Quick facts: The colony, TX

Quick Facts

103.0
Cost of Living
above US average
45,367
Population
31.08
Crime Rate per 1000
above US average
$106,518
Median Income
above US average
$599,773
Median House Price
above US average
$2011.64
Average Rent
above US average
5%
Poverty Rate
below US average
3.8%
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 $106,518.

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Income Needed to Buy

βœ— Stretch
$188k/year
Based on $599,773 median home price
Assumes 30-year mortgage at 7% with 20% down payment
⚠️ Requires $188k vs median $106,518
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Income Needed to Rent

βœ“ Affordable
$86k/year
Based on $2011.64/month average rent
Annual income where rent = 28% of gross
πŸ“Š Median income ($106,518) exceeds requirement
πŸ’‘ 28/36 Rule: Housing ≀28% of gross income, total debt ≀36%. This is a guideline used by many lenders.

Overview for The colony, TX

The Colony is a vibrant city located in Denton County, Texas, part of the Dallas-Fort Worth metroplex. Known for its suburban charm and family-friendly atmosphere, The Colony has experienced rapid growth in recent years, attracting new residents and businesses alike. The city is situated along the scenic shores of Lewisville Lake, providing ample opportunities for outdoor recreation, including boating, fishing, and hiking. One of the key landmarks in The Colony is the Grandscape development, which features a variety of shopping, dining, and entertainment options, including the popular Nebraska Furniture Mart and The Colony’s own water park. The city's parks and recreational facilities, such as the Zion Park and the Central Park, offer residents a chance to enjoy green spaces and community events. The Colony’s proximity to major highways makes it an ideal location for commuters working in nearby cities like Dallas and Frisco. The city has a diverse community, with a range of housing options, excellent schools, and a strong sense of community spirit, making it a great place for families and individuals alike.

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