Photo Credit: Nick Oberheiden
Dallas, like just about any city in the United States, or in the world for that matter, has its one percent. That elite population that lives lavishly and large on incomes that the other 99 percent of the population can only dream of. Park Cities real estate, old Dallas money, and memberships to country clubs that are pretty much only available through inheritance are some of the obvious trademarks of the Dallas One Percent. That’s not all of the story though. Because Texas (and Dallas in particular) has such a low cost of living being in the one percent is much more manageable here than in locations on either cost like New York or LA.
According to the New York Times you must earn about $603,000 per year to be in the one percent in New York (more if you only consider Manhattan), $467,000 in LA, and $480,000 in Chicago but only $425,000 in Dallas. Less than half a million dollars a year? That’s doable.
And, while areas like Frisco and Southlake are housing an increasing number of the area’s top money-makers, it is true most of the Metroplex’s elite live in Park Cities where the median home value is $1,190,000. Highland Park has the lowest property tax but probably the best public schools in the state. Ironically, many of the residents send their progeny to private schools at either Hockaday or St. Marks.
Photo Credit: Preston Hollow Homes
Living in the “Bubble” has numerous perks besides luxury homes, great schools, and nice cars. Ultra-luxe shopping, easily accessed five star restaurants, and quick emergency responses are just some of them. Calling the police department in Oak Cliff can mean a response time of up to an hour or more depending on the severity of the problem. In Park Cities you’ll be chatting with an officer in your front parlor within minutes of hanging up the phone.
Net worth of the average Park Cities family is $981,426 compared to the average net worth in Manhattan of $1,021,302. Considering the cost of living differences the Park Cities family is living just as well on about half the income (Manhattan has a higher median income than the average in New York). With no state taxes, and a low property tax rate living la vida rico is relatively attainable in Dallas.
Being a member of the one percent in Dallas can look a lot different than it does in other part of the country as well. We Texans tend to be a pretty down to earth group. You’ll see pickup trucks parked next to Masertis – and they’re owned by the same person. Where else but the Metroplex can you find a 15-year-old girl driving a $300,000.00 Lamborghini Gallardo LP570-4 Super Trofeo Stradale to school — with permission?
As in almost everything, we do one percent differently than anywhere else — and we like it that way.