Location: Corpus Christi, TX | Metro: Corpus Christi, TX HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,420 |
| 1 Bedroom | $1,560 |
| 2 Bedrooms | $1,890 |
| 3 Bedrooms | $2,470 |
| 4 Bedrooms | $2,780 |
| 5 Bedrooms | $3,225 |
| 6 Bedrooms | $3,612 |
| 7 Bedrooms | $3,901 |
| 8 Bedrooms | $4,096 |
U.S. Census Bureau data (2024)
The Section 8 market in ZIP code 78406, located in the HUD Metro FMR Area of Corpus Christi, TX, presents a clear opportunity for investors. The HUD Fair Market Rent (FMR) for the area stands at $1560 for the fiscal year 2024, which is notably lower than the Census ACS reported market rent of $1,715. This indicates that voucher tenants will typically cashflow marginally when renting at the HUD FMR rate. For landlords and small-portfolio investors, this means that while there might be a slight financial strain, it is still feasible to maintain positive cash flow with proper management and efficiency.
The median home value in ZIP 78406 is listed as N/A, which makes deriving an exact rent-to-price ratio challenging. However, given the disparity between the HUD FMR and the actual market rent, we can infer that rental properties in this area offer a competitive advantage over homeownership. This is further supported by the N/A-day median days on market (DOM) and the N/A% of homes experiencing price cuts, suggesting a stable rental market without significant pressure from the sales market.
Investors should focus on the stability angle of this market. While cash flow may not be abundant due to the marginal difference between HUD FMR and market rents, the consistent demand for affordable housing ensures steady income and low vacancy rates. Stability is key for those looking to build long-term, passive income streams through rental investments.
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.