Arbor Hills Trail, Plano TXPhoto byLeks QuinteroonUnsplash Texans, as a whole, have done well in recent years. "Real" median household income (which is inflation-adjusted) in the state has risen from $59,886 in 2013 to $67,404 in 2023, a 12.5% increase. The growth of the state's economic centers, as well as strong population growth overall, has certainly played a role in these developments. As it stands currently, the state ranks among the top 10 in the nation for fiscal stability, and many of its cities are listed as the best places to live in the country.
It comes as no surprise, then, that many people are taking a renewed interest in the state. One particular county, however, stands taller than the rest when it comes to the earning potential of its residents. And that place? Collin County, at least per the U.S. Census.
Tucked into the northeast corner of the Dallas-Fort Worth metropolitan area, Collin County actually contains a small section of the city of Dallas within its confines. Most of the county, however, is technically a suburb of the larger cities. Ideal for commuters and those who need a slight reduction in pace compared to the urban lifestyle, Collin County can attract various types of individuals due to its geographical and cultural diversity.
From scenic property overlooking Lavon Lake to commuter meccas like McKinney, all the way down to the urban centers of Plano in the southwest portion of the county, Collin has something for almost every type of personality. Generally speaking, the county starts off relatively rural in the northeast and gets progressively more urban on a south-southwestern track across the county. That offers prospective buyers plenty of options to choose from while still remaining close to the economic centers. Provided, of course, that they can afford it.
And that may be tough. The median income for Collin County households is $104,327 according to the U.S. Census. Not only is that figure significantly higher than Texas in general, but it also beats the household incomes in extremely affluent areas - New York City barely breaks $70,000, for example.
Dallas, TX.Photo byR-K-HonUnsplash The strong job market in the nearby metropolitan areas is a driving force for the area's income and growth. More than 70% of the county is active in the labor force, well above the U.S. average of 62%, and it's a well-educated workforce, at that: more than half of Collin County residents have bachelor's degrees.
Those looking to get into this attractive area before the peak have already missed their chance, unfortunately. The county has more than doubled in size since 2000 - from a population of less than 500,000 to well over 1,000,000 in the most recent census. With that intense demand comes a surge in housing pricing, too. The median home sales price in the county is $506,000 according to real estate data aggregator Redfin, which is well above the overall Texas total of $336,000.
That doesn't appear to be deterring any new residents, however. Homes sales prices increased again from the end of 2022 into the start of 2023, and population projections continue to show the area growing at an astonishing rate. While Collin County has a lot to offer its residents, it looks like new buyers will have a lot of competition for some time to come.
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