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Inflation in DFW Texas

Ralph Sir Edward

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I just listened to some statistics in DFW this morning while going to get gas for the car. Dallas used to be a place to move to, because (while drab) the cost of living, and in particular housing, was cheaper that other places, relative to wages.

Not any more.

Rent for an average 1 bedroom apartment jumped 20% year-over-year, this month. Average rent was $1600/mo. 2 bedrooms average was 2100/mo. As for buying. . . bidding wars, and prices above asked is standard. My house 5 years ago would have fetched low $200K. Now it would get at least $450K.

I guarantee wages here aren't going up 20% a year. . .

Oh yes, I bought regular here at $4.39 a gallon. . . .
 

am1

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I just listened to some statistics in DFW this morning while going to get gas for the car. Dallas used to be a place to move to, because (while drab) the cost of living, and in particular housing, was cheaper that other places, relative to wages.

Not any more.

Rent for an average 1 bedroom apartment jumped 20% year-over-year, this month. Average rent was $1600/mo. 2 bedrooms average was 2100/mo. As for buying. . . bidding wars, and prices above asked is standard. My house 5 years ago would have fetched low $200K. Now it would get at least $450K.

I guarantee wages here aren't going up 20% a year. . .

Oh yes, I bought regular here at $4.39 a gallon. . . .

But minimum wage has been increased (artificially) which does not help with inflation. Just let the market set the prices and we would be netter off.
 

Ralph Sir Edward

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Just pointing out that many "cheap" places in the US are now stopping being "cheap". It seems strange, why the explosive demand is now in DFW, when it was totally ignored in all the other booms.

Strange times indeed.
 

Patri

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I imagine those jumps in cost of living are everywhere. People probably need to stay put if at all possible until things settle down. And it could be a while.
 

MrockStar

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Yes, thank goodness we bought our lake cottage/retirement house up north in 2018 before the current price hikes. You can't hardly buy a cottage near the lake now, because they sell to family/friends/neibors before they list with a realtor.
 

dioxide45

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Rents are up big in a lot of places. Especially places without rent control and locations where large number of people are moving in to. This certainly includes states like Texas and Florida. Tennessee and Nevada are probably the same. People are migrating from other high costs states to these more traditional low cost states just to make them high cost.
 
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