So, you’re moving to the city of McKinney TX. We don’t blame you! With a thriving job market, low crime rate, beautiful surroundings and spellbinding attractions, it’s no surprise that you might want to make this place your home. There’s no question that this city is a great place to live, and it’s easy to see why!
Of course, sometimes these factors aren’t enough to draw a decisive conclusion on something as important as moving to a new city. One of the most important factors is the housing market. How expensive homes are, the rates at which their values appreciate or depreciate and the cost of rental properties all factor into this decision making process, and ultimately can be the determining factor in this process.
There are a lot of reasons why this is the case. For some, it’s investment value and the potential to turn a profit. For others, its affordability and accessibility. Many prioritize their comfort and personal satisfaction with available properties. Still others prioritize each of these factors to different extents, making the process unique in each individual case.
Real estate in McKinney TX
When it comes to real estate, McKinney is thriving. With good appreciation rates, a higher than average median home price and reasonable monthly rent prices, this is a market that will suit just about every interest and aim. This city has something for every need, whether you’re an up and coming professional or a parent with kids. There are very few places quite like it!
Now, we’ve talked this city up quite a bit at this point, telling you plenty about how great of a city it is. This is all well and good, but you’re probably curious about the empirical data. What are the exact figures? How does the real estate market in McKinney TX compare to other similarly sized cities? Is this really the right place for you? Let’s find out!
Buying property in McKinney TX
If you’re looking to buy property in McKinney, you’ve chosen a great time to do so. McKinney is one of the fastest growing cities in the United States, and the local real estate market is exceptionally attractive. While the property values are somewhat higher than average, they’re about to get a whole lot higher, so now is the perfect time to buy!
On average, a home in the city of McKinney TX will cost you slightly less than $400,000. This is higher than the national median home price, but for cities of this size it’s actually surprisingly reasonable. Considering the other compelling reasons to move here, this median home price is quite acceptable from our perspective!
Buying a home in McKinney TX doesn’t just secure you a great place to live, however; it also nets you an exceptional investment! With an incredible appreciation rate of 18.3%, the real estate market in McKinney TX is perfect for investment and is the perfect place for anyone seeking to make sure they don’t lose money on their purchase of a home.
If you’re interested in buying real estate in this city, you’ll need to get in touch with one of the real estate agents in McKinney TX. These skilled, experienced professionals are your best option when it comes to finding a home that suits your needs and your budget as quickly as possible. Who knows? Before long, you might be McKinney’s newest resident!
Renting in McKinney TX
Now, we understand that not everyone has the means to buy a home outright. For those in this situation, the rental market is your best option. Fortunately, rentals are much cheaper than in larger cities such as Dallas, New York, Chicago or Las Angeles. While they aren’t exactly giving them away, finding a reasonably priced rental is easier than it is in a lot of other cities.
So how much are rentals, exactly? Well, with an average rent cost of $1,350 a month, they’re relatively average in price. Around 65% of the rentals on the market in McKinney TX are priced between $1,000 and $1,500 a month, placing McKinney firmly into the average rental price range for cities of similar size.
For lower-income renters, there are other options available. Roughly 8% of the rentals on the market in McKinney are priced between $700 and $1,000 a month, which is a much more palatable range than the majority of rentals on the market. While you won’t find rentals in this price range with great ease, they do exist and can be found with some searching.
In other areas, the rental market in McKinney generally conforms to the norms you’d find in other similarly sized cities. The average area of a rental in McKinney is 937 square feet, but varies widely depending on the type of property in question. Concerning the renter demographic, it’s estimated that roughly 23% of households in McKinney are renters, with the remaining 77% being of course homeowners.
Moving to McKinney
With all this said, we think it’s abundantly clear that there’s no shortage of potential in the McKinney property market. Whether you’re looking for a place to invest or simply want a quiet town you can call home, McKinney has a little something to offer everyone. The real estate market here is growing quickly, so don’t miss out; give one of the real estate agents in McKinney a call and see what’s available!