Housing Report

These 6 North Texas cities are the best for first-time homebuyers

5917 Saddle Club Trail house for sale in McKinney

McKinney is on the list.

Photo courtesy of Opendoor

One bright spot in 2020 has been the housing market. With interest rates at historic lows, people are making the move to buy a new home — for many, their very first. And where should those first-time homebuyers look? All around the Metroplex, according to a new national study.

SmartAsset recently released its 2020 edition of the best cities for first-time homebuyers, and six Dallas-Fort Worth cities appear on the nationwide list of 40.

To determine the rankings, the financial advice site compared 185 of the largest cities in the country across metrics in four categories: home market favorability, affordability, livability, and employment.

Garland, at No. 8, is the only Texas city to land in the top 10. The Dallas neighbor scores especially well in the employment (No. 3) and home market favorability (No. 13) categories.

Between 2013 and 2018, Garland's median home value jumped 56 percent, "the fourth-highest increase of any city in our top 10," SmartAsset notes. During the same time period, the median household income grew almost 32 percent. "With incomes rising, individuals may be able to put more money toward their savings and potential down payment," the site says.

Five other North Texas cities join Garland on the list:

Frisco, No. 11
Irving, No. 12
Arlington, No. 18
Plano, No. 24
McKinney, No. 27

In total, Texas is home to 11 of the best cities for first-time buyers, with Pasadena (No. 23), Corpus Christi (No. 26), Amarillo (No. 33), Brownsville (No. 37), and El Paso (No. 39) making the cut.

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Grant News

McKinney awards grants to 8 projects that will benefit the community

Collin County History Museum

The McKinney Community Development Corporation (MCDC) has awarded project grants to support quality-of-life projects that will benefit the community.

Following the submission of the grant applications, MCDC board members reviewed the funding requests and heard presentations from each applicant describing the impact of their proposed programs on the local community.

Among the nearly $37,000,000 in Project Grants awarded by MCDC are:

All-terrain vehicle and trailer for trail improvement projects – McKinney Parks Foundation, $20,000
Construction of 10 townhomes at the Cotton Groves development – Habitat for Humanity Collin County, $411,455
Construction of the eastside airport infrastructure and passenger terminal – McKinney National Airport, $30 million
Shelving, storage, and equipment to preserve and display historical artifacts – Collin County History Museum, $31,475
Infrastructure and site improvements at TPC Craig Ranch (this project is associated with The CJ Cup Byron Nelson) – Invited Clubs, $1.5 million, contingent upon extension of the CJ Cup through 2033
Infrastructure for the development of a new Hugs Café headquarters facility – Hugs Café, $970,000
Infrastructure improvements to the site of the Cannon Beach Surf Park project – Cannon Development Company, $4 million
Site improvements and foundation work to stabilize the historic Dulaney Cottage – Chestnut Square Heritage Village, $25,481

“These projects align directly with MCDC strategic priorities and our mission to work as a partner to fund community, cultural, and economic development projects in McKinney,” said MCDC Board Chair Angela Richardson-Woods. “Our vision to enhance the quality of life for residents of all ages and backgrounds is evident in these awarded grants.”

According to MCDC president Cindy Schneible, MCDC awards grants every year to projects that are eligible for consideration under state law. The total budgeted for grants on an annual basis averages about $18 million.

"The $37 million is a larger amount than in recent years – primarily because of the $30 million approved in support of McKinney National Airport," Schneible says.

In 1996, McKinney voters approved a half-cent sales tax to be used to provide grants to projects and events that would enhance McKinney’s aesthetic, cultural and leisure amenities. Over the past 25 years, MCDC has invested nearly $225 million back into the community.

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