$30K millionaire

Guest post by David Shaffer

The term $30,000 millionaire describes a young professional who spends his or her disposable income on items that represent a more expensive lifestyle than what would be expected based on the paycheck. Think of the college graduate who wears designer suits, frequents five-star restaurants, and lives in a swanky high rise; or the young professional who enjoys fine dining and hanging out at the most prestigious clubs nearly every night. They spend money freely on fun, feeling and looking good, withfauxballer-300x201 long term growth investments about as far from their brain as a Volvo station wagon.

The $30,000 millionaire mentality is about looking good and staying mobile — and let me tell you, this lifestyle choice has been a positive driver for the multifamily sector in DFW. The young professional is hoping that he or she becomes a HENRY (high earner not rich yet) soon, and so on …
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Renting is often considered to be more affordable than homeownership, but the gap between affordable rentals and affordable homes for sale is widening. According to SmartAsset’s 2016 rental affordability survey, there’s a massive income gap for renters. This year’s survey shows that, in Dallas, renters need to make $62,700 to meet HUD guidelines for affordable rentals. That’s an increase of $5,829 from a year ago, and equates to about $1,463 a month on rent alone.

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Millennial-Homeownership-Affordability

Skyrocketing prices and appraisals are good news for Dallas homeowners who want to sell, but what about those who want to buy? According to data just released by Apartment List, 79 percent of Millennials who are renting would prefer to own a home, but cite high prices as the biggest barrier to homeownership.

The data, which comes from 30,000 Millennial renters surveyed by Apartment List, shows that those who want to own a home are putting off their purchase until at least 2018. But if housing prices continue to rise, could the affordability gap grow, too?

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It seems like there’s a new press release with new data in our inbox every day telling us that more and more people are moving to Dallas now than ever before. And just as often we are reading news stories about slow apartment leasing and price reductions in some areas of the market.

If you’ve been overwhelmed with the seemingly ubiquitous data-driven news showing both how fast we’re growing and how troublesome the rental market is looking, here’s a little breakdown of the most recent news regarding Dallas growth and Dallas real estate. The takeaway: Expect to see more of these guys.

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TX-10-most-expensive-Feb-2016

Demand is pushing rents upward in Texas, and renters in Dallas are feeling the burn in their wallets. According to a recent analysis from ApartmentList, Dallas is the most expensive metro area in Texas for renters, with the median price for a two-bedroom apartment clocking in at $1,560 per month. That’s $90 higher than Austin, which is often decried for its astronomical real estate prices, though the state capital saw a 7.8 percent year-over-year increase in rent prices. Rents are up 4.8 percent for Dallas year-over-year, while Plano has seen a 5.9 percent year-over-year increase in rents — the second highest in the state. Look for that number to inch skyward as more luxury multifamily developments come online in Plano and along the northern corridors of Dallas.

TX-10-fastest-growing-Feb-2016

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Suite 200 Living

Are you a self-employed creative? Then live/work space might be right for you says Chase Heckendorn. (Photos: Chase Heckendorn)

By Chase Heckendorn
Special Contributor

The growing culture of self-employed folks, creatives/freelancers and start-up businesses in Dallas has spurred quite a bit of demand for live/work space. Pioneered by some early loft developers in Deep Ellum, we’re now seeing a widespread trend of property owners and developers following in their footsteps. The idea of having an eclectic mix of commercial and residential tenants is appealing to both the tenant and property owner alike.

So what exactly is a live/work space, and why is it so appealing?

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New-Transwestern-rendering-Preston-Rd

As predicted, we are all two-weeks older since the Planning Commission fobbed-off the vote on the proposed Transwestern development at the northeast corner of Preston Road and Northwest Highway. What, if any, votes changed in those two weeks is unknown, but I suspect few. Certainly attendees were not treated to German band Texas Lightening popping out of a cake as I’d hoped.

In those two weeks Transwestern held a meeting largely for angry single-family homeowners upset that the proposal had moved on without them paying attention and seemingly their neighborhood association not informing them. Thankfully I was busy elsewhere that evening. However, I invited Candy over after the fireworks to spill the beans while I plied her with wine.

Also in those two weeks the opposition became a bit more organized and vocal, certainly putting up more of a show at today’s Planning Commission meeting.

And a show it was… hours of tedium and speechifying. It was like church without the wine and crackers.

The same tired rubrics about density, traffic and parking ultimately found no purchase with the Commission. Especially after both the Transwestern-hired traffic engineering representative and the City traffic planning representative spoke. Those arguments were shot, gutted, stuffed and mounted on the rumpus room wall. (more…)

Monaco on The Trail is a fantastic development for those who want a home that feels like a vacation.

Monaco on The Trail is a fantastic development for those who want a home that feels like a vacation.

By Grant Bynum
Special Contributor

Ready to live in a place that you can truly have a staycation every day? Then think about a move to Uptown. So many people are making the move to Uptown Dallas to enjoy the convenient and walkable lifestyle that only Uptown Dallas offers.  And, this year, Uptown Dallas got bigger and better, with the expansion of the West Village and the addition of Whole Foods on McKinney Avenue.  Put that together with the free McKinney Avenue Trolley and hundreds of shops, restaurants and nightlife.  This gives you an amazing lifestyle to help achieve that “work/life” balance we all need.

Uptown has a huge amount of choices for renting! Let’s explore just a few of the choices you might want to consider.

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