The Best Dallas Suburb Based on Income!
Are you curious about which Dallas suburb suits your income level best? Determining where you can comfortably afford to live is crucial when considering relocation. In this post, we'll explore five different income brackets and highlight the suburbs where you're most likely to find a home within your budget based on median home prices. It’s important to keep in mind that options of all price points will be available in every city, you may just find some cities have more options than others.
Exploring Income Ranges and North Dallas Suburban Housing Options
Before delving into the specifics of each income bracket, let's outline the parameters we'll be considering:
Population
Median household income
Monthly payment with 10% down and 7% interest rate
Salary required to purchase median home following the 30% rule
Yearly household income required
Now, let's dive into each income bracket and identify the best-suited suburbs for individuals or families within those ranges.
$50,000 to $80,000
For individuals or families earning between $50,000 to $80,000 per year, there are still affordable housing options available in certain communities within the Dallas-Fort Worth (DFW) area. While finding specific cities may be challenging, there are scattered communities where purchasing a home is feasible:
Tillage Farms (Princeton, TX)
Median Home Price: Starting at $199,000
Monthly Payment: Varies based on the 2:1 buydown option
Monthly Income Required to Afford: $4,626 (30% rule)
Yearly Household Income Required: $55,512
Bridgewater (Princeton, TX)
Median Home Price: Starting at $230,000
Monthly Payment: Varies based on the 2:1 buydown option
Monthly Income Required to Afford: $5,313 (30% rule)
Yearly Household Income Required: $63,756
$80,000 to $100,000
In this income bracket, which ranges from $80,000 to $100,000 per year, Garland and Princeton emerge as the top contenders for finding affordable housing:
Garland
Median Home Price: $310,000
Monthly Payment: $2,152
Monthly Income Required to Afford: $7,173 (30% rule)
Yearly Household Income Required: $86,076
Princeton
Median Home Price: $330,660
Monthly Payment: $2,291
Monthly Income Required to Afford: $7,636 (30% rule)
Yearly Household Income Required: $91,632
Forney
Median Home Price: $331,937
Monthly Payment: $2,296
Monthly Income Required to Afford: $7,653 (30% rule)
Yearly Household Income Required: $91,836
$100,000 to $125,000
As income levels increase, Anna, Lavon, Wylie, and Richardson emerge as favorable options for homebuyers in this bracket:
Anna
Median Home Price: $367,750
Monthly Payment: $2,541
Monthly Income Required to Afford: $8,470 (30% rule)
Yearly Household Income Required: $101,640
Lavon
Median Home Price: $383,000
Monthly Payment: $2,643
Monthly Income Required to Afford: $8,810 (30% rule)
Yearly Household Income Required: $105,720
Wylie
Median Home Price: $420,000
Monthly Payment: $2,893
Monthly Income Required to Afford: $9,643 (30% rule)
Yearly Household Income Required: $115,716
Richardson
Median Home Price: $422,500
Monthly Payment: $2,909
Monthly Income Required to Afford: $9,696 (30% rule)
Yearly Household Income Required: $116,352
$125,000 to $150,000
As income continues to rise, Melissa, McKinney, Plano, and Allen present attractive housing options:
Melissa
Median Home Price: $464,187
Monthly Payment: $3,190
Monthly Income Required to Afford: $10,633 (30% rule)
Yearly Household Income Required: $127,596
McKinney
Median Home Price: $489,250
Monthly Payment: $3,359
Monthly Income Required to Afford: $11,196 (30% rule)
Yearly Household Income Required: $134,352
Plano
Median Home Price: $489,500
Monthly Payment: $3,360
Monthly Income Required to Afford: $11,200 (30% rule)
Yearly Household Income Required: $134,400
Allen
Median Home Price: $512,000
Monthly Payment: $3,512
Monthly Income Required to Afford: $11,706 (30% rule)
Yearly Household Income Required: $140,472
$150,000 to $175,000
As we approach higher income brackets, Frisco and Celina stand out as desirable locations:
Frisco
Median Home Price: $605,525
Monthly Payment: $4,142
Monthly Income Required to Afford: $13,806 (30% rule)
Yearly Household Income Required: $165,672
Celina
Median Home Price: $635,595
Monthly Payment: $4,343
Monthly Income Required to Afford: $14,476 (30% rule)
Yearly Household Income Required: $173,712
$175,000+
For those in the highest income bracket, Prosper and Lucas offer luxurious living options:
Prosper
Median Home Price: $797,450
Monthly Payment: $5,433
Monthly Income Required to Afford: $18,110 (30% rule)
Yearly Household Income Required: $217,320
Lucas
Median Home Price: $1,180,000
Monthly Payment: $8,008
Monthly Income Required to Afford: $26,693 (30% rule)
Yearly Household Income Required: $320,316
North Dallas offers a plethora of options across various income levels. Even in some of the priciest suburbs, there are still affordable housing options available. Whether you're eyeing a bustling city or a serene suburb, there's a place for you in the vibrant tapestry of North Dallas.
Reach Out to the Living in Dallas Texas Team
If you're uncertain about which city falls within your budget or need assistance in securing your dream home, reach out to the Living in Dallas Texas Team. We're here to facilitate your smooth transition to Dallas, Texas, ensuring you find the perfect home in your ideal city. Contact us via call, text, or Zoom so we can help you make that smooth move to Dallas, Texas!
