Named the cheapest city to live in America in 2017, McAllen has long had a reputation for affordability. And that affordability extends to its housing. With average home prices a full $126,300 below the national average, purchasing or building your dream residence is much more attainable in this family-friendly locale. Here is a look at some of the reasons why homes in McAllen, Texas, are so cheap.
Affordable Real Estate Market
Despite the fact that McAllen is becoming one of the , it enjoys an extremely affordable real estate market. The of a home in this city is $165,400, significantly lower than the national average of $291,700.
When compared to Texas, McAllen housing still comes in cheaper. The median home price in Texas is $243,600. Rent is equally affordable. The median monthly lease for an apartment is just $918.
That means that you can find a home as big, luxurious, and feature-rich as you desire for much less than the same home would cost anywhere else. Need room for the whole family? Looking for a place where you can entertain every weekend? Dreaming of luxury finishes or outdoor entertaining? You can get for a budget that is more than less than the national average.
Low Property Taxes
Purchasing or building your home in McAllen isn’t the only way to save money on housing. McAllen is also home to that are significantly lower than those in most of the rest of Hidalgo County. That means that McAllen rates could save you hundreds of dollars every year on your home.
If you have to pay less money per year on your housing, you may be able to afford to invest more into a home that meets all of your expectations. Instead of scaling back on your vision because of concerns about affording the annual taxes, McAllen makes it possible to pursue the home of your dreams, whether you buy a pre-existing home or are
Low Cost of Living
Another factor in the affordability of McAllen homes is the in almost all of the most important areas of life. It costs about 15 percent less than the Texas average to live in McAllen, and 22.4 percent less than the national average.
That dramatic dip in costs means your entire life in McAllen should cost less than almost anywhere else in Texas. Save 7.9 percent on groceries over the national average, 10.9 percent on utilities, and 13.8 percent on transportation.
When your daily costs are less, the amount of money you have to devote to finding the perfect housing is greater than it would be in other parts of the state, or the country. Consider directing some of those saved costs toward adding luxury features, a backyard pool, or an extra-large island in your dream kitchen.
A builder like Guzman Construction can help you identify, and build, the features that you have always been hoping to have in your home, while the low cost of living in McAllen makes all of those features much easier to access financially.
Steady Job Growth
McAllen is at the center of some promising economic growth in the Valley. Thanks to its strategic location on the border with Mexico, the city serves as an international hub for trade and in 2019 was named by as one of the best places for business and careers. Over the next almost 40 years, McAllen is expected to maintain a steady pace in job growth, with a massive 122.7 percent expansion in by 2060.
Over the last year, the area’s grew a healthy 2.1 percent, and in the next 10 years, McAllen is expected to enjoy job growth of more than 36 percent – Almost 3 percent more than the expected national average. With a favorable business economy and a booming manufacturing industry, McAllen is positioned to offer steady job growth and employment opportunities for the foreseeable future.
How does that impact your home buying or building journey? When you choose to take up residence in McAllen, you discover a locale that has the ideal mixture of affordable housing and good job prospects. That makes it more likely that you can afford the home you are envisioning, and less likely that you will need to compromise for financial reasons on the features you want in your home.
Affordable homes are available in abundance in McAllen, but perhaps even more exciting is the opportunity to build your own home here. If you want a lifetime of strength and beauty crafted just for you, consider Guzman Construction, leading