Location: Corpus Christi, TX | Metro: Corpus Christi, TX HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $930 |
| 1 Bedroom | $1,010 |
| 2 Bedrooms | $1,230 |
| 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)
39.1% of residents in ZIP 78409 are renters, indicating a significant demand for rental properties in the area. The $1410 Fair Market Rent (FMR) set for zip code FY 2024 highlights the subsidized housing rate that landlords can expect when participating in the Section 8 program. In comparison, the $1,087 average market rent, derived from Census ACS data, shows that properties meeting or slightly exceeding the FMR can still remain competitive in the local rental market. Landlords considering the median home value of $205,600 should be aware that rental income, whether through Section 8 or market rates, can help offset mortgage costs and maintenance expenses.
$60,089 is the median income for ZIP 78409, which suggests that a portion of the population may rely on government assistance for housing, thus potentially increasing the interest in Section 8 properties. Despite the lack of specific data on days on market (DOM) and the percentage of price-cut share, the disparity between the FMR and the market rent indicates a viable opportunity for landlords to balance between market demands and government subsidies without significantly compromising profitability.
The $1410 FMR for Section 8 in ZIP 78409 ensures that landlords receive a stable, government-backed rental income, which can be particularly appealing given the economic conditions and the potential for rental vacancies in areas with high renter shares. For small-portfolio investors, this figure provides a benchmark for pricing their units, ensuring they attract tenants while maintaining financial viability.
While the $1,087 market rent is lower than the Section 8 FMR, it reflects the actual rental prices paid by tenants in the area, suggesting that landlords who participate in the program can command slightly higher rents without alienating potential tenants. This balance is crucial for maximizing returns on investment, especially in an environment where the median home value is $205,600, making homeownership a significant financial commitment.
Given the $60,089 median income, it's reasonable to conclude that a substantial portion of the population would benefit from the affordability offered by Section 8 properties. This can translate into a steady stream of qualified applicants, reducing the risk of vacancy and providing landlords with a predictable source of income.
In summary, the data points to ZIP 78409 as a market where Section 8 participation offers a reliable income stream, supported by a high renter share and a median income that aligns well with the program's affordability goals. The $1410 FMR stands out as a key figure, balancing the needs of tenants and landlords effectively. Verdict: ZIP 78409 is a solid choice for Section 8 investment.
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.