Home Affordability in Plano, TX
The median home price in Plano is $480,000 with a median household income of $97,003. Housing is moderately affordable relative to local incomes.
Median Home Price
$480,000
Median Income
$97,003
Price-to-Income Ratio
4.9x
Est. Affordable Home
$377,000
Property Tax Rate
1.75%
Annual Property Tax
$8,400
Sales Tax Rate
8.25%
Cost of Living Index
109
Buying a Home in Plano
Based on the 28% rule (spending no more than 28% of gross income on housing), a household earning the median income of $97,003 in Plano can afford a monthly housing payment of approximately $2,263. This translates to a home price of roughly $377,000, which is below the median home price of $480,000 — many households may need a higher income, larger down payment, or should consider more affordable neighborhoods.
Property taxes on a median-priced home in Plano would be approximately $8,400 per year ($700/month) at the effective rate of 1.75%.
Down Payment Scenarios
| Down Payment | Amount | Loan Amount | PMI Required |
|---|---|---|---|
| 3% | $14,400 | $465,600 | Yes |
| 5% | $24,000 | $456,000 | Yes |
| 10% | $48,000 | $432,000 | Yes |
| 20% | $96,000 | $384,000 | No |
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