McKinney receives updated housing data to inform strategies and investments for the city.
The current McKinney City Hall building located at 222 N. Tennessee Street.Amid recent housing market changes and ongoing redevelopment efforts in East McKinney, the city has received updated data that highlights its current and future housing needs.and show that McKinney has seen rapid and significant increases in home prices and rent prices and falling homeownership rates, similar to other Collin County cities and national housing trends.
“Compared to the U.S. and Texas, McKinney has a slightly higher ownership rate. Across demographic groups McKinney has similar ownership rates as the U.S. and Texas,” according to Root Policy Research’s. “However, households with income below $25,000 are significantly less likely to be homeowners in McKinney—the homeownership rate of low income households in the U.S. and Texas is 41%, compared to 28% in McKinney.”Of homes sold in McKinney in 2019, 63% were priced between $250,000 and $400,000.
“The rise in rental prices is not unique to McKinney,” the updated assessment said. “In fact, McKinney’s median rent has grown at a slower average annual rate and has remained more affordable than Allen, Frisco, Plano and Collin County overall.”But in 2018 half of McKinney renters paid over $1,250 per month, a rate that is considerably less affordable than in the Dallas metro area overall.
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