The typical owner-occupied home in Richardson is worth about $431,400, 52% above the Texas median of $283,800 and 30% above the national median of $332,700. Owners pay a median $6,482 a year in property taxes, about 1.50% of their home's value, close to the Texas rate of 1.49%. The median household earns $98,111 a year, so the median home costs 4.4 times the median income (3.6 times for Texas). 51% of occupied homes here are lived in by their owners, and 58% of those owners still have a mortgage.
Richardson at a glance
| Richardson | Texas | U.S. | |
|---|---|---|---|
| Median home value | $431,400 | $283,800 | $332,700 |
| Median property tax paid per year | $6,482 | $4,232 | $3,119 |
| Property tax as a share of value | 1.50% | 1.49% | 0.94% |
| Median household income | $98,111 | $78,476 | $80,734 |
| Homes lived in by their owners | 51% | 63% | 65% |
| Owner homes with a mortgage | 58% | 56% | 61% |
| Median monthly costs, owners with a mortgage | $2,524 | $2,106 | $1,963 |
| Those costs as a share of the owners' income | 20.1% | 21.7% | 21.0% |
| Median rent | $1,857 | $1,403 | $1,413 |
| Rent as a share of renters' income | 30.1% | 30.9% | 30.6% |
| Median year homes were built | 1986 | 1992 | 1980 |
| Vacant homes | 4.5% | 9.4% | 10.1% |
| Population | 118,731 | 30,188,424 | 334,922,499 |
What a typical home costs per month in Richardson
At this week's average 30-year rate of 7.11%, buying the median Richardson home of $431,400 with 20% down costs about $3,041 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $3,759, because the loan is bigger and FHA adds mortgage insurance.
Lenders usually want housing costs under about 28% of gross income, which means an income of roughly $130,313 for the 20%-down payment. That payment is 37% of the median Richardson household income of $98,111; at that income and 20% down, the 28% guideline points to a home of about $325,000.
The median rent here is $1,857 a month, so owning the median home costs about $1,184 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $86,280 |
|---|---|
| Loan amount | $345,120 |
| Principal and interest | $2,322 |
| Property taxes (1.50% a year) | $539 |
| Homeowners insurance (our estimate, 0.5% a year) | $180 |
| PMI | $0 |
| Total per month | $3,041 |
Change the numbers in the calculator
| Down payment | $15,099 |
|---|---|
| Loan amount | $423,586 |
| Principal and interest | $2,849 |
| Property taxes (1.50% a year) | $539 |
| Homeowners insurance (our estimate, 0.5% a year) | $180 |
| FHA mortgage insurance | $191 |
| Total per month | $3,759 |
Change the numbers in the calculator
Questions about home buying in Richardson
What is the median home value in Richardson?
About $431,400 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Richardson?
Homeowners pay a median $6,482 a year, which is about 1.50% of the median home value. Your bill depends on your home's assessed value and local rates.
What income do you need to buy a home in Richardson?
For the median home with 20% down at 7.11%, the payment is about $3,041 a month. Keeping that under 28% of gross income takes about $130,313 a year.
More about Richardson
- Mortgage Refinance in Richardson
- Debt Relief in Richardson
- Home Equity Loans in Richardson
- Guides and quotes for mortgage refinance on our sister site, MortgageRefinance.com
Sources: U.S. Census Bureau, American Community Survey 2020–2024 5-year estimates; Freddie Mac Primary Mortgage Market Survey, week of November 12, 2026. Estimates for small places have wide margins of error. About our data