Let’s Set the Stage 

Let me set the stage for you.

In the last ten years, Home prices have increased by 60% in America's largest metro areas. Incomes however, have only increased by 32%. What does that mean for homebuyers? 

Well, it’s not great. 

Back in 2010, the median home price was 3.8 times higher than the median household income. But now, it’s almost 4.5 times higher. And it’s even worse in coastal cities, where home prices can reach up to 10 times the median income. Renters have it even worse. 45% of Americans spend more than 30% of their income on rent. 

So, why did this all happen? 

Was it interest rates? Was it COVID? Or was it something else? 

While those played their roles in the problem, the main reason is simple economics. Supply hasn’t kept up with demand. Just back in 2019, The US was short 4 million houses, and when COVID hit, demand increased even further. The truth is that homeowners don't want new housing developments and have been very effective at shaping land use policy with this NIMBY sentiment. Because of this, pressure on City Council members to keep new housing away from their homes has been working. And this happens all over the country. In Dallas, proposals for new apartments and other residential developments are constantly shut down. 

So, is there no hope? Is NIMBY dooming future homeowners? 

Frisco Emerges as the Hero 

Well, there are some cities that aren’t succumbing to that pressure. Cities that choose to grow, despite the NIMBY sentiment that has become so popular. And Frisco, Texas is one of them. 

Since 2010, Frisco’s population has grown by 88% and since then, it has grown its total housing units by even more: 92%. In fact, from 2019-2022 it built around 1,090 units a year per 100,000 people. That is SEVEN times the rate that Dallas managed to build. And people are noticing. Frisco’s home prices are just 2.8 times the median annual income while Dallas’s is 3.5 times. 

So how are they doing it? 

You might say, “Well Frisco has so much land, of course they’re going to grow.” If that were the case, then southern Dallas, which has a lower population density and loads of unused land, would also be in the conversation. But it isn’t. 

So, what’s Frisco doing differently? 

What Frisco is Doing?

First let’s talk about why many residents in cities are opposed to new developments. 

“New developments inevitably lead to an increased population density, which can mean worse traffic, higher pollution, and overcrowded schools.”At least that’s what the NIMBYists would say. Another reason is that, to be frank, people don’t trust local authorities and developers. Planning and executing construction of a development is a long and complicated process. And if communication and negotiation starts to break down, then that trust is going to vanish. 

Sustaining public support is key for actually implementing these rapid growth strategies, so Frisco has decided to do just that. To pull it off, they have doubled down on the messaging that new developments bring in a range of benefits such as a larger tax base to fund schools, public amenities, and job opportunities. And it is working. 

Job opportunities are outgrowing the population. Frisco has more walkable urban areas than both Dallas and Fort Worth. And Frisco has mandated that 10% of all new developments devote 10% to green space for “quality of life” improvements. 

How Other Cities Can Follow 

Unfortunately, most of the core cities of the United States have given up on growth. It’s cities like Frisco that are keeping the American dream alive by providing more affordable housing through new construction. More cities are also starting to adopt these pro-growth policies as well. 

Other suburbs in North Dallas such as Prosper and Celina have been growing at a historic pace, all thanks to these pro-growth policies. 

No to NIMBY? 

But In order for these cities to start implementing more pro-growth policies, council members should adopt the narrative that Frisco has which is “Growth will be good for everyone.” 

And while NIMBY attitudes are a natural response, these cities should still aim to remind those that more people…means more money… which means a better quality of life… if done correctly. 

With housing affordability slipping away from many Americans, it is these pro-growth policies that will keep supply and demand in check, so that people all over the country can once again experience the American dream. 

The Living in Dallas Texas Team Can Help You Move to Frisco

So, Frisco is a great place to live it seems. Well, although we already knew that, seeing it on paper lets you truly appreciate what this city is doing. If you are thinking that Frisco might be where you hang your hat, make sure you reach out to us here at the Living in Dallas Texas Team. We know the area like the back of our hand and we help people every single day make their move to Frisco and other Dallas Suburbs. So, give us a call, shoot us a text, or hop on a zoom so we can help you make that smooth move to Frisco, Texas!