A major new multifamily development is headed to McKinney, promising to add hundreds of affordable housing units to one of North Texas’s most balanced housing markets. Dallas-based developer JPI, in partnership with the McKinney Housing Authority, is spearheading the project.
At least 50% of the residences will be reserved for households earning less than 80% of the area median income, with 5% set aside for households earning less than 30%.
393 Units Planned For University Drive
The project, called Jefferson Terry, will be located at the southeast corner of University Drive and Terry Lane. The $104 million development will consist of 393 rental units spread across four four-story buildings.
Units will range from studios to three-bedroom apartments. Rent prices will vary based on unit size and affordability rates, spanning from $579 to $3,118 per month. Of the total units, 197 will be offered below market rate. The complex will include a wide range of amenities, including a pool, dog park, fitness center and arcade.
McKinney Stands Out for Affordability in North Texas
While home prices and rents continue to soar across North Texas, McKinney has managed to retain a reputation for affordability. With a cost-of-living index of 97.5, the city sits three points below the national average. Combined with a median household income of $116,654, residents in McKinney enjoy one of the best income-to-expense ratios in the country.
According to a recent report, McKinney’s income-to-expense ratio is 1.55, the highest in the nation. That means incomes go further here than in almost any other American city.
“This ranking reflects what we already know,” a city spokesperson previously said in a social media post. “McKinney is a place where opportunity, community and value come together.”
A City for Mid-Career Professionals and Young Families
McKinney’s economic landscape is as diverse as its population. With leading industries in professional services, retail and healthcare, the city continues to support sustainable growth. The average resident is 37 years old, a reflection of its appeal to both mid-career professionals and young families.
While the median home value sits around $440,000, slightly above the national median, it is balanced by higher local earnings and relatively low day-to-day living costs. The city’s ability to blend economic opportunity with affordability continues to make it a destination of choice for those seeking both quality of life and financial stability.
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