Exploring Income Ranges and North Dallas Suburban Housing Options

Before delving into the specifics of each income bracket, let's outline the parameters we'll be considering:

Population

Median household income

Monthly payment with 10% down and 7% interest rate

Salary required to purchase median home following the 30% rule

Yearly household income required

Now, let's dive into each income bracket and identify the best-suited suburbs for individuals or families within those ranges.

$50,000 to $80,000

For individuals or families earning between $50,000 to $80,000 per year, there are still affordable housing options available in certain communities within the Dallas-Fort Worth (DFW) area. While finding specific cities may be challenging, there are scattered communities where purchasing a home is feasible:

Tillage Farms (Princeton, TX)

Median Home Price: Starting at $199,000

Monthly Payment: Varies based on the 2:1 buydown option

Monthly Income Required to Afford: $4,626 (30% rule)

Yearly Household Income Required: $55,512

Bridgewater (Princeton, TX)

Median Home Price: Starting at $230,000

Monthly Payment: Varies based on the 2:1 buydown option

Monthly Income Required to Afford: $5,313 (30% rule)

Yearly Household Income Required: $63,756

$80,000 to $100,000

In this income bracket, which ranges from $80,000 to $100,000 per year, Garland and Princeton emerge as the top contenders for finding affordable housing:

Garland

Median Home Price: $310,000

Monthly Payment: $2,152

Monthly Income Required to Afford: $7,173 (30% rule)

Yearly Household Income Required: $86,076

Princeton

Median Home Price: $330,660

Monthly Payment: $2,291

Monthly Income Required to Afford: $7,636 (30% rule)

Yearly Household Income Required: $91,632

Forney

Median Home Price: $331,937

Monthly Payment: $2,296

Monthly Income Required to Afford: $7,653 (30% rule)

Yearly Household Income Required: $91,836

$100,000 to $125,000

As income levels increase, Anna, Lavon, Wylie, and Richardson emerge as favorable options for homebuyers in this bracket:

Anna

Median Home Price: $367,750

Monthly Payment: $2,541

Monthly Income Required to Afford: $8,470 (30% rule)

Yearly Household Income Required: $101,640

Lavon

Median Home Price: $383,000

Monthly Payment: $2,643

Monthly Income Required to Afford: $8,810 (30% rule)

Yearly Household Income Required: $105,720

Wylie

Median Home Price: $420,000

Monthly Payment: $2,893

Monthly Income Required to Afford: $9,643 (30% rule)

Yearly Household Income Required: $115,716

Richardson

Median Home Price: $422,500

Monthly Payment: $2,909

Monthly Income Required to Afford: $9,696 (30% rule)

Yearly Household Income Required: $116,352

$125,000 to $150,000

As income continues to rise, Melissa, McKinney, Plano, and Allen present attractive housing options:

Melissa

Median Home Price: $464,187

Monthly Payment: $3,190

Monthly Income Required to Afford: $10,633 (30% rule)

Yearly Household Income Required: $127,596

McKinney

Median Home Price: $489,250

Monthly Payment: $3,359

Monthly Income Required to Afford: $11,196 (30% rule)

Yearly Household Income Required: $134,352

Plano

Median Home Price: $489,500

Monthly Payment: $3,360

Monthly Income Required to Afford: $11,200 (30% rule)

Yearly Household Income Required: $134,400

Allen

Median Home Price: $512,000

Monthly Payment: $3,512

Monthly Income Required to Afford: $11,706 (30% rule)

Yearly Household Income Required: $140,472

$150,000 to $175,000

As we approach higher income brackets, Frisco and Celina stand out as desirable locations:

Frisco

Median Home Price: $605,525

Monthly Payment: $4,142

Monthly Income Required to Afford: $13,806 (30% rule)

Yearly Household Income Required: $165,672

Celina

Median Home Price: $635,595

Monthly Payment: $4,343

Monthly Income Required to Afford: $14,476 (30% rule)

Yearly Household Income Required: $173,712

$175,000+

For those in the highest income bracket, Prosper and Lucas offer luxurious living options:

Prosper

Median Home Price: $797,450

Monthly Payment: $5,433

Monthly Income Required to Afford: $18,110 (30% rule)

Yearly Household Income Required: $217,320

Lucas

Median Home Price: $1,180,000

Monthly Payment: $8,008

Monthly Income Required to Afford: $26,693 (30% rule)

Yearly Household Income Required: $320,316

North Dallas offers a plethora of options across various income levels. Even in some of the priciest suburbs, there are still affordable housing options available. Whether you're eyeing a bustling city or a serene suburb, there's a place for you in the vibrant tapestry of North Dallas.

Reach Out to the Living in Dallas Texas Team

If you're uncertain about which city falls within your budget or need assistance in securing your dream home, reach out to the Living in Dallas Texas Team. We're here to facilitate your smooth transition to Dallas, Texas, ensuring you find the perfect home in your ideal city. Contact us via call, text, or Zoom so we can help you make that smooth move to Dallas, Texas!