Location: McAllen-Edinburg-Mission, TX | Metro: McAllen-Edinburg-Mission, TX MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $800 |
| 1 Bedroom | $810 |
| 2 Bedrooms | $1,020 |
| 3 Bedrooms | $1,310 |
| 4 Bedrooms | $1,440 |
| 5 Bedrooms | $1,670 |
| 6 Bedrooms | $1,870 |
| 7 Bedrooms | $2,020 |
| 8 Bedrooms | $2,121 |
The ZIP code 78502 is located in McAllen, Texas, and is classified as a PO Box area. Due to its classification, detailed demographic information such as population, percentage of renters, median income, and median home value is not available through traditional census data. This classification indicates that the area primarily serves postal purposes rather than residential use.
However, for Section 8 investors looking at the economic landscape, the Fair Market Rent (FMR) for ZIP 78502 in fiscal year 2024 is set at $980. This figure is critical for understanding the government's rental subsidy threshold. Although specific market rent data is not provided, it's important to note that FMRs are designed to reflect the average rent paid by the general market for similar units, adjusted for location and size.
Given the nature of ZIP 78502 as a PO Box area, it may not be an ideal location for hands-on value-add real estate buyers who seek opportunities to renovate and manage properties directly. Instead, this area could be better suited for hands-off operators who rely on government programs like Section 8 to manage their rental properties. The lack of detailed population and housing data suggests that the neighborhood is less focused on residential living and more on commercial and postal services.
In conclusion, while ZIP 78502 offers a stable rental income opportunity through the Section 8 program with an FMR of $980, the absence of robust demographic data implies a focus on non-residential activities. Therefore, this ZIP code is likely best for hands-off operators who can leverage the government's rental assistance programs without needing extensive local market knowledge or hands-on property management expertise.
Data Sources: FMR data from HUD (2027).
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.