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)
The ZIP code 78416 is situated in a neighborhood characterized by a moderate population size of 12,480 residents. Approximately 36.8% of these residents are renters, indicating a significant demand for rental properties. The median household income in this area is $43,198, which suggests that many residents rely on affordable housing options. The median home value stands at $104,629, reflecting an overall affordability in the housing market.
Moving into the realm of rent economics, the Fair Market Rent (FMR) for ZIP 78416 in fiscal year 2024 is set at $1,190. This figure contrasts sharply with the market rent, as indicated by the Zillow Observed Rental Index (ZORI), which is currently at $1,550. This discrepancy presents an opportunity for investors who can offer rental units at the higher market rate while still qualifying for Section 8 vouchers.
Given these economic conditions, ZIP 78416 is well-suited for both hands-off voucher operators and hands-on value-add buyers. For those preferring a hands-off approach, the potential for stable cash flow exists due to the high percentage of renters and the availability of Section 8 vouchers. These vouchers provide a reliable source of income, as they are guaranteed by the government and cover a substantial portion of the rent, specifically $1,190 per unit.
On the other hand, value-add investors can leverage the gap between the FMR and the market rent to improve property values and increase profitability. By enhancing the quality of their rental units and charging closer to the market rate of $1,550, they can attract tenants willing to pay more, thereby boosting their investment returns. However, such strategies require active management and a keen understanding of local tenant needs and preferences.
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.