I just bought a condo near Cole Park. Total payments after taxes/ins/HOA is around $1150/month

I live in State Thomas at a 5ish year old property and pay $1300/month for a 1BR on the pool with a nice skyline panorama. I walk to/from my Downtown office, nearby grocery stores, the Arts District and the nearby hot spots. Deep Ellum, Knox and the Design District are a 5 min/ $5 Uber ride away. It's a ridiculously convenient and fairly safe area to live in, as others have said, if you work downtown and want to be in a nice area near other fun areas.

Most 2/2 on the good side of Lenel are going for $330+ these days.

Is that taking texas insurance prices and dallas property tax into account? I'm not a homeowner in the area, but I think 1.8% tax value is reasonable and I'm not sure $100/month for insurance covers it.

GarlandAg2012 said:

---

Is that taking texas insurance prices and dallas property tax into account? I'm not a homeowner in the area, but I think 1.8% tax value is reasonable and I'm not sure $100/month for insurance covers it.

---

I took the ratio of sales price to what I pay annually on insurance and applied it to a $300k house. Tons of variables, I know (roof type, condition, pool, proximity to FD, flood zones, etc.). 2.0-2.2% tax rate for homestead capped houses in Dallas proper that feed to DISD.

752bro4 said:

---

GarlandAg2012 said:

---

Is that taking texas insurance prices and dallas property tax into account? I'm not a homeowner in the area, but I think 1.8% tax value is reasonable and I'm not sure $100/month for insurance covers it.

---

I took the ratio of sales price to what I pay annually on insurance and applied it to a $300k house. Tons of variables, I know (roof type, condition, pool, proximity to FD, flood zones, etc.). 2.0-2.2% tax rate for homestead capped houses in Dallas proper that feed to DISD.

---

Exactly. 1.8% on 330k is 6k per year. Adding it all up puts you at $1800+/month and thats before any maintenance that an apartment would take care of.

It's a little hard to estimate because the amount you pay for the home may or may not be what the tax appraisal goes up to. I think DCAD can see MLS data so they may raise the appraisal to the sale price when it changes owners. Happened to me in Harris County but not sure about Dallas.

Glad to hear about insurance. I've been trying to estimate cost of ownership in Dallas and that seems to be the piece that is hard to get a handle on.

Is this Manchester?

I'm in Victory Park and looking to move to that S/T ASAP. Looks like you got a good deal on your place.

SoupNazi2001 said:

---

powerbelly51 said:

---

Most 2/2 on the good side of Lenel are going for $330+ these days.

---

You can be close to Lenel and be fine. Plus with 20% down even a house well above $300K meets that rent payment. Do people not put 20% down these days?

---

No, I'd be willing to be that most people age 26-29, which is how old the OP said he was, do not put 20% down. I know I didn't. For starters, most people in that age range probably don't have 60-80k (depending on price of house) laying around that they can comfortably put down on a house, especially when you consider that there is a decent chance they went to grad school and haven't been working very long. They also don't have equity from a prior home to use for their down payment. Second, even if they did have that kind of money, it would likely be smarter to use it to pay off student loans, which will likely have a much higher interest rate than the mortgage.

So basing all of these calculations off of putting 20% down seems a little unrealistic for most 26-29 year olds looking to buy their first home.

The village is a good option for young professionals, which is where I live...and its a short uber to pretty much all bar districts in the city. Free gym, lots of green space, apartment events, cheap (er) rent than uptown, greenville, deep ellum

Congrats on picking Dallas over Houston.

The answer is Uptown.

The Marquis. If you end up visiting and wanting to lease, let me know and I'd be happy to exchange info to split the referral with you 50/50.

Thanks! My lease isn't up until Feb of next year (live in Victory Park and dying to leave).