Location: Willacy County, TX | Metro: Brownsville-Harlingen, TX MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $770 |
| 1 Bedroom | $780 |
| 2 Bedrooms | $1,010 |
| 3 Bedrooms | $1,400 |
| 4 Bedrooms | $1,470 |
| 5 Bedrooms | $1,705 |
| 6 Bedrooms | $1,910 |
| 7 Bedrooms | $2,063 |
| 8 Bedrooms | $2,166 |
U.S. Census Bureau data (2024)
The market in ZIP code 78569 is characterized by a fine balance between rental prices and the Fair Market Rent (FMR) set for the fiscal year 2024. The FMR stands at $910, nearly matching the reported market rent of $911 according to the Census ACS data. This parity suggests that the rental market is stable, neither experiencing significant upward nor downward pressure.
A notable figure is the 8.8% renter share, indicating that a relatively small portion of the population opts for renting over homeownership. This low percentage implies that there could be long-term housing pressure towards owning property rather than renting. Landlords should be aware that this dynamic might lead to a less fluid rental market, where tenants are more likely to stay long-term, seeking stability in their living arrangements.
The median home value in ZIP 78569 is $179,004, which places it in a range accessible to a broad segment of the population, potentially supporting both rental and homeownership markets. However, without specific percentages on price-cut shares and days on market (DOM), it's challenging to definitively state whether supply outpaces demand or vice versa. Typically, if the DOM were longer and price-cut shares higher, it would suggest an oversupply issue. Conversely, short DOMs and low price-cut shares indicate strong demand.
Given the lack of time-series data, we can infer that the current snapshot reflects a market where rental prices closely align with FMR, suggesting a well-regulated environment. For small-portfolio investors and landlords, this means maintaining competitive rents while being prepared for a market that may shift towards homeownership as economic conditions evolve and the population seeks stability.
In conclusion, ZIP 78569 presents a market where rental prices are tightly aligned with the FMR, indicating a stable but possibly evolving landscape. The low renter share hints at a trend favoring homeownership, which could influence future investment strategies in the area.
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.