Location: Milam County, TX | Metro: Austin-Round Rock-San Marcos, TX MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,330 |
| 1 Bedroom | $1,410 |
| 2 Bedrooms | $1,670 |
| 3 Bedrooms | $2,120 |
| 4 Bedrooms | $2,490 |
| 5 Bedrooms | $2,888 |
| 6 Bedrooms | $3,235 |
| 7 Bedrooms | $3,494 |
| 8 Bedrooms | $3,669 |
U.S. Census Bureau data (2024)
The ZIP code 76577 stands out due to its unique demographic and economic characteristics. With a population of 3,128 residents, it has a rental rate of 26.8%, indicating a modest but present demand for rental properties. The median income in the area is $64,107, which is relatively low compared to the median home value of $398,967, suggesting that homeownership is financially challenging for many residents.
In terms of Section 8 voucher economics, the Fair Market Rent (FMR) for ZIP 76577 in fiscal year 2024 is set at $1,470. This figure is significantly higher than the market rent of $1,069, as reported by the Census Bureau's American Community Survey. This discrepancy means that landlords participating in the Section 8 program can expect to receive a higher rent payment per unit than the typical market rate, potentially leading to a more stable cash flow and reduced vacancy rates.
The data signature of ZIP 76577 reads as transitional. While the median income is lower than the cost of living, the presence of a sizeable rental market and the favorable FMR for Section 8 vouchers suggests that the area is adapting to economic pressures by relying more heavily on government assistance programs. This could indicate a shift towards more affordable housing options, such as subsidized rentals, to meet the needs of local residents. Landlords should be aware of these dynamics when considering investment in the area.
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.