Dallas makes the top 10 cities for techies, mortgage rates are on the rise, and D/FW scores a spot in the Urban Land Institute’s top 10 markets for 2020, all in this week’s roundup of real estate news.

Dallas makes the top 10 cities for techies, mortgage rates are on the rise, and D/FW scores a spot in the Urban Land Institute’s top 10 markets for 2020, all in this week’s roundup of real estate news.

Silicon Valley Is So Yesterday; Techies Flock To Dallas

Tech jobs with competitive salaries are spread out throughout the U.S. and include several cities that don’t start with “San” or end with “Francisco.”

While the national median home listing price is about $315,000, you’ll be dropping $1.4 million for a spot within the San Fran city limits.

A study on the best cities – where techies can afford to live – ranked communities based on the number of people employed in the tech sector, number of public tech companies, percentage of tech job listings, average tech job salaries, and median home list prices.

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Forget keeping up with the Joneses; kids these days just want to blow the Joneses out of the water.

Forget keeping up with the Joneses; kids these days just want to blow the Joneses out of the water.

Many consumers have spent too much on a luxury handbag, or signed on for a car payment that might require a regular phone call to Mom and Dad. But the price tag of appearing successful, wealthy, and independent has just gone up, as a new Bankrate.com survey shows that 30 million homebuyers have felt pressured to overspend on a home.

The survey also accounts for how peer pressure comes into play when shopping for things like school supplies or holiday gifts.

Ted Rossman, an industry analyst with Creditcards.com, said potential homebuyers should remember to identify costs beyond what’s posted on the “for sale” sign.

“You need to be careful not to overextend yourself, and you need to account for taxes, insurance and maintenance,” Rossman said. “But what feels like a stretch at first could become a much more reasonable monthly payment over time. That’s because your income could very well go up, and assuming you opt for a fixed-rate mortgage, that payment will remain static. So you’re insulating yourself from inflation in a way that renters are unable to do. Property taxes and construction costs generally go up over time, so factor that in, particularly if you’re planning major home improvements.”

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money

Photo courtesy Flickr/Elias Quezada

From staff reports

More than half of U.S. adults say they’ve lost sleep over at least one money issue, according to a new Bankrate.com report. 

That includes 18 percent who say they’ve lost sleep over worries they’d be unable to pay their mortgage or rent. In fact, that number is up from last year’s 12 percent who said housing costs kept them up at night.

Gen Xers and Millennials worry the most about this, with 24 percent of the former and 20 percent of the latter saying they’ve lost sleep over worrying about making rent. Fourteen percent of Baby Boomers said they had. (more…)

From staff reports

It takes more than two years to sock away enough money to address a six-month emergency fund in the Dallas metro area, a new Bankrate.com report revealed.

The area ranks 15th hardest of the top 50 metros when it comes to building a six-month emergency savings fund. That fund would be able to pay for housing costs (mortgage or rent, insurance, property taxes) as well as living expenses like groceries, transportation, utilities, etc.

Factoring all that in, Dallas-area household can theoretically save up to $9,704 of its $56,671 annual take-home pay, Bankrate said, which means it would take 29 months to achieve the area’s average recommended emergency fund of $23,484, enough to cover these expenses for six months. (more…)

home buyingWho is most likely to have home buying as a goal this year? Will remodeling and home improvement spending continue to grow?  We look at this and more in this week’s roundup of real estate news.

Four Percent List Home Buying a 2019 Goal

Four percent (about 10 million Americans) said buying a new home was their main financial goal for the year — and millennials were the most likely generation to claim that as a goal, a new Bankrate survey revealed.

Seven percent of millennials said they wanted to buy a home this year.

But that doesn’t mean financial goals aren’t being set. Bankrate’s survey revealed that about 89 percent of Americans have at least one goal for the year, with paying down debt being at the top of the list, with three in 10 saying that was their goal, followed by better budgeting (13 percent), saving more towards retirement (12 percent), saving more for emergencies (10 percent), getting a higher-paying job (6 percent), and investing more (5 percent). (more…)

Real Estate Story

Everything’s bigger in Texas, including our ability to build wealth.

That’s according to a new study by Bankrate that surveyed the the 18 largest metro areas in the U.S. according to how strong of an environment they provide for making and saving money. Houston ranked No. 1, and Dallas ranked No. 6.

The rankings were created after consulting with experts on which factors should be considered in a conversation about wealth. Here’s what the experts told them were the biggest contributors:

  • After-tax, savable income: This is what’s left over after taxes and necessary expenses. It’s what you could sock away in an interest-bearing account.
  • The job market: Can workers find jobs at competitive wages?
  • Human capital: Can residents find educational opportunities to help advance their careers and earn more money later?
  • Access to financial services: Do people have access to financial products that allow them to invest, save and borrow efficiently?
  • The local housing market: For better or for worse, homeownership is a key way Americans build wealth. If a local housing market is struggling, it can be harder for prospective homebuyers to get a mortgage and for homeowners to accumulate equity.

Other factors considered included participation rates for retirement plans like 401(k)s, a major wealth-building tool for middle-class households. As they noted, “whether or not an employer offers one has a lot to do with the city, both in terms of culture (whether employers think it’s the right thing to do) and supply and demand.”

“If you’re in an area where the unemployment rate is very low, then the employers have to compete for you, and part of how employers compete for you is they offer benefits and they offer retirement plans,” Christian Weller, an economist at the University of Massachusetts Boston, told Bankrate. “Employers do compete on a regional level, on a city level, for talent.”

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