You might have an idea by now of what Frisco, TX has to offer, but if you still have doubts or uncertainties about it, let’s just take care of those. Aside from the fact that it is the #1 Best Suburb to Buy a House in Dallas-Fort Worth Area, it is also a major sports and entertainment center with an economy that makes more and more people and companies move there, in fact so many people choose to relocate to Frisco that it had a population increase of 210% in the last three decades. A corporate oasis and family-friendly suburb with an abundance of things to do, but, if you’re still unsure, we’ll give you even more reasons to move there. This time we’re getting into mathematical reasons.
We’ll just take a closer look at the housing market in Frisco, TX. For this, we’ll compare it only to both McKinney which is in Collin County and Carrollton which is in Denton County. Because, after all, Frisco is split between Denton and Collin Counties so it makes sense to compare it to both options.
The suburbs chosen for this little game are similar in population and distance from Dallas, in order to keep things fair. We are going to look closely at the housing market but cover other general facts as well for comparison purposes.
Carrollton, TX
This Dallas suburb has a population of 137,000 and it is 21.5 miles northwest of Dallas.
If we’re talking about ranking the first things that you’ll find about Carrollton, TX is that it is ranked as the #4 Best Place to Live in Denton County.
McKinney, TX
This Dallas suburb has a population of 192,000 and it is 33.1 miles northeast of Dallas.
For McKinney, TX, while it is in the same area as Frisco, it falls into the same ranking system which tells us that McKinney, TX is the #17th Best Suburb to Live in Dallas-Fort Worth Area.
Frisco, TX
This Dallas suburb has a population of 188,000 and it is 28.2 miles north of Dallas.
As mentioned above, Frisco, TX is rated as the #1 Best Suburb to Buy a House in Dallas-Fort Worth Area, amongst other top ratings.
Housing market comparisons
When it comes to prices, considering the luxury that Frisco, TX is offering, it does have a median home value higher than the other suburbs selected for this little game, but it has the biggest percentage of owned homes. Here, 74% of residents own their home, while in McKinney and Carrollton, 67% and 60% of respective residents own their home. Now this comparison alone makes us wonder as to what is the reason. Why would people relocate to a suburb where the price for their home is higher than elsewhere?
To answer that, we need to look at income. In the city of Carrollton, the approximate median household income is $75,000. In McKinney, the income is a bit higher at around $90,000. Now, while both cities are above the national median income which is at $59,000, these values make both suburbs great alternatives and can make people choose them if we only look at house prices, but unfortunately, we can’t overlook Frisco’s median household income because … well … it’s worth knowing. Being 113% higher than the national average, Frisco’s median household income makes people relocate there in such a manner that its population increased so much, and its value is $127,000.
The median income is the main reason why it doesn’t matter as much that the house prices in Frisco, TX are higher. Because of that income, you can explore life in luxury, because that’s what Frisco, TX can offer you.
But let’s look at the actual house prices that you’ll have to deal with in each suburb. If we look at Frisco, TX, as mentioned above, the house prices are higher than the national average. While reviewing Zillow.com, we found that the home values decreased slightly over the past year by 0.9%, which leaves them at a median price of $409,000. For comparison purposes, in Carrollton, the median house value is at $284,000 and in McKinney, they go a bit higher at $323,000.
Affordability
Now, the real struggle is finding out if you can afford a home in Frisco, TX taking into account the home value and income. We’ll have to do a bit of math. We will take the median home value and divide it by the median home income. If the result is lower than the rest it means you should plan your next big change.
That gives us the following ratios. For Frisco, we have a ratio of 3.2x, while in Carrollton it is 3.7x and in McKinney, it is 3.5x. For a thorough comparison let’s look at Texas as well. With a median home value at $208,000 and a median household income at $60,000, we have a ratio of 3.4x. Now, considering all of the above, looking at Frisco when compared to Carrollton, McKinney and the whole Texas, seeing as the ratio we got is lower, it means that homes in Frisco, TX are more affordable than all the areas we compared it to.
Now, there is only one thing left to do. Get in touch with some of the top real estate agents in Frisco TX. You can check the information provided and if they give you the same assessment you can go forth and make the purchase, because Frisco, TX is a great place to live. You can comment if you disagree or would like more information and make sure to share and like for all your friends who are also curious about Frisco, TX.