What is the cost of living in Frisco, TX
The city of Frisco overlaps in Collin and Denton counties in Texas. It's part of the Dallas-Fort Worth metroplex, which is a quick 30-minute drive north of Dallas. It was rated the #1 Best Suburb to Buy a House in the Dallas-Fort Worth Area. But did the cost of living increase in 2020? The market shows that the prices did grow by 2.2% from 2018 to 2019 with the largest increases in housing, food, and transport but overall, Frisco’s cost of living is 1% lower than the national average.
Being known as “the Sports suburb” of America, Frisco, TX is the fastest growing community in America due to the expanding economic climate of the area and the development of infrastructure in the city. This generated a 210% population growth which transformed the real estate market in Frisco, TX into a seller’s market. The influx of population meant that there aren’t as many active homes for sale as there are people interested in buying.
There are a number of approximately 1,400 homes on the market that have an average price of $450,000 within an overall suburb community. Housing expenses are higher than the national average by 21%. They spend an average of 85 on the market and have a very good sale-to-list price ratio. This means that the asking price and the actual paid value for the house are 98.1% accurate. The low crime rate makes this suburban community a good place for family life and has entertainment that can keep the whole family engaged. The median household income is $120,000 while the national value is at $55,000 and this makes for more than 75% of the population owning and not renting.
The house price to income ratio is also lower than the national average by 2% which means that housing is more affordable and the cost of living in Frisco, TX is as well. Of course, there are many factors that can influence this like location, amenities and other costs of living.
Texas is a state with no state income tax. This, of course, has a ripple effect when it comes to the cost of living in Frisco, TX. This influenced a lot of companies to move their enterprises to Texas and many choose to settle in the area surrounding Frisco because it is close to DFW International Airport and Alliance cargo airport.
This also adds to the migration from other parts of the country to Texas because, as a homeowner, you won’t pay state or local income taxes. Here, your income will be free of taxes other than the federal income taxes, which means more bucks in your pocket and allows for more income for the everyday cost of living. Many real estate investors are attracted to what this implies and how it affects the cost of living in Frisco, TX.
With economic growth, higher than average incomes and no state income taxes, the cost of living in Frisco, TX attracts families and employees that are eager to develop a life without lacking in family-focus and safety. It is a place where you can raise a family because of the good housing market and amazing school districts. If you decide to relocate to one of the best suburbs in Texas, get in touch with the top realtors in Frisco, TX and start making the arrangements. What else do you think can influence the cost of living in Frisco, TX? Please share or comment.