Location: Houston-The Woodlands-Sugar Land, TX | Metro: Houston-The Woodlands-Sugar Land, TX HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $990 |
| 1 Bedroom | $1,010 |
| 2 Bedrooms | $1,200 |
| 3 Bedrooms | $1,620 |
| 4 Bedrooms | $2,010 |
| 5 Bedrooms | $2,332 |
| 6 Bedrooms | $2,612 |
| 7 Bedrooms | $2,821 |
| 8 Bedrooms | $2,962 |
U.S. Census Bureau data (2024)
The market in ZIP code 77451 is characterized by a steady demand for rental properties, with the Fair Market Rent (FMR) set at $1060 for the fiscal year 2024. This figure reflects the government's assessment of what is considered a fair rent for a two-bedroom apartment in the area, which is lower than the reported market rent of $1,365. The discrepancy between the FMR and the market rent suggests that there is a segment of the market where rents exceed government guidelines, indicating a robust private rental sector.
The median home value in the area stands at $185,402, providing insight into the overall housing costs and the financial capacity of residents. However, the lack of specific data on price-cut share and days on market (DOM) makes it challenging to determine if the supply of rental units is currently outpacing demand or vice versa. Nonetheless, the 36.6% renter share highlights a significant portion of the population that relies on rental housing, which can be indicative of long-term housing pressures.
A higher renter share often points to factors such as affordability challenges, transient populations, or a preference for renting over owning due to economic conditions or lifestyle choices. In ZIP 77451, this percentage implies that nearly 40% of the households are renters, suggesting a consistent need for rental properties and potentially signaling a market where demand remains strong even as supply increases.
Landlords and small-portfolio investors should focus on maintaining competitive pricing and ensuring their properties meet the quality standards expected by renters willing to pay above the FMR. The dynamics of the ZIP 77451 market suggest that while there is a healthy rental market, the high median home value indicates a potential for homeownership among those who can afford it, yet a substantial portion still leans towards renting.
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.