Location: Houston-The Woodlands-Sugar Land, TX | Metro: Houston-The Woodlands-Sugar Land, TX HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,420 |
| 1 Bedroom | $1,450 |
| 2 Bedrooms | $1,720 |
| 3 Bedrooms | $2,320 |
| 4 Bedrooms | $2,870 |
| 5 Bedrooms | $3,329 |
| 6 Bedrooms | $3,728 |
| 7 Bedrooms | $4,026 |
| 8 Bedrooms | $4,227 |
U.S. Census Bureau data (2024)
The ZIP code 77447, located in Hockley, TX, is characterized by a relatively small rental population. With a total population of 25,231, only 14.0% are renters, indicating that this area is primarily dominated by homeowners. This makes it less likely to have a deep pool of tenants who rely on Section 8 housing vouchers. The median household income stands at $116,925, which is significantly higher than the typical market rent of $1,983.
To understand the impact of this income level on rent affordability, we can calculate the percentage of income that the average rent consumes. The typical rent of $1,983 represents approximately 1.7% of the median household income. This suggests that even without subsidies, most residents can comfortably afford the market rent, further reducing the reliance on Section 8 vouchers.
Comparing the market rent to the Fair Market Rent (FMR), which is set at $1,520 for FY 2024, highlights another aspect of the rental landscape. The actual market rent exceeds the FMR by about $463, or 30.5%. This means that landlords who wish to participate in the Section 8 program must be prepared to accept rents lower than the market rate, potentially impacting their profitability.
In summary, landlords and small-portfolio investors in ZIP 77447 should anticipate a tenant base that is largely self-sufficient in terms of rent payments. Tenants who might apply for Section 8 vouchers would constitute a smaller portion of the overall rental market due to the high median income and low percentage of renters. Landlords should prepare for a scenario where they may need to adjust their expectations regarding rental income if they decide to participate in the Section 8 program, given the discrepancy between the FMR and the actual market rent.
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.