Location: Killeen-Temple, TX | Metro: Killeen-Temple, TX HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $920 |
| 1 Bedroom | $930 |
| 2 Bedrooms | $1,140 |
| 3 Bedrooms | $1,580 |
| 4 Bedrooms | $1,910 |
| 5 Bedrooms | $2,216 |
| 6 Bedrooms | $2,482 |
| 7 Bedrooms | $2,681 |
| 8 Bedrooms | $2,815 |
The situation in ZIP code 76547, located in Texas, presents a unique challenge for both renters and landlords alike. The median income for households in this area is currently unknown, which complicates assessing the overall financial health and spending capacity of residents. Similarly, the market rate for rent is also listed as N/A, making it difficult to provide a direct comparison against the federal market rent (FMR) standards.
However, we do know that the voucher payment standard for this zip code in fiscal year 2024 is set at $1140. This figure represents the maximum amount that the government will pay toward a tenant's rent through the Section 8 program. Without specific data on local market rates, it's challenging to determine how this compares to what a typical household might be expected to pay out-of-pocket.
The percentage of renters and the total population for ZIP 76547 are also not available, which means we cannot precisely gauge the size of the rental market or the level of competition among landlords. Nevertheless, the unknown median income and market rate suggest significant variability in the ability of households to afford housing, potentially leading to a substantial affordability gap.
For landlords considering their strategy regarding voucher versus cash-pay tenants, the key takeaway is to focus on understanding the local rental dynamics. Given the lack of specific income and market rate data, landlords should consider the stability and predictability that voucher tenants offer, especially in an uncertain economic environment. Voucher tenants have a guaranteed source of funding for their rent, reducing the risk of non-payment. On the other hand, landlords should also explore opportunities to attract cash-paying tenants who can potentially offer higher rents if they find the area financially viable.
In conclusion, while precise figures are missing, the reliance on government assistance through vouchers highlights the importance of being adaptable and informed about the local rental market trends. Landlords should weigh the benefits of both types of tenants and make strategic decisions based on the unique characteristics of ZIP 76547.
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.