Are there that many people in DFW suburbs earning over 220k?
Because in many suburbs, a median home is selling for 700k now. It’s got 4 bedrooms and is large, but builder grade. It’s 10-25 years old and often needs work done.
Our taxes are so high, that if you put 10-20% down and have a 5.5% rate, your payment is 4200-4400 a month.
I think minimum you need to be making 220k income to afford that and pay the gas bills ($400-$500 a month in summer), car payments, childcare costs, forget it if you have student loans.
I don’t personally know many people who earn this income in our region, and even some of the ones who do say they wouldn’t buy a home with that high of a monthly payment unless they made 250-300k, because they want to take vacations and eat out sometimes. My own doctor even said this! His wife stays home and he said with student loans he thinks these home prices and payments are absurd. He relocated from another state and is renting.