News Summary
McKinney, Texas has been recognized as the most affordable city in the United States by Motley Fool Money. The city’s impressive income-to-expense ratio of 1.55 highlights its affordability, with a median income of $116,654 significantly surpassing the estimated cost of living of $75,348. McKinney, experiencing steady growth and a young population, offers a favorable housing market and a strong economic base, making it an attractive option for families and mid-career professionals seeking economic stability.
McKinney, Texas has been recognized as the most affordable city in the United States, according to a recent analysis by Motley Fool Money. This ranking was determined through a comprehensive comparison of living costs and median household incomes across numerous urban areas in the country.
McKinney stands out with an impressive income-to-expense ratio of 1.55, reflecting its exceptional affordability. The city’s cost of living index is reportedly three points lower than the national average, making it a desirable location for both families and individuals seeking economic stability.
Residents of McKinney enjoy a median income of $116,654, which is 43% higher than the national median income. Given that the estimated cost of living in McKinney is $75,348, the median income greatly exceeds expenses, allowing residents to manage their finances more comfortably.
Demographics and Economy
The average age of residents in McKinney is 37 years old, indicating a relatively young population. The city has experienced substantial growth, with a 3.6% increase in population reported in 2022, bringing its total to approximately 196,000 residents.
McKinney’s economy is underpinned by major industries, including professional, scientific, and technical services, as well as retail and healthcare. This diversified economic base contributes to the city’s financial stability and attractiveness to potential residents.
Housing Market
The median property value in McKinney is approximately $440,000, which is about $20,000 higher than the national median home sales price. Despite this higher property value, the city’s affordability, as reflected in its income-to-expense ratio, remains robust compared to many larger urban centers.
Comparison with Nearby Cities
Plano, another suburb of Dallas, ranks sixth on the same affordability list with an income-to-expense ratio of 1.28. The median annual income in Plano is reported to be $108,594, with an estimated cost of living at $84,931. Plano is home to prominent corporations such as Toyota Motor North America, JPMorgan, JCPenney, and Frito-Lay, further boosting its economic landscape.
While McKinney and Plano succeed in terms of affordability, they were not identified among the cheapest places to live in the United States. Decatur, Illinois, topped that list, followed by other Texas cities including Edinburg at third, Harlingen at sixth, and Amarillo at tenth.
Attractive Options for Mid-Career Americans
The findings from the analysis suggest that both McKinney and Plano offer favorable conditions for mid-career Americans and families who are looking for economic viability in their living situations. The relatively affordable housing market in these areas adds to the overall satisfaction of residents, reinforcing their choice to reside in the suburbs of Dallas.
As the cost of living continues to be a major consideration for many individuals and families across the nation, McKinney’s standout status as the most affordable city emphasizes its suitability as a location for those seeking a harmonious balance between income and living expenses.
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