Rio Grande Valley Housing and Real Estate Market. Not only is the Rio Grande Valley experiencing a boom in its economy because of local business, but the increase in population has also led to a positive growth in the housing and real estate market. The cost of living in the Rio Grande Valley is substantially lower than many other regions in the nation. Average starter home prices range around $61,000 with rental averages around $300 per month. Luxury homes average around $100,000 and up.
The housing market is in such a rise that CNN named it as one of the top 10 cities to buy real estate and is projecting a big jump in the market in the coming years.
McAllen Ranked 5th Best City to Buy Real Estate
57% Projected gain home prices within the next 5 years
| Median home price | 2006: $70,000 | 2011: $109,000 |
| Population | 2006: 695,000 | 2011: 785,000 |
| Per capita income | 2006: $17,000 | 2011: $23,200 |
| Source: CNNMoney.com | ||
Alamo, Hidalgo County and Texas Demographics
| Census Data | Alamo | Hidalgo | County Texas |
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| Population | 27,390 | 569,465 | 14,211,069 |
| Area in sq. miles | 21 | 1,590 | 260,081 |
| People per sq. mile | 1,278 | 358 | 55 |
| Median Age | 27 | 26 | 35 |
| Median Family Income | 21,820 | 22,884 | 38,476 |
| Civilians | 26% | 32% | 43% |
| Armed Forces | < 1% | 0% | 1% |
| Not in Labor Force | 36% | 32% | 28% |
| Real Estate Market Data | Alamo | County Texas | |
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| Total Housing Units | 3,932 | 88,008 | 2,687,663 |
| Avg. Home Price | 60,796 | 73,174 | 108,559 |
| Median Rental Price | 268 | 275 | 317 |
| Owner Occupied | 58% | 59% | 61% |
| Rental Units | 14% | 22% | 28% |
| Vacant Units | 28% | 19% | 11% |
| Armed Forces | < 1% | 0% | 1% |
| Not in Labor Force | 36% | 32% | 28% |
| Source: HomeGain | |||
