Location: Knox County, TX | Metro: Knox County, TX
| Unit Size | Monthly FMR |
|---|---|
| Studio | $770 |
| 1 Bedroom | $810 |
| 2 Bedrooms | $1,010 |
| 3 Bedrooms | $1,410 |
| 4 Bedrooms | $1,470 |
| 5 Bedrooms | $1,705 |
| 6 Bedrooms | $1,910 |
| 7 Bedrooms | $2,063 |
| 8 Bedrooms | $2,166 |
U.S. Census Bureau data (2024)
The market in ZIP code 76371 presents a dynamic scenario that reflects the interplay between supply and demand. The Fair Market Rent (FMR) for the area, set at $1,020 for fiscal year 2026, is notably higher than the current market rent of $483, as reported by the Census Bureau's American Community Survey (ACS). This significant gap suggests that the rental market is currently underpriced relative to what is considered fair by HUD standards, indicating potential upward pressure on rents.
A median home value of $89,068 in ZIP 76371 signals an affordable housing market, which can attract both buyers and renters. However, the lack of data on price-cut shares and days on market (DOM) means we cannot definitively assess whether supply is currently outpacing demand or vice versa. Nonetheless, the relatively low market rent compared to the FMR implies that there might be an oversupply of rental units or that landlords are pricing competitively to attract tenants.
The 19.6% share of renters in the ZIP code provides insight into the long-term housing dynamics. A lower percentage of renters typically indicates a stable, owner-occupied market. In ZIP 76371, this figure suggests that a majority of residents own their homes, which could mean that there is less immediate pressure on the rental market. However, it also points to a potential future scenario where rising home values or economic shifts could push more individuals towards renting, increasing long-term housing pressures.
Landlords and small-portfolio investors should take note of these trends. The disparity between FMR and market rent offers an opportunity to adjust pricing strategies without alienating tenants. Moreover, the affordable median home value may signal a broader trend of economic accessibility in the area, which could influence investment decisions. The current composition of the market, with a smaller share of renters, indicates a predominantly owner-occupied environment, but the underlying affordability could hint at future shifts towards a more balanced mix of homeownership and renting.
Data Sources: FMR data from HUD (2027). Demographics from U.S. Census (2024).
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.