How to explain Millken Report Best Economic City Drop from 8 to 19 ? Housing now same as Boston and Philly?
Posted by Street_Celery2745@reddit | Dallas | View on Reddit | 10 comments
We now have comparable home prices than Philly and Boston! And we’re 9 spots and 7 spots more expensive than Houston and Austin.
Is this drop just bc of housing? Most of us who bought post 2022 want houses to go up. How will housing prices change in dfw? Is it safe to assume our houses will keep going up or did a bubble burst?
https://www.wfaa.com/article/money/dallas-fort-worth-economy-ranking-drops/287-6db4e16a-7b90-46e0-9d35-c925e257f68f
Jacw_41@reddit
Simple, over saturated market now. More and more people flocking here, taking jobs and contributing back to the local economy. The circle of economic life has been disrupted here
ihatemendingwalls@reddit
What a bunch of pseudo nativist bullshit
Dallas' economic woes are due to inefficient land use policies
Jacw_41@reddit
You haven’t been here long enough 😂 shut up. If you’re a native, you know EXACTLY what I’m talking about
Anon31780@reddit
You say you want housing to go up, but here’s the thing: if nobody who wants to buy your house can afford it when you go to sell, then you’re up a creek and still paying those taxes.
Lots of older folks are (sadly) learning the hard way that their million-dollar payday houses aren’t as popular as they thought; someone who can afford the seller’s dream home can just build a brand-new home to match their own dreams. I don’t fault any one buyer for making the choices that are right for them, but it sucks to see so many people who were fed the lie that housing (as an investment) can only go up, and that somehow “only go up” wouldn’t price out potential buyers. Too many folks can’t handle prices falling to meet demand, and banked their retirements on it.
AnxietyDepressedFun@reddit
Housing should never have been made into an "investment" but remained a consumable commodity. The continued lie of infinite growth in the housing market is prolific and devastating to anyone who just wants to live in a home. My husband & I could have kept our first home as an "investment" but we both think that would be contributing to the lack of affordable starter homes. I expect to lose money on my current house because maintenance & improvements to make it work for us shouldn't be considered "investments" that we will get a return on.
Anon31780@reddit
100%. I've stopped posting that part because it invariably gets me downvoted and argued into oblivion by folks who fully *chug* the Kool-Aid. Infinite growth in the setting of finite resources is a time bomb, and it's going to be brutal for folks who (as you mention) just want a place where they can live in relative peace, comfort, and stability. We're broadly okay with the understanding that vehicles will depreciate over time (with only a few being collectible or rare enough to buck the trend), but housing is protected by a deeply-enmeshed series of laws and practices that largely immunize it from crashing too far.
Street_Celery2745@reddit (OP)
Yeah I want housing to go up because we got in a bidding war last year on a house and paid probably 70-100k over what we and realtor wanted to. It is over $1M. Zillow/realtor/redfin all average it as having not increased really at all in a year or so of ownership. We need to sell it for $100k or more over what we paid otherwise we will lose money (agent costs, sellers costs, etc) assuming we buy a similarly priced house.
You raise a good point. Appetite has to be there. Which means people from more expensive areas need to keep moving here and not being surprised by the prices they are seeing.
If (1) people stop moving here from pricier areas and (2) people leave that moved here 2021-present from pricier areas, then our only hope at breaking even on the house (excluding interest) is if someone expecting pre 2020 prices views our house as a dream home. Even then they probably won’t want to pay because — as you note — they can just build a dream house for this much money.
Realistic-Molasses-4@reddit
Too many Californians despoiling our native lands?
CatteNappe@reddit
We also didn't do great with short term job growth, or the Gini index (measure of income inequality).
TakeATrainOrBusFFS@reddit
One major reason is costly parking mandates. Go on Google Maps and look at the satellite view. Count how many parking lots are mostly empty versus how many are mostly full. You'll find that we are wasting an incredible amount of space on parking.
By one estimate, on average, $225/month of rent for those who rent is just to pay for the parking. Everyone pays that regardless of whether they drive. Housing Affordability Institute has a page about how parking affects housing costs.
The City of Dallas met yesterday to discuss removing parking minimums, and one of the biggest advocacy groups there was the Dallas Housing Coalition, who are particularly concerned at the unaffordable housing market in Dallas. They see parking reform as a top priority.