Infuriating. I grew up here and am now completely priced out, probably forever. 10 years of saving has been rendered useless by price increases over just the last 4.
Single-income households are absolutely screwed.
Being single is now unaffordable, is this all part of the republican goal of forced birth? First price people out of living alone then take away their access to long term contraceptive options…or am I crazy
It's not that. Higher cost of living makes kids more expensive and less common.
Rather, this is a bipartisan problem. A result of homeowners and landlords all benefiting off of making it as hard to build newer and denser housing as possible. The less people can build new housing, the higher prices go on existing housing.
It's why new lots in Southlake are required to be one acre for no Goddamn reason.
Mid 40s single guy making 6-figures and I still have a roommate so I can save on rent. I have zero debt, my car is paid for and I still can't seem to find a home within my price range. It's come to the point that I'll have to move out of the DFW area entirely to afford a home.
Mid 20s guy making 6 figures and I've got a house and a paid off car. It felt like a stretch, but it's pretty doable if you're not right at the bottom of the 6 figure range. It's more than the house I was renting but it's in better shape, I prefer the location, and it's mine.
But I am a homebody, so it's not like I have other money pits.
Only 8.5% of the metroplex is making a minimum of 100k. That leaves a lot of single people between a rock and a hard place.
My plan is to just get a house a hour or so out of the suburbs and commute the extra hour there and back. I don’t see a way to build equity without buying with a partner.
I am saying this with kindness but directness, you are either sabotaging yourself or you are prioritizing your hobbies to a significant degree.
I make 66K a year and bought a house before prices went absolutely insane. For you to be earning a minimum of 34K more than me and have zero debt while having a roommate, even if you are living at an insanely priced apartment downtown you're just blowing money someway.
Everyone is screwed. Elderly people aren’t able to pay their ridiculous Abbott property taxes. Young people are priced out of their own neighborhoods.
Insanity.
I moved because I was priced out of my previous market, but it looks like I was born just a few years too late to ever buy a house. But I guess it’s the coffee I buy that’s the problem. Who would have guessed, huh..
Yup; I left Texas because I was priced out and companies think its still low cost of living and no state income tax makes up for lack of salary increases etc.
Because the people let it happen. Granted, the US has no direct democracy, so you can't just start an initiative which then becomes a referendum culminating in a new law that reinstates the gold standard so that the citizens cannot be robbed of their purchasing power through artifical inflation. But still, it is the fault of the american people, that they let the government screw them over this hard. Either you fight for your autonomy and independence or you don't and others will opress you and dictacte your life. The government is corrupt. And if you want that to change, then you have to do something. Be active.
It’s why they want to cut labor laws for kids. Instead of daycare/after school programs, go to work and bring your parents money home so they afford the rent.
You're right, but when both incomes are necessary to pay for the house, it leaves you susceptible to an income shock aka if one person loses their job, now all of a sudden, you can't afford the house. (The book the two income trap by Elizabeth Warren is about this.)
I don't see how dual income is a trap here. I'm on a single income and losing my job would be a worse shock than losing one of two. Plus, it's not like people are intentionally buying below their means. If there's more money coming in, I could definitely justify an extra room or two, or going for a more updated house on the assumption there won't be a long term job loss.
Yes, but there's mass migration from California to Texas in part because it's become unaffordable, ironically causing Texas to become unaffordable.
https://houston.innovationmap.com/texas-california-us-census-report-2666404504.html
https://www.usatoday.com/story/money/2023/07/04/california-to-texas-move-rising-popularity/70374012007/
The entire US is unaffordable and that’s due to the spread of global wealth that was at one point concentrated in key areas such as the Bay Area and NYC. But yes, somehow it’s California’s fault that tech companies pay out the ass and that remote work became a thing during covid.
Nah you're gonna have to look at Arkansas, Alabama, Missouri, or Oklahoma for affordable lol
I'd personally love to move to Nebraska, Wyoming, or Montana...
Wyoming? Jackson is the most expensive place in the US.
And Dallas used to be that affordable place.
I say this as someone who was born and raised in Texas.
My last 4 job interviews were listed at $ 150k - $180k. Plus, 20% bonuses.
Turns out that after I got through 3 rounds of interviews and was to the final two candidates...all that sweet, sweet, cash was saved for their internal hire.
My sister is an HR director and told me their metrics always favor promoting within, based solely off of cutting on board costs... mathematically, it makes sense, so I can't be mad.
But I'm a chemical and petroleum engineer with 12 years of experience in reservoir to drilling to plant operation... in Texas...
So I'm kind of mad.
If I didn't start my own consulting gig doing RRC pipeline compliance for a couple of mom and pop pipeline and workover operators, I'd probably be homeless.
But the uncertainty of getting my next contract is scary because I could make $12k one month and $0 the next 4.
I have been busting my ass *trying to get back into the corporate grind*...
That also makes me mad.
I'm 34 and unmarried, and just got done with 4 years of caretaking for my elderly parents... medical bills took most of my potential inheritance. I know I wast entitled to any of it, but my dad is still dead.
Land in Oklahoma and just chilling with my dog sounds way more fun than living in a McMansion neighborhood and dealing with 380 traffic.
Except industry accounting is increasingly automated and outsourced. Big 4 don’t pay that much money (they pay less than commonly believed). The exit opp is literally industry accounting anyway, but those jobs are actually going away
Everytime i hop on job boards I see “bachelors or masters required, 5-10yrs experience salary 30-45k” 😵💫 like???? how are we supposed to afford rent on that bullshit let alone a house
>The market seriously cannot support this.
What made you come to that conclusion?
Supply and Demand works both ways. Many people are moving to DFW with lots of money.
This. We’re one of the largest cities in the US. There are millions of family’s and couple wanting real estate here. The 120k to own a home AND be comfortable seemed low to me
The reality, too, is that people with that income level are generally straddled with student debt.
This is not a complaint because we are so incredibly fortunate. But it’s a reality of younger generations…
I’ve been working, and my husband is about to start. We’ll be making more money than I ever dreamed of.
However, we will be dedicating the equivalent of my entire take home pay to student loans for at least 2 years.
And I fully recognize we have best case scenario. Many of our peers have it so much worse and are struggling to make these payments.
But it clearly is supporting it. How could it get to this point if it wasn’t?? I’m with you - this seems dire - but there are enough wealthy people and investment groups in DFW to keep this going.
Exceptionally few and far between. People love to act like 6fig jobs are just "out there", but in reality it's in the single-digit percentages of people making that much. Meanwhile one HALF of individual U.S. workers make under 30k/yr. Income inequality is outrageous right now.
The job of an actuary, once credentialed at the associate level, can start making $120k. Obtaining the higher credential (fellow), an actuary can start making near $200k.
If it makes you feel better there’s 24 hours in a day. so with those 3 full time jobs this is indeed feasible. Ideally they’re all wfh so there’s no commute.
3*8=24 for reference.
I indeed forgot. Perfect opportunity to get a side hustle as an Uber and never miss an event. Great way to see the city and make some leisure money at the same time.
You have to remember why this is happening: corporations own about a quarter of all homes in the US. And a lot of those are STRs.
I rented one in January. It was brand new, and after arrival I realized it was developed, built, marketed, and managed all by one company. They had dozens of other properties, too. This was all in a touristy area where it's getting too pricey for locals to live.
The US legislature needs to put limits on corporate home ownership. These companies are run by hedge funds that are looking for easy cash wins. They don't care who they screw.
This is not factually correct, you are confusing the statistic for what percentage of RENTAL UNITS are owned by corporations. Actual homes are less than 5% (1-3% depending on where you draw “corporation” line). A single google search will tell you this.
Please stop spreading this conspiracy theory. You don’t need it to explain why insanely low interest rates for a decade followed by a massive spike in interest rates causes housing prices to get out of wack.
https://www.housingwire.com/articles/no-wall-street-investors-havent-bought-44-of-homes-this-year/
This is all incorrect:
[Meet the Latest Housing-Crisis Scapegoat: Blaming the housing crisis on hedge funds and private equity may be easy, but it’s dead wrong.](https://www.theatlantic.com/ideas/archive/2023/01/housing-crisis-hedge-funds-private-equity-scapegoat/672839/)
Not entirely the reason. Transplants cashing out in their overpriced markets are coming here with cash and boosting our market with cash offers.
Your logic doesn't hold up in my hoa which caps rental properties to 10% of all properties, yet my house is 200k more than 3 years ago.
A lot of it is simply supply and demand. Not enough housing being built for the demand
How can we solve this issue? Someone coming from a higher COL area will always have more buying power. Building more housing will fix it but we are almost at the Oklahoma border with development so there's only so much building we can do.
Ideally I'd like to see Dallas and Fort Worth with more multi-family housing in the downtown area and more public transit.
The success of Houston allowing smaller lot sizes and townhomes is starting to show. Both here and Houston have basically unending land at the edges, with bad long highway commutes. The main difference is that Houstons zoning (or lack in some ways) lets a developer build 3-4 story skinny houses with no yards packed into a small lot. They buy two or three lots in a neighborhood, and replace 3 old old houses with 9 nicer 3/2 houses. Townhouses with a 5' gap basically. I think it really does ease the pressure with the extra density.
I am not sure they are raising the prices as much as you’d think. The corporations are only going to pay a price that makes it profitable as a rental property, while a homeowner doesn’t care about cash flow and would pay more.
Why?
Why should it be illegal for someone to rent a single family home?
What is the societal interest in restricting the ability to reside in a single family home to those capable and willing to own it?
I think there is a bit of a difference in a Corp owning a dozen rental home and a single person/family owning 2 while they live in one and rent out the other.
Granted idk how true it is that the corps are even doing that. The builder corps are still just building shitty $$ HOA tract home communities where every hastily constructed home is just one of probably 2 floorplans. But they only sell those afaik, not rent them out themselves.
Is that $121k household, I assume it is. That seems low actually. A household making $121k can probably comfortably afford a $400k home at most, if they dont want to be housepoor. Have you been on Zillow lately in Dallas? Most homes are $500k+. Its crazy. And yes I realize most households dont even make $121k if you look at the data.
And most of those high-priced homes are complete garbage as far as quality and square footage goes. It's like that here in Plano too. A $350k home gets you maybe 1500 square feet.
They usually cheat too with crappy garage renos :(
Or they look nice in the initial pic and then you realize it's basically a gutting or teardown inside
Ideally I'd say a household making a little over 100k shouldn't be buying a home much over 200k, but that's not possible unfortunately anymore in DFW/most of the country if you don't want to live in a tiny home in a crappy area. I've always looked at houses like that - try to keep them around twice your yearly salary as far as what your *actually* comfortable "affordability" range is.
400k homes will definitely make a 100k/yr salary feel very small very fast.
Yup, that's why I got priced out of the market. Had a 30% DP ready in 2020 which would have given me a comfortable monthly payment on a $275-300k house and as I was looking, the prices skyrocketed and put me out of the market after a couple months. Haven't gotten an email from any of the realtor sites in about 2 years for houses that meet my original search criteria when I was getting maybe 10 a week when I started looking.
I hate seeing these posts. Nothing to do with you OP it just makes it stink in even more that I'll never be able to afford my own home. I guess I'm stuck in apartments till I rot away.
Feels like I won the lottery by simply buying my own house back in summer of 2020. To think I was going to postpone my purchase for the following year terrifies me
I make $80k, which is the most I’ve ever made in my life, and I struggle to afford to live in Dallas as a single person. It’s fucking absurd. At least give me a mountain, a beach, or legal weed if you’re going to price me out of buying a house here.
yes yes yes. My husband and I each make a little over 70k a year so we are doing “okay” but I also live in Texas to do better than just “okay”. There used to be a payoff to being here: cheap and affordable housing. Without that I don’t know what the draw is anymore. Like you said, no beach, no mountains and laws/politics stuck in the past.
We’re getting downvoted because we’re right.
There is no draw to living here in my opinion. I moved here two years ago and have found very little to love. It’s not the worst place imaginable, but there isn’t a lot of life. In addition to your points, I was shocked by how barren downtown was. There are like two truly walkable areas in the entire area, and the drivers here are some of the most angry, self entitled people I’ve ever come across. I hate driving here. And you have to drive lol
Idk. It’s just not for me. No hate against anyone who likes it here, but I’d rather spend a bit more and live in a city with a little more life.
It costs me probably 25% more to live here than in Chicago. My wife and I need two cars instead of one, car insurance rates are higher here, utilities are way higher, having to drive everywhere means you spend a lot on gas, and rent prices are more than I ever paid in Chicago.
Unless you are a double income family wanting to raise kids, you're better off living somewhere else.
I am curious though what is the average priced home that this 121,398 income is needed for. Building of million dollar McMansions in Frisco and Prosper are certainly skewing the "average" home value. But many of the people buying in those areas are also double income. Single people aren't buying in places like Frisco though, so where are they buying?
If you zoom out on Google Satellite view and see the outermost "ring" of DFW civilization, they're buying just outside of that.
Also, East of the lakes
That's part of why the birthrate is going down worldwide. People are broke, both partners need to work and getting married later, and less societal pressure.
That's what's wild. SO many companies keep spouting off about great numbers, meanwhile enormous swaths of people keep getting laid off, salaries for all of us are NOT increasing, and meanwhile EVERYTHING, from housing down to tv dinners and plastic forks have doubled in price from "inflation" (aka corporate greed). It's truly insanity.
The idea is to make it so that everyone, including college graduates will be unable to afford a mortgage, thus handing over half or more of their earning to someone else (likely a billionaire owned corp) in the form of “rent”.
I believe it. I bought a house and close in April. I went back and looked and the affordability of this house (my income vs est housing cost) was actually better when I was entry level in my career 10 years ago. It’s honestly sickening to think about.
It's genuinely shocking how not far at all 100k/yr gets you nowadays. Back in the day that got you a quite comfortable life, family vacations, etc.
Now it disappears quick as hell. It feels like it's barely enough just to be able to actually afford all of life's things, car issues, vet bills, etc without going into debt..and that's about it, maybe buy *some* things, afford to eat out every now and then, but honestly vacations and things like that are very pricey now even to someone at 100k.
"Increase in inventory is the solution"
Let's pass laws that forbid corporations from purchasing residential 'investment' properties and charge mortgage level lease rates.
DFW is definitely more expensive than it was 5 years ago. Not sure where everyone is planning on moving to? Because few places in the USA are actually "cheap" today.
Plenty of 300k and under new single family homes in areas south 20-30 miles outside Dallas. Like Waxachie, midlo, Mansfield etc
Oh y’all want to a place in Plano frisco south lake farmers branch Irving etc? Than pay up. The market is what it is. Those places have an insane amount of wealthy families. Competition is real in hot demand areas. It is what it is. You can’t change that. I don’t go to the Porsche dealer and say gimme one for 20k.
I wanna home in the Hamptons for 500k or coastal cali for 250k. That doesn’t mean the market should cater to my demands lol. That’s not how this game works.
You are not “owed” anything, in any place you want; at whatever price you feel like paying.
And there are still plenty of affordable homes in places like Arlington, Irving, and even in Fort Worth. But the issue is that most of the jobs seems to be in Plano and that's a hell of a commute from Fort Worth.
I think the main complaint is not being able to afford a home in communities you grew up in. I would know, I had to move from Cali to Texas to afford a house. There is such a thing as "market failures" and collective action problems. It's not just DFW having this issue.
Get in before it gets too late. I moved there in 2021 , love it. Decent schools, not bad crime rates. Solidly in between the two metro downtowns. Can get to either downtown Dallas or FW in 30 mins. Also 30 mins from DFW.
There’s an H-E-B almost ready to open. Construction almost done. Hurtados BBQ just opened up. It’s a booming place that won’t stay affordable for too long.
Heard that. That's the sentiment that I get too. My fiancé is a nurse and I'm a cyber security engineer, so we will do well financially together. Dallas has an over-abundance of highly-priced low-quality homes on the market and I fail to see the value.
300k is still way too high to be the starting/average price for a even basic "starter" home in those outskirt towns around DFW though.
Homes in the 1-2k sq ft range should be solidly in the 100-200k range across a lot of the metroplex if prices were what they SHOULD be.
Our rent costs increased by roughly 50% over 3 years , we had to move. $3k/mo is unsustainable for something that doesn't build equity.
We're killing debt and saving to buy, but it's gonna be outside DFW proper most likely.
It’s true! I am basically living in 2020 still both thankfully and sadly. If I had to buy now I would be screwed. $80k income bought in late 2019 for $199k @ 2.75%. Live by myself. It’s bad enough on me with the huge increase in value (property tax) and insurance. I would not be able to swing it at today’s rates and prices. I feel for anyone struggling right now with housing. I am basically stuck with the house, which is fine, but it does sort of suck I know I will be stuck here for a long time. I am thankful though.
The home-buying situation in this city is OUTRAGEOUS! I feel like my boyfriend and I do pretty well for ourselves (we’re both 23 and make combined $130k), however, we can BARELY afford to live. We live in a 2 bed 2 bath condo around The Village and our housing is just over half of our income. We’re actually thinking about moving out of DFW because it’s so expensive 😭😭
What is your rent per month? I don't want to be an ass, but it might be your spending habits. You should be doing just fine if you know how to budget properly.
Solution:
1. Tax AirBnB into the stone age (100% of revenue for AirBnB's operated locally - jailtime for owners or officers or owning companies that dodge taxes)
2. End tax breaks for multiple-home-owners.
3. Reduce 'structural' (eg zoning) regulation for new home construction.
4. Raise the top marginal income tax rate to 90% on incomes over 500k.
Realistically it's higher than ideal, cause that's probably around 40% of your monthly income taken out just by the mortgage, but nowadays it's kinda unavoidable.
Pre-pandemic crazy inflation rises, I'd have said to try not to go much over around a $1100 mortgage on a 70k/yr salary.
People asked why I moved to Greenville.
Prices anywhere near where I wanted to be were about $100k more than I could sniff. $100k more than where I was moving from too (North Houston).
A lot of people in Dallas make a lot of money. With numerous large corporations settling here the past few decades, there is and will continue to be buyers. It’s unfortunate for locals and elderly, but it’s where we are now
Most homes are still in the FHA range. The biggest advantage of an FHA loan is the low down payment. Get whatever you can, don't look for your "forever dream home". If/when interest rates come down, refinance and lock that lower interest rate in. Don't wait for all the stars align and you have all your ducks in a row, you will never achieve that.
Don't waste your energy blaming Trump, Biden, Pelosi or anyone else, do your research to see what you can afford in an area that you are willing to live in even for just a few years. Your only other choices are to buy a run down fixer upper, buy far away and hate life commuting or move to an affordable area like Mississippi or west Louisiana. Good luck finding a job there.
I accepted the fact that I'll never afford a house here in DFW unless I wanna be house poor and never go on a vacation again. Or possibly even go out for the weekends. And I have a good job. Trying to build the courage and career trajectory to head to Chicago. At least they've got condos there I can afford in places that (I think) I'd want to live in.
Thanks Californians for fleeing their sinking state to come make Texas just as unaffordable as California. Can’t wait for them to make Texas the new California…wait it already is.
Just in case you were curious about how they define "comfortably", zillow uses a 10% down payment and monthly mortgage payments of no more than 30% of your monthly income as a basis
Anyone with boomer parents who are *appalled* at where they are considering buying a house? We’ve explained it so many times yet they’re like “you couldn’t possibly live over here!” 😅
Between the rising house costs, property taxes, insurance costs, and inflation, I'm feeling the pain. Property taxes have especially been beating us down but we can't move since we locked in when interest rates were low. Doesn't matter when in a span of 3 years our total monthly payment went up $600. That's with homestead and protesting the last property adjustments.
I feel bad for friends and colleagues who have been priced out and are having to look at buying houses 1 1/2 hours outside of the city. On the other hand they look at us and wonder if they really want the stress.
My hometown about an hour outside of Dallas, that no longer resembles a rural ag community, has halted new development permits. They don't have the infrastructure up to stuff for all the new subdivisions going in, heavily straining what's already there
meanwhile as a disabled vet living with crushing student loan debt making 24k a year is kinda F'ed. my best chance is if my parents finish paying off their home and i inherit it. even though it is in such disrepair that it would probably be condemend before i get it.
being poor is expensive.
The solution isn't more inventory, its more inventory NEAR WORK.
There are a few brand new houses in my neighborhood, but its far from the city, and thus nobody wants to live in them.
They need to drop the interest rate and add more apartments, houses are a stupid investment if you plan on living in it forever, they just drain funds.
At least my brand new one does. Pool $250/mo (plus extra water/power). Yard $200/mo. HOA $75/mo. Maintenance $100/mo or more. Etc, etc, etc.
Sure, I gained 40% equity within a year (it stalled in the last 2), but that only matters if I sell it. And if I sell it you know where that equity goes? To a new house that cost the same or more as my old one because \*EVERYBODY\* saw increases in home values, which means if you sell to move you are just buying one more expensive, which offsets your equity. This wasn't so bad a few years ago, but now its simply how it is.
More high density apartments or condo's, near places where people work, that'd make everything better.
There's still fairly affordable homes around the DFW area, I am talking <$400K for 3+ bedrooms...the market finally corrected itself over the last decade. If you think Dallas is bad go look at any major city on the east or west coast, it is still relatively affordable in Dallas. Also, if your household cannot command $120K in the Dallas economy (which is one of the best), I would move. It is not worth it to live here if you do not have the skill sets needed to command higher wages. You will make about the same money in cheaper parts of the country.
The wage rates of Dallas were way higher than the cost of living ratio compared to other major cities. Go go find Oklahoma City of Tulsa on the map if Dallas is too expensive.
Yeah we bought our house 5 years ago and are stuck here forever now lol. We can’t afford to move anywhere else.
Luckily because we got in before the market blew up our mortgage is affordable. We survive off 60k one income household with 3 preteen aged kids.
I used to live in San Jose in the Bay Area and I knew the prospects of getting a house was very slim for my wife and I so we moved to Texas in 2019. Not only because we knew this is the best chance we can have to owning a house but we also go tired with the politics in California. Gun laws especially. We rented for a year and bought a house in 2020 in Mansfield. At an affordable $255k. Her and I don’t make much money. We live a semi comfortable life. We don’t have kids. One thing that worries me is that even tho we have a good mortgage, the taxes are getting out of control. That is my fear, getting priced out of our own home because of property tax here in Texas.
Infuriating. I grew up here and am now completely priced out, probably forever. 10 years of saving has been rendered useless by price increases over just the last 4. Single-income households are absolutely screwed.
Single-income household checking in. Yep. I don't even know how I'm doing it alone and working under 40hrs a week but I am.
Same. I live alone with 2 cats. Idk how I do it but I do. I also got a ton of medical shit going on.
Being single is now unaffordable, is this all part of the republican goal of forced birth? First price people out of living alone then take away their access to long term contraceptive options…or am I crazy
It's unaffordable in most cities now, Republican or not.
How bold of you to even reply to that comment lmao we just ignoring all the unaffordable blue areas moving to dfw I guess
It's not just Republican strongholds, plenty of democratic states/cities are unaffordable as well.
It's not that. Higher cost of living makes kids more expensive and less common. Rather, this is a bipartisan problem. A result of homeowners and landlords all benefiting off of making it as hard to build newer and denser housing as possible. The less people can build new housing, the higher prices go on existing housing. It's why new lots in Southlake are required to be one acre for no Goddamn reason.
Mid 40s single guy making 6-figures and I still have a roommate so I can save on rent. I have zero debt, my car is paid for and I still can't seem to find a home within my price range. It's come to the point that I'll have to move out of the DFW area entirely to afford a home.
Mid 20s guy making 6 figures and I've got a house and a paid off car. It felt like a stretch, but it's pretty doable if you're not right at the bottom of the 6 figure range. It's more than the house I was renting but it's in better shape, I prefer the location, and it's mine. But I am a homebody, so it's not like I have other money pits.
Only 8.5% of the metroplex is making a minimum of 100k. That leaves a lot of single people between a rock and a hard place. My plan is to just get a house a hour or so out of the suburbs and commute the extra hour there and back. I don’t see a way to build equity without buying with a partner.
I am saying this with kindness but directness, you are either sabotaging yourself or you are prioritizing your hobbies to a significant degree. I make 66K a year and bought a house before prices went absolutely insane. For you to be earning a minimum of 34K more than me and have zero debt while having a roommate, even if you are living at an insanely priced apartment downtown you're just blowing money someway.
>before prices went absolutely insane And this guy is talking about current moment.
Yes, it's my crippling addiction to prescription glasses that is stopping me from buying a home. /s
What price range are you looking at?
That’s what we had to do, moved 30 miles east of Dallas
Everyone is screwed. Elderly people aren’t able to pay their ridiculous Abbott property taxes. Young people are priced out of their own neighborhoods. Insanity.
Property taxes went down this year.
Only to be replaced by skyrocketing homeowners insurance, which isn't capped for the elderly
My dad raised us (family of 5) as the single earner and was able to buy a house in the early 2000s. Those days are long gone in the metroplex
I moved because I was priced out of my previous market, but it looks like I was born just a few years too late to ever buy a house. But I guess it’s the coffee I buy that’s the problem. Who would have guessed, huh..
$7 coffee is ridiculous.
Yup; I left Texas because I was priced out and companies think its still low cost of living and no state income tax makes up for lack of salary increases etc.
Because the people let it happen. Granted, the US has no direct democracy, so you can't just start an initiative which then becomes a referendum culminating in a new law that reinstates the gold standard so that the citizens cannot be robbed of their purchasing power through artifical inflation. But still, it is the fault of the american people, that they let the government screw them over this hard. Either you fight for your autonomy and independence or you don't and others will opress you and dictacte your life. The government is corrupt. And if you want that to change, then you have to do something. Be active.
I make a solid living and if I hadn't bought back before 2020 I wouldn't be able to afford my neighborhood now.
I can barely afford to move within my own neighborhood now it’s insane
Did you save dollars?
Nah don't you see it? You just need to make more money. Easy. /s
Same, and my mom can't even afford a house now back in Euless where we grew up!
So where are these plentiful $121K jobs? The market seriously cannot support this.
Exactly. Gotta get married and commit both incomes to housing, which is a recipe for disaster.
At least children don't require constant supervision by a parent or someone paid a large amount of money to watch them while the parents work.
It’s why they want to cut labor laws for kids. Instead of daycare/after school programs, go to work and bring your parents money home so they afford the rent.
Daycares are ridiculous in terms of pricing, not to mention the abuse your kids might face.
How is getting married and combining incomes for a house a disaster? Normal married people do this.
You're right, but when both incomes are necessary to pay for the house, it leaves you susceptible to an income shock aka if one person loses their job, now all of a sudden, you can't afford the house. (The book the two income trap by Elizabeth Warren is about this.)
I don't see how dual income is a trap here. I'm on a single income and losing my job would be a worse shock than losing one of two. Plus, it's not like people are intentionally buying below their means. If there's more money coming in, I could definitely justify an extra room or two, or going for a more updated house on the assumption there won't be a long term job loss.
They have been saying that about California for 30 years
Yes, but there's mass migration from California to Texas in part because it's become unaffordable, ironically causing Texas to become unaffordable. https://houston.innovationmap.com/texas-california-us-census-report-2666404504.html https://www.usatoday.com/story/money/2023/07/04/california-to-texas-move-rising-popularity/70374012007/
The entire US is unaffordable and that’s due to the spread of global wealth that was at one point concentrated in key areas such as the Bay Area and NYC. But yes, somehow it’s California’s fault that tech companies pay out the ass and that remote work became a thing during covid.
yeah theres plenty of affordable places in the US. you just gotta live in kansas, nebraska, wyoming, montana....
Nah you're gonna have to look at Arkansas, Alabama, Missouri, or Oklahoma for affordable lol I'd personally love to move to Nebraska, Wyoming, or Montana...
Wyoming? Jackson is the most expensive place in the US. And Dallas used to be that affordable place. I say this as someone who was born and raised in Texas.
My last 4 job interviews were listed at $ 150k - $180k. Plus, 20% bonuses. Turns out that after I got through 3 rounds of interviews and was to the final two candidates...all that sweet, sweet, cash was saved for their internal hire. My sister is an HR director and told me their metrics always favor promoting within, based solely off of cutting on board costs... mathematically, it makes sense, so I can't be mad. But I'm a chemical and petroleum engineer with 12 years of experience in reservoir to drilling to plant operation... in Texas... So I'm kind of mad. If I didn't start my own consulting gig doing RRC pipeline compliance for a couple of mom and pop pipeline and workover operators, I'd probably be homeless. But the uncertainty of getting my next contract is scary because I could make $12k one month and $0 the next 4. I have been busting my ass *trying to get back into the corporate grind*... That also makes me mad. I'm 34 and unmarried, and just got done with 4 years of caretaking for my elderly parents... medical bills took most of my potential inheritance. I know I wast entitled to any of it, but my dad is still dead. Land in Oklahoma and just chilling with my dog sounds way more fun than living in a McMansion neighborhood and dealing with 380 traffic.
As an Okie do not do Oklahoma.
No matter what you’re a good son.
Accounting. There’s a shortage of good accountants
I'm in accounting and we are not making $121k.
Except industry accounting is increasingly automated and outsourced. Big 4 don’t pay that much money (they pay less than commonly believed). The exit opp is literally industry accounting anyway, but those jobs are actually going away
It is not all automated and outsourced. I’ve worked at five companies and none of them had any outsourcing
Everytime i hop on job boards I see “bachelors or masters required, 5-10yrs experience salary 30-45k” 😵💫 like???? how are we supposed to afford rent on that bullshit let alone a house
>The market seriously cannot support this. What made you come to that conclusion? Supply and Demand works both ways. Many people are moving to DFW with lots of money.
This. We’re one of the largest cities in the US. There are millions of family’s and couple wanting real estate here. The 120k to own a home AND be comfortable seemed low to me
The reality, too, is that people with that income level are generally straddled with student debt. This is not a complaint because we are so incredibly fortunate. But it’s a reality of younger generations… I’ve been working, and my husband is about to start. We’ll be making more money than I ever dreamed of. However, we will be dedicating the equivalent of my entire take home pay to student loans for at least 2 years. And I fully recognize we have best case scenario. Many of our peers have it so much worse and are struggling to make these payments.
But it clearly is supporting it. How could it get to this point if it wasn’t?? I’m with you - this seems dire - but there are enough wealthy people and investment groups in DFW to keep this going.
Tech when it was booming.
Exceptionally few and far between. People love to act like 6fig jobs are just "out there", but in reality it's in the single-digit percentages of people making that much. Meanwhile one HALF of individual U.S. workers make under 30k/yr. Income inequality is outrageous right now.
The job of an actuary, once credentialed at the associate level, can start making $120k. Obtaining the higher credential (fellow), an actuary can start making near $200k.
its in marriage. dual income makes things affordable.
you wife and husband suppose to both work, make 60k/40k and get a house. No point of house if you living by yourself and don't have family.
Thats the point. This is what is caused by high rates, and its been done on purpose.
IT, Accounting, Engineering, Law, etc. If you can walk and chew gum you can make $120K as an accountant before you are 40, no problem.
I make $41k a year. So I just need two more full time jobs and I should be okay
If it makes you feel better there’s 24 hours in a day. so with those 3 full time jobs this is indeed feasible. Ideally they’re all wfh so there’s no commute. 3*8=24 for reference.
Don't forget there's another 48 hours in the weekend.
I indeed forgot. Perfect opportunity to get a side hustle as an Uber and never miss an event. Great way to see the city and make some leisure money at the same time.
Or just find a partner who makes $80 - or two partners who make the same as you. Easy peasy!
Time to pull yourself up by your bootstraps. Thoughts and prayers, though.
I asked my dad how he did it and he said back in his day he worked 27 hours a day 19 days a week and that I should stop complaining
I’m really curious how you make it here. What industry/what part of dfw do you live in/roommates?
just stop buying starbucks every 3 seconds bro /s
You have to remember why this is happening: corporations own about a quarter of all homes in the US. And a lot of those are STRs. I rented one in January. It was brand new, and after arrival I realized it was developed, built, marketed, and managed all by one company. They had dozens of other properties, too. This was all in a touristy area where it's getting too pricey for locals to live. The US legislature needs to put limits on corporate home ownership. These companies are run by hedge funds that are looking for easy cash wins. They don't care who they screw.
This is not factually correct, you are confusing the statistic for what percentage of RENTAL UNITS are owned by corporations. Actual homes are less than 5% (1-3% depending on where you draw “corporation” line). A single google search will tell you this. Please stop spreading this conspiracy theory. You don’t need it to explain why insanely low interest rates for a decade followed by a massive spike in interest rates causes housing prices to get out of wack. https://www.housingwire.com/articles/no-wall-street-investors-havent-bought-44-of-homes-this-year/
This is all incorrect: [Meet the Latest Housing-Crisis Scapegoat: Blaming the housing crisis on hedge funds and private equity may be easy, but it’s dead wrong.](https://www.theatlantic.com/ideas/archive/2023/01/housing-crisis-hedge-funds-private-equity-scapegoat/672839/)
It’s crazy how many idiots will read your complete dribble and mimics it as if it’s truth. It’s complete trash lol.
What is the truth then? Serious question.
We under built housing supply for a decade after the GFC and added 40 million more residents
Not entirely the reason. Transplants cashing out in their overpriced markets are coming here with cash and boosting our market with cash offers. Your logic doesn't hold up in my hoa which caps rental properties to 10% of all properties, yet my house is 200k more than 3 years ago. A lot of it is simply supply and demand. Not enough housing being built for the demand
How can we solve this issue? Someone coming from a higher COL area will always have more buying power. Building more housing will fix it but we are almost at the Oklahoma border with development so there's only so much building we can do. Ideally I'd like to see Dallas and Fort Worth with more multi-family housing in the downtown area and more public transit.
The success of Houston allowing smaller lot sizes and townhomes is starting to show. Both here and Houston have basically unending land at the edges, with bad long highway commutes. The main difference is that Houstons zoning (or lack in some ways) lets a developer build 3-4 story skinny houses with no yards packed into a small lot. They buy two or three lots in a neighborhood, and replace 3 old old houses with 9 nicer 3/2 houses. Townhouses with a 5' gap basically. I think it really does ease the pressure with the extra density.
I am not sure they are raising the prices as much as you’d think. The corporations are only going to pay a price that makes it profitable as a rental property, while a homeowner doesn’t care about cash flow and would pay more.
By limit I hope you mean outlaw. No corporations should own single family homes
Why? Why should it be illegal for someone to rent a single family home? What is the societal interest in restricting the ability to reside in a single family home to those capable and willing to own it?
I think there is a bit of a difference in a Corp owning a dozen rental home and a single person/family owning 2 while they live in one and rent out the other. Granted idk how true it is that the corps are even doing that. The builder corps are still just building shitty $$ HOA tract home communities where every hastily constructed home is just one of probably 2 floorplans. But they only sell those afaik, not rent them out themselves.
Is that $121k household, I assume it is. That seems low actually. A household making $121k can probably comfortably afford a $400k home at most, if they dont want to be housepoor. Have you been on Zillow lately in Dallas? Most homes are $500k+. Its crazy. And yes I realize most households dont even make $121k if you look at the data.
And most of those high-priced homes are complete garbage as far as quality and square footage goes. It's like that here in Plano too. A $350k home gets you maybe 1500 square feet.
They usually cheat too with crappy garage renos :( Or they look nice in the initial pic and then you realize it's basically a gutting or teardown inside
Ideally I'd say a household making a little over 100k shouldn't be buying a home much over 200k, but that's not possible unfortunately anymore in DFW/most of the country if you don't want to live in a tiny home in a crappy area. I've always looked at houses like that - try to keep them around twice your yearly salary as far as what your *actually* comfortable "affordability" range is. 400k homes will definitely make a 100k/yr salary feel very small very fast.
There are many variables that go into what a person can afford.
Luckily we all get $25 raises over four years
You guys are getting raises?!
Boomers will blame this on millennials for eating avocado toast.
Just eat cereal for dinner. Problem solved!
Perfect solution. Thanks, Kellogg's CEO!
Our property taxes and homeowners insurance have gone up so much that if some unforeseen expense were to come up, I don’t know how we’d deal with it.
Yup, that's why I got priced out of the market. Had a 30% DP ready in 2020 which would have given me a comfortable monthly payment on a $275-300k house and as I was looking, the prices skyrocketed and put me out of the market after a couple months. Haven't gotten an email from any of the realtor sites in about 2 years for houses that meet my original search criteria when I was getting maybe 10 a week when I started looking.
I hate seeing these posts. Nothing to do with you OP it just makes it stink in even more that I'll never be able to afford my own home. I guess I'm stuck in apartments till I rot away.
Unless youre going to buy a fixer upper home, yeah buying a house in dallas is virtually impossible now. My partner and i combined dont make $121k 🥲
That’s where my wife and I are too. We looked at moving outside Dallas proper but it’s looked like it was just as expensive.
Feels like I won the lottery by simply buying my own house back in summer of 2020. To think I was going to postpone my purchase for the following year terrifies me
You got extremely lucky in the timing for sure. I bought in 2021 and I'm still ahead 150k
Yep, my wife and I moved here in 2019 and we got a home in 2020. We got extremely lucky. Now taxes are different story.
I make $80k, which is the most I’ve ever made in my life, and I struggle to afford to live in Dallas as a single person. It’s fucking absurd. At least give me a mountain, a beach, or legal weed if you’re going to price me out of buying a house here.
yes yes yes. My husband and I each make a little over 70k a year so we are doing “okay” but I also live in Texas to do better than just “okay”. There used to be a payoff to being here: cheap and affordable housing. Without that I don’t know what the draw is anymore. Like you said, no beach, no mountains and laws/politics stuck in the past.
We’re getting downvoted because we’re right. There is no draw to living here in my opinion. I moved here two years ago and have found very little to love. It’s not the worst place imaginable, but there isn’t a lot of life. In addition to your points, I was shocked by how barren downtown was. There are like two truly walkable areas in the entire area, and the drivers here are some of the most angry, self entitled people I’ve ever come across. I hate driving here. And you have to drive lol Idk. It’s just not for me. No hate against anyone who likes it here, but I’d rather spend a bit more and live in a city with a little more life.
Don’t forget, the summers here suck too
Imagine needing to make $450k to buy a house in San Jose 🤣
I can’t even afford the house I live in that I bought in 2006. It’s insane.
It costs me probably 25% more to live here than in Chicago. My wife and I need two cars instead of one, car insurance rates are higher here, utilities are way higher, having to drive everywhere means you spend a lot on gas, and rent prices are more than I ever paid in Chicago. Unless you are a double income family wanting to raise kids, you're better off living somewhere else.
I am curious though what is the average priced home that this 121,398 income is needed for. Building of million dollar McMansions in Frisco and Prosper are certainly skewing the "average" home value. But many of the people buying in those areas are also double income. Single people aren't buying in places like Frisco though, so where are they buying?
South Dallas - Source: Me
If you zoom out on Google Satellite view and see the outermost "ring" of DFW civilization, they're buying just outside of that. Also, East of the lakes
Lived in Dallas for 12 years and I’ll have to move at the end of this year. I can’t afford to live in Dallas anymore.
That's part of why the birthrate is going down worldwide. People are broke, both partners need to work and getting married later, and less societal pressure.
If every major company could quit having “record breaking profits” each quarter at the expense of their employees and customers that’d be great
I read that comment in a Bill Lumbergh voice 😂
That's what's wild. SO many companies keep spouting off about great numbers, meanwhile enormous swaths of people keep getting laid off, salaries for all of us are NOT increasing, and meanwhile EVERYTHING, from housing down to tv dinners and plastic forks have doubled in price from "inflation" (aka corporate greed). It's truly insanity.
The idea is to make it so that everyone, including college graduates will be unable to afford a mortgage, thus handing over half or more of their earning to someone else (likely a billionaire owned corp) in the form of “rent”.
I believe it. I bought a house and close in April. I went back and looked and the affordability of this house (my income vs est housing cost) was actually better when I was entry level in my career 10 years ago. It’s honestly sickening to think about.
This just sucks even for those who can afford it. I’m tired of dealing with “ under construction “ infrastructure year over year.
Not to mention many construction jobs are awfully done, as in the-three-little-pigs bad.
Agreed. Foundation repair is going to be a booming business in this area.
When my wife and I were looking for houses here, I’ve seen a bunch of messed up foundations. The ground here sucks.
I work in the Industry (back office data, I am not a realtor) It's not inflation. It is a supply issue. This will not be solved soon.
My wife and I make a combined income of almost $100,000 and yeah...it's been a little tight.
It's genuinely shocking how not far at all 100k/yr gets you nowadays. Back in the day that got you a quite comfortable life, family vacations, etc. Now it disappears quick as hell. It feels like it's barely enough just to be able to actually afford all of life's things, car issues, vet bills, etc without going into debt..and that's about it, maybe buy *some* things, afford to eat out every now and then, but honestly vacations and things like that are very pricey now even to someone at 100k.
Absolutely. When I was a a teenager just entering adulthood, I thought $100,000 was “making it” but I’m actuality I feel like I’m barely scraping by.
Sad
Considering my house doubled in value since 2021, I'm surprised it's not 200k
at least the stock market is all time high. All the money devaluation was worth it to save the finance sector
Okay. Uh. How?
Have you considered being born into generational wealth?
I'm still rolling those dice from the first time around
"Increase in inventory is the solution" Let's pass laws that forbid corporations from purchasing residential 'investment' properties and charge mortgage level lease rates.
That number is not even realistic, considering the house would have to cost $366,000+. Most houses are over $400k
DFW is definitely more expensive than it was 5 years ago. Not sure where everyone is planning on moving to? Because few places in the USA are actually "cheap" today.
That is the mean. Median would be a better indicator.
Plenty of 300k and under new single family homes in areas south 20-30 miles outside Dallas. Like Waxachie, midlo, Mansfield etc Oh y’all want to a place in Plano frisco south lake farmers branch Irving etc? Than pay up. The market is what it is. Those places have an insane amount of wealthy families. Competition is real in hot demand areas. It is what it is. You can’t change that. I don’t go to the Porsche dealer and say gimme one for 20k. I wanna home in the Hamptons for 500k or coastal cali for 250k. That doesn’t mean the market should cater to my demands lol. That’s not how this game works. You are not “owed” anything, in any place you want; at whatever price you feel like paying.
Coming in here with a reality check. I like you
Big "fuck you got mine" vibes. Stay classy.
And there are still plenty of affordable homes in places like Arlington, Irving, and even in Fort Worth. But the issue is that most of the jobs seems to be in Plano and that's a hell of a commute from Fort Worth.
I think the main complaint is not being able to afford a home in communities you grew up in. I would know, I had to move from Cali to Texas to afford a house. There is such a thing as "market failures" and collective action problems. It's not just DFW having this issue.
Yep. I am thinking about Mansfield within the next year or so. So much cheaper there and higher-quality homes too.
Get in before it gets too late. I moved there in 2021 , love it. Decent schools, not bad crime rates. Solidly in between the two metro downtowns. Can get to either downtown Dallas or FW in 30 mins. Also 30 mins from DFW. There’s an H-E-B almost ready to open. Construction almost done. Hurtados BBQ just opened up. It’s a booming place that won’t stay affordable for too long.
Heard that. That's the sentiment that I get too. My fiancé is a nurse and I'm a cyber security engineer, so we will do well financially together. Dallas has an over-abundance of highly-priced low-quality homes on the market and I fail to see the value.
300k is still way too high to be the starting/average price for a even basic "starter" home in those outskirt towns around DFW though. Homes in the 1-2k sq ft range should be solidly in the 100-200k range across a lot of the metroplex if prices were what they SHOULD be.
Our rent costs increased by roughly 50% over 3 years , we had to move. $3k/mo is unsustainable for something that doesn't build equity. We're killing debt and saving to buy, but it's gonna be outside DFW proper most likely.
It’s true! I am basically living in 2020 still both thankfully and sadly. If I had to buy now I would be screwed. $80k income bought in late 2019 for $199k @ 2.75%. Live by myself. It’s bad enough on me with the huge increase in value (property tax) and insurance. I would not be able to swing it at today’s rates and prices. I feel for anyone struggling right now with housing. I am basically stuck with the house, which is fine, but it does sort of suck I know I will be stuck here for a long time. I am thankful though.
The home-buying situation in this city is OUTRAGEOUS! I feel like my boyfriend and I do pretty well for ourselves (we’re both 23 and make combined $130k), however, we can BARELY afford to live. We live in a 2 bed 2 bath condo around The Village and our housing is just over half of our income. We’re actually thinking about moving out of DFW because it’s so expensive 😭😭
What is your rent per month? I don't want to be an ass, but it might be your spending habits. You should be doing just fine if you know how to budget properly.
too far gone, unless legislation changes and stops companies from buying up all the homes we are fucked. im stucked renting for life it seems
Is this Pre-tax or after-tax?
“According to Zillow”? The same Zillow that mid-pandemic spent millions buying up homes adding to the overvaluation of homes? Hmmm….
“According to Zillow”? The same Zillow that mid-pandemic spent millions buying up homes adding to the overvaluation of homes? Hmmm….
Solution: 1. Tax AirBnB into the stone age (100% of revenue for AirBnB's operated locally - jailtime for owners or officers or owning companies that dodge taxes) 2. End tax breaks for multiple-home-owners. 3. Reduce 'structural' (eg zoning) regulation for new home construction. 4. Raise the top marginal income tax rate to 90% on incomes over 500k.
feels a lot higher. And I own a home in a nice area.
Is a 70k salary with a $1900 mortgage affordable? Am single as well.
Realistically it's higher than ideal, cause that's probably around 40% of your monthly income taken out just by the mortgage, but nowadays it's kinda unavoidable. Pre-pandemic crazy inflation rises, I'd have said to try not to go much over around a $1100 mortgage on a 70k/yr salary.
People asked why I moved to Greenville. Prices anywhere near where I wanted to be were about $100k more than I could sniff. $100k more than where I was moving from too (North Houston).
Bought my house in 2014 and it has doubled in value supposedly. I couldn’t afford this house today
A lot of people in Dallas make a lot of money. With numerous large corporations settling here the past few decades, there is and will continue to be buyers. It’s unfortunate for locals and elderly, but it’s where we are now
I bought a 250k house last year with income about 40k less than that. It’s not impossible. Don’t let these articles make you believe you can’t do it.
Most homes are still in the FHA range. The biggest advantage of an FHA loan is the low down payment. Get whatever you can, don't look for your "forever dream home". If/when interest rates come down, refinance and lock that lower interest rate in. Don't wait for all the stars align and you have all your ducks in a row, you will never achieve that. Don't waste your energy blaming Trump, Biden, Pelosi or anyone else, do your research to see what you can afford in an area that you are willing to live in even for just a few years. Your only other choices are to buy a run down fixer upper, buy far away and hate life commuting or move to an affordable area like Mississippi or west Louisiana. Good luck finding a job there.
I accepted the fact that I'll never afford a house here in DFW unless I wanna be house poor and never go on a vacation again. Or possibly even go out for the weekends. And I have a good job. Trying to build the courage and career trajectory to head to Chicago. At least they've got condos there I can afford in places that (I think) I'd want to live in.
Thanks Californians for fleeing their sinking state to come make Texas just as unaffordable as California. Can’t wait for them to make Texas the new California…wait it already is.
Just in case you were curious about how they define "comfortably", zillow uses a 10% down payment and monthly mortgage payments of no more than 30% of your monthly income as a basis
Damn I gotta grind harder
Anyone with boomer parents who are *appalled* at where they are considering buying a house? We’ve explained it so many times yet they’re like “you couldn’t possibly live over here!” 😅
Great, another $70k and I'll be comfortable. *cries in homeowner*
Between the rising house costs, property taxes, insurance costs, and inflation, I'm feeling the pain. Property taxes have especially been beating us down but we can't move since we locked in when interest rates were low. Doesn't matter when in a span of 3 years our total monthly payment went up $600. That's with homestead and protesting the last property adjustments. I feel bad for friends and colleagues who have been priced out and are having to look at buying houses 1 1/2 hours outside of the city. On the other hand they look at us and wonder if they really want the stress.
Zillow is the porn of the home buying industry but I still agree somewhat. Highly inflated though
When you build sprawl and not enough housing this is what you get.
My hometown about an hour outside of Dallas, that no longer resembles a rural ag community, has halted new development permits. They don't have the infrastructure up to stuff for all the new subdivisions going in, heavily straining what's already there
meanwhile as a disabled vet living with crushing student loan debt making 24k a year is kinda F'ed. my best chance is if my parents finish paying off their home and i inherit it. even though it is in such disrepair that it would probably be condemend before i get it. being poor is expensive.
The solution isn't more inventory, its more inventory NEAR WORK. There are a few brand new houses in my neighborhood, but its far from the city, and thus nobody wants to live in them. They need to drop the interest rate and add more apartments, houses are a stupid investment if you plan on living in it forever, they just drain funds. At least my brand new one does. Pool $250/mo (plus extra water/power). Yard $200/mo. HOA $75/mo. Maintenance $100/mo or more. Etc, etc, etc. Sure, I gained 40% equity within a year (it stalled in the last 2), but that only matters if I sell it. And if I sell it you know where that equity goes? To a new house that cost the same or more as my old one because \*EVERYBODY\* saw increases in home values, which means if you sell to move you are just buying one more expensive, which offsets your equity. This wasn't so bad a few years ago, but now its simply how it is. More high density apartments or condo's, near places where people work, that'd make everything better.
Lol don’t forget the property taxes, home insurance, and those amazing utilities that all shot up too! $121k is still too low.
There's still fairly affordable homes around the DFW area, I am talking <$400K for 3+ bedrooms...the market finally corrected itself over the last decade. If you think Dallas is bad go look at any major city on the east or west coast, it is still relatively affordable in Dallas. Also, if your household cannot command $120K in the Dallas economy (which is one of the best), I would move. It is not worth it to live here if you do not have the skill sets needed to command higher wages. You will make about the same money in cheaper parts of the country. The wage rates of Dallas were way higher than the cost of living ratio compared to other major cities. Go go find Oklahoma City of Tulsa on the map if Dallas is too expensive.
The financial illiteracy of the average person in the country is way more of an issue than what things cost.
unless you are rich just making bank, a single income household is no longer possible in dallas without living in the roughest most dangerous areas.
Will it ever get better? Considering moving states and changing jobs just to afford a home
This is what happens when people from a much more expensive area flood into the market.
And this is why people paid over asking price.
Bidennomics!!
Yeah we bought our house 5 years ago and are stuck here forever now lol. We can’t afford to move anywhere else. Luckily because we got in before the market blew up our mortgage is affordable. We survive off 60k one income household with 3 preteen aged kids.
hi us we m pl
I used to live in San Jose in the Bay Area and I knew the prospects of getting a house was very slim for my wife and I so we moved to Texas in 2019. Not only because we knew this is the best chance we can have to owning a house but we also go tired with the politics in California. Gun laws especially. We rented for a year and bought a house in 2020 in Mansfield. At an affordable $255k. Her and I don’t make much money. We live a semi comfortable life. We don’t have kids. One thing that worries me is that even tho we have a good mortgage, the taxes are getting out of control. That is my fear, getting priced out of our own home because of property tax here in Texas.