Location: Houston-The Woodlands-Sugar Land, TX | Metro: Houston-The Woodlands-Sugar Land, TX HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,210 |
| 1 Bedroom | $1,240 |
| 2 Bedrooms | $1,470 |
| 3 Bedrooms | $1,980 |
| 4 Bedrooms | $2,460 |
| 5 Bedrooms | $2,854 |
| 6 Bedrooms | $3,196 |
| 7 Bedrooms | $3,452 |
| 8 Bedrooms | $3,625 |
The Fair Market Rent (FMR) for ZIP code 77220 in fiscal year 2024 is set at $1330. This figure represents the maximum amount the U.S. Department of Housing and Urban Development (HUD) will pay toward a tenant's rent through the Section 8 program. It does not mean you can charge $1330 to your tenants; rather, it is a benchmark used to determine the subsidy amount.
To put this into perspective, the average market rent in ZIP 77220 is currently unavailable, which makes it difficult to directly compare the FMR to typical rental prices. However, knowing the FMR helps you understand the upper limit HUD will cover. If your property's rent exceeds this amount, the landlord must make up the difference, reducing the overall profitability of the investment.
The percentage of renters in ZIP 77220 who rely on housing assistance is also currently unavailable. However, understanding this statistic would help gauge the potential demand for Section 8 rentals in your area. A higher percentage indicates a larger pool of eligible tenants, which could be beneficial if you're looking to fill vacancies quickly.
The median home value in ZIP 77220 is also not available. This data point is important because it gives an idea of the acquisition cost for properties in the area. For instance, if the median home value were significantly higher than the FMR, it might suggest that investing in rental properties could be less profitable compared to areas where the FMR is closer to the median home value.
Before making your final decision to participate in the Section 8 program with a rental property in ZIP 77220, verify that your property meets all the necessary requirements for the program. These include passing a health and safety inspection and ensuring the rent is reasonable compared to other similar properties in the area. This step is crucial to avoid any delays or complications once you've decided to proceed.
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.