As I drive around Plano, Frisco, McKinney, Prosper, et. al., in the norther suburbs of Dallas, I have trouble grasping the macro-economics for the region. There are SO many houses that fall into the $250,000-plus range. It is one row after another of nice, brick homes, each demanding an easy $3,000 mortgage payment each month.
That is 1/4 of a million dollars for lodging!
Tack on another $25,000 for a new car every 5 or so years, each with a 3-5 year car note for $350-$500 per month. Add on power bills ($200-$250 per month), food ($500 per month easy for a family of 6), doctor/dentist bills, and other necessities, and what is left for "disposable" income?
How in the world do so many thousands of families in this region support such a lifestyle? How can there possibly be enough good-paying jobs, particularly with the bad state of our economy?
I'm no economist, but my mind cannot seem to grasp this concept.
Right now, our family is living between two worlds. We are so fortunate to live mortgage-free with family in a beautiful home in a beautiful neck of the woods, as we await our house to sell in Beaumont. After that time, we will dump some debt and then save for a downpayment on our next home. But I can't help thinking that much of what I see in the hundreds of housing developments around me is a facade.
Call me skeptical, but a large percentage of the homeowners in these parts have to be living beyond their means. In other words, I wonder what the average (non-mortgage) debt is for the average family in this part of the country. What are the foreclosure rates? And are homeowners here really different than any place else in America?
I wonder if we might be better off teaming up as friends and family and "going in" on a house together. Split the mortgage bills and the utilities. Share vehicles and drive each other's kids to baseball and soccer practice.
This is easy for me to say, as a homeless father of 6 with too much debt as it is, but I wonder if things might be easier for us all if we teamed up to live the American Dream.
2 comments:
A $250,000 home and new car every 5 years is the American dream for some, not for others. We would never consider the idea of teaming up with others to share a mortgage and car payments because a) sacrificing personal freedoms to gain the prestige and luxury of fine possessions has the hint of Faustian bargain to it, and b) we love small homes.
gaskinb, the one thing I like about Beaumont is that it is not overrun with oversized homes. You can find a good, modest home for a modest price. I am sure it is possible where we live in Prosper, Plano, McKinney, and other communities in these parts, but it is more difficult, without compromising school quality, commuting distance, etc... You see signs everywhere saying, "Nice homes, starting at $220,000." The operative word being "starting."
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