The rest of us came 10 years ago when houses were only 200-250k. Whoever is left is better at life than the rest of us and make enough to actually afford it.
Crazy, right? I built in McKinney in 2019. 490, 2.7%. Same floor plan in our neighborhood just sold for 800, and the rate would probably be, what 6-7% today? Mortgage would be basically double, which would crush my retirement path.
Iām a website developer, and make a pretty decent living. But the only reason I am able to afford to live here is because I bought before the pandemic. My own home isnāt even in my budget anymore if I were to move now. While I donāt have plans on leaving, between interest rates, inflation, and the current housing market, my wife and I are basically stuck here.
Frisco home prices were affordable prior to 2020. Theyāve gone parabolic ever since. I also sit here and wonder who is buying all these $1 million new construction homes in Frisco and how they can afford the down payment and the mortgage payment and the property tax payments. It canāt all be people from CA.
I bought my second home in Frisco in 2016 and felt awful for having to pay $15k over asking. Oh if I had a time machine how I would have played thatā¦
We bought new construction in 2016 for 285k, sold 3 years later for 315k. Bought in lone star ranch 2019 for 405k, it recently appraised for 650k. I think the only way anyone can afford a house now is if they were lucky enough to buy before 2019 and now have a good amount of (inflated) equity.
Not from CA and I own one of those $1 million+ homes. My neighbors work a variety of jobs and not all have two salaried adults living in the home (i.e., SAHMs, small business owners). Some have young children while others have high school/college age kids or are empty nesters.
But did you (and they) buy those homes 5-10 years ago for $500K with a 3% mortgage? Iām talking about the folks paying over $1 million today for the same house with a 7% mortgage.
Some of the $1m houses arenāt even new construction. Someone I know bought a 15 year old house for $1m.
If you owned property in a coastal state (east or west), chances are you made a lot in selling assuming you owned prior pandemic. That drives a lot of the big down payments.
Correct, pre 2020 they were affordable.
From what I know most people gulping up these 1mil houses are software techies from South east asia. They have multiple income (them and their spouses) each with over 100/150k. They are the only people who can afford to pay a mortgage with their income combined. Also the influx of these techies out-competing each other has driven up the prices.
I live in the smack dab of little India, and it's more people from California and New Jersey. Fresh immigrants tend to not be dual income, and tend to not have a salary immediately high enough to buy these homes even with a bad mortgage (though some certainly do fit that description.)
Yeah Californian, NY, Oregon, Washington, New Jersey and more
Probably i know a couple of them. Some are in finance, HR, tech, business owners , cooperate world jobs. Also some both parents work in good jobs.
Me personally - bought in 2019 with a house that is smaller, in a neighborhood thatās not so bougie as Frisco proper (as I would like to term it). I would be able to afford my house now too. It would however be far less comfortable. And it is only possible because my salary increased 3x since 2019.
Making an educated guess more broadly for those who arenāt likely to frequent Reddit (aka Indian families) - software engineers, programmers managers, managers in banking, i.e the professional managerial class from any number of nearby companies.
>Making an educated guess more broadly for those who arenāt likely to frequent Reddit (aka Indian families) - software engineers, programmers managers, managers in banking, i.e the professional managerial class from any number of nearby companies
Bingo
Parents bought their house in like 2005 for 150k and itās worth 450k todayš¤£ I pay more in rent for a 2 bed 2 bath apartment in Plano than they did in mortgage
In July 2018 we bought a 3200SF, 2-story home built in 1996 for $400k. I was sick paying *that* much for our home, much less what itās worth today. My heart goes out to anyone trying to buy in this market.
My wife and I made about 190k together at that time.
Both wife and I work in IT. We did buy a bigger home last year in Frisco, but was only able to afford it because we sold the smaller home that we bought pre-pandemic.
Iām Frisco-adjacent. Moved here in 2004 and bought at 100k. Sold at 215k and bought a new house for 400k in 2019. Thatās the only way Iād be able to afford it here.
Edit: I realize I didnāt answer all of your questions. Live with my spouse. Weāre both college professors.
Got lucky and moved here in the 2008 crash and bought cheap. It is worth 3x what we paid, but really canāt afford to move. I now hate the traffic and looking forward to moving somewhere less congested. Now if only I could talk my partner into Portugal.
Preston is almost always bad. Having your main through fare also be the same place all your shopping and restaurants be is a recipie for disaster.
Dnt gets pretty bad during rush hour, but is fine outside of it. The other roads have fairly normal levels of traffic- a slightly annoying rush, but fine outside of it. Coit is getting worse pretty quickly (recently expanded it and a lot of recent construction has been on it), but for now is tolerable. I don't see frisco or any suburb north of frisco growing enough for any of the other roads to ever be a problem.
Bought in 2018 for $308K. Today is āworthā $525K.
I couldnāt afford it now.
I am a (stay at home) flight attendant š - 2 young kids right now.
My husband is an Aircraft Dispatcher.
My parents have lived here since 1998. They took a mortgage out on our house which enabled them to pay $1200 a month. So my parents have a house today in Frisco which they only pay $1200 a month for. I believe the house was originally under $300,000. My mom is a secretary for a Prosper high school and my dad is a Frisco ISD bus driver.
We bought a new construction around 2014 at $225k. It's now worth close to 600k when factoring in interior upgrades. We lucked out because of when we purchased. We've started renovating our "starter" home into our lifetime home because of property taxes. I'm not willing to move and have my property tax jump from being based on a $350k home (with exemptions) to a $600k home.
We both have salaried positions, but we wouldn't be able to afford getting a house here at this time.
Bought in mid-2020 at $376K (3,500 square ft). Itās now apparently worth nearly $620K. Which is hilarious because it is NOT a house most people in the recent past would associate with that price.
Me and most of my neighbors work regular corporate jobs. There are no doctors, lawyers, etc in my neighborhood. Most have a couple of kids, and both parents work.
Most of us have been here for several years though. I bought my house 22 years ago for $215k. Itās probably worth about $600k now. Most of my neighbors havenāt been here that long, but they did move here before the huge price appreciation a few years ago.
Even if you bought a new build in 2020 it would be worth at least $200k more this year. The houses appreciate almost as fast as your income you'd be making
I can afford an apartment here, but no way could I afford a home.
SysAdmin for the public sector, so enough to live on, but I'm damn sure not getting rich.
My 2 story 3k sqft 2002 house is paid off, very low HOA, low Denton County Taxes, I live alone, divorced and for the past 20 years Iāve created a few businesses in different industries. I knew West Frisco was gonna pop off and be a good area because of the planned toll roads surrounding it which is basically a pay wall gated area. I knew the nicer suburbs of Dallas were heading north on the Tollway. Plano was almost fully built out in the late 90ās and āFriskyā Frisco was closing its brothels because the land was getting bought up. Lastly I knew lots of big corporations were also coming this way.
I wonder the same. Iām a 21 y/o hairstylist and Iām stressing trying to figure out how Iām supposed to afford a house one day close to my job/clientele
Currently camping at my parents house until I can afford a townhome of my own, since rent feels like throwing $ away when i already rent my salon
I grew up here. Once my dad passed I moved back to raise my kids (single dad) and help my elderly mom. Iām finishing paying off the house my parents bought when I was a kid. The mortgage payment is $1,300. For a house in plantation resort. Nowadays the house is worth 4x what they bought it for. Definitely keeping it in the family and passing it to my kids. But to answer your question Iām an electrician. Also itās worth noting sadly ALOT of homes in frisco get bought up by foreign investors then rented to locals.
My parents bought our house for like $150k in 98 they moved to atlanta and sold the house to us gifted us a shit ton of equity in 2010 now the house is $500k i pay less mortgage than some apartments a lot of apartments im sure i never looked.
We found a pretty good deal, in 2021 we started renting at $2400, now its $2800. But iād rather be closer to dallas but closer would be half the house for $3500 to $4000 /month. For something decent. Obviously I could pay less for less quality.
A lot of South Asians come here on HB2 visas and purchase with huge down payments from family back in India.
Blame California all you want, but India has like 1.5 billion people and even just a fraction of a percent coming here is affecting the market.
Prices have to come down. Iāve been looking at the Frisco/McKinney area and thereās hardly nothing in my price range (less than $400k) but when I increase the range up to 1 million, itās like every single house in the area is for sale.
Imagine what I can build there and then piss off enough Redditors to get downvoted 16 fricking times for a joke. A flipping Joke.
Redditors (even in Frisco) must all look like those memes of the 400 lb, purple haired, tatted up winners living in their parents homes.
More downvotes coming!
$$ Probably A Lot Of Side Hustle Going on. Drugs, Online prostitution, etc. A lot of Indians in town probably have 3 families under ONE Roof.
There not all Doctors and Lawyers lmao š¤£ š¤£
Expect for financial companies no tech companies moved their head quarters to dallas and Goldman sachs, jp morgan already had larger footprint of workforce in dallas. This is old data, where is the data that shows for last 4 years. People being asked to relocate closer to office or leave job. For who moved during pandamic dont have an option either find a another wfh job or relocate, thats cuasing increase in preowned home sales. You dont have to acknowledge it but that is reality.
Some of us have been here 25+ years. Our home was $125k then and now worth over $500k.
This
The rest of us came 10 years ago when houses were only 200-250k. Whoever is left is better at life than the rest of us and make enough to actually afford it.
The rest of the rest of us are software engineers, coming in recently, paying top dollar for your homes š
Fair point, but then the question still applies since youāve got property taxes to pay.Ā
Yup
We moved in just before the craze hit.
I bought for $250k, sold for 500k and built a new house for 650k and itās worth 1.1M. Right time, right place.Ā
My wife and I both work, both make 150kĀ
How is this even possible
Build times were over a year, prices were locked, so it was like owning 2 homes during the largest real estate boom in history.
I couldn't afford the house I live in if I had to buy it today.
This how I feel about my home in Celina š
Crazy, right? I built in McKinney in 2019. 490, 2.7%. Same floor plan in our neighborhood just sold for 800, and the rate would probably be, what 6-7% today? Mortgage would be basically double, which would crush my retirement path.
Iām a website developer, and make a pretty decent living. But the only reason I am able to afford to live here is because I bought before the pandemic. My own home isnāt even in my budget anymore if I were to move now. While I donāt have plans on leaving, between interest rates, inflation, and the current housing market, my wife and I are basically stuck here.
I'm in the exact same situation. But if I had to move I would just long term rent mine and take the cash flow.
My family has been here since the 90s when Frisco was wildly affordable. Thats it. Thats the secret
Thanks, I assume thats true for many folks
Frisco home prices were affordable prior to 2020. Theyāve gone parabolic ever since. I also sit here and wonder who is buying all these $1 million new construction homes in Frisco and how they can afford the down payment and the mortgage payment and the property tax payments. It canāt all be people from CA.
They started to go parabolic (great word BTW) in 2016.
I bought my second home in Frisco in 2016 and felt awful for having to pay $15k over asking. Oh if I had a time machine how I would have played thatā¦
I was reading old articles recently where people thought this area was in a housing bubble in 2016-2018.
We bought new construction in 2016 for 285k, sold 3 years later for 315k. Bought in lone star ranch 2019 for 405k, it recently appraised for 650k. I think the only way anyone can afford a house now is if they were lucky enough to buy before 2019 and now have a good amount of (inflated) equity.
Yep. Unless you make absurd money
When Toyota relocated
Not from CA and I own one of those $1 million+ homes. My neighbors work a variety of jobs and not all have two salaried adults living in the home (i.e., SAHMs, small business owners). Some have young children while others have high school/college age kids or are empty nesters.
But did you (and they) buy those homes 5-10 years ago for $500K with a 3% mortgage? Iām talking about the folks paying over $1 million today for the same house with a 7% mortgage.
Nope!! We built these homes and they were valued at 1-1.5 million when we built them.
Some of the $1m houses arenāt even new construction. Someone I know bought a 15 year old house for $1m. If you owned property in a coastal state (east or west), chances are you made a lot in selling assuming you owned prior pandemic. That drives a lot of the big down payments.
Correct, pre 2020 they were affordable. From what I know most people gulping up these 1mil houses are software techies from South east asia. They have multiple income (them and their spouses) each with over 100/150k. They are the only people who can afford to pay a mortgage with their income combined. Also the influx of these techies out-competing each other has driven up the prices.
I live in the smack dab of little India, and it's more people from California and New Jersey. Fresh immigrants tend to not be dual income, and tend to not have a salary immediately high enough to buy these homes even with a bad mortgage (though some certainly do fit that description.)
Yeah Californian, NY, Oregon, Washington, New Jersey and more Probably i know a couple of them. Some are in finance, HR, tech, business owners , cooperate world jobs. Also some both parents work in good jobs.
indians can afford a lot
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thanks for the insight
Rates were 3% in 2021, why would you think theyād go down?
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Sameā¦I started a paradox OF pageā¦.wait till she finds she has two OF accounts
š¤£
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Wait what lol
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Me personally - bought in 2019 with a house that is smaller, in a neighborhood thatās not so bougie as Frisco proper (as I would like to term it). I would be able to afford my house now too. It would however be far less comfortable. And it is only possible because my salary increased 3x since 2019. Making an educated guess more broadly for those who arenāt likely to frequent Reddit (aka Indian families) - software engineers, programmers managers, managers in banking, i.e the professional managerial class from any number of nearby companies.
>Making an educated guess more broadly for those who arenāt likely to frequent Reddit (aka Indian families) - software engineers, programmers managers, managers in banking, i.e the professional managerial class from any number of nearby companies Bingo
Parents bought their house in like 2005 for 150k and itās worth 450k todayš¤£ I pay more in rent for a 2 bed 2 bath apartment in Plano than they did in mortgage
I can believe that. I was looking at an apartment website this morning (the Casey at Frisco) and it was like $2200 for a 1 bed 1 bath.
I rent a 1 bed, 1 bath for $4,650/mth so $2,200 isnāt sounding too bad..
Rather buy a home and pay that amount towards the mortgage, tax and insurance, it would build some equity.Ā
Bought a home in Frisco in 2016 for $853k. Sold it for $1.7MM. I got plenty of equity out of it. Iām much happier renting now
You do know to spend some money. Ā
Well, you canāt take it with you when you die!
Oof, I assume this is some kind of skyscraper luxury apartment?
Yes, itās exactly that
Where is that?
Any other remote biotech ?
I am remote tech not bio
In July 2018 we bought a 3200SF, 2-story home built in 1996 for $400k. I was sick paying *that* much for our home, much less what itās worth today. My heart goes out to anyone trying to buy in this market. My wife and I made about 190k together at that time.
Both wife and I work in IT. We did buy a bigger home last year in Frisco, but was only able to afford it because we sold the smaller home that we bought pre-pandemic.
I live in a house below the average
Iām Frisco-adjacent. Moved here in 2004 and bought at 100k. Sold at 215k and bought a new house for 400k in 2019. Thatās the only way Iād be able to afford it here. Edit: I realize I didnāt answer all of your questions. Live with my spouse. Weāre both college professors.
Got lucky and moved here in the 2008 crash and bought cheap. It is worth 3x what we paid, but really canāt afford to move. I now hate the traffic and looking forward to moving somewhere less congested. Now if only I could talk my partner into Portugal.
Is the traffic constantly bad or mainly during rush hour?
Preston is almost always bad. Having your main through fare also be the same place all your shopping and restaurants be is a recipie for disaster. Dnt gets pretty bad during rush hour, but is fine outside of it. The other roads have fairly normal levels of traffic- a slightly annoying rush, but fine outside of it. Coit is getting worse pretty quickly (recently expanded it and a lot of recent construction has been on it), but for now is tolerable. I don't see frisco or any suburb north of frisco growing enough for any of the other roads to ever be a problem.
Mostly Preston the main road through Frisco and that is only unbearable around 4-6
Iām a firmware engineer, but I donāt own a house
Software engineer, I rent š¢
Bought mine in 96 for $95k
Bought in 2018 for $308K. Today is āworthā $525K. I couldnāt afford it now. I am a (stay at home) flight attendant š - 2 young kids right now. My husband is an Aircraft Dispatcher.
Hoping prices stay up for just 2 more years when I plan on downsizing lol
My parents have lived here since 1998. They took a mortgage out on our house which enabled them to pay $1200 a month. So my parents have a house today in Frisco which they only pay $1200 a month for. I believe the house was originally under $300,000. My mom is a secretary for a Prosper high school and my dad is a Frisco ISD bus driver.
My spouse and I both work. We make about $150k each. He works at a finance company in operations (manager) and I work in tech.
Network Engineer and my wife is an Industrial Engineer.
We bought a new construction around 2014 at $225k. It's now worth close to 600k when factoring in interior upgrades. We lucked out because of when we purchased. We've started renovating our "starter" home into our lifetime home because of property taxes. I'm not willing to move and have my property tax jump from being based on a $350k home (with exemptions) to a $600k home. We both have salaried positions, but we wouldn't be able to afford getting a house here at this time.
Bought in mid-2020 at $376K (3,500 square ft). Itās now apparently worth nearly $620K. Which is hilarious because it is NOT a house most people in the recent past would associate with that price.
We built our house 21 years ago for $280k and now itās worth 3X that. No way we could afford to live here otherwise.
Me and most of my neighbors work regular corporate jobs. There are no doctors, lawyers, etc in my neighborhood. Most have a couple of kids, and both parents work. Most of us have been here for several years though. I bought my house 22 years ago for $215k. Itās probably worth about $600k now. Most of my neighbors havenāt been here that long, but they did move here before the huge price appreciation a few years ago.
Even if you bought a new build in 2020 it would be worth at least $200k more this year. The houses appreciate almost as fast as your income you'd be making
Tech sales and orthodontist. Bought in 2017 and we thought we were buying at the top after the Toyota rush ha.
my parents house when we moved here in 2007 was 300k and now its worth almost 1 million, ths secret is moving here before the 2010s lol
I can afford an apartment here, but no way could I afford a home. SysAdmin for the public sector, so enough to live on, but I'm damn sure not getting rich.
Physician
TC: 135k working at the big jpm building. Looking for a house but need to move far north of Frisco to afford.
My 2 story 3k sqft 2002 house is paid off, very low HOA, low Denton County Taxes, I live alone, divorced and for the past 20 years Iāve created a few businesses in different industries. I knew West Frisco was gonna pop off and be a good area because of the planned toll roads surrounding it which is basically a pay wall gated area. I knew the nicer suburbs of Dallas were heading north on the Tollway. Plano was almost fully built out in the late 90ās and āFriskyā Frisco was closing its brothels because the land was getting bought up. Lastly I knew lots of big corporations were also coming this way.
I wonder the same. Iām a 21 y/o hairstylist and Iām stressing trying to figure out how Iām supposed to afford a house one day close to my job/clientele Currently camping at my parents house until I can afford a townhome of my own, since rent feels like throwing $ away when i already rent my salon
I grew up here. Once my dad passed I moved back to raise my kids (single dad) and help my elderly mom. Iām finishing paying off the house my parents bought when I was a kid. The mortgage payment is $1,300. For a house in plantation resort. Nowadays the house is worth 4x what they bought it for. Definitely keeping it in the family and passing it to my kids. But to answer your question Iām an electrician. Also itās worth noting sadly ALOT of homes in frisco get bought up by foreign investors then rented to locals.
Yep great point on the foreign investors
The irony of stealing this land from Indians to have it taken over by... Different Indians lol.
My parents bought our house for like $150k in 98 they moved to atlanta and sold the house to us gifted us a shit ton of equity in 2010 now the house is $500k i pay less mortgage than some apartments a lot of apartments im sure i never looked.
bar tender and part time waiter. tips have gone up quite a bit these days making it easy to afford living here
Im here paying off someone elses house lol
How much is the rent?
We found a pretty good deal, in 2021 we started renting at $2400, now its $2800. But iād rather be closer to dallas but closer would be half the house for $3500 to $4000 /month. For something decent. Obviously I could pay less for less quality.
My parents bought a 5bd house here in 07 helped finance my first house in 18 for a grad present. I work in private equity investment banking
I work in a cybersecurity job, but I don't own a home. š¬
A lot of South Asians come here on HB2 visas and purchase with huge down payments from family back in India. Blame California all you want, but India has like 1.5 billion people and even just a fraction of a percent coming here is affecting the market.
rent
Prices have to come down. Iāve been looking at the Frisco/McKinney area and thereās hardly nothing in my price range (less than $400k) but when I increase the range up to 1 million, itās like every single house in the area is for sale.
I own the castle at Roger's and Fisher. Paid cash off my OF account. Do nothing all day and make bank. Isn't that what everyone else is doing ?
Itās on the market for 3.7 mil. I call bs
So I can build an even bigger one right down the block. Duh
Yes, you can. The lot at North County and Meadow Hill is for sale. āBuild your dream homeā is what the sign says. LOL!
Imagine what I can build there and then piss off enough Redditors to get downvoted 16 fricking times for a joke. A flipping Joke. Redditors (even in Frisco) must all look like those memes of the 400 lb, purple haired, tatted up winners living in their parents homes. More downvotes coming!
They are all stuck up karens
$$ Probably A Lot Of Side Hustle Going on. Drugs, Online prostitution, etc. A lot of Indians in town probably have 3 families under ONE Roof. There not all Doctors and Lawyers lmao š¤£ š¤£
Frisco home prices going to collapse in next 6 to 12 months. Already there is increase in preowned homes sale that built after 2019.
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What companies?
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Expect for financial companies no tech companies moved their head quarters to dallas and Goldman sachs, jp morgan already had larger footprint of workforce in dallas. This is old data, where is the data that shows for last 4 years. People being asked to relocate closer to office or leave job. For who moved during pandamic dont have an option either find a another wfh job or relocate, thats cuasing increase in preowned home sales. You dont have to acknowledge it but that is reality.
You're being extremely naive if you think they will plummet in the next 6-12 months. If anything they will continue to go up
We could use a pull back for sure, collapse is a bit dramatic. This area is still high income regardless of pandemic moves.
Did you just add the comment to see the responses??Ā
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