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 | Richardson | Texas Avg | US Average |
|---|---|---|---|
| Median Home Price | $312,081 | $248,418 | $242,182 |
| Price Trend (Annual %) | 3.3% | 9.9% | 8.2% |
| Median Gross Rent | $1,830 | $1,338 | $1,342 |
| Rent Trend (Annual %) | 6.6% | 5.7% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Richardson is about 26% 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 Richardson, up about 3.3% and 6.6% a year respectively. Rent is changing faster.
Median rent in Richardson rose about 62.3% between 2015 and 2023, from $1,127 to $1,830. Over the same span, rent in Texas rose about 51.9%.
Affordability
On average, housing unit costs 3.2 yearly household incomes in Richardson.
Buying the median-priced home in Richardson costs roughly 14.2 years of rent at the median monthly rate. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Richardson. The price-to-rent ratio in Texas is about 15.5.
| Metric | Richardson | Texas Avg | US Average |
|---|---|---|---|
| Median Home Price | $312,081 | $248,418 | $242,182 |
| Median Household Income | $97,519 | $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 Richardson rose about 59.0%, while median household income rose about 44.4% 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 | Richardson | Texas Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 48.9% | 56.5% | 58.2% |
| Rental Rate | 45.9% | 33.8% | 31.3% |
| Vacancy Rate | 5.2% | 9.6% | 10.6% |
| Median Tenure (years) | 13.0 | 14.0 | 15.0 |
| Median Year Moved In | 2013 | 2012 | 2011 |
Richardson has a homeownership rate of 48.9%, lower than the Texas average of 56.5%. Its housing vacancy rate is 5.2%, compared with 9.6% in Texas.
Housing Stock
| Metric | Richardson | Texas Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.51 people | 2.70 people | 2.54 people |
| Median Structure Built Year | 1987 | 1989 | 1978 |
| Median Number of Rooms | 5.4 | 5.4 | 5.5 |
The typical housing unit in Richardson was built around 1987. On average, 2.5 people live in a home with about 5.4 rooms, staying for about 13.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Richardson, Texas.
What is the median home price in Richardson, Texas?
The median home price in Richardson, Texas is $312,081, higher than the Texas average of $248,418.
What is the average home price in Richardson, 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 Richardson, Texas?
The median gross rent in Richardson, Texas is $1,830 per month, higher than the Texas average of $1,338.
What was the median gross rent in Richardson in 2020?
In 2020, the median gross rent in Richardson, Texas was $1,456 per month.
What is the price-to-rent ratio in Richardson, Texas?
The price-to-rent ratio in Richardson, Texas is about 14.2, meaning it would take roughly 14.2 years of rent payments at the median rent to equal the median home price. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Richardson.
Are home prices or rent rising faster in Richardson, Texas?
Both home prices and rent are rising in Richardson, up about 3.3% and 6.6% a year respectively. Rent is changing faster.
What is the homeownership rate in Richardson, Texas?
48.9% of households in Richardson, Texas own their home, lower than the Texas average of 56.5%.
What is the vacancy rate in Richardson, Texas?
The housing vacancy rate in Richardson, Texas is 5.2%, lower than the Texas average of 9.6%.