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 77402 in fiscal year 2024 is set at $1330. This figure represents the maximum amount that a landlord can charge for rent under the Section 8 program, which is a housing assistance program managed by the U.S. Department of Housing and Urban Development (HUD). It's important to note that this is not the actual rent you will receive; rather, it's the ceiling on the rent that HUD will pay on behalf of eligible tenants.
In comparison to the local average rent, which is currently not available, the FMR provides a benchmark for determining the maximum allowable rent for Section 8 properties. This can help you understand if your property is priced competitively within the market for the program.
The percentage of renters in ZIP 77402 who might qualify for the Section 8 program is also not available, but it gives an indication of the potential demand for affordable housing units. High percentages typically mean there are many people looking for subsidized housing, which could benefit landlords willing to participate in the program.
Regarding the acquisition cost of a property in ZIP 77402, the median home value is not available, which would normally give insight into the typical price range for homes in the area. However, the lack of specific data does not diminish the importance of understanding the local real estate market to make informed decisions about investment.
Before committing to a Section 8 rental, one critical step is to verify that your property meets all the necessary inspection criteria set by HUD. These inspections ensure that the rental unit is safe, decent, and sanitary for tenants. Failure to meet these standards can result in disqualification from the program, regardless of the FMR or other factors.
To summarize, the FMR of $1330 in ZIP 77402 for FY 2024 sets the limit for rent charges under the Section 8 program. While specific local rent averages and the percentage of renters are not available, knowing the property meets HUD inspection standards is crucial for participation in the program.
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.