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…