Location: Houston-The Woodlands-Sugar Land, TX | Metro: Houston-The Woodlands-Sugar Land, TX HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,550 |
| 1 Bedroom | $1,580 |
| 2 Bedrooms | $1,880 |
| 3 Bedrooms | $2,530 |
| 4 Bedrooms | $3,140 |
| 5 Bedrooms | $3,642 |
| 6 Bedrooms | $4,079 |
| 7 Bedrooms | $4,405 |
| 8 Bedrooms | $4,625 |
U.S. Census Bureau data (2024)
The market in ZIP code 77507 is characterized by a high renter share at 100.0%, indicating a significant reliance on rental properties over owner-occupied homes. This dynamic suggests that long-term housing pressure is likely to persist, as all residents are renters, which can create a steady demand for rental units.
The Fair Market Rent (FMR) for ZIP 77507, set at $1760 for fiscal year 2024, closely aligns with the market rent of $1,806 reported by the Census ACS. This parity between the FMR and market rent signals a balanced market, where rental prices are reflective of the fair market value without excessive premiums or discounts.
While specific figures for price-cut share and days on market (DOM) are unavailable, the absence of these metrics does not necessarily imply an imbalance. In markets with a 100.0% renter share, it's common for there to be less data on home sales, as the focus shifts towards rental properties. The lack of a median home value also underscores the rental-centric nature of this area.
The high renter share points to a potential challenge for small-portfolio investors and landlords. With all residents being renters, there is a continuous need for affordable housing options, which can put upward pressure on rents if the supply of rental units does not keep pace with demand. Conversely, if there is an oversupply of rental units, it could lead to downward pressure on rents as landlords compete for tenants.
In conclusion, ZIP 77507 presents itself as a market driven primarily by rental demand. The alignment between FMR and market rent suggests stability, but the complete reliance on rentals indicates that any fluctuations in supply or demand could have a pronounced effect on the local housing dynamics.
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.