Possible Housing Affordability Crisis in Dallas (Mesquite, Poteet: real estate, to rent, how much)

[CalTex Ranger]

Originally Posted by kyam11

Spoken like a true socialist

Your tone deafness is unreal.

[kyam11]

Originally Posted by CalTex Ranger

Your tone deafness is unreal.

You lack of holding people accountable is unreal. I know it's never anyone's own fault as to why they are where they are. It's the man holding them back.

[numbersguy100]

Originally Posted by Y'allNotYa'll

"Dallas is getting bad for low-income people, but it's still not even close to as bad as NYC and CA".
I recognize this privilege, but the point is that people have to spend A LOT more for the exact same thing. And in just 4 years! Doesn't this concern you?? If it was gradual that'd be a different story. I don't WANT Dallas to become like those places, or any other metros for that matter. Why should we let the uber wealthy from out of state drive up the prices? Poor people are gonna continue to live here no matter what, how is it fair that we make it even more difficult to move up in life?

I agree that there is a true hardship factor for many in the recent run up in prices. And I think there is reason for concern over and above humanitarian reasons (even though human empathy is something that could go a long way with some). Businesses that need low cost workers need places those workers can live and commute to work. A minimum wage worker can barely get to a job in Frisco right now with the way development in DFW is going (at least, not with the cost of tolls, car maintenance, gas - I'm not even talking commute time).

The problem is that when governments try to solve this, they are almost always counterproductive. Additional supply and/or loosening of regulations that lower the fixed costs of construction are ultimately the only things that will lower prices in aggregate. Most government "fixes" actually tend to restrict supply growth which just makes housing that much more expensive.

[Bullandram1]

Originally Posted by Y'allNotYa'll

My parents bought a house built in the 60s back in 2003 for $70,000 ($95,000 in 2018 money) when the median home price for a brand new house was around $145,000 ($200,000 in 2018). As of today, it's worth $180,000 at a time when median home prices in DFW are $270,000 ($200,000 in 2003).
Maybe these prices are normal to the rest of the country, but this change REALLY happened to us in just a few years, and it's not easy to adjust to (speaking to those of you who can afford this rapid increase in prices and aren't as affected as the rest of us).
Back in 2014, the median home price was $190,000 ($205,000 in 2018) which was basically equal to pre-recession levels, and in a matter of 4 years it increased to $270,000. Of course prices will always increase, but by so much and so quickly? Home building companies totally took advantage of the fact that people from more expensive metros were moving here (Source: My dad who's been a home builder for over 10 years) and it worked out great for them.
New homes are overpriced by a considerable amount, and used homes aren't any better.

At the end of 2014, my parents' home was worth $95,000 in 2018 money and $110,000 in 2015. Now, it's worth $180,000 as stated before, and it's the exact same house!



Does it seem normal to some of you that a home from the 1960s went from being worth less than half the price of a brand new home to being valued around 65% of that same brand new home in just 4 years? And keep in mind that their house is small compared to today's standards and in Mesquite, a suburb that has seen a drastic decrease in its white population since they bought the home (Please save me from the "what's wrong with brown people" remarks, I'm first-generation Mexican and we moved out of East Dallas for a reason). A house from the 60s in a not so desired suburb goes for the same price a cheap new house did in 2014!!
And to add fuel to the fire, wages aren't keeping up, college is outrageously expensive, and interests rates are increasing. If another recession hits soon, people who bought their house from 2015 and onward are gonna be the most affected.

This is totally true! The person that posted after this and said people are still buying and there’s no affordability crisis is an idiot. Haha just because people are stupid and buy a house at these ridiculous prices doesn’t mean they can actually afford it. How do I know this? Bc my sister in law bought a 300,000 first time house because the bank told her she could afford it. WRONG! she can’t afford it and just like many other people they are now house broke and have no lives. Wake up people. It’s not right what’s happening. All the people that talk crap and say there’s not a affordability problem are the ones who are already home owners that bought before the housing prices rose and they want to collect and not just collect but get completely greedy with these ludicrous prices.

[kyam11]

Originally Posted by Bullandram1

This is totally true! The person that posted after this and said people are still buying and there’s no affordability crisis is an idiot. Haha just because people are stupid and buy a house at these ridiculous prices doesn’t mean they can actually afford it. How do I know this? Bc my sister in law bought a 300,000 first time house because the bank told her she could afford it. WRONG! she can’t afford it and just like many other people they are now house broke and have no lives. Wake up people. It’s not right what’s happening. All the people that talk crap and say there’s not a affordability problem are the ones who are already home owners that bought before the housing prices rose and they want to collect and not just collect but get completely greedy with these ludicrous prices.

Demand>Supply.

Learn basic concepts

[CalTex Ranger]

Originally Posted by kyam11

You lack of holding people accountable is unreal. I know it's never anyone's own fault as to why they are where they are. It's the man holding them back.

Wrong again chumpmaster flash.

What you don’t understand is what affordable means because you’ve been gifted everything.

Keep patting yourself on the back like you’re being noble. Hope it doesn’t stretch your Shmedium dragon t-shirt.

[CalTex Ranger]

Originally Posted by kyam11

Demand>Supply.

Learn basic concepts

You learn the concept. That’s the crisis. It’s the supply driven by your ilk.

You tried the equation upthread but you do not understand the concept.

[Bullandram1]

Originally Posted by kyam11

Demand>Supply.

Learn basic concepts

If I had to guess your old and aren’t getting into the housing market for the first time right now. Am I right?

[kyam11]

Originally Posted by CalTex Ranger

Wrong again chumpmaster flash.

Whatnyou don’t understand is what affordable means because you’ve been gifted everything.

Keep patting yourself on the back like you’re being noble. Hope it doesn’t stretch your Shmedium dragon t-shirt.

Lol? Gifted everything? Thanks for the laugh.

[kyam11]

Originally Posted by Bullandram1

If I had to guess your old and aren’t getting into the housing market for the first time right now. Am I right?

When I got into the housing market for the first time I entered a market that had a median price of $700,000.