Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Small consolation to those on the wide part of the pyramid.
Indeed, but at the same time, even lower income people could improve their position in life by buying a home within their means. DFW used to be affordable, even for low income households, but...
I can't count the number of times over the years I've seen people post on this forum and others that they didn't want to buy a home and be saddled with a mortgage, they'd rather rent so they wouldn't be tied down and stuck living in the same place. Someone like EDS or myself would trot out the stats that show that home ownership is a corollary to amassing greater wealth than non-homeowners. A massive amount of studies and economic data support this, but you'd still get people arguing against it.
I've been saying that "n" has a crisis. What I said about DFW was basically that it's headed to where an increasing amount of people will be in a crisis. You obviously don't give a rat's ass about them though.
"Second", you should re-read the thread, you've got no fans here buddy. We've all given sources to how it's getting bad and that WAGES HAVE NOT KEPT UP, but again, you don't give a rat's ass while CHOOSING TO IGNORE THE CLEAR FACTS.
You're completely missing the point here as well. It's not about supply and demand. This is about how much homes have increased in price in such a short time. People don't want to spend LA prices to live in DFW (if it ever gets to that point). You can afford that, but most of the people that live in the metro couldn't. It wouldn't be worth it, might as well move to LA since they've got more to enjoy.
That being said, Texas til I die.
You've failed to prove anything you've stated with sources. You can't just state things and not back them up. Just because a home sells doesn't mean it's affordable to the point where the average person won't have to devote more of their income to paying it off or have multiple jobs.
What you meant to say by "Get better or get out" and "Spoken like a true socialist" was:
Screw poor people! I'm gonna drive up home prices til they have to move as far away from me as possible!
You just showed your true morals and beliefs to everyone who read this thread, and it's very sad to say the least.
Learn basic human empathy, then we'll talk. Enjoy your materialistic life pal.
My heart really goes out to you and others stuck in this new reality. I've fought many battles on this forum over this very topic, with people from LA/NY/CHI basically thinking I was mad because from their point of view, $500K houses are an absolute STEAL!!! And we should all be overjoyed at this. lol.
Unfortunately, like in the Wizard of Oz, we aint in Kansas anymore. The filthy rich on both coasts have discovered Dallas and Texas, and are going to keep pouring in, jacking up the prices on homes till they are out of reach to locals. (Some would say we are already at that point).
As dislikeable as people like Kyam have been, the simple fact is that he is right. This is supply and demand, nothing more. The demand for homes in DFW has skyrocketed. The supply hasn't. Hello higher prices. It's not illegal for people from out of state to come in and force up the home prices. Just the nature of the beast. It's happened in other states and now it's here. Nothing really you can do about it. Except the following:
1) Move to a really far flung suburb where prices haven't gone completely crazy. I personally know people who bought homes in Anna, Melissa, Forney and Lavon for under $300K. Pretty much all those areas would mean a horrific commute, but that's the price to pay now.
2) Be committed to cutting down debt and saving for a long time, or maybe getting two jobs and saving the checks from one. Dave Ramsey has been a tremendous help to my family in getting in better financial shape.
3) Accept the fact that owning a home maybe something you cannot do. Yeah, it sucks, especially since not even 5 years ago it was vey doable here in the metroplex, but I honestly think that if your family doesn't have a household income of over $100K, it's going to be very difficult to buy a decent house in one of the good suburbs (and by good I'm not even talking about Plano/Frisco/Allen/McKinney, no I'm talking about Garland/Richardson/Carrolton/Sachse/Wylie)
4) There have been some who talk of moving to a more affordable city/state. Some tell me that OKC is basically where Dallas was 10 years ago as far as home affordability. Of course, that's not so easy to tell someone who has his/her entire family and network here, but food for thought.
Many will tell you that it's an exciting time to be in the metroplex. That may be true for some, but for many of us, that has not been a good thing. Best of luck to everyone.
My heart really goes out to you and others stuck in this new reality. I've fought many battles on this forum over this very topic, with people from LA/NY/CHI basically thinking I was mad because from their point of view, $500K houses are an absolute STEAL!!! And we should all be overjoyed at this. lol.
Unfortunately, like in the Wizard of Oz, we aint in Kansas anymore. The filthy rich on both coasts have discovered Dallas and Texas, and are going to keep pouring in, jacking up the prices on homes till they are out of reach to locals. (Some would say we are already at that point).
As dislikeable as people like Kyam have been, the simple fact is that he is right. This is supply and demand, nothing more. The demand for homes in DFW has skyrocketed. The supply hasn't. Hello higher prices. It's not illegal for people from out of state to come in and force up the home prices. Just the nature of the beast. It's happened in other states and now it's here. Nothing really you can do about it. Except the following:
1) Move to a really far flung suburb where prices haven't gone completely crazy. I personally know people who bought homes in Anna, Melissa, Forney and Lavon for under $300K. Pretty much all those areas would mean a horrific commute, but that's the price to pay now.
2) Be committed to cutting down debt and saving for a long time, or maybe getting two jobs and saving the checks from one. Dave Ramsey has been a tremendous help to my family in getting in better financial shape.
3) Accept the fact that owning a home maybe something you cannot do. Yeah, it sucks, especially since not even 5 years ago it was vey doable here in the metroplex, but I honestly think that if your family doesn't have a household income of over $100K, it's going to be very difficult to buy a decent house in one of the good suburbs (and by good I'm not even talking about Plano/Frisco/Allen/McKinney, no I'm talking about Garland/Richardson/Carrolton/Sachse/Wylie)
4) There have been some who talk of moving to a more affordable city/state. Some tell me that OKC is basically where Dallas was 10 years ago as far as home affordability. Of course, that's not so easy to tell someone who has his/her entire family and network here, but food for thought.
Many will tell you that it's an exciting time to be in the metroplex. That may be true for some, but for many of us, that has not been a good thing. Best of luck to everyone.
Spot on
In olden days, it used to be survival of the fittest.
Now, its survival of the smartest.
Better to stop whining and adapt to new reality.
My heart really goes out to you and others stuck in this new reality. I've fought many battles on this forum over this very topic, with people from LA/NY/CHI basically thinking I was mad because from their point of view, $500K houses are an absolute STEAL!!! And we should all be overjoyed at this. lol.
Unfortunately, like in the Wizard of Oz, we aint in Kansas anymore. The filthy rich on both coasts have discovered Dallas and Texas, and are going to keep pouring in, jacking up the prices on homes till they are out of reach to locals. (Some would say we are already at that point).
As dislikeable as people like Kyam have been, the simple fact is that he is right. This is supply and demand, nothing more. The demand for homes in DFW has skyrocketed. The supply hasn't. Hello higher prices. It's not illegal for people from out of state to come in and force up the home prices. Just the nature of the beast. It's happened in other states and now it's here. Nothing really you can do about it. Except the following:
1) Move to a really far flung suburb where prices haven't gone completely crazy. I personally know people who bought homes in Anna, Melissa, Forney and Lavon for under $300K. Pretty much all those areas would mean a horrific commute, but that's the price to pay now.
2) Be committed to cutting down debt and saving for a long time, or maybe getting two jobs and saving the checks from one. Dave Ramsey has been a tremendous help to my family in getting in better financial shape.
3) Accept the fact that owning a home maybe something you cannot do. Yeah, it sucks, especially since not even 5 years ago it was vey doable here in the metroplex, but I honestly think that if your family doesn't have a household income of over $100K, it's going to be very difficult to buy a decent house in one of the good suburbs (and by good I'm not even talking about Plano/Frisco/Allen/McKinney, no I'm talking about Garland/Richardson/Carrolton/Sachse/Wylie)
4) There have been some who talk of moving to a more affordable city/state. Some tell me that OKC is basically where Dallas was 10 years ago as far as home affordability. Of course, that's not so easy to tell someone who has his/her entire family and network here, but food for thought.
Many will tell you that it's an exciting time to be in the metroplex. That may be true for some, but for many of us, that has not been a good thing. Best of luck to everyone.
#1 is exactly why I'm not very friendly or welcoming to transplants from the population centers on the coasts (LA, SF, BOS, NYC) the folks that built and established the cultures in these towns and have lived there for years and years are now forced out for folks that couldn't give a rats ass about the place. It's just the next stop that's cheaper to save up wealth (nothing wrong with that) however don't expect a warm welcome from some. Most from those areas are very different culturally and actually deteriorate the culture of a city than add to it.
I realize this is probably not going to be a popular point of view but it is what it is. People want to stack up their wealth (again absolutely nothing wrong with that) however generally it seems humans in general are "harvesters" move to an area, harvest resources until no longer feasible, move to the next place. Wash, rinse, repeat. The alternative to that option is to get heavily involved in local government and actually try and fix the problems. But as we can see, most will just pick up and leave to a cheaper less regulated area. Then these same folks will vote in the same type of politician they just flead from. WASH.... RINSE.... REPEAT.... It would be a real shame for the DFW Metroplex to turn into LA, Chicago, NYC. However we've already taken a huge step in that direction and unfortunately there's no turning back.
So hopefully when the bubble pops and the jobs get slimmer we don't turn into Cleveland or some other dead rust belt city. But just browse through a few topics on here and the constant bitching about the local topography and voila those transplants disappear just as fast as they came to go consume the next city.
TLDR; I don't like transplants that run up prices.
You're from Southlake. You literally have no business trying to talk about affordability. My parents made less than $35,000 a year when they bought the home, and my aunt gave them money to put a down payment that was over half of what they bought it for ($70,000). We were a family of 5. My mother barely spoke English and didn't work while my father was the sole monetary provider of the family. They had paid off the remainder of the mortgage just 6 months before my dad was laid off due to the recession (by that time he had become a home builder for Goodman Homes). Don't ever speak on behalf of people like my family. Don't ever try to lecture us about how DFW is "still cheap". It's not. If my parents tried to buy a house today in those same conditions, they wouldn't be able to afford it, and if they STILL went through with buying the house, we would've lost it to a recession.
That home affordability got us out of the ghetto and into good schools (yes Mesquite has good schools). A safer neighborhood by a long shot. I could actually go to the park with my siblings/friends without parental supervision.
If my parents had that same budget today, we would have to settle for PG or Oak Cliff. East Dallas is out of the question now thanks to gentrification, putting $600,000+ homes in places where homes are literally falling apart.
Now to actually argue.
I'll admit I worded the LA, SF, NYC statement wrong. People in LA can "afford" to live there but spend on average half of their income on their rent/mortgage payments. I'm not sure of the exact number here in DFW but I know it's less than 35% on average, probably more like 30%. An ok house there is well over $500,000. Sure people can technically afford them, but they're spending a ridiculous amount of money in the process. If the price increase of the past 4 years continued on without fault, by 2035 we'd be on par with LA home prices. People live in Hong Kong and can "afford it", but are basically slaves to trying to pay off their homes. Middle-class people in LA are in the same situation. Why do "poor people" live somewhere they can hardly afford?
And yes, wages aren't "keeping up". I gave you the source, you can't just choose to ignore it?? Wages were ALREADY good to begin with, so the price increase isn't because thousands of people starting magically making 1.5-2x their previous income from a few years before. Wages haven't increased relative to the ratio it was.
Also, did you really just compare your house that seems to be close to a million dollars to ones that are worth a third of that and lower? Not only that, but you straight up gloated about it. Never liked a showoff.
Remember what I said. Ratio. It isn't even close to what it was before 2015.
Also, 10 years ago I was 10 years old so I couldn't even make an income, much less earn more LMAO
I'M IN COLLEGE RICH BOY
GET OFF YOUR HIGH-HORSE AND DO US A FAVOR BY MOVING BACK TO CALIFORNIA
"What you mean to say is" you are completely clueless to the struggle middle-class, lower-middle class, and poor people in DFW have faced in the last 4 years trying to afford a home.
I'd rep you for this if I could.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
