The study shows how the average sales price of a home in Plano rose from 2008 to 2019. The study states that in 2008, the average price of a home in Plano was slightly less than $250,000. By 2019, average home costs had risen close to $350,000 and spiked to around $450,000 in some months, according to the study. The median price of homes sold in Plano during February ranged from $340,000 in the 75074 ZIP code to $685,000 in the 75093 ZIP code, according to data provided by the Collin County Association of Realtors.
The city’s website states the study is meant to help officials understand the housing needs of Plano residents and prepare for future growth and development while guiding community investment.
During the presentation to City Council, staff said the update to the study was needed because of the city’s new Comprehensive Plan and changes that have occurred in the housing market due to COVID-19. The comprehensive plan is a long-term guide that focuses on future growth, priorities, services and development in Plano, according to the city’s website.
Based on 2019 findings, the housing study states that employment and wage growth in Plano has been strong due to the city’s well-educated labor force. However, as much of the city’s workforce has reached retirement, the average age of homeowners has increased, and investment in new housing in Plano has slowed, according to the study. The study also states that the average income of Plano residents has not kept pace with housing costs, and those earning an average wage can no longer afford a medium-priced home in the city.
City staff said they hope to have a completed, updated study ready for council in the fall. The ongoing study can be viewed on Plano’s Neighborhood Services Department website.
