So, I got one guy telling me that just because you can buy these houses doesn't mean you can afford private school tuition, then I respond (with costs of private high schools that kids in the area actually go to such as St Pius, Lutheran High North, St Thomas, etc ) and then another guy says, you're an idiot, if they got that kind of house their kids are going to an elite school!

Well, let's look at actual numbers. $500k house in Houston is 2.5 the median home price. Average income for those who own this house is typically over $400k which is approximately the top 1% in Texas. They aren't normally going to send their kids to the average private school since they aren't an average family. The schools I listed (higher end private schools) cost more for a year than I payed at A & M.

http://www.har.com/mls/dispPressRelease.cfm

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So, I got one guy telling me that just because you can buy these houses doesn't mean you can afford private school tuition, then I respond (with costs of private high schools that kids in the area actually go to such as St Pius, Lutheran High North, St Thomas, etc ) and then another guy says, you're an idiot, if they got that kind of house their kids are going to an elite school!

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Unfortunately that wide spectrum of answers isn't surprising considering only one person used actual numbers to justify their response.

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Average income for those who own this house is typically over $400k

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where are you getting this? I would say household income would be a lot closer to $150-200K.

People who are spending $500K on their homes would usually be looking at schools like St. Michael's or St. Cecilia, which cost about $8-9K.

Yeah, the annual income of $400K to own a $500K house is not right. My wife and I don't make that much, and we own a house with about that value if not higher. We are not in any way struggling with our house payments. Not sure where those numbers came from.

You seem way off on the typical income. $400k income needed for $500k house? That's insane. I bought a condo a year and a half ago and the sales price to my yearly income ratio was 2.4. I have friends (dual income) that are probably making $150-160ish combined maybe and their house in Austin cost over $400k, maybe closer to $450k. I have another friend who probably paid $300k+ at a time he was probably making $100k+. My parents would probably spend $300k-$400k on their next house, and they don't make much, but they bought a house in Timbergrove when they still went for $100k and so the old home equity would go to the new home, not borrowed. I would think that the typical income buying for a $500k in Timbergrove is under $200k.

Now the people living in the area that are building 6000SF Tuscan villas on Shelterwood complete with rentention ponds in the front yard probably wont be struggling for the elite private schools, but that's not exactly the typical home people will be buying.

I didn't say it took $400k to buy a $500k+ house. The majority of people that do buy in the $500k+ house bracket make > $400k. There are always people that stretch their income to mortgage ratio, but the more that happens the more cash is typically needed up front to do so. More cash is typically the result of more income generation.

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The majority of people that do buy in the $500k+ house bracket make > $400k.

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I understood what you were saying, it just doesn't coincide with my experiences in the Houston market. I'm sure any lender on here will tell you the same.

Are you also thinking that people making $100K are typically buying $125K homes? Sounds like a Dave Ramsey utopia.

No. I understand the 2-2.5 ratio, but my experience is when you hit the top housing cost bracket tracked ($500k+) the incomes are much higher and the supply of houses lower. Of course the lower in that cost on that bracket the easier it is for people to stretch their income, but I wasn't taking his comment literally to only include houses that cost exactly $500k.

We were specifically talking about homes around $500K.

When you're looking at inner-loop homes that aren't in the ghetto, that's close to entry-level anymore, so of course you are going to have people stretching their qualification limits,

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but I wasn't taking his comment literally to only include houses that cost exactly $500k.

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It's not that type of neighborhood that has a ton of homes that are higher than that, really. The maximum for the typical neighborhood home right now probably is about $500k. The neighborhood is overwhelmingly 3 bedroom\1.5 bath 1960's ranch style type places that cant really be torn down in most areas due to the deed restrictions, but only remodeled to add another bedroom, a real 2nd full bath, or another bedroom or whatever. The older section, east of TC Jester, has a lot of tear downs and over there will be people buying brand new $750k-$1 mil eventually (zoned to Love, not Sinclair). There are really wealthy people around that I suspect are on $400k plus incomes, but they are generally people building huge new construction and outside of the area south of 11th (section 5, I think, where the aforementioned 6000SF villa is located) that's not really allowed currently.

I think most people are going to be relatively affluent folks buying 3/1.5s and not people with real wealth/income like you're talking about who would likely prefer something grander for their money, or new construction of their choice.

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The majority of people that do buy in the $500k+ house bracket make > $400k.

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I understood what you were saying, it just doesn't coincide with my experiences in the Houston market. I'm sure any lender on here will tell you the same.

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Because I am pretty sure he is flat out wrong, there have to be tons more $500k houses than there are making $400k...

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The neighborhood is overwhelmingly 3 bedroom\1.5 bath 1960's ranch style type places that cant really be torn down in most areas due to the deed restrictions, but only remodeled to add another bedroom, a real 2nd full bath, or another bedroom or whatever.

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Almost all the houses are on 7500sqft+ lots and only one small section you can't build a two story house.

And I am pretty sure most are 3/2.

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The neighborhood is overwhelmingly 3 bedroom\1.5 bath 1960's ranch style type places that cant really be torn down in most areas due to the deed restrictions, but only remodeled to add another bedroom, a real 2nd full bath, or another bedroom or whatever.

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Almost all the houses are on 7500sqft+ lots and only one small section you can't build a two story house.

And I am pretty sure most are 3/2.

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I must be confused. I thought we were talking Oak Forest with the boundaries described above . While there are some remodels going around $500k, most existing homes are in the $350k-$450k range. The vast majority of the $500k+ homes are the new construction tear downs that are typically closer to a million.

In other words most stand alone homes are under $450k or over $750k and usually closer to a million. That higher bracket gets you to the $400k income number I said earlier.

My parents house is the only one I've ever been in that has 2 full baths that seems original. My friends, grandparents, any other house Ive looked at and been in almost always had a half bath in the master bedroom and a full bath off the hallway. Lazybrook may be different and some sections are probably different.

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The neighborhood is overwhelmingly 3 bedroom\1.5 bath 1960's ranch style type places that cant really be torn down in most areas due to the deed restrictions, but only remodeled to add another bedroom, a real 2nd full bath, or another bedroom or whatever.

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Almost all the houses are on 7500sqft+ lots and only one small section you can't build a two story house.

And I am pretty sure most are 3/2.

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I guess if you consider the meat of the neighborhood surrounding Sinclair as "one small section". A big section north of Sinclair (section 7) is limited to one and half stories and the (Section 6) which is the biggest section between Cindy, Ella, 11th, and TC Jester is limited to one story. The surrounding sections I think are 1.5 story and the newer ones 2.5 story limits. I don't know what the deed restrictions are in the old part (sections 1-4) zoned to love, but as I said before judging by the new construction you can build big there.

I'm pretty sure all of Lazybrook is also deed restricted to one story only, but I don't know for sure.

anyword on the rezoning?

i tried to look for information online but couldnt find anything

I have an inside source at HISD who says there's a chance your child may have to attend school in the company of negroes.

Bump. Looks like the rezoning didn't pass.

http://www.chron.com/news/education/article/Split-HISD-board-rejects-most-rezoning-plans-6264962.php

I couldn't care any less who they attend school with as long as they get a good education

Thanks for the update Jock

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I couldn't care any less who they attend school with as long as they get a good education

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Do you think it is that simple?

As someone who went to these type schools, I think it pretty much is that simple.