Quick facts: Richardson, TX

Quick Facts

105.3
Cost of Living
above US average
118,802
Population
23.68
Crime Rate per 1000
above US average
$94,362
Median Income
above US average
$435,000
Median House Price
above US average
$1812.65
Average Rent
above US average
6%
Poverty Rate
below US average
3.9%
Unemployment Rate
below US average

πŸ’΅ Affordability Calculator

Based on the 28/36 rule: housing costs should not exceed 28% of your gross income. Compared against local median income of $94,362.

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Income Needed to Buy

βœ— Stretch
$136k/year
Based on $435,000 median home price
Assumes 30-year mortgage at 7% with 20% down payment
⚠️ Requires $136k vs median $94,362
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Income Needed to Rent

βœ“ Affordable
$78k/year
Based on $1812.65/month average rent
Annual income where rent = 28% of gross
πŸ“Š Median income ($94,362) exceeds requirement
πŸ’‘ 28/36 Rule: Housing ≀28% of gross income, total debt ≀36%. This is a guideline used by many lenders.

Overview for Richardson, TX

Richardson, Texas, is a vibrant city located in the heart of the Dallas-Fort Worth metropolitan area. Known for its diverse population and robust economy, Richardson is home to a mix of residential, commercial, and industrial developments. The city has a rich cultural scene, highlighted by events such as the annual Richardson Wildflower! Arts & Music Festival, which showcases local talent and brings the community together. Richardson is also recognized for its educational institutions, including the acclaimed Richardson Independent School District and several nearby colleges, contributing to its reputation as a family-friendly community. With a thriving tech industry, it has earned the nickname "Telecom Corridor," housing major companies and start-ups alike. Recreation enthusiasts can enjoy lush parks, trails, and the picturesque Breckinridge Park, which offers outdoor activities for all ages. The city's strategic location provides easy access to major highways, making it convenient to explore nearby Dallas and surrounding areas. Overall, Richardson combines suburban charm with urban amenities, making it a desirable place to live, work, and play.

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