The Housing Market in Flower Mound Today
The housing market in Flower Mound, Texas is characterized by steady growth and increasing demand. This Dallas-Fort Worth suburb has seen its population expand in recent years as more people are drawn to its highly-rated schools, safe neighborhoods, and convenient location. However, this popularity has put pressure on the housing supply, leading to rising costs for both renters and buyers.
New housing developments are rising in various parts of Flower Mound to meet the growing need, especially along major corridors like FM 2499 and FM 3040. Many of these are master-planned communities offering amenities like pools, trails, and green spaces. Still, inventory has tightened overall, making it more competitive and costly to secure housing.
In Flower Mound, an increasing number of apartments are offering upscale finishes and community features to attract tenants. On the ownership side, most of the housing stock consists of single-family homes, with a smaller share of townhomes and condos. While still considered an affluent area, Flower Mound has seen prices rise across all housing types in the current market.
Renting in Flower Mound: What’s Typical?
For renters in Flower Mound, costs can vary based on the apartment size, age, and location. As of 2023, here are some average rent estimates:
- Studio / 1BR: $1,400 – $1,800 per month
- 2BR: $1,800 – $2,400 per month
- 3BR: $2,200 – $3,000+ per month
Rent in Flower Mound has risen by around 10% in the last year, but some areas like the Riverwalk and Lakeside districts still offer relatively affordable options for young professionals. Families tend to gravitate toward the larger apartment and townhome communities near schools and parks.
Beyond the base rent, many properties in Flower Mound charge for utilities, parking, pets, and technology packages. Here’s how much renters may need to budget on top of rent each month:
| Expense | Typical Monthly Cost |
|---|---|
| Electricity | $80 – $150 |
| Water/Sewer/Trash | $50 – $80 |
| Parking | $0 – $100 |
| Technology Package | $50 – $150 |
| Pet Rent | $20 – $50 per pet |
Owning a Home in Flower Mound
For buyers looking to purchase a home in Flower Mound, the current median price is around $550,000. At this price point, and assuming a 20% down payment and 6% interest rate, owners can expect a monthly mortgage of roughly $2,600.
However, the monthly cost of ownership extends beyond the mortgage payment. Flower Mound homeowners must also budget for:
- Property taxes: Texas has some of the highest property tax rates in the U.S., averaging 1.8% of a home’s value annually. For a $550K home, this equates to around $825 per month.
- Homeowners insurance: Flower Mound’s location near severe weather zones can mean higher-than-average premiums of $150-$300 per month.
- HOA dues: Many neighborhoods in Flower Mound have mandatory homeowners associations that charge $50-$500+ per month for shared amenities and services.
- Maintenance and repairs: Owners should set aside at least 1% of their home’s value each year for upkeep, or $450+ per month for a median-priced property.
Altogether, the true monthly cost of owning a mid-range home in Flower Mound is closer to $4,000 when accounting for these additional expenses on top of the mortgage.
Renters vs. Homeowners: Who Lives Where?
Flower Mound has a homeownership rate of around 80%, meaning the vast majority of residents own rather than rent their homes. This is significantly higher than the national average of 65%.
Renting is most common among younger individuals and smaller households in Flower Mound. Many are single professionals or couples who value flexibility and are saving up to buy. Renters tend to live in the newer apartment complexes near major employment centers and retail districts.
Families, especially those with children, overwhelmingly choose to own homes in Flower Mound. The most popular areas for ownership are the master-planned communities zoned for top-rated schools. Empty nesters and retirees also have high homeownership rates, though some do downsize to maintenance-free townhomes or condos.
While renting can be a more attainable option for those with lower incomes or savings, the financial and cultural norms in Flower Mound still heavily favor homeownership for long-term residents. However, rising home prices have made it harder for first-time buyers to afford a purchase in recent years.
Table: Typical Monthly Housing Costs in Flower Mound
Here’s what housing costs might look like each month in Flower Mound:
| Expense | Renting (2BR) | Owning ($550K Home) |
|---|---|---|
| Rent/Mortgage | $2,100 | $2,600 |
| Property Tax | – | $825 |
| Insurance | $15 (renters) | $225 (homeowners) |
| Utilities | $150 | $300 |
| HOA | – | $150 |
| Maintenance | – | $450 |
| Total | $2,265 | $4,550 |
Estimates reflect mid-range properties and average usage.
What’s Driving Costs Up or Down?
Several factors are influencing the cost of housing in Flower Mound. On the demand side, the strong local job market and highly-rated schools are attracting more residents, especially families. Flower Mound benefits from its proximity to major employment hubs in Dallas and Fort Worth, while still offering a suburban lifestyle.
In terms of supply, Flower Mound has limited undeveloped land remaining within its borders. This has constrained new housing construction and pushed prices up. While some higher-density projects have been approved, most new developments are mid-range to luxury homes or apartments.
Flower Mound’s building codes and zoning restrictions also tend to favor larger, more expensive housing. This policy approach has maintained the city’s affluent character, but makes it harder to add affordable starter homes or multi-family options. Some older neighborhoods offer relatively lower price points, but often come with higher maintenance needs.
FAQs About Housing in Flower Mound
Is Flower Mound affordable to live in?
Flower Mound has a higher cost of living than the national average, mainly due to housing costs. However, many residents feel the quality of life and local amenities are worth the premium, and incomes tend to be higher as well. Renting is relatively more affordable than buying.
Why are housing prices rising in Flower Mound?
The population of Flower Mound is growing faster than the housing supply, leading to increased competition and prices. The area’s strong schools, jobs, and location make it an attractive place to live. New construction has slowed due to limited land and building restrictions.
How does the cost of living in Flower Mound compare to nearby cities?
Flower Mound is one of the more expensive suburbs in the Dallas-Fort Worth metro, on par with places like Frisco or Southlake. It’s pricier than Arlington or Irving, but more affordable than Highland Park or University Park. Housing costs are the biggest factor in Flower Mound’s higher cost of living.
Making Smart Housing Decisions in Flower Mound
Whether renting or buying, housing is likely to be the biggest part of your budget in Flower Mound. As you weigh your options, consider:
- Location: Newer neighborhoods and those zoned for top schools tend to command the highest prices. You may find better deals in older areas or on the edges of town.
- Size: Smaller homes and apartments are relatively more affordable, but options are limited. Consider how much space you really need and what tradeoffs you’re willing to make.
- Timing: Flower Mound’s housing market is less seasonal than some, but you may still find lower prices and more negotiating room in the winter vs. peak summer.
- Commute: Living closer to major employers can be pricier, but may be worth it for the time and transportation savings. Look for transit-friendly locations if you plan to commute.
- Amenities: Flower Mound’s many master-planned communities offer resort-style perks, but also charge premium prices and HOA dues. More modest neighborhoods can provide better value if you don’t need all the extras.
Beyond the purchase or rental price, be sure to budget for the total monthly cost of your housing – including things like utilities, insurance, maintenance, and transportation. And don’t forget to account for other essentials, such as food, healthcare, childcare, and savings.
While the cost of living in Flower Mound is higher than average, many residents find it a worthwhile investment in quality of life. By understanding the market and planning ahead, you can make smart housing choices that fit your budget and lifestyle. Check out our Flower Mound cost of living guide for more budgeting tips!