Location: Dallas, TX | Metro: Dallas, TX HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,150 |
| 1 Bedroom | $1,180 |
| 2 Bedrooms | $1,390 |
| 3 Bedrooms | $1,750 |
| 4 Bedrooms | $2,220 |
| 5 Bedrooms | $2,575 |
| 6 Bedrooms | $2,884 |
| 7 Bedrooms | $3,115 |
| 8 Bedrooms | $3,271 |
The ZIP code 75404 in Unknown, TX, presents a dynamic rental market with a federally determined Fair Market Rent (FMR) of $1380 for fiscal year 2024. This figure serves as a benchmark for rental prices, indicating the minimum acceptable rent for subsidized housing programs. Despite the lack of specific current market rent data, the presence of an FMR suggests that there is a recognized need for affordable housing in the area.
The absence of data on price-cut shares and days on market (DOM) leaves some uncertainty regarding the immediate supply-demand balance. However, if we consider the FMR as a reflection of the broader economic conditions, it implies that there might be significant pressure on rental prices due to affordability concerns. The unknown percentage of price-cut share and DOM could indicate either a balanced market or one where rapid changes make it difficult to capture precise metrics.
The median home value being listed as N/A suggests that homeownership data is either sparse or not regularly updated, which might point to a community that leans more towards renting rather than owning homes. While the exact percentage of renters is also unspecified, a high proportion of renters can imply sustained long-term housing pressure, as renters often represent individuals and families who cannot afford to purchase homes. This scenario is typical in areas with limited economic growth or where housing costs significantly exceed income levels.
In conclusion, ZIP 75404 exhibits characteristics of a market in flux, with clear indicators pointing towards rental affordability being a central issue. The established FMR of $1380 underscores the importance of maintaining accessible rental options, while the lack of detailed market data points to ongoing challenges in accurately gauging the supply-demand relationship and the overall composition of the housing market.
Data Sources: FMR data from HUD (2027).
About FMR: Fair Market Rent (FMR) is used to determine payment standards for the Section 8 Housing Choice Voucher program, initial renewal rents for some expiring project-based Section 8 contracts, and rent ceilings for HOME Investment Partnerships.