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Started By
Message
How someone affords a median lifestyle in Dallas Texas
Posted on 4/4/24 at 11:30 am
Posted on 4/4/24 at 11:30 am
Median income: 75k
After tax (including 8% 401k and 200month insurance): 4250 take home
Rent: 1500
Car: 500
Insurance for car:100
Phone bill: 50
Food: 600
Gas: 100
Saves 1400 month assuming they are a robot who never hangs out with friends and only lives to work and sleep.
Median house price in Dallas: 400k
20% down = 80k
House price and inflation doesn’t keep up with age growth so we just make assumption it’s the same: 57 months for down payment! Almost 5 years of being a robot.
Now mortgage:
2200
Property tax and insurance
700
New saving per month = 0. So no, someone with 75k income can’t afford a median house in Dallas. Houses are officially an upper middle class exclusive item.
After tax (including 8% 401k and 200month insurance): 4250 take home
Rent: 1500
Car: 500
Insurance for car:100
Phone bill: 50
Food: 600
Gas: 100
Saves 1400 month assuming they are a robot who never hangs out with friends and only lives to work and sleep.
Median house price in Dallas: 400k
20% down = 80k
House price and inflation doesn’t keep up with age growth so we just make assumption it’s the same: 57 months for down payment! Almost 5 years of being a robot.
Now mortgage:
2200
Property tax and insurance
700
New saving per month = 0. So no, someone with 75k income can’t afford a median house in Dallas. Houses are officially an upper middle class exclusive item.
33
Posted on 4/4/24 at 11:32 am to fareplay
quote:
So no, someone with 75k income can’t afford a median house in Dallas.
No shite. Dallas isn’t a small to mid size town and $75k for a household income isn’t a lot.
Posted on 4/4/24 at 11:33 am to AbitaFan08
If this is the logic, and this is the median, should Dallas increase wages?
Posted on 4/4/24 at 11:34 am to fareplay
The median person/household isn’t supposed to be able to afford the median house. They should be renting or buying below median.
I would be curious to know what the median homeowner’s income is vs the median house price.
I would be curious to know what the median homeowner’s income is vs the median house price.
This post was edited on 4/4/24 at 11:35 am
Posted on 4/4/24 at 11:34 am to fareplay
Median income is going to include people making minimum wage and either living with their parents or renting. Median income among home owners is probably much closer to $100-120K.
Posted on 4/4/24 at 11:34 am to AbitaFan08
quote:
Dallas isn’t a small to mid size town and $75k for a household income isn’t a lot
Its the median. Thats plenty for a household, houses are just overly inflated.
edit: Its actually better than the median.
$65,400
This post was edited on 4/4/24 at 11:36 am
Posted on 4/4/24 at 11:35 am to fareplay
People are not saving... But they are wearing Rolexs driving a Hellcat for 96 months at 14‰.
Posted on 4/4/24 at 11:35 am to fareplay
Why does a single person need an average home (I’m assuming this is a 2000 sq ft, 3+ bed, 2+ bath place)?
Posted on 4/4/24 at 11:35 am to fareplay
quote:
If this is the logic, and this is the median, should Dallas increase wages?
No, Dallas shouldn’t do Jack shite about wages. Employees should develop skills that allow them to look for higher paying jobs and not buy homes that are over priced.
Posted on 4/4/24 at 11:35 am to Dragula
How many people you see on your day to day that does this? Stop living in social media
Posted on 4/4/24 at 11:36 am to fareplay
quote:
If this is the logic, and this is the median, should Dallas increase wages?
No. Being able to afford a “median home” is not a right.
This post was edited on 4/4/24 at 11:36 am
Posted on 4/4/24 at 11:36 am to fareplay
Do starter homes exist anymore? Drove by my grandparents old neighborhood the other day with the 1950’s 3/2 ranch and the size difference to new homes today is tremendous. Does anyone start with a small House and work their way up?
Posted on 4/4/24 at 11:36 am to Oilfieldbiology
So Dallas should close down all fast food and restaurants or hire illegals to staff them? Where do they get these workers from
Posted on 4/4/24 at 11:38 am to Porter Osborne Jr
There’s a 3 bed 1 bath in ghetto Dallas for 200k right now if interested
Posted on 4/4/24 at 11:38 am to fareplay
quote:
So Dallas should close down all fast food and restaurants or hire illegals to staff them?
You never make sense.
Posted on 4/4/24 at 11:38 am to fareplay
quote:
So Dallas should close down all fast food and restaurants or hire illegals to staff them?
No
quote:
Where do they get these workers from
Apartment complexes. Smaller homes. You said the median home is $400k new. That means 50% of homes cost less than that.
Posted on 4/4/24 at 11:38 am to fareplay
Electric?
Trash?
Water?
Internet?
Also, some of the values you entered are pretty low esp considering commute to work.
At $75k in Dallas, living pay check to pay check is a goal. Especially with unexpected expenses that will come up every month.
Novel idea, if you can’t afford it, don’t live in Dallas. Nobody is privileged to live wherever the hell they want.
Trash?
Water?
Internet?
Also, some of the values you entered are pretty low esp considering commute to work.
At $75k in Dallas, living pay check to pay check is a goal. Especially with unexpected expenses that will come up every month.
Novel idea, if you can’t afford it, don’t live in Dallas. Nobody is privileged to live wherever the hell they want.
This post was edited on 4/4/24 at 11:41 am
Posted on 4/4/24 at 11:39 am to Oilfieldbiology
So everyone who makes under let’s say 120k should be apartments.
Teachers cops firemen should not be able to own a home
Teachers cops firemen should not be able to own a home
Posted on 4/4/24 at 11:39 am to fareplay
quote:
There’s a 3 bed 1 bath in ghetto Dallas for 200k right now if interested
This sounds like where a household or person earning 75k a year should live.
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