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Old 11-29-2022, 09:52 AM
 
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The median income in Allen is only about $110k, McKinney lower at $90k, so yes, people like that live there and yes you could afford a home there since you are right at the median for Allen, as long as you both stay employed.
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Old 11-29-2022, 10:08 AM
 
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Quote:
Originally Posted by TheOverdog View Post
The median income in Allen is only about $110k, McKinney lower at $90k, so yes, people like that live there and yes you could afford a home there since you are right at the median for Allen, as long as you both stay employed.
The median/average house though was probably sold/bought in the 2014-2017 range so that kind of skews the numbers.

Obviously if those same people bought now, they'd be hosed and that's why the common compliant for those in the middle class is that their either 100% stuck in their current house or there priced out if there a new buyer.
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Old 11-29-2022, 10:34 AM
 
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Quote:
Originally Posted by TheOverdog View Post
The median income in Allen is only about $110k, McKinney lower at $90k, so yes, people like that live there and yes you could afford a home there since you are right at the median for Allen, as long as you both stay employed.
Quote:
Originally Posted by mastershake575 View Post
The median/average house though was probably sold/bought in the 2014-2017 range so that kind of skews the numbers.

Obviously if those same people bought now, they'd be hosed and that's why the common compliant for those in the middle class is that their either 100% stuck in their current house or there priced out if there a new buyer.

Agreed.



This is why I think ultimately, the higher interest rates and decreased demand are a good thing long term, the run up in pricing was just unsustainable. This is coming from someone who owns multiple properties, I think we've probably lost $500k or more in value over the last 6 months if we were to sell now vs the peak, but it needed to happen. The flip side is that I'm not worried about my appraisals continuing to skyrocket, and I expect to see a decrease in values next tax year.
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Old 11-29-2022, 10:38 AM
 
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Quote:
The median/average house though was probably sold/bought in the 2014-2017 range so that kind of skews the numbers.
Probably earlier than that, and Plano has a lower median income and a longer duration, so I'm not sure I agree that it matters. Richardson probably even lower and longer, ditto Dallas proper.


Yes, the median home price was lower, but like rabbit said, there are still some affordable houses for $100k in income in both Allen and McKinney. I see as low at $305 in Allen and $230k in east McKinney. McKinney has plenty of options, Allen just a few.
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Old 11-29-2022, 10:53 AM
 
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Originally Posted by TheOverdog View Post
Probably earlier than that, and Plano has a lower median income and a longer duration, so I'm not sure I agree that it matters
It matters a little bit because you mentioned median income and I pointed out they got in at a much lower price and median income now you're looking at the absolute bottom of the barrel houses.


Quote:
Originally Posted by TheOverdog View Post
I see as low at $305 in Allen and $230k in east McKinney. McKinney has plenty of options, Allen just a few.
Options aren't great. Allen for sub $340k has 2 town houses and then 2 small former rent houses that need cosmetic work. That's pretty slim picking especially since we're talking about a city with over 100k people.

McKinney isn't much better. 95% of the Sub $340k options are old houses in downtown and even then, majority of the listings are listed as either "investment opportunity" or are cheap flip jobs. Once again slim pickings and high risk since a lot of these low-end listings have significant amounts of deferred maintenance
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Old 11-29-2022, 01:27 PM
 
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It matters a little bit because you mentioned median income and I pointed out they got in at a much lower price and median income now you're looking at the absolute bottom of the barrel houses.
I have to laugh a bit when these cities build nothing but mcmansions on large lots and then people complain they can't afford the median home. Plenty of people moved to Plano and bought crappier houses than those, either because it's all they could afford or as much as they wanted to pay. The guy didn't ask for the largest house in town. He asked if he could live there.


Also the past is the past and unless the guy has a time machine it's meaningless. Even if prices fall, who do you think is going to move in? Hint: it's people with the money to afford more, but they will just have lower mortgage bills. If they can afford a lot more, they will just tear those houses down.
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Old 11-29-2022, 01:46 PM
 
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Originally Posted by TheOverdog View Post
The guy didn't ask for the largest house in town. He asked if he could live there.
See now you're moving the goalpost. Nobody mentioned large houses.

Multiple people on the first page said it would be difficult in today's environment (especially if you can't avoid PMI) even on bottom 20% inventory and you're the one who said, "oh well the current median city income is in your range so there's people with your income living there so it should be fine".

As already pointed out it's more complicated than "people with your income live there just fine" because most of those people bought when it was significantly cheaper and most in that bracket would struggle if they had to buy right now.

Quote:
Originally Posted by TheOverdog View Post
Also the past is the past and unless the guy has a time machine it's meaningless
That was our point. Some of the cities he listed were great not that long ago for the $260-320k range but not so much anymore. Northern Collin County attracts more of an upper middle-class crowd so most of the inventory will reflect that.
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Old 11-29-2022, 04:19 PM
 
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Quote:
See now you're moving the goalpost. Nobody mentioned large houses.
You did. Your words:
Quote:
95% of the Sub $340k options are old houses in downtown and even then, majority of the listings are listed as either "investment opportunity" or are cheap flip jobs.
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Old 11-29-2022, 04:29 PM
 
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Quote:
Originally Posted by TheOverdog View Post
You did. Your words:
The quote says old houses that are either cheap flip jobs or have a ton of deferred maintenance. "large houses" or even "size of the home" was never mentioned once by me........

Not only that the only 2 people in this entire thread that even mentioned house size said it would be on the smaller side but didn't slam it or advocate to hold out for something larger


"The guy didn't ask for the largest house in town. He asked if he could live there" was never a single discussion anywhere in this thread (like I said your moving goalpost, nobody said anything about minimum sq feet or buying a large house)

Last edited by mastershake575; 11-29-2022 at 04:47 PM..
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Old 11-29-2022, 04:47 PM
 
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Thanks for all of your response. Pre covid seems MUCH more doable where you could do an average down payment and still thrive in those areas. But after Covid hit and home prices and interest rates skyrocketed, it makes buying a house much harder in all areas. I grew up in Minneapolis and those areas to me remind me of the Western Burbs demographically (Minnetonka, Eden Prairie, Plymouth, Maple Grove. Someone asked me awhile back what they would consider a prestigious area and many said Southlake, Park Cities, Colleyville to name a few. They also said Frisco, Allen or Mckinney were your typical suburbia upper middle class area and not many would not be too overly impressed if you said you lived there. Not bashing anyone that already lives there.
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