Home Affordability in Irving, TX
The median home price in Irving is $310,000 with a median household income of $58,527. Housing is significantly stretched relative to local incomes.
Median Home Price
$310,000
Median Income
$58,527
Price-to-Income Ratio
5.3x
Est. Affordable Home
$228,000
Property Tax Rate
1.85%
Annual Property Tax
$5,735
Sales Tax Rate
8.25%
Cost of Living Index
100
Buying a Home in Irving
Based on the 28% rule (spending no more than 28% of gross income on housing), a household earning the median income of $58,527 in Irving can afford a monthly housing payment of approximately $1,366. This translates to a home price of roughly $228,000, which is below the median home price of $310,000 — many households may need a higher income, larger down payment, or should consider more affordable neighborhoods.
Property taxes on a median-priced home in Irving would be approximately $5,735 per year ($478/month) at the effective rate of 1.85%.
Down Payment Scenarios
| Down Payment | Amount | Loan Amount | PMI Required |
|---|---|---|---|
| 3% | $9,300 | $300,700 | Yes |
| 5% | $15,500 | $294,500 | Yes |
| 10% | $31,000 | $279,000 | Yes |
| 20% | $62,000 | $248,000 | No |
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