Location: Milam County, TX | Metro: Milam County, TX
| Unit Size | Monthly FMR |
|---|---|
| Studio | $830 |
| 1 Bedroom | $840 |
| 2 Bedrooms | $1,040 |
| 3 Bedrooms | $1,380 |
| 4 Bedrooms | $1,660 |
| 5 Bedrooms | $1,926 |
| 6 Bedrooms | $2,157 |
| 7 Bedrooms | $2,330 |
| 8 Bedrooms | $2,447 |
U.S. Census Bureau data (2024)
The ZIP code 76523 is not predominantly a renter-heavy area, with only 7.3% of its population being renters. This indicates that it is a homeowner-dominated area where the availability of housing vouchers, such as those provided through Section 8, is likely to be lower. The median household income stands at $80,066, which is relatively high compared to the Fair Market Rent (FMR) set by HUD for the metro area, which is $1,030 per month for FY 2026.
Given the lack of specific market rent data for ZIP 76523, we can infer from the FMR that the typical rent eats up a smaller percentage of the local income. Assuming an average market rent similar to the FMR, a household earning the median income would spend approximately 15% of their monthly income on rent, calculated as ($1,030 / ($80,066 / 12)) * 100%. This is below the general threshold where rent becomes a significant financial burden, typically considered to be around 30% of income.
A landlord in ZIP 76523 should expect tenants who are either voucher holders with limited budgets or individuals or families who can afford higher rents without assistance. The scarcity of vouchers means that landlords might find themselves catering to a mix of tenants, some relying on Section 8 vouchers and others paying market rates. Given the homeowner-dominated nature of the area, the demand for rental properties may not be as high as in areas with larger percentages of renters. However, the presence of Section 8 vouchers ensures a steady stream of potential tenants who qualify based on income and other criteria.
To attract both voucher holders and those paying market rates, landlords should ensure their properties meet HUD's quality standards for Section 8 while also offering amenities that appeal to a broader range of renters. This approach will help maximize occupancy rates and maintain a diverse tenant base in an area where homeownership is the norm.
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.