Location: Jim Wells County, TX | Metro: Corpus Christi, TX HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $930 |
| 1 Bedroom | $1,030 |
| 2 Bedrooms | $1,240 |
| 3 Bedrooms | $1,620 |
| 4 Bedrooms | $1,850 |
| 5 Bedrooms | $2,146 |
| 6 Bedrooms | $2,404 |
| 7 Bedrooms | $2,596 |
| 8 Bedrooms | $2,726 |
U.S. Census Bureau data (2024)
The median income in ZIP code 78380 stands at $54,769, which presents a challenging scenario for renters when faced with the market rate of $971 per month. This means that a significant portion of their earnings must be dedicated to housing costs, potentially straining other financial obligations.
Comparatively, the Fair Market Rent (FMR) for the area, set at $1150 by the Housing Choice Voucher program for fiscal year 2024, exceeds the market rate. This suggests that voucher holders might have an easier time finding suitable housing, as they could cover higher rent rates than typical market conditions demand.
With 23.7% of the population renting and a total population of 23,149, the competition among landlords is moderate but present. The affordability gap between the median income and the market rent rate implies that there will be a segment of renters who find it difficult to pay market rates without assistance. As such, landlords should consider the benefits of accepting vouchers, especially given that the FMR is higher than the current market rate.
The takeaway for landlords is clear: accepting vouchers can provide a steady stream of tenants who can afford the higher FMR rate. This strategy may help secure occupancy in a competitive rental market where many potential tenants struggle to meet the $971 market rate. By embracing voucher programs, landlords position themselves to attract a broader range of renters, ensuring a more stable and predictable income stream.
Data Sources: FMR data from HUD (2027). Demographics from U.S. Census (2024).
About FMR: Fair Market Rent (FMR) is used to determine payment standards for the Section 8 Housing Choice Voucher program, initial renewal rents for some expiring project-based Section 8 contracts, and rent ceilings for HOME Investment Partnerships.