Quick facts: Mcallen, TX

Quick Facts

90.2
Cost of Living
below US average
144,579
Population
21.61
Crime Rate per 1000
below US average
$56,326
Median Income
below US average
$269,000
Median House Price
above US average
$1440.84
Average Rent
above US average
15%
Poverty Rate
above US average
5.0%
Unemployment Rate
above US average

πŸ’΅ Affordability Calculator

Based on the 28/36 rule: housing costs should not exceed 28% of your gross income. Compared against local median income of $56,326.

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Income Needed to Buy

βœ— Stretch
$84k/year
Based on $269,000 median home price
Assumes 30-year mortgage at 7% with 20% down payment
⚠️ Requires $84k vs median $56,326
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Income Needed to Rent

⚠ Stretch
$62k/year
Based on $1440.84/month average rent
Annual income where rent = 28% of gross
⚠️ Requires $62k vs median $56,326
πŸ’‘ 28/36 Rule: Housing ≀28% of gross income, total debt ≀36%. This is a guideline used by many lenders.

Overview for Mcallen, TX

McAllen, Texas, located in the southern part of the state near the border with Mexico, is known for its vibrant culture and booming economy. As part of the Rio Grande Valley, McAllen boasts a diverse population and is a hub for international trade and commerce. The city has a warm climate, with hot summers and mild winters, making it ideal for outdoor activities year-round. McAllen has a rich cultural tapestry, influenced by its proximity to Mexico. Visitors can explore various cultural festivals, art galleries, and museums, showcasing the area’s heritage. The city is also renowned for its delicious Tex-Mex cuisine, with numerous restaurants offering local specialties. The area is home to several parks and recreational facilities, including the McAllen Nature Center and the Quinta MazatlΓ‘n, an historical estate and nature preserve. Additionally, McAllen is a retail destination with several shopping centers, attracting shoppers from across the region. Education is a priority in McAllen, with numerous public and private schools as well as higher education institutions. Overall, McAllen offers a unique blend of culture, commerce, and outdoor living, making it an attractive place for residents and visitors alike.

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