What is the most affluent zip code of Plano? (Houston: sales, to rent)

[earlyretirement]

I'm starting the search to possibly relocate to Plano where I hear the cost of living is low, the schools are great and the housing is affordable. Can someone let me know what the top zip code is of Plano? I heard West Plano is the most affluent area with the best schools so that is where I am interested in. Thanks in advance.

[Big G]

75093

[Acntx]

Here are the median household incomes for zip codes in the city of Plano. The 2000 figures are from the 2000 Census and the 2008 figures are estimates from City-Data.

75093 (Southwest Plano)
2000: $101,884
2008: $110,013

75024 (Northwest Plano)
2000: $88,195
2008: $95,232

75025 (North Central Plano)
2000: $98,480
2008: $106,337

75023 (Central Plano)
2000: $74,191
2008: $80,110

75075 (South Central Plano)
2000: $71,485
2008: $77,189

75074 (East Plano)
2000: $54,000
2008: $58,309

The most affluent zip code in Plano is 75093, which covers the southwestern part of the city. 75025 is the second most affluent area.

Hope this helps!

[earlyretirement]

Thanks so much for taking the time to post that. I guess I meant, which part has the nicest homes? I had heard "West Plano" before. Would that be 75024?

Mainly I'm looking for the area with the nicest homes and the best schools for my young kids.

[Acntx]

I would consider zips 75024 and 75093 as West Plano. I personally don't know enough about particular areas in Plano as I live on the other side of the Metroplex, but I'm sure someone will come along with more specific information soon. A lot of city-data posters live in that general area and can be of better assistance.

[TurtleCreek80]

I have no idea where you are moving from, but want to caution you about that "low" cost of living you're seeking.

All Plano schools (give or take an elementary school) are very good & produce high achieving graduates. Most all of the housing stock has been built in the past 30 years. It is possible to find houses in the $175-250k range (what I'm guessing most people would consider "affordable"), but West Plano is very affluent, for the most part. I'd say the average home is in the $500-750k range, and up to $2-4M or so in the most desireable subdivisions.

As for the "low" cost of living, just do your homework:
- Property Taxes are high in Texas, around 2.5% of home's assessed taxable value. So that $500k house will run you about $10-12k in taxes each year, depending on the homestead exemptions you qualify for.
- Home insurance is very high in Texas, add another $2k or so each year onto your cost of home ownership.
-Where is your office? If it's in downtown Dallas and you live in West Plano, you'll be taking the Dallas North Tollroad to work everyday. Tolls went up 30% this fall, so factor in nearly $6/day for round-trip tolls, plus wear and tear on your car for commutig long distances in stop-and-go traffic (1-2 hours round trip daily, probably averages about 90 min/day).
- Groceries and "Target" items cost less in Dallas than in LA/NYC, but comprable to other large cities (Houston, Atlanta, Phoenix).
- Gas prices are slightly less than California, about 20 cents/ gallon less currently.

There is a ton of "affordable" housing all over DFW, and mortgage/ insurace/ taxes are the biggest expenses you can control. It just may not specifically be in West Plano.

[SouthernBelleInUtah]

Don't know where you are moving from, but D/FW is a huge area. Many suburbs might fit your needs If you are more specific, people can offer better advice. What price housing? Rent or buy? What is important to have nearby? New or more established neighborhoods?

[MaryS80]

Affluent with affordable housing and a low cost of living...isn't that a contradiction?

[Big G]

Originally Posted by TurtleCreek80

Most all of the housing stock has been built in the past 30 years. It is possible to find houses in the $175-250k range (what I'm guessing most people would consider "affordable"), but West Plano is very affluent, for the most part. I'd say the average home is in the $500-750k range, and up to $2-4M or so in the most desireable subdivisions.

Everything else TurtleCreek80 posted is spot-on. These housing prices are a bit high, however. She must be used to HP.

For the Willow Bend area, you'd have to be looking at the former Troy Aikman house and similar builds before you reach the $2M+ range. You can buy in Willow Bend for under $1M, but not by much. There are some huge houses, but the majority of homes in Willow Bend are in the $800K-$1.5M range.

You can find the occasional house in the Plano West attendance area for as low as the $150K range, and townhouses for probably under $100K. Those are the exception, but they do exist.

Aside from Willow Bend and the neighborhoods just north, south, and east of it, I'd put the west Plano market at more like $300K-$500K.

TurtleCreek80 's observation about the PISD overall is important. I live in the Plano West attendance area, but choose to send my son to schools feeding to Plano Senior instead. I wouldn't spend "extra" money to be in the Plano West area.

[hsw]

For most affluent people, income and cap gains taxes are critical aspects of COL: TX has a 0% rate vs >10% rates in CA/NY/NJ...and TX has a low-tax, pro-business ethos, unlike CA or NYC

IIRC, sales taxes paid are deductible vs one's fed taxes (in states w/no income tax)

Plano is essentially out of buildable, desirable land for houses; many would prefer a new, well-built house vs a used, possibly obsolete >5 yo house (no matter alleged quality of builder)

Land costs in HP or PrestonHollow are similar to (or higher than) those of the most elite suburbs of SiliconValley or NYC; big difference is cost of construction (per sq ft) of new houses is about 50% cheaper in Dallas than in CA (similar quality builders and choice of finishes)

Financially smarter approach (esp in a possibly depreciating, certainly illiquid, high-end housing mkt) for many may be to rent a house in HP/UP and gain access to arguably some of best public schools in TX (and US)...and reserve flexibility to buy/build after learn region's nuances and one's preferences