Dallas Housing Market (Plano, Frisco, Highland Park: 2015, renting, crime)

[Gaylord_Focker]

Why do Dallasites like to paint their city as expensive? It's still affordable compared to most major cities.

[EDS_]

Originally Posted by Gaylord_Focker

Why do Dallasites like to paint their city as expensive? It's still affordable compared to most major cities.

Most Dallasites don't do that that. Well, a good many don't anyway.

[RiskReturn]

Originally Posted by Kenro911

Average rent in Dallas for 1 bedroom is $1500. With bills, it will be around $1800. Considering that Median HH income is $60K which is 2 people working. That brings in about $3500 a month after deductions/taxes.

You also would need 2 cars as each working adult needs one to be able to have a job. So being VERY conservative, let's say $500 per car ALL IN. That's $2800 for 1-bedroom apartment and 2 cars as fixed cost. You have whopping $700 per month left to feed yourself and afford all other expenses. The mentioned MEDIAN HOUSEHOLD is probably one hospital trip or car accident/breakdown away from total financial annihilation. Because at those incomes, your car is a beater, your insurance is 3rd party only minimum, and your healthcare has a deductible of 15K before it does anything.

That's without kids or anything, driving a beater car and living in 1-bedroom apartment, one medical emergency or breakdown away from financial disaster. What a great lifestyle for a MEDIAN HOUSEHOLD in Dallas.

What's interesting is that these people would probably have better lifestyle and chances in New York City - living in Manhattan than in DFW. Ditch the cars, spend $2800 on 1-bedroom apartment (or god forbid even get a section 8 voucher). Make about 30-50% more for same job than DFW because New York is expensive and somehow DFW is considered cheap

Heck I wouldn't even bring up Chicago as that is not even close. You can still easily get 1 bedroom apartment in Rogers park for $800 or so a month and never have a car.

So if you are a Median Household in DFW - Struggling. Move to NYC (Manhattan-the good parts of it, literally). You will have more disposable income for the same job.

If you think you can get a livable 1 bedroom currently in Manhattan for $2800..you're in for some news.

[TurtleCreek80]

Originally Posted by RiskReturn

If you think you can get a livable 1 bedroom currently in Manhattan for $2800..you're in for some news.

Seriously…..last time I checked the 275sf studio I rented was now in the $2100 range. And it was a 15 minute walk to the 6 train. Oh and you need to make $88,000 a year to be approved to rent it (40X NYC landlord rule).


Lots of people making the median Dallas income don’t have cars. They definitely don’t have 2 cars with payments, that’s for sure. We DO actually have public transit here people. Even if you only ride DART once a year to go the State Fair, plenty of people walk / bike / bus / lite rail to work everyday. I’m not saying you’re rolling in it to make $60k here but it’s a much better QOL for a family than making $80k in NYC.

[EDS_]

Originally Posted by RiskReturn

If you think you can get a livable 1 bedroom currently in Manhattan for $2800..you're in for some news.

We have a place in Chelsea. The building has 1 rental unit that is less than $4Kmo. It's a, "studio" right at $3K.......I rented it for my daughter for 4mos. one time so I know it well. It's 231SF IIRC, with a steam pipe in the living room and a toilet, sink and shower (no tub) more or less in the kitchen, which is tighter than the kitchen on a sailboat, and literally and no view but bricks out the window. Oh yea it has less than 7 foot ceilings.


I love Manhattan but for anyone outside students it's a tough place to live on a normal income.

[RiskReturn]

Originally Posted by TurtleCreek80

Seriously…..last time I checked the 275sf studio I rented was now in the $2100 range. And it was a 15 minute walk to the 6 train. Oh and you need to make $88,000 a year to be approved to rent it (40X NYC landlord rule).


Lots of people making the median Dallas income don’t have cars. They definitely don’t have 2 cars with payments, that’s for sure. We DO actually have public transit here people. Even if you only ride DART once a year to go the State Fair, plenty of people walk / bike / bus / lite rail to work everyday. I’m not saying you’re rolling in it to make $60k here but it’s a much better QOL for a family than making $80k in NYC.

Don't forget the 1-2 month broker fee + 1 month security deposit in most places.

I was back visiting for the month of July and saw the craziness of the rental market real time. Rents spiking >50% in the span of year, packed open houses, bids 10-20% over listed rent.

My friend's 700 sft 2 bed in Hell's Kitchen (convenient but not very desirable location, right next to the tourist trap that is Times Square) that he signed last year for $3.2k was being listed for $4.8k. I'd bet whoever signed the lease is probably locked in for $>5k/mo. It's older + unrenovated with no AC (have to install a window unit) or in-unit laundry.

It's also difficult to really do a 1:1 comparison between NYC & Dallas since many apartments in Dallas are newer with central air, in-unit laundry, various amenities. Most apartments in NYC are old, with no AC or laundry, low ceilings etc.

That being said, NYC is NYC. Dallas can't really compete - but it doesn't have to.

[Kenro911]

To those who said I was dishonest about pricing. Quick zillow search.

https://www.zillow.com/homedetails/3...ource=txtshare

$2500 1bed 750 sqft Couple blocks from park and 5 ave.

Here is another one, closer to financial district

https://www.zillow.com/homedetails/6...ource=txtshare

Regarding the cars, even if you own outright. 500 between gas/insurance/maintance/depreciation per car is not that insane.

Yes the units are older, but Christ Almighty its Manhattan vs Dallas (not even downtown). Your pay is marginally higher for exact same job in NYC than here

[EDS_]

Originally Posted by Kenro911

To those who said I was dishonest about pricing. Quick zillow search.

https://www.zillow.com/homedetails/3...ource=txtshare

$2500 1bed 750 sqft Couple blocks from park and 5 ave.

Here is another one, closer to financial district

https://www.zillow.com/homedetails/6...ource=txtshare

Regarding the cars, even if you own outright. 500 between gas/insurance/maintance/depreciation per car is not that insane.

Yes the units are older, but Christ Almighty its Manhattan vs Dallas (not even downtown). Your pay is marginally higher for exact same job in NYC than here

No-one thinks you are dishonest just a little misguided.


ETA - there has to be something wrong with that second apt. it's been open for 42 days..........long walk-up, demon possessed radiator, outside noise something.

[Kenro911]

Originally Posted by EDS_

No-one thinks you are dishonest just a little misguided.


ETA - there has to be something wrong with that second apt. it's been open for 42 days..........long walk-up, demon possessed radiator, outside noise something.

Perhaps there is. Funny thing, living in Downtown Dallas/art district regarding noise level - it is absolutely hell. I've lived in NYC among other big cities and Dallas is by far the worst.

The car redlining at traffic lights culture and racing at 3-4am is nowhere as bad as it is in Dallas - 7 days a week. I feel bad for people living on Mckinney ave in uptown as well. Every Sunday is 'FUNDAY' with loud screaming/racing and gunshots. Very fun indeed.

[EDS_]

Originally Posted by Kenro911

Perhaps there is. Funny thing, living in Downtown Dallas/art district regarding noise level - it is absolutely hell. I've lived in NYC among other big cities and Dallas is by far the worst.

The car redlining at traffic lights culture and racing at 3-4am is nowhere as bad as it is in Dallas - 7 days a week. I feel bad for people living on Mckinney ave in uptown as well. Every Sunday is 'FUNDAY' with loud screaming/racing and gunshots. Very fun indeed.

As you hate it you should leave.