The average annual housing costs in Frisco total more than $30,000, the highest housing costs in the state of Texas, according to new data from the Real Estate Center at Texas A&M University.
The center studied 59 Texas cities based on the latest data from the US Census Bureau’s American Community Survey for 2017. The state’s average in housing costs for homeowners with a mortgage is $18,156 per year.
Frisco was followed by The Woodlands ($29,016), Sugar Land ($28,044), Flower Mound ($27,084), Cedar Park ($25,716) and McKinney ($25,008). Nearby cities of Allen and Plano also ranked within the top 10 of highest housing costs in the state.
“Property taxes imposed by cities, counties and school districts are important components of the state’s housing costs given that Texas does not impose a state income tax and relies mainly on sales and property taxes for public finance,” center research economist Ali Anari said in a news release.
Frisco’s average annual property taxes for homeowners in 2017 was $7,501, the second-highest in the state. Property taxes made up about 24 percent of Frisco homeowner costs, according to the study.
Bills filed in the state Legislature propose capping property tax revenue growth for cities, counties and school districts in an effort to relieve the tax burden on homeowners.