Plano has featured on different “best places with homes to buy” lists, from CNN Money Magazine to Forbes. According to the SmartAsset 2019 survey that used parameters such as home value, change in rent, housing cost as a percentage of household income, Plano ranked fifth nationally.
In most major U.S cities, housing affordability is a problem. However, Plano offers great options at a price that median income households can purchase. The median property price is $416,000 and a median rent of $1,313, while average households earn $110,700 yearly. Median housing costs make up only 18% of the average Plano salary.
Before buying a home in Plano, the location should factor in. Some of the best neighborhoods in the city include Timberbrook, Creekdale, and Park Forest.
Buying a Home in Plano, Texas
Home appreciation the last 10 years has been 50%, an excellent figure. If you believe that getting real estate in Plano is a great idea, then the next step is choosing the best kind of Plano, Texas homes to buy.
For people seeking a home to live in, market trends are usually not the deciding factor. Other things to consider include affordability, quality of education, crime rate, privacy, and access to amenities.
Best Types of Houses to Buy in Plano
Single-family homes are the best kind of homes to buy in Plano, Texas. Usually, the 3-bedrooms and constitute the majority of housing units. These units are always in demand by young families and professionals. The problem for prospective buyers is the relatively low supply of these homes, which has resulted in high prices.
The next best kinds of houses to buy currently are condos and apartments. They constitute a fair share of the housing markets and have had rising demand for the past couple of years. This increase is due to the economic and population explosion in Texan cities and rising home prices, which cause investors to opt for the more affordable units instead of family homes.
The 2014 Texas Annual Housing Report laid testament to this trend. It stated that townhomes and condos were the most rapidly growing homes in Austin, Houston, San Antonio, and Dallas. They spent an average of 14 days on the market in these four cities.
Condos serve as great second homes in excellent neighborhoods while being affordable. They are also a fantastic means of exposing a new homeowner to ownership responsibilities without taking on more than they can handle. Condos, particularly the more luxurious variant, have amenities such as swimming pools, dog parks, fitness centers, etc. It is also easier to convert this unit into an investment property when the owner is away by putting it up for rent.
Single-family homes offer privacy and permit expansion. Homeowners can add a garage or workshop and create a haven for their hobbies. The house’s lot could even be large enough to add an extra room. Young ones also have more space to ride their bikes and dig in the dirt while you can take up gardening.