Housing Market Overview
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
Housing Market Overview
| Metric | Allen | Texas Avg | US Average |
|---|---|---|---|
| Median Home Price | $444,432 | $248,418 | $242,182 |
| Price Trend (Annual %) | 12.1% | 9.9% | 8.2% |
| Median Gross Rent | $1,863 | $1,338 | $1,342 |
| Rent Trend (Annual %) | 5.8% | 5.7% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Allen is about 79% higher than in Texas. Rent is about 39% higher than the Texas average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2023
Median Rent Prices, 2015-2023
Both home prices and rent are rising in Allen, up about 12.1% and 5.8% a year respectively. Home prices are changing faster.
Median rent in Allen rose about 52.0% between 2015 and 2023, from $1,225 to $1,863. Over the same span, rent in Texas rose about 51.9%.
Affordability
On average, housing unit costs 3.5 yearly household incomes in Allen.
Buying the median-priced home in Allen costs roughly 19.9 years of rent at the median monthly rate. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Allen. The price-to-rent ratio in Texas is about 15.5.
| Metric | Allen | Texas Avg | US Average |
|---|---|---|---|
| Median Home Price | $444,432 | $248,418 | $242,182 |
| Median Household Income | $126,266 | $76,510 | $78,145 |
| Price-to-Income Ratio | 3.5 | 3.2 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Allen rose about 130.6%, while median household income rose about 41.3% between 2009 and 2023 — the home price grew faster than income.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Allen | Texas Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 65.5% | 56.5% | 58.2% |
| Rental Rate | 29.9% | 33.8% | 31.3% |
| Vacancy Rate | 4.6% | 9.6% | 10.6% |
| Median Tenure (years) | 12.0 | 14.0 | 15.0 |
| Median Year Moved In | 2014 | 2012 | 2011 |
Allen has a homeownership rate of 65.5%, higher than the Texas average of 56.5%. Its housing vacancy rate is 4.6%, compared with 9.6% in Texas.
Housing Stock
| Metric | Allen | Texas Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.93 people | 2.70 people | 2.54 people |
| Median Structure Built Year | 2001 | 1989 | 1978 |
| Median Number of Rooms | 6.9 | 5.4 | 5.5 |
The typical housing unit in Allen was built around 2001. On average, 2.9 people live in a home with about 6.9 rooms, staying for about 12.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Allen, Texas.
What is the median home price in Allen, Texas?
The median home price in Allen, Texas is $444,432, higher than the Texas average of $248,418.
What is the average home price in Allen, Texas?
The typical home price in %s, reported as the median sale price, is %s. The median is used instead of a mathematical average because it is not skewed by a small number of very expensive or very cheap homes, so it better reflects what a typical buyer pays.
What is the median rent in Allen, Texas?
The median gross rent in Allen, Texas is $1,863 per month, higher than the Texas average of $1,338.
What was the median gross rent in Allen in 2020?
In 2020, the median gross rent in Allen, Texas was $1,487 per month.
What is the price-to-rent ratio in Allen, Texas?
The price-to-rent ratio in Allen, Texas is about 19.9, meaning it would take roughly 19.9 years of rent payments at the median rent to equal the median home price. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Allen.
Are home prices or rent rising faster in Allen, Texas?
Both home prices and rent are rising in Allen, up about 12.1% and 5.8% a year respectively. Home prices are changing faster.
What is the homeownership rate in Allen, Texas?
65.5% of households in Allen, Texas own their home, higher than the Texas average of 56.5%.
What is the vacancy rate in Allen, Texas?
The housing vacancy rate in Allen, Texas is 4.6%, lower than the Texas average of 9.6%.