Can You Afford to Buy a Home in McAllen-Edinburg-Mission?
The median home in McAllen-Edinburg-Mission costs $124,000. To afford it at current mortgage rates with 20% down, you need a household income of about $37,329/year. Your monthly payment would be around $871, including taxes and insurance.
Based on national median home values adjusted by McAllen-Edinburg-Mission’s Regional Price Parity (85.89). Current 30-year fixed rate: 6.52% (Freddie Mac, as of Jun 11, 2026). Methodology
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Monthly payment breakdown
$124,000 home, 20% down, 6.52% rate, 30-year fixed
Rent vs. buy in McAllen-Edinburg-Mission
Buying is actually cheaper than renting here by $189/mo, and you build equity. Strong signal to explore homeownership.
What can you afford in McAllen-Edinburg-Mission?
Home price you can afford at each salary level (28% DTI, 20% down)
| Salary | Home you can afford | Monthly payment |
|---|---|---|
| $50K | $182K | $871 |
| $75K | $297K | $871 |
| $100K | $413K | $871 |
| $125K | $528K | $871 |
| $150K | $643K | $871 |
| $200K | $873K | $871 |
Based on 28% front-end DTI ratio, 20% down payment, 6.52% 30-year fixed rate, 1.1% property tax, ~$150/mo insurance.
Can common careers afford a home in McAllen-Edinburg-Mission?
Local median salary vs. the $37K needed to buy
Frequently asked questions
What salary do I need to buy a home in McAllen-Edinburg-Mission?
To comfortably afford the median home ($124,000) in McAllen-Edinburg-Mission with a 20% down payment and current mortgage rates, you need a household income of about $37,329. That keeps your housing costs at or below 28% of your gross income, which is the standard lender guideline.
How much does a house cost in McAllen-Edinburg-Mission?
The median home price in the McAllen-Edinburg-Mission, TX metro area is $124,000, based on the Census ACS 2023 median home value for the metro. Prices vary widely by neighborhood. A 20% down payment would be $24,800, or $6,200 at 5% down.
What would my monthly mortgage be in McAllen-Edinburg-Mission?
On a $124,000 home with 20% down at current rates, your estimated monthly payment would be $871 including principal, interest, property tax, and insurance. With only 5% down, add about $49/mo for PMI.
Is it cheaper to rent or buy in McAllen-Edinburg-Mission?
Median 2-bedroom rent in McAllen-Edinburg-Mission is $1,060/mo (HUD Fair Market Rent). The estimated mortgage payment on the median home is $871/mo. Buying and renting are close in monthly cost, but buying builds equity.