Bad News for Collin County Residents: You Can’t Afford to Live There Anymore
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If you live in Collin County, it’s possible you can’t afford to live there. Well, that’s the analysis from MoneyGeek.
The personal finance website crunched the numbers — mostly median home price and median income — and found that, by and large, the county is no longer affordable for current Collin County residents.
Housing prices in Collin County are 27 percent higher than they were three years ago and home costs as the relative percentage of income are 60 percent. The median home price is $403,500 and the median income is $50,681. Of course, if you are a Collin County homeowner, the big pinch will be rising property taxes, but MoneyGeek doesn’t address that detail.
Collin County ranks 23rd nationally. The Austin-Round Rock metro area includes Travis and Williamson counties, which rank third and fourth nationally. MoneyGeek found that high demand for homes with little inventory is driving up homeownership costs in the south-central region of Texas while an influx of people moving to Austin suburbs is also increasing home costs.
The Austin area is an example of more expensive counties being located in high-growth metro areas. Douglas County of Denver also ranks high with a house price appreciation of 43 percent since 2019. Snohomish County outside of Seattle has the highest median home prices at $555,495.
By the way, the least-affordable county is Ada County in Idaho. Home costs are 81 percent of median income.
San Francisco-based MoneyGeek analyzed changes in homeownership costs, home-price appreciation and median incomes from 2019 to 2022 to find the 26 counties where the housing market is no longer affordable.
What is MoneyGeek? It’s a San Francisco-based personal finance website.
Report review: MoneyGeek took the time to map each county. The best tool is a searchable. Full Data Set section in which categories can be ordered from high to low. MoneyGeek also put together an Expert Insight section for deeper analysis. It’s a four-bunny rabbit hole. 🐇 🐇 🐇 🐇
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Unfortunately – most counties are becoming unaffordable to live in. I expect if things continue – families will have to move in together at the least expensive home. Young families and elderly are feeling the biggest tax issues.
Help to the leaders of this country.
I called boo-boo on that. Housing prices have gone up but income versus housing costs are relative to the person, not this article. I sell more homes in Collin Cty and my clients are Middle America average income earners and they are exceedingly happy! I’m not sure where else you can find beautiful homes in great neighborhoods with awesome schools for under 400 K! Good luck money geek ♀️
The title of this article says in regard to residents: “You can’t afford to live there anymore”. If you are already a home owner of Collin County, how do rising house prices make you not afford to live there? Property taxes will increase, but you don’t even address that issue – this piece, was indeed a piece, and was a waste of time reading.
Plano-based First Guaranty Mortgage Corp. laid off the majority of its staff on 66/29/2022 The mortgage lender terminated 428 of its 565 employees who work for its Plano office.
Low interest rates = high property values = high taxes. Texas taxes are based on current market value.
California has Prop 13. Taxes can only go up 2% per year after you buy the house and set a base year valuation. The base year valuation can be transferred once time when you are over 55.
TEXAS DON’T ASK FOR OUTSIDERS TO MOVE TO TEXAS. EVERYONE OF YOU OUTSIDERS CAN MOVE OUT. GO HOME OUTSIDERS AND DESTROY YOUR STATES. TEXAS WILL STAY RED.