McAllen, TX
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Top 5 reasons to invest in McAllen, TX
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McAllen, TX, has a fast-growing population and low median home prices. It's situated at the southernmost tip of Texas, located in the Rio Grande Valley. It is one of the cheapest places to live in the United States, giving investors a chance at a large audience keen to save money on living expenses.
The population in McAllen is 873,167, a 0.87% change from last year. With a reasonable median rent of $1,164, a 2.2% year-over-year difference, investors can attract renters of all income levels.
The median home price in the market is $184,666, well below the national average. However, the area has seen growth in the last year, with median prices changing 7.3%. The rent-to-price ratio is 0.6%. This and the significant growth potential should excite real estate investors and offer them an enticing opportunity.
Keeping pace with its low median home prices and rent, the cost of living in McAllen is 13% lower than the state average, and 19% below the national average. This financial advantage makes it a smart decision for people moving to the area and a promising opportunity for real estate investors.
The average household is larger than the national average, at 3.3 people per household, and 33% of the population rents, indicating strong, consistent rental demand in the area.
The median age in the market is 30.3, giving investors a young audience. Since younger people are more likely to rent, this can benefit real estate investors. There are 270,891 households in the area, and households are split almost evenly between married and unmarried homeowners.
Only 12% of properties are vacant in the area, reassuring real estate investors that they won't have to deal with many vacancies. Sixty-eight percent of the properties in the area are single-unit properties, and 17% are multiunit properties, so there are opportunities at every price level.
The median household income in the area is much lower than the national average at $49,371, but that works well with the lost cost of living in the area. Health services, education, and retail trade are the largest industries in the area. Still, there is strong demand for transportation and logistics workers.
The unemployment rate in McAllen is 6.0%. In past years, the rates were between 7% and 10%, so it's an area with higher unemployment than the national average regularly, but it's been on the decline in recent months.
McAllen has much to offer real estate investors, including its low cost of living and median home prices. It's a great market for investors just starting their portfolios or those looking to diversify their investments into lower-cost markets. Its rent prices are well below the national average, but with a low vacancy rate, it's a good trade-off for investors looking for a lower risk.
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