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Message
re: How someone affords a median lifestyle in Dallas Texas
Posted on 4/4/24 at 11:39 am to BabyTac
Posted on 4/4/24 at 11:39 am to BabyTac
I didn’t include this because someone will say they eat beans and rice everyday for food and spend 200 and expect the same. Always have those boomers who expect onto others what they haven’t done
0
Posted on 4/4/24 at 11:39 am to fareplay
quote:
So everyone who makes under let’s say 120k should be apartments. Teachers cops firemen should not be able to own a home
Or have roommates. Or if married or living with a partner have a dual income.
And if the combined salary of the roommates/spouses/whatever is still $75k, then yes. They absolutely should be living in a cheap apartment.
This post was edited on 4/4/24 at 11:41 am
Posted on 4/4/24 at 11:40 am to Porter Osborne Jr
quote:
Do starter homes exist anymore?
those 3/1 1300 sq foot homes built 50 years ago cost over 400k here.
Investors bought up much of the property, hard for homeowners to find anything.
Posted on 4/4/24 at 11:40 am to Porter Osborne Jr
quote:
Do starter homes exist anymore?
They do. This country doesn't have a shortage of housing. This country has a shortage of liveable areas.
If society was serious about fixing this, we would go start cracking skulls in high crime areas so those places could be safer to live for everyone. This will never happen because everyone is terrified of being called a racist.
Ghetto/hip hop culture is arguably the biggest societal problem in America right now. Eradicate that and a LOT of other problems go away.
Imagine if places like the south side of Chicago were a realistic option for a young, white family who is just starting out on their own. That would open up the housing market substantially.
El Salvador's president would have our housing crisis fixed in a week.
This post was edited on 4/4/24 at 12:00 pm
Posted on 4/4/24 at 11:40 am to AbitaFan08
A teacher should not marry another teacher ok
Posted on 4/4/24 at 11:40 am to fareplay
quote:
So everyone who makes under let’s say 120k should be apartments.
If you’re deciding to live in a large metro area like Dallas, probably so.
quote:
Teachers cops firemen should not be able to own a home
Can they afford one? Owning a home is not a right.
Posted on 4/4/24 at 11:41 am to fareplay
quote:
A teacher should not marry another teacher ok
Were you kicked in the head by a horse as a child?
Posted on 4/4/24 at 11:41 am to fareplay
quote:
How many people you see on your day to day that does this? Stop living in social media
I take it people living beyond their means, especially in Dallas, is a foreign concept to you.
Posted on 4/4/24 at 11:42 am to fareplay
quote:
A teacher should not marry another teacher ok
2 married teachers in Dallas average right at 120k
Posted on 4/4/24 at 11:42 am to VADawg
quote:
They do. This country doesn't have a shortage of housing. This country has a shortage of liveable areas.
A lot of merit to this.
Metros, where most high paying jobs reside, are a) filled with increasingly expensive (and large) homes or b) require sacrifices to live in undesirable areas.
The reality is that much of the b) category isn't just a little rednecky and lacking in better dining, it's junked up with bad schools and higher crime rates. People who don't want to live there aren't just being snobby and entitled.
Posted on 4/4/24 at 11:43 am to fareplay
quote:
So everyone who makes under let’s say 120k should be apartments.
Teachers cops firemen should not be able to own a home
or they can buy one of the homes under $400k. There are many available. About half of all that are on the market.
Posted on 4/4/24 at 11:43 am to fareplay
I make a little over $100k and still can't afford a house in Dallas as a single income. I save about 20% of my pay between 401k and savings and with what's left after taxes I basically break even. This is living pretty frugally with a company car and no spouse to pay for expensive vacations and dinners. In this real estate environment you need to make about $150k to afford a starter home (safe neighborhood) within a 30 minute drive of Dallas proper
This post was edited on 4/4/24 at 11:46 am
Posted on 4/4/24 at 11:43 am to fareplay
quote:
should Dallas increase wages?
Only if Dallas wants the cost of living to rise even faster.
Posted on 4/4/24 at 11:44 am to AbitaFan08
quote:
Being able to afford a “median home” is not a right.
It isn't, but I think someone making decent money should be able to afford a decent place. Its not like he is complaining about someone making $15 an hour flipping burgers not being able to afford a 4 bedroom house in a good area.
Posted on 4/4/24 at 11:44 am to MC5601
I believe it. I lived in Dallas making 135 a few years ago and I didn’t feel like I was doing well at all.
Posted on 4/4/24 at 11:45 am to fareplay
Why are we talking about a top 10 city in terms of population like this?
Posted on 4/4/24 at 11:45 am to Dragula
quote:
People are not saving... But they are wearing Rolexs driving a Hellcat for 96 months at 14‰.
You're asinine if you think this is what most people who aren't saving are doing
People are legitimately struggling
The middle class is disappearing before our eyes
I make very good money
But if I made $100,000 a year I really don't see how I could save enough, buy a house, and have enough money to actually enjoy life
Heaven forbid having a family
People who make ~$75,000 are living day to day they are basically poverty level
$100,000 when I was a child was a LOT of money. Now that is barely enough to afford mild comfortabilities.
Get your head out of your arse.
Posted on 4/4/24 at 11:46 am to PhiTiger1764
There’s 5k+ single family homes with 3 bedrooms in Dallas
300 are below 300k
300 are below 300k
Posted on 4/4/24 at 11:47 am to fareplay
Your numbers are a bit off brother.
That food budget is a bit low. You've also forgotten all the myriad bills like internet, electricity, maybe a subscription service.
The rent is also low for Dallas proper. 1500 might fly in far north Dallas.
When it comes to houses, all you're getting for 400k is a condo or the hood. 400k might get you a starter home in the suburbs north of Dallas. Also, someone who is making 75k isn't going to produce 80k of cash most likely, so probably a higher monthly and then PMI on top of that.
Finally, the DTI is off. If someone makes 75k then that's 6250 monthly. At the best credit score your payment can be 45% of that minus fixed debts (car payment, student loan). So 6250 * .45 - 500 = $2,312. That's the most this theoretical person could have for a house payment monthly. 2900 would never fly.
That food budget is a bit low. You've also forgotten all the myriad bills like internet, electricity, maybe a subscription service.
The rent is also low for Dallas proper. 1500 might fly in far north Dallas.
When it comes to houses, all you're getting for 400k is a condo or the hood. 400k might get you a starter home in the suburbs north of Dallas. Also, someone who is making 75k isn't going to produce 80k of cash most likely, so probably a higher monthly and then PMI on top of that.
Finally, the DTI is off. If someone makes 75k then that's 6250 monthly. At the best credit score your payment can be 45% of that minus fixed debts (car payment, student loan). So 6250 * .45 - 500 = $2,312. That's the most this theoretical person could have for a house payment monthly. 2900 would never fly.
Posted on 4/4/24 at 11:48 am to fareplay
quote:
So everyone who makes under let’s say 120k should be apartments.
Teachers cops firemen should not be able to own a home
Per the Dallas FD website, firefighters start out at $64k.
It looks like the Dallas ISD's minimum teacher salary is $61k.
Dallas PD seems to start around $70k.
So if an entry level police officer and entry level teacher were married, they should bringing in around $131k combined, I would assume they'd be able to afford a home.
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