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East Dallas can be a bit broad but I’m guessing it’s still going to be a minimum $600-700k in any decent parts. With the rule of 3x that would be at least $200k with 20% saved as a down payment.
Agree with PwC. I live in east dallas. You can probably find a condo for $550, but if you go lower than that you’re signing up for issues. I bought my east dallas, 1400 sq ft home for $400 2 years ago. It was that cheap because it requires at least $200 in renovations to make it moderately nice.
Can’t speak to buying, and that’s definitely going to depend on how nice the unit is and the location. I do know some people (including an actuary and a couple in finance) who were able to afford a house in Bishop Arts, which is one of the cooler neighborhoods and would give you plenty to do. It’s a 10 minute Uber from downtown.
I rent in Turtle Creek/Victory Park, which is a really nice area that’s also fairly quiet. I found a high rise with a downtown view that is affordable, with private access to the Katy Trail. It’s not the newest building, but I have almost 1,000 sq ft on the 15th floor with a perfect downtown view and only pay $2300 for my base rent. With reserved parking, pet rent, and fees I pay $2600.
Chief
Depends on your other debts
Yeah where I am right now I straight up can’t afford to own, and that’s the motivating reason for me to move. Don’t mind an older place that needs some work, as long as it’s got a pool 🙂
100K easily
what neighborhoods are good?
M Streets, Lower Greenville, Lakewood Heights, Lakewood, Hollywood Heights are all “nice”. Other areas around East Dallas have pockets of niceness.