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 | McKinney | Texas Avg | US Average |
|---|---|---|---|
| Median Home Price | $383,327 | $248,418 | $242,182 |
| Price Trend (Annual %) | 8.3% | 9.9% | 8.2% |
| Median Gross Rent | $1,828 | $1,338 | $1,342 |
| Rent Trend (Annual %) | 6.6% | 5.7% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in McKinney is about 54% higher than in Texas. Rent is about 37% 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 McKinney, up about 8.3% and 6.6% a year respectively. Home prices are changing faster.
Median rent in McKinney rose about 62.4% between 2015 and 2023, from $1,125 to $1,828. Over the same span, rent in Texas rose about 51.9%.
Affordability
On average, housing unit costs 3.2 yearly household incomes in McKinney.
Buying the median-priced home in McKinney costs roughly 17.5 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 McKinney. The price-to-rent ratio in Texas is about 15.5.
| Metric | McKinney | Texas Avg | US Average |
|---|---|---|---|
| Median Home Price | $383,327 | $248,418 | $242,182 |
| Median Household Income | $118,781 | $76,510 | $78,145 |
| Price-to-Income Ratio | 3.2 | 3.2 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in McKinney rose about 58.8%, while median household income rose about 53.2% 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 | McKinney | Texas Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 59.9% | 56.5% | 58.2% |
| Rental Rate | 35.0% | 33.8% | 31.3% |
| Vacancy Rate | 5.0% | 9.6% | 10.6% |
| Median Tenure (years) | 10.0 | 14.0 | 15.0 |
| Median Year Moved In | 2016 | 2012 | 2011 |
McKinney has a homeownership rate of 59.9%, higher than the Texas average of 56.5%. Its housing vacancy rate is 5.0%, compared with 9.6% in Texas.
Housing Stock
| Metric | McKinney | Texas Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.82 people | 2.70 people | 2.54 people |
| Median Structure Built Year | 2003 | 1989 | 1978 |
| Median Number of Rooms | 6.5 | 5.4 | 5.5 |
The typical housing unit in McKinney was built around 2003. On average, 2.8 people live in a home with about 6.5 rooms, staying for about 10.0 years on average.
Frequently Asked Questions
Common questions about the housing market in McKinney, Texas.
What is the median home price in McKinney, Texas?
The median home price in McKinney, Texas is $383,327, higher than the Texas average of $248,418.
What is the average home price in McKinney, 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 McKinney, Texas?
The median gross rent in McKinney, Texas is $1,828 per month, higher than the Texas average of $1,338.
What was the median gross rent in McKinney in 2020?
In 2020, the median gross rent in McKinney, Texas was $1,438 per month.
What is the price-to-rent ratio in McKinney, Texas?
The price-to-rent ratio in McKinney, Texas is about 17.5, meaning it would take roughly 17.5 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 McKinney.
Are home prices or rent rising faster in McKinney, Texas?
Both home prices and rent are rising in McKinney, up about 8.3% and 6.6% a year respectively. Home prices are changing faster.
What is the homeownership rate in McKinney, Texas?
59.9% of households in McKinney, Texas own their home, higher than the Texas average of 56.5%.
What is the vacancy rate in McKinney, Texas?
The housing vacancy rate in McKinney, Texas is 5.0%, lower than the Texas average of 9.6%.