Plano Edition - January 2020

VOLUME XX, ISSUE XX  XXXXXXXXXX, 2020 2020 COMMUNITY INFO 13 PLANO EDITION

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High home costs squeeze some residents

Plano aims to support neighborhoods as home price growth outpaces rise in pay

T HE S E HOU S EHO L D S OV ER S P EN T ON HOU S I NG B Y A N AV ER AG E O F $622 per month. I N 20 1 6 , AN E S T I MAT ED 25,600 T H I S AMOUN T S TO $191M that was overspent in one year in Plano. Plano households overspent on housing.

BY DANIEL HOUSTON

new information before City Council as early as February, she said. The Neighborhood Services Department investigated the issue in a detailed 2018 hous- ing trends report conducted by Denver-based consulting rm Economic and Planning Systems. The median Plano home price doubled between 2001 and 2017, while the city’s median household income grew by only 33% in that time, according to the report. “It wasn’t intended to be an aordable housing study,”

Plano ocials are closely watching a growing reality: Most homes in the city that hit the market simply are not aordable for the typical resident. The city has been exploring this issue in detail in recent years as the number of resi- dents burdened by their home costs has risen across income groups, Director of Neighbor- hood Services Lori Schwarz said. Plano sta members have been researching various options and planning to bring

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SOURCES: ECONOMIC AND PLANNING SYSTEMS, CITY OF PLANO COMMUNITY IMPACT NEWSPAPER

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A city report revealed growth in Plano home prices outpaced rising incomes in recent years. (Liesbeth Powers/Community Impact Newspaper)

communityimpact.com

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