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Thread: Economy/housing mrkt/jobs in Dallas, Tx?

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    Default Economy/housing mrkt/jobs in Dallas, Tx?

    How are these things here? I know the economy in general is in the shitter. But, I'm assming not all of the states are hurting as bad as others? maybe this is one of those?

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    Default Re: Economy/housing mrkt/jobs in Dallas, Tx?

    Actually, Texas has 'escaped' much of the economic downdraft experienced by other states. In fact, the state of Texas added more jobs in 2007 than the other 49 states combined ! Statistics show that, on the average, some 11,000 skilled 'middle class taxpayers' have been leaving high tax rate states like California, New York, Illinois etc. and migrating to low tax rate states like Nevada or Florida or Texas. Additionally, a fair number of 'high tech' businesses have been downsizing operations in high corporate tax rate / high labor cost states, and establishing / acquiring / merging in new operations in low corporate tax rate / low labor cost states. Thus Texas has still been experiencing economic growth, and still offers job opportunities for skilled 'middle class' Americans.

    In regard to the housing market, because Texas has continued to experience economic / job growth, its real estate market has also escaped the worst of real estate price deflation. I'm not sure whether that is a good or bad thing from the viewpoint of a would-be home buyer.

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    Default Re: Economy/housing mrkt/jobs in Dallas, Tx?

    Quote Originally Posted by Melonie View Post
    Actually, Texas has 'escaped' much of the economic downdraft experienced by other states. In fact, the state of Texas added more jobs in 2007 than the other 49 states combined ! Statistics show that, on the average, some 11,000 skilled 'middle class taxpayers' have been leaving high tax rate states like California, New York, Illinois etc. and migrating to low tax rate states like Nevada or Florida or Texas. Additionally, a fair number of 'high tech' businesses have been downsizing operations in high corporate tax rate / high labor cost states, and establishing / acquiring / merging in new operations in low corporate tax rate / low labor cost states. Thus Texas has still been experiencing economic growth, and still offers job opportunities for skilled 'middle class' Americans.

    In regard to the housing market, because Texas has continued to experience economic / job growth, its real estate market has also escaped the worst of real estate price deflation. I'm not sure whether that is a good or bad thing from the viewpoint of a would-be home buyer.
    Of the top ten cities where people moved TO; Texas has four : Austin (2) ; Dallas
    (5); San Antonio (6) and Houston (7). The number one city people moved to is Raleigh, N.C. Charlotte is number 3. 4th was Phoenix; NOLA was 5th; Atlanta was 9th and Denver was 10th.

    The one thing all ten cities have in common ? LOW TAXES !

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    Default Re: Economy/housing mrkt/jobs in Dallas, Tx?

    Although housing prices in TX are lower than those in CA, NY, or some other states, expect to pay around 3% of the value of the house in property taxes yearly.
    Ex: a 200k house in Dallas will "cost" you additional 6+k a year in property taxes alone, on top of high electric bills due to necessity to run AC all day long May through October!
    Also, expect to pay 8,25% sales tax.

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    Default Re: Economy/housing mrkt/jobs in Dallas, Tx?

    ^^^ but in comparison, an equivalent house in NY would sell for $400,000 ... property taxes would still be $6k per year or more ... sales tax would similarly be 8.5% or more ... plus a state income tax bite of 6.5% to 8.75% of your income. Then add differentials in 'stealth' taxes i.e. NY adds 25% tax to every cell phone bill, 56 cents to every gallon of gasoline, etc. And relative (mostly coal fired) electricity prices in most of texas at 8 cents/kWh versus NY at 14 cents/kWh factor in as well.

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    Default Re: Economy/housing mrkt/jobs in Dallas, Tx?

    Quote Originally Posted by Adelina View Post
    Although housing prices in TX are lower than those in CA, NY, or some other states, expect to pay around 3% of the value of the house in property taxes yearly.
    Ex: a 200k house in Dallas will "cost" you additional 6+k a year in property taxes alone, on top of high electric bills due to necessity to run AC all day long May through October!
    Also, expect to pay 8,25% sales tax.
    One legit argument about Texas and a few other states gaining population is the regressiveness of their tax system. Most use a sales tax and other regressive taxes that hit rich and poor equally. Others have high local property taxes.

    However the residents of those states can rightfully point to example after example of formerly low tax states like New Jersey that tried to create property tax relief by instituting a state income tax. Not only did property taxes NOT decline but state budget problems formerly unknown became a regular part of the political ecological cycle. It has been proven over and over again that cats cannot be trained to bark. Once Governors and Legislatures have access to any source of funding, they WILL spend it. It is part of their DNA. An essential part of their nature. The only way to control state spending is to deny the politicians the source of funds. In the words of Milton Friedman: starve the beast !

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    Default Re: Economy/housing mrkt/jobs in Dallas, Tx?

    I think Texas having a part time legislature plays a pretty big role too. Less stupid laws, fewer regulations, not enough time to really screw things up being a professional politician. Get in there with a budget, throw in a couple "there outta be a law" from the public and recess till next session.

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    Default Re: Economy/housing mrkt/jobs in Dallas, Tx?

    ^^^ you hit on an essential point ... that 'part time' Texas legislators actually must spend a fair amount of their time and effort earning a living in the private sector, whereas full time legislators in states like CA, NY etc. do not. This means that Texas legislators are in a far better position to understand what the 'real' economy is doing, since it directly affects their own businesses / professions that depend on the 'real' economy, as opposed to the full time legislators in CA, NY etc. functioning in a 'fairy tale' economy based on tax revenues and gov't spending of those tax revenues.

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