Location: Grimes County, TX | Metro: Houston-The Woodlands-Sugar Land, TX HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,260 |
| 1 Bedroom | $1,290 |
| 2 Bedrooms | $1,530 |
| 3 Bedrooms | $2,060 |
| 4 Bedrooms | $2,560 |
| 5 Bedrooms | $2,970 |
| 6 Bedrooms | $3,326 |
| 7 Bedrooms | $3,592 |
| 8 Bedrooms | $3,772 |
U.S. Census Bureau data (2024)
The ZIP code 77316 in Montgomery, TX, has a population of 34,694 individuals. Renters make up only 10.9% of the total population, indicating that it is primarily a homeowner-dominated area. The median household income in this ZIP code is a substantial $124,055, which places it well above the national average. Given these figures, the typical market rent of $1,821 consumes approximately 1.46% of the median household income, suggesting that rental costs are relatively low compared to income levels.
When comparing the market rent to the Fair Market Rent (FMR) of $1,590 for FY 2024, it's evident that the actual rents in 77316 exceed the FMR by about 14.5%. This implies that landlords in this area might face challenges in attracting tenants who rely solely on housing vouchers, as the voucher amounts may not cover the higher-than-average market rents. However, the higher median income also means that there could be a significant number of potential tenants who can afford the market rent without needing a voucher.
A landlord in 77316 should expect a tenant profile that is likely to be financially stable, given the high median income. These tenants would probably have a good credit history and be capable of paying market rates. While the demand for housing vouchers is present, it is not as deep as in areas with a higher percentage of renters or lower median incomes. Landlords looking to cater specifically to Section 8 tenants may need to consider adjusting their rent to align closer with the FMR to attract voucher holders effectively.
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.