Are you thinking about relocating to Plano, Texas but wondering about the cost of living in Plano? Don’t worry! We are here to guide you on some key factors that affect Plano’s overall living cost.
Is Plano, Texas the Right Place for Your Relocation?
If you are unsure where Plano is actually located, let us guide you. It is a suburban area that lies to the north in the Dallas suburbs of Richardson and South of Frisco and Allen, and is landlocked in the middle of the Northern suburbs of Dallas. Most of the portions of Plano lie within Collin County. However, a small portion extends into Denton & Dallas Counties
Benefits of Moving to Plano, Texas
Plano TX shows significant year-over-year growth in population and the job market. It is also known as a commuter town for the people working in Dallas and nearby cities. Moreover, transportation in Plano costs less.
Plano’s population is at 285,494 as of the 2020 consensus, ranking it the ninth most populous city in Texas. Plano is home to several Fortune 1000 corporate headquarters, with Forbes ranking it the nation’s safest city in 2011. Crime rates are low in the city, and the facilities and public amenities are child-friendly.
Moreover, Plano is just 20-30 minutes away from Downtown Dallas, DFW, and Dallas Love Field Airports.
The benefit of moving to Plano is that Texas is a tax-friendly state with no state income tax. It means that your average salary will remain higher, and you will be able to provide more income for the essential cost of living in Plano.
However, you still have to pay federal income taxes, a 6.25% sales tax, and additional local sales tax of up to 2%, depending upon your location.
Plano Cost of Living: Factors to Consider Before Moving to Plano
When you move into a new city, “the cost of living” is considered as the amount of money you need to maintain a specific lifestyle within a particular area. It may vary between cities and is calculated based on the cost of different goods, services, and real estate property. If you plan to relocate to Plano, you must compare the cost of these necessities to determine the cost of living.
Several factors such as your food, transportation, utilities, and healthcare expenses may influence the cost of living in Plano. Income is also an essential factor in the cost of living as the average salary levels in a specific geographic area are measured against all these expenses.
According to the current data available, Plano’s cost of living index is 109.3 which is higher than the national average. In fact, it is considered more expensive to live in Plano than in many places in the USA.
However, the median income of each household is $111,693, which is significantly higher than the national average salary. When you consider that factor, Plano’s living cost seems quite affordable.
Housing Costs in Plano
The housing expenses of Plano are 21% higher, and the rental costs are equally more expensive than the United States average. The median home price in the city is $419,176, and the median rent for an apartment is $1,313 per month.
The average cost of electricity for a household in Plano is 12.2¢/kWh, which is higher than the national average of 11.88¢/k. Furthermore, gas prices are also 4% higher in the city.
You can expect an increase in energy costs in June, July, and August as Texas has typically hot summers. Your air conditioner will be running non-stop in these summer months to reduce the extreme temperature of Texas. In the winter months, you can expect an increase in heating expenses.
Public transportation costs are less expensive than the United States average and score 9 out of 10. A score of 1 indicates high prices, and 10 represents a low cost.
Food and Grocery Costs
The grocery cost of living index in Plano is 103, 3% higher than the national average. However, grocery and food costs could be curbed a little to make the cost of living in Plano a bit affordable.
Plano’s healthcare costs are affordable and 15% lower than the national average.
According to BLS (US Bureau of Labor Statistics), Americans spend the same amount of money on entertainment per year that they would on purchasing health insurance coverage. You can also cut back on entertainment expenses by altering your spending habits.
Plano Independent School District
Plano Independent School District is highly regarded overall. It provides most of the educational opportunities in the city.
You might be surprised that other than the location, schools in Plano also play an essential part in determining the cost of real estate in that area. According to a study, houses located near schools tend to have a higher real estate value. The school’s rankings and excellence are also essential factors in increasing the property’s value.
Plano Independent School District is divided into three distinct school districts primarily based on the senior high school:
Plano Senior High School District
The education system of Plano is unique, with 9th and 10th grade students attending their neighborhood high school while 10th and 11th grade students attend one of three senior high schools in Plano. The lower level 9th and 10th grade schools feed into specific high schools for the next level.
Plano Senior High School is one of the oldest high schools in Plano, located in the middle of the city between the Plano West and East school districts. Admission to this school is based primarily on the location of the student’s house.
The senior high school ranks 6 out of ten on the rating scale by Great Schools. It offers 31 out of 34 AP Advanced Placement courses and administers the second most number of AP exams every year in the entire country. So, if you are planning on moving your family to Plano, your children will benefit from the excellent academic opportunities provided by Plano Senior High School.
Plano East Senior High School District
Plano East Senior High School is located on the eastern side of the city and ranks 8 out of 10 in ratings by Great Schools. The school is renowned for its International Baccalaureate program, and all eligible ISD students can enroll irrespective of their location in Plano.
Plano East Senior High School also offers a health sciences program that Plano ISD students across the city can enroll in.
Plano West Senior High School district
Plano West Senior High has a rating of 9 out of 10 by Great School, making it one of the best ISD senior high schools.
We suggest checking with greatschools.org as they are a valuable resource in providing you with information about the school districts. You can check out the best schools in each district of Plano by searching for the property address in that area. It will give you the school name where a student living in that particular area would be eligible to attend, and its ratings will help you determine where to relocate.
The Housing Market in Plano Texas
The price of real estate is calculated in averages and medians. An average home in West Plano sells for $620,000, whereas in Central Plano, it has an average market time of six days and will sell 2.5% above its list price of around $430,000.
Plano TX Cost of Housing in the Plano Senior High School District/Central Plano
A median home, built around 1981 and located in Plano’s Senior High district, is usually about 2300 square feet and has four beds and two baths. It is generally priced around $430,000 as the housing market price in Central Plano is $188 per square foot.
Some of the best neighborhoods in Central Plano are
Pitman Creek Estates
Forest Creek Estates
Suppose you put 20% in a down payment for a $430,000, 2,300-square-foot house in Central Plano. It has a 3% interest rate on your annual property taxes. So, when you calculate its average at 2.25%, you’ll be paying a monthly installment of $2,250, including principal, interest, and property tax.
Cost of Housing in Plano East Senior High School District Plano, Texas
A median home in the Plano East Senior High School district, built around 1995, is usually about 2550 square feet with four beds and two baths. It is generally priced at around $474,000 as the housing market price in East Plano, TX, is $178 per square foot.
A median home in East Plano has an average market time of seven days and usually sells for 2.5% above its listing price.
Some of the best neighborhoods in East Plano include:
Suppose you put a 20% down payment for $474,000 and about 2550 square feet house in East Plano. It has a 3% percent interest rate on your annual property taxes. So when you calculate its average at 2.25%, you’ll be paying a monthly payment of $2,500, including principal interest and property taxes.
Plano TX Cost of Housing in Plano West Senior High School District
Plano West is not only famous for its senior high schools but is also renowned for having the best shopping malls, entertainment options, jobs, and housing.
The Legacy West Area in West Plano consists of a famous retail center, apartments, and condos. It is home to many renowned corporations like JPMorgan Chase & Co, HP Enterprise, CapitalOne, Toyota, Liberty Mutual, Frito Lay, Pepsico, and Bank Of America. Legacy West is also referred to as the shopping and entertainment capital of the northern Dallas suburbs.
A median home in West Plano built around 1994 is usually about 3,200 square feet with four beds and three and a half baths. It is generally priced at around $620,000 as the market price of houses in West Plano is $200 per square foot.
A median home in West Plano has an average market time of seven days and usually sells for 2.5% above its listing price.
Some of the best neighborhoods in Plano West include:
The Clubs of Prestonwood
Lakeside on Preston
Suppose you put a 20% down payment for $620,000 and about a 3,200 square feet house in West Plano. If it has a 3% percent interest rate and your annual property taxes average about 2.25%, you’ll be paying a monthly payment of $3,250, including principal interest and property taxes.
How is the cost of living in Plano calculated?
Plano cost of living data is derived from the cost of living index (COLI) from the Council for Community and Economic Research.
What is a cost of living index?
The cost of living index helps compare the cost of basic necessities, utility bills, rent, and home prices in specific areas.
How does a cost of living calculator work?
It works by comparing the cost of living in various cities depending on your pre-tax household income.
Want to relocate to Plano? We are here to help
If you’ve checked out the above information about the cost of living in Plano, Texas, and wish to relocate to the city, we will guide you every step of the way. Our goal is to help you with your real estate needs. We are a team of licensed Realtors in Dallas, Texas, working with clients worldwide who wish to relocate to Plano, Dallas, and its neighboring areas.
We are here to help you. Our team will provide complete information on housing affordability in Plano, Dallas, and surrounding areas that fit your lifestyle.
If you have any queries regarding moving to Plano, Texas, reach out to us anytime, day, night, or weekend. Contact us by texting or directly calling at 214-253-0885 or visit: www.dustinpitts.com. Our team will respond instantly.
Check out our Living in Dallas Youtube channel for more information regarding neighborhoods, new construction, schools, pros and cons, and the detailed cost of living in Plano and Dallas. New videos are released weekly about the cost of necessities, out-of-pocket expenses, taxes, groceries, and gas prices in a specific area. In the meantime, be sure to check out more of our videos about living in Dallas, Texas!