Plano, Texas, has a population that is growing by leaps and bounds, and it has a great deal to offer its residents. The economy is growing, and a number of large corporations are locating in Plano – Frito-Lay, EDS and JC Penny, to name but a few. Additionally, there is a great deal of open parkland, easy access to airports, and top-notch schools. In fact, Plano is the only city in Texas that has earned a Triple-A bond rating from three of the nation’s top bond rating companies.
If you’re considering real estate investing in Plano, you won’t be able to get those properties on the cheap, but what you buy will only go up in value. Real estate investment in Plano is, to put it simply, a good idea.
- Consider the following:
- In Plano, the median home age is 21 years as opposed to 37 years nationwide.
- The median home cost in Plano is $249,200 compared with $170,100 nationally.
- Over the past year, home appraisals rose by 11.10%, as opposed to a mere 4.90% nationwide.
- Vacant housing in Plano last year was 5.47%, as opposed to the national vacancy rate of 12.70%
- Rents are a bit low in Plano compared with national figures. The average studio apartment rents for $601 as opposed to $661. 2-bedroom apartments or houses rent for $913, as opposed to $957. 3-bedroom units are on the average $1,218 as opposed to $1,289, and a 4-bedroom house is $1,471 as opposed to $1,490. So Plano isn’t top-drawer when it comes to rentals, but it comes pretty close.
Consider also that 23.79% of Plano homes are valued between $150,000 and $199,999. Only 15.03% of homes nationwide fall into this category.
So, what does all this mean to you as a person who is considering real estate investment in Plano properties? It means that you’re going to have to spend a bit of money. Plano is an incredible opportunity for people who have deep pockets, because the property values are only going to go up, and the growth in the Plano area is phenomenal. Real estate investing can be iffy at the best of times, but the Plano market looks as if it will be solid for many years to come.
If you’re willing to lay out the initial cash, you can count on Plano to deliver solid returns in years to come. So if you’re looking for rental units, or considering buying and re-selling as the market improves (and it likely will continue to do so for many years), you could do a lot worse than to put your financial resources into the continually growing Plano real estate market.