Cost of Living in McKinney
McKinney runs above both the national and Texas averages on overall cost of living -- BestPlaces.net puts its composite index at 111.7, meaning day-to-day costs run about 11.7% above the U.S. average and 18.6% above the Texas average. That sits alongside a genuinely high median household income ($124,215 as of the most recent American Community Survey estimate via Data USA), a real, favorable pairing rather than a one-sided affordability story.
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Learn moreThe Overall Index, and Why It Differs From Houston or More Affordable Texas Suburbs
BestPlaces.net's cost-of-living index for McKinney scores it at 111.7 against a national baseline of 100 -- meaningfully higher than Houston's 96.9 (below-average) and reflecting McKinney's position as one of Collin County's more established, higher-income suburbs rather than a budget-tier DFW option. Housing is the largest driver of that gap; see the housing-market and buying-a-home topic pages for the full pricing picture.
Rent: A Genuinely Wide Range Across Sources
Rent figures disagreed more than usual across the sources reviewed: RentCafe cites a citywide average around $1,665/month; Apartments.com cites roughly $1,411/month for a 1-bedroom (as of mid-2025); and Wise cites $1,693/month for a 1-bedroom in the city center versus $1,400/month outside it. Treat $1,400-$1,700 as the plausible range for a 1-bedroom rather than picking one figure -- the spread likely reflects real differences between the walkable historic-square area, established neighborhoods, and newer master-planned-community apartment stock.
Median Household Income: A Real Counterweight to the Higher Cost Index
McKinney's median household income was $124,215 as of the most recent American Community Survey data (via Data USA), up from $120,273 the prior year -- well above both the Texas and national medians. This is the opposite pairing from Houston's (below-average costs alongside below-average income): McKinney runs above-average costs alongside above-average income, which is a materially different affordability picture for a household evaluating the move on a pure income-to-cost basis.
Taxes
Texas has no state personal income tax, a structural, statewide cost-of-living advantage covered in full on the taxes topic page. As in the rest of Texas, that advantage does not offset a genuinely real property-tax bill for owners -- Collin County effective property tax rates were cited anywhere from about 1.58% to 2.3% depending on source and specific jurisdiction this session; see the property-taxes topic page for the full breakdown this summary intentionally does not repeat.
Key takeaways
- McKinney's overall cost of living runs above both the U.S. and Texas averages (BestPlaces.net index: 111.7 -- 11.7% above the U.S. average, 18.6% above the Texas average), a notably higher index than Houston's below-average 96.9.
- 1-bedroom rent estimates range roughly $1,400-$1,700/month depending on source (RentCafe: ~$1,665 citywide average; Apartments.com: ~$1,411; Wise: $1,400-$1,693 split by in-city-center vs. outside).
- Median household income ($124,215, most recent ACS estimate via Data USA) runs well above the national and Texas medians -- a real counterweight to the above-average cost index, unlike Houston's below-cost/below-income pairing.
- No state income tax is the biggest structural tax advantage, but it does not offset a real property tax bill for owners -- see the property-taxes topic page for Collin County's effective-rate range.
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