CALCMONEY // HOME AFFORDABILITY // TX // MCKINNEY
How much house can you afford in McKinney? Based on local median home prices, current TX mortgage rates, and McKinney property tax data.
$490,000
$3,603/mo
$154,395/yr
$226,965
Monthly housing costs of $3,603 represent 45.5% of McKinney's median gross monthly income ($7,917/mo). At 45.5%, median-income buyers in McKinney are significantly stretched — well above the 28% guideline. A larger down payment or higher income is required.
| Median Home Price | $490,000 |
| Down Payment (20%) | $98,000 |
| Loan Amount | $392,000 |
| Monthly PI Payment | $2,582 |
| Monthly Property Tax | $817 |
| Monthly Insurance Est. | $204 |
| Total Monthly PITI | $3,603 |
| Housing Cost % of Income | 45.5% |
| Required Income (28% rule) | $154,395/yr |
| Max Affordable Home | $226,965 |
$17,150
$4,470/mo
McKinney Home Affordability Quick Reference 2026
| Metric | Value | Notes |
|---|---|---|
| Median Home Price | $490,000 | McKinney city median |
| Down Payment (20%) | $98,000 | Conventional loan |
| Monthly PITI | $3,603 | 6.9% rate, 30yr fixed |
| Required Income (28% rule) | $154,395 | Annual gross |
| Max Affordable Home | $226,965 | Based on median income |
| FHA Down (3.5%) | $17,150 | Minimum FHA |
| Housing Cost % of Income | 45.5% | Median income: $95,000/yr |
| Property Tax Rate | 2% | $9,800/yr on median home |
Monthly PITI includes principal, interest, property tax, and homeowners insurance. Estimates only.
The median home price in McKinney is $490,000, with a local 30-year mortgage rate of 6.9%. A buyer putting 20% down carries a loan of $392,000, generating a monthly P&I payment of $2,582. Adding property taxes ($817/mo) and homeowners insurance ($204/mo) brings total monthly PITI to $3,603.
McKinney's property tax rate of 2% is near the national average, adding a standard increment to monthly housing costs. On the McKinney median home, that is $817/month, or $9,800 per year.
Texas has no state income tax, improving effective take-home pay for McKinney residents and giving buyers additional capacity relative to equally-priced homes in high-tax states.
Using the 28% rule, a household earning McKinney's median income of $95,000/year can afford up to $2,217/month in total housing costs. Based on McKinney's mortgage rate of 6.9% and property tax rate of 2%, that translates to a maximum affordable home price of approximately $226,965 with 20% down on a 30-year loan.
To afford the median McKinney home priced at $490,000, you need an annual gross income of approximately $154,395. Total monthly housing costs (principal and interest of $2,582, property taxes of $817, and insurance of $204) come to $3,603/month, which equals 28% of the required income.
At the median home price of $490,000 and median household income of $95,000, the total monthly housing cost of $3,603 represents 45.5% of gross monthly income. This is well above the standard 28% threshold, making McKinney a challenging market for buyers at median income.
A conventional 20% down payment on the median McKinney home of $490,000 is $98,000. An FHA loan requires just 3.5% down — $17,150 — but adds mortgage insurance of roughly $335/month, bringing total FHA payments to $4,470/month.