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 78505 in McAllen-Edinburg-Mission, Texas, presents a unique set of characteristics that make it stand out for real estate analysis. The lack of specific data points such as the number of residents, percentage of renters, median income, and median home value suggests a need for caution when making detailed assessments. However, the Federal Market Rent (FMR) for ZIP 78505 is established at $980 for the fiscal year 2024, which is a critical figure for understanding the economic dynamics of the area.
In terms of voucher economics, landlords and small-portfolio investors should pay close attention to the FMR as it directly impacts the amount of rental assistance available through the Section 8 program. While the specific market rent for ZIP 78505 is currently unavailable, the FMR serves as a benchmark for setting reasonable rent expectations and ensuring compliance with HUD guidelines. It is important to note that the FMR can influence the demand for rental properties among low-income tenants who rely on Section 8 vouchers to afford housing.
The data signature for ZIP 78505 reads as transitional due to the absence of key metrics that would typically indicate stability. This lack of detailed information could be indicative of recent changes in the local real estate market or population shifts that have yet to be fully captured in the latest data releases. As such, landlords and investors should remain vigilant and adapt their strategies to account for potential fluctuations in the market and tenant demographics.
To summarize, ZIP 78505 in McAllen-Edinburg-Mission, TX, has an FMR of $980 for the upcoming fiscal year. This figure is crucial for those involved in the Section 8 program but should be considered alongside the transitional nature of the area's data signature, which indicates a period of change rather than stability.
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.