond 500K. Moved here 2 years ago and it's crazy how much costs have increased

What an absurd post. If you make $200k and have $300k of household income, you are obviously at least upper middle class. You might be upper class. You do realize median household income in the US is about $65k, right?

This is another example of how everyone thinks they are middle class, even if they make multiples more than the middle-incomed person. https://www.theatlantic.com/politics...-class/278240/

[Leonard123]

Originally Posted by CoastieOnTheMove

At what incomes would you consider one upper middle class? I am hoping to buy in DFW some point this year. Factors: 30 year old unmarried male (have a girlfriend), not planning on having kids. I make ~200K and she makes over 100K. I'm a veteran so would hope that I could use the VA Home loan as I don't have the 20% down saved.

Ideally I'd like to buy something in the 350-500K range, but it seems like anything good is already gone or increased beyond 500K. Moved here 2 years ago and it's crazy how much costs have increased

It may be partly a matter of a opinion at this point, but your income is solidly upper and not upper-middle. You could afford a house in the low end of that range on half your salary, but even without a down payment, you can easily afford within that range.

Nonetheless, you absolutely do not need half a million dollars for something "good" unless your definition of "good" is something from a fairy tale or maybe in urban parts of Dallas city limits. You can get a nice house in a nice location in the suburbs in the mid 300s.

[CoastieOnTheMove]

Originally Posted by Wittgenstein's Ghost

What an absurd post. If you make $200k and have $300k of household income, you are obviously at least upper middle class. You might be upper class. You do realize median household income in the US is about $65k, right?

This is another example of how everyone thinks they are middle class, even if they make multiples more than the middle-incomed person. https://www.theatlantic.com/politics...-class/278240/

Does median household income equate to a middle class lifestyle, or even the middle class? If a family (assuming 2 children here) is making $65K/year I have no idea how they are saving for retirement, kids education, etc. Should people on this income be having children?

I largely consider college educated workers to be the middle class. Neither of my parents went to college and didn't make a substantial amount of money, so I'd consider them more "working class".

[CoastieOnTheMove]

Originally Posted by Leonard123

It may be partly a matter of a opinion at this point, but your income is solidly upper and not upper-middle. You could afford a house in the low end of that range on half your salary, but even without a down payment, you can easily afford within that range.

Nonetheless, you absolutely do not need half a million dollars for something "good" unless your definition of "good" is something from a fairy tale or maybe in urban parts of Dallas city limits. You can get a nice house in a nice location in the suburbs in the mid 300s.

I think you're correct on this. I tend to look at those who are able to buy in Preston Hollow/University Park/Highland Park to be upper class - although I am skewed.

Upon reflection, I am basing "good" on the urban parts of Dallas city limits, and perhaps that is to my own detriment. Neither my girlfriend nor I want kids, so I'm unsure that suburban life is for us. I like having some walkability and being close to things for this reason. Would you consider Plano, Frisco, and McKinney to be overpriced suburbs themselves?

[Leonard123]

Originally Posted by CoastieOnTheMove

I think you're correct on this. I tend to look at those who are able to buy in Preston Hollow/University Park/Highland Park to be upper class - although I am skewed.

Upon reflection, I am basing "good" on the urban parts of Dallas city limits, and perhaps that is to my own detriment. Neither my girlfriend nor I want kids, so I'm unsure that suburban life is for us. I like having some walkability and being close to things for this reason. Would you consider Plano, Frisco, and McKinney to be overpriced suburbs themselves?

It depends on the neighborhood. Frisco is overpriced and overrated all over, but McKinney is underpriced if anything, and your money will go a lot farther at that lower price range. However, you aren't going to find anything walkable in any of those cities or really anywhere in the metro area unless you are in a condo, apartment, or townhouse.

A townhouse may be more suitable if you don't mind the stairs and lack of a yard. Those are always going to be less expensive and probably easier to find.

I would classify Frisco as a combination of upper and upper middle. McKinney was and to some extent is middle class but is, I believe, in the process of moving towards a lower class suburb.

[CoastieOnTheMove]

Originally Posted by Leonard123

It depends on the neighborhood. Frisco is overpriced and overrated all over, but McKinney is underpriced if anything, and your money will go a lot farther at that lower price range. However, you aren't going to find anything walkable in any of those cities or really anywhere in the metro area unless you are in a condo, apartment, or townhouse.

A townhouse may be more suitable if you don't mind the stairs and lack of a yard. Those are always going to be less expensive and probably easier to find.

I would classify Frisco as a combination of upper and upper middle. McKinney was and to some extent is middle class but is, I believe, in the process of moving towards a lower class suburb.

That's really good to know about Frisco and McKinney. But you're right about townhouses. I'd actually love a townhouse if it didn't have an HOA attached to it. Most townhomes around DFW seem to. But perhaps that isn't a bad thing if it covers roof insurance?

Really wish I would've bought in the Fall of 2020 when things were much cheaper lol

[TheOverdog]

I tend to look at those who are able to buy in Preston Hollow/University Park/Highland Park to be upper class - although I am skewed.

All of these places, plus much of west Plano and other nice areas are upper class, they are not and have never been middle class or even upper middle neighborhoods.

McKinney was and to some extent is middle class but is, I believe, in the process of moving towards a lower class suburb.

The area in McKinney you keep calling 'descending to lower class' (Stonebridge Ranch) still has a median income over $100k. McKinney is almost 200k in population so of course some areas are lower to lower middle class and the adjacent city Princeton is mostly lower class (more trailer parks than subdivisions).