Action on affordability From the cover
Diving in deeper
What’s happening?
To meet affordable housing needs, McKinney needs more than 7,500 rental units and more than 13,800 ownership units by 2035, the report states. While the city is on track for the amount of multifamily units planned to accommodate pop- ulation growth, more is needed to address renters making under 60% of the area median income, or AMI, which is determined annually by the U.S. Department of Housing and Urban Development and used to measure local housing affordability. “If we don’t put things in to ensure that we get the affordability level, we’re not going to be able to address the affordable housing units that we need,” Li said. More affordable rental units have come to the city in recent years through projects like The Independence, a 205-unit apartment community that opened in 2022. The NRP Group and McKin- ney Housing Finance Corp. partnered to develop the community, The NRP Group Development Vice President Nick Walsh said. The NRP Group is partnering with the corpora- tion on another affordable project called Franklin Branch, located near the future US 380 bypass in north McKinney. Walsh said project officials hope to break ground on the 288-unit project by the end of this year or early next year. More than 21,000 units are needed by 2035 to meet housing needs in McKinney. Projected housing affordability needs for McKinney renters and owners
The focus on affordable housing initiatives follows new data showing that housing cost burdens have increased for McKinney renters and owners between 2015 and 2023, the Root Policy Research report states. Households spending more than 30% of income on housing costs are considered cost burdened, which limits the ability to afford health care, education and food. It takes away a resident’s ability to spend money within the city, council member Justin Beller said. “If we can reduce housing costs for everybody, for anybody that’s rent burdened, that just pumps money into our economy,” he said.
Local stakeholders including developers, nonprofits and city officials gathered April 13 for the first McKinney Affordable Housing Summit. It featured multiple panel discussions and keynote presentations regarding affordable housing in the city. The summit’s goal was to connect stakeholders, generate conversations and inspire future affordable housing projects in McKinney. Li said she was “thrilled” with the turnout and excitement the summit generated. “We’re still looking to continue to be the leader in Collin County and continue to push the envelope,” Li said of affordable housing.
Number of households by income level in McKinney
Types of housing in McKinney Single-family homes make up a majority of McKinney’s housing stock. Single family, detached Apartments
$0-$49,999
13,645
Mobile homes Townhomes Duplexes, triplexes, fourplexes
8,302 $50,000-$74,999 8,277 $75,000-$99,999 13,641 $100,000-$149,999
22%
$124,215 median income for a household in McKinney
3%
71%
3%
$150,000+
1%
30,207
SOURCE: U.S. CENSUS BUREAU/COMMUNITY IMPACT
SOURCE: ROOT POLICY RESEARCH/COMMUNITY IMPACT
Projected rental units needed
Greater than 100% AMI
2,957
Between 80% and 100% AMI 924 Between 50% and 80% AMI 1,433 Between 30% and 50% AMI 1,114 Less than 30% AMI 1,080
Home price distribution in McKinney McKinney’s home price distribution shows lower-cost ownership options have declined over the past decade. While most homes were priced below $200,000 in 2011, most homes are now priced over $400,000.
12,473 renter households are cost-burdened as of 2023
2011
2015 2024
60%
40%
Projected ownership units needed
Greater than 100% AMI
10,428
20%
Between 80% and 100% AMI 1,100 Between 50% and 80% AMI 1,038 Between 30% and 50% AMI 691 Less than 30% AMI 629
0%
9,748 owner households are cost-burdened as of 2023
Home price
SOURCE: ROOT POLICY RESEARCH/COMMUNITY IMPACT
NOTE: TOTALS MAY NOT ADD UP TO 100 DUE TO ROUNDING
SOURCE: ROOT POLICY RESEARCH/COMMUNITY IMPACT
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