Is It Worth Buying a Home in McKinney, TX?
The decision to rent or buy in McKinney, Texas depends on how long you plan to stay, your down payment, and current mortgage rates. With a median home price of $445,000 and median monthly rent of $1,950, the math plays out differently depending on your personal situation.
McKinney has an average property tax rate of 1.93% annually, which adds approximately $716/month to the cost of homeownership on a median-priced home.
Historically, home values in McKinney have appreciated at roughly 3.8% per year, which works in favor of buyers who plan to stay long-term. Use the calculator above to find your personal break-even point.
Key Factors for McKinney Buyers
- Down payment of 20% on a median home = $89,000
- Monthly mortgage (30yr at 6.99%) ≈ $2,366/mo
- Property tax ≈ $716/mo
- Estimated maintenance ≈ $371/mo