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 | Plano | Texas Avg | US Average |
|---|---|---|---|
| Median Home Price | $406,864 | $248,418 | $242,182 |
| Price Trend (Annual %) | 5.8% | 9.9% | 8.2% |
| Median Gross Rent | $1,790 | $1,338 | $1,342 |
| Rent Trend (Annual %) | 5.9% | 5.7% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Plano is about 64% higher than in Texas. Rent is about 34% 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 Plano, up about 5.8% and 5.9% a year respectively. Rent is changing faster.
Median rent in Plano rose about 55.6% between 2015 and 2023, from $1,150 to $1,790. Over the same span, rent in Texas rose about 51.9%.
Affordability
On average, housing unit costs 3.7 yearly household incomes in Plano.
Buying the median-priced home in Plano costs roughly 18.9 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 Plano. The price-to-rent ratio in Texas is about 15.5.
| Metric | Plano | Texas Avg | US Average |
|---|---|---|---|
| Median Home Price | $406,864 | $248,418 | $242,182 |
| Median Household Income | $109,427 | $76,510 | $78,145 |
| Price-to-Income Ratio | 3.7 | 3.2 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Plano rose about 55.6%, while median household income rose about 31.3% 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 | Plano | Texas Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 53.4% | 56.5% | 58.2% |
| Rental Rate | 41.5% | 33.8% | 31.3% |
| Vacancy Rate | 5.1% | 9.6% | 10.6% |
| Median Tenure (years) | 13.0 | 14.0 | 15.0 |
| Median Year Moved In | 2013 | 2012 | 2011 |
Plano has a homeownership rate of 53.4%, lower than the Texas average of 56.5%. Its housing vacancy rate is 5.1%, compared with 9.6% in Texas.
Housing Stock
| Metric | Plano | Texas Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.59 people | 2.70 people | 2.54 people |
| Median Structure Built Year | 1993 | 1989 | 1978 |
| Median Number of Rooms | 6.1 | 5.4 | 5.5 |
The typical housing unit in Plano was built around 1993. On average, 2.6 people live in a home with about 6.1 rooms, staying for about 13.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Plano, Texas.
What is the median home price in Plano, Texas?
The median home price in Plano, Texas is $406,864, higher than the Texas average of $248,418.
What is the average home price in Plano, 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 Plano, Texas?
The median gross rent in Plano, Texas is $1,790 per month, higher than the Texas average of $1,338.
What was the median gross rent in Plano in 2020?
In 2020, the median gross rent in Plano, Texas was $1,443 per month.
What is the price-to-rent ratio in Plano, Texas?
The price-to-rent ratio in Plano, Texas is about 18.9, meaning it would take roughly 18.9 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 Plano.
Are home prices or rent rising faster in Plano, Texas?
Both home prices and rent are rising in Plano, up about 5.8% and 5.9% a year respectively. Rent is changing faster.
What is the homeownership rate in Plano, Texas?
53.4% of households in Plano, Texas own their home, lower than the Texas average of 56.5%.
What is the vacancy rate in Plano, Texas?
The housing vacancy rate in Plano, Texas is 5.1%, lower than the Texas average of 9.6%.