McKinney | July 2023

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Housing prices on the rise Local housing prices have seen an annual increase since 2014. The median housing price in Collin County has increased more than 75% while the county’s median household income has only increased about 30% since 2010.

Advancing the housing stock

Housing costs The median home

Projects are underway across the city to add more aordable housing units to McKinney’s housing stock.

value in McKinney has risen from $185,300 in 2010 to $349,600 in 2021, while the city’s homeownership rate has decreased from 66.6% to 64.2% in that same time.

74.2% $364,400

The Remnant at Greenwood

75071

380

81.8% $369,200

Collin County

75072

SRT TOLL

Median home value Median household income

1B 3

75069

$355,100 +78.4%

Homeownership rate median home value

75070

$400K

SHELBIE HAMILTONCOMMUNITY IMPACT

51.5% $322,200

Lloyd-Owens and Cockrell Homes. The redevelopment will add 46 units between the two properties, bringing the total to 96 units. “We have a waiting list, so there is no end to people knocking at our door,” said Roslyn Miller, the executive direc- tor of the McKinney Housing Author- ity. “We can’t serve everybody on our waiting list because we don’t have the funding available.“ Despite the various aordability-fo- cused projects underway, not all of McKinney’s housing needs are being met, including starter homes and own- ership products, Beller said. “We’ve got to gure out a better way … to provide a better kind of [housing] stock oering to people so that we are able to create a sustainable housing selection for the lifetime of McKinney, not just right now,” Beller said. Creating resources As the need to expand the city’s housing stock variety grows, city sta are turning to existing programs and newly established resources. One way city ocials are address- ing housing aordability is through the McKinney Housing Finance Corp., a public nonprot corporation that is used by the city to codevelop aord- able housing projects, Flom said. The corporation is a “powerful tool” in creating aordable housing because it Developer: McKinney Housing Authority, Knight Development Type: multifamily Location: 1A southeast corner of Mur- ray Street and Murray Place, 1B north- west corner of Throckmorton Street and Center Street Number of units: 96 Project cost: $35.9 million Rental rate: 30% of adjusted income

55.8% $342,900

$300K

SOURCE: U.S. CENSUS BUREAUCOMMUNITY IMPACT

$199,000

$200K

$104,327 +29.6%

$80.504

$100K

“We have [housing] products that serve households making $60,000 to $90,000 [annually],” Beller said. “We don’t have a lot of products that fall below that.” Work underway City leaders and other organizations are part of a collaborative eort led by the McKinney Community Develop- ment Corp. to address aordable hous- ing in McKinney. The group meets quarterly and includes members of city sta, City Council, the McKinney Hous- ing Authority and more, said Cindy Schneible, president of the McKinney Community Development Corp. The group discusses initiatives related to aordable housing and is also con- sidering future collaborative projects, Schneible said. “The feeling was if we could get peo- ple together, understand what’s going on ... we can advance resolution or at least begin to address the issue of aordable housing in the community,” Schneible said. The group includes Celeste Cox, the chief executive ocer of Habitat for Humanity Collin County. The organi- zation, based in east McKinney, builds aordable homes that are sold to quali- ed low-income applicants. Navy veteran Marion McFarland, a Louisiana native who has called Texas home since 2008, has struggled with housing insecurity for years, she said. However, that will change by the end of the year when her new home, the 100th Habitat for Humanity Collin County home built in McKinney, is complete.

“It’s a blessing,” she said of working with Habitat for Humanity. “We are all very excited. You know, I just can’t stop smiling whenever I think about it. … It was like a dream to even get here.” McFarland and her family have lived in apartments and motels, and used rental assistance programs and pur- sued housing vouchers during their search for stable housing. “Having something to call our own is going to feel great,” McFarland said in a news release. “My kids have been waiting since childhood for a house of their own.” While aordable housing projects by private developers and organizations are underway across the city, Habitat for Humanity Collin County is working toward adding more aordable options for qualied prospective homeowners. “Housing is getting more expensive to build, so we have to raise a whole lot more money to serve a family than we The Cotton Groves, a Habitat for Humanity project, will see its rst units completed this year, Cox said. The development’s rst phase will feature 35 townhomes built from shipping con- tainers as well as amenities. The project was developed as an aordable housing solution for low- to moderate-income families who qualify for the Habitat for Humanity program, according to a news release. The McKinney Housing Authority sta are working on a $35.9 million project to redevelop the city’s last remaining public housing units, the used to,” Cox said. Building solutions

McKinney

Median home value Median household income

$349,600 +88.7%

$400K

$300K

$185,300

$200K

+36%

$106,437

$78,256

$100K

SOURCE: U.S. CENSUS BUREAUCOMMUNITY IMPACT

housing and community develop- ment director. “The council’s fully aware that since 2020, our average housing price has gone up, and our rental prices have gone up,” Flom said. “When [council members] reviewed their projects, ... they understand that there might be a greater need.” Council Member Justin Beller, who served six years on the McKinney Housing Authority board, said the needs identied by the study that have yet to be lled include aordable rent- als and starter homes that would serve residents whose households make less than the area’s median income of $98,317, according to 2021 census data.

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