Over time, Plano has evolved from a quaint farming town to a buzzing suburban community full of towering estates and a vastly growing economy. Whether you’re moving to Plano for its plentiful job opportunities or its proximity to Downtown Dallas, you’ll fall in love with this city because of its Southern charm, incredible restaurants, and abundance of fun-filled recreational activities.
But how much does it actually cost to make Plano your home? We’ll sort through the cost of living in Plano with you so you can determine whether this Texas city fits your budget and expectations. Read on!
The purchase price of a Plano home
Plano is located in both Collin County and Denton County. As of the most recent May 2023 market report by MetroTex Association of Realtors, the median sale price of a home in Collin County is approximately $525,000, which is a slight drop from May 2022 but still represents substantial growth over the past several years. In Denton County, the median price of a property is $460,025, which has held steady over the past year.
Plano has one of the highest home value rates in either county. Within Plano specifically, the median price of homes sits at $522,500, with just 1.3 months of inventory available for buyers. It’s also worth noting that homes in Plano command higher prices than the median across the state. Plano homes also have a higher sales price than the median price of properties across the United States, which stands at $396,000 as of May 2023.
When living in Plano, you are essentially paying a convenience premium. Plano is just under 30 minutes away from Downtown Dallas, DFW Airport, and Love Field Airport, and the city enjoys its own vibrant downtown scene with unparalleled restaurants and tons of interesting places to shop and explore.
Cost of utilities
In Plano, you can expect to pay around $300 per month for basic utilities like heating, cooling, water, and garbage removal for a smaller home or apartment, although more spacious homes may have higher costs. For internet and phone payments, you will likely pay around $100. Of course, this all depends on how many people are in your household. A four-person family can see internet and phone charges of over $200 per month.
The cost of food in the Plano area
The minimum amount you’ll spend per month on groceries per person in Plano is around $400. This accounts for staples like meat, eggs, milk, rice, and fresh fruit and veggies. This is not far off from the cost of groceries nationally.
Of course, Plano has many delicious restaurants you’ll want to explore while living here, and a meal for two at a mid-range restaurant will cost you about $60. Factoring in a few beers or cocktails, you’ll find the bill for a casual dine-in meal with a loved one to be about $80 or so. So, enjoying exquisite authentic Mexican food and mouth-watering barbeque once or twice a week is pretty accessible and entirely common in Plano.
Transportation cost
Most people in Plano tend to get around by car, with the average new vehicle costing approximately $25,000 to $30,000. Gas prices in Plano are slightly higher than in other well-populated areas like Houston. The price per gallon of gasoline in Plano is currently $3.54, which is 7% higher than in Houston and 5% higher than gas prices in Austin, although these fluctuate. For public transportation costs, you can expect to pay around $200 for a monthly Dallas Area Rapid Transit (DART) pass or just $6 for a day pass. A single-ride pass will cost you only $2.50. An annual pass to the DART costs around $960 for local routes, $1,900 for regional transit, and $575 for the senior rate.
Transportation is changing in Plano, however. In 2022, the city announced plans to provide solutions to traffic congestion by implementing a Transportation Infrastructure Certification Program, which promotes the development of technology that can ease growing traffic concerns. One solution was to construct an aerial railway system, which would free up existing roadway space. No matter which direction Plano decides to go in, new residents can count on there being active remedies to the ongoing traffic congestion in the
near future.
Plano median salary and economic overview
Overall, the median household income in Plano is about $99,729 annually. According to Forbes, to comfortably make the transition from a city like Austin to Plano, residents will need a total household income of $84,042, as the cost of living is 17% higher in Plano than in Austin. Plano has one of the higher median salaries in Texas. Austin’s median salary is $58,000, Dallas’ is $58,231, and Houston’s is $56,019.
Plano is seeing substantial economic growth due to major companies like Toyota and FedEx stationing their headquarters in the city. Jobs at these major companies in Plano pay well. For example, a Senior Software Engineer can expect to earn an average of $124,200, while a Project Manager can rake in $90,217 annually.
No place like Plano
If you have fallen in love with the Plano area, you may be excited about moving to Plano, thanks to its variety of amenities and the thriving job market. Whether you’re amped to explore the outdoor opportunities at Oak Point Park and Nature Preserve or if you’re simply here to revel in local foodie favorites like Knife Steakhouse, Plano has a little something for everyone.
The Plano real estate market is hot, and buyers shouldn’t wait long to secure their dream homes. Let expert Realtor® Rajin Patel leverage his years of real estate knowledge and expert negotiation skills to land you a spot in Plano’s spirited community. If you’re ready to take the leap and settle into your own piece of Plano real estate, don’t wait any longer – contact Rajin today!
*Header photo courtesy of Rajin Patel
