Location: Laredo, TX | Metro: Laredo, TX MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $950 |
| 1 Bedroom | $960 |
| 2 Bedrooms | $1,160 |
| 3 Bedrooms | $1,520 |
| 4 Bedrooms | $1,560 |
| 5 Bedrooms | $1,810 |
| 6 Bedrooms | $2,027 |
| 7 Bedrooms | $2,189 |
| 8 Bedrooms | $2,298 |
U.S. Census Bureau data (2024)
The ZIP code 78371 presents an interesting scenario for both renters and landlords. Given the lack of specific median income data, it's challenging to assess the typical household's financial capacity. However, the market rate rental cost is also listed as N/A, which suggests there might be limited rental activity or data in this area. This ambiguity is crucial when considering the Federal Market Rent (FMR) standard of $1090 for ZIP 78371 in fiscal year 2024.
To understand the affordability gap, we must look at the available data. The voucher payment standard set at $1090 implies that any household receiving a housing voucher would have this amount allocated towards their rent. In an area where the exact median income is unknown but the rental market rate is also undefined, this $1090 becomes a significant benchmark for affordability.
The fact that only 0.0% of the 101 residents are listed as renters points to a primarily owner-occupied community. This low percentage of renters could mean stiff competition for landlords, as there may be fewer tenants seeking rentals. It also indicates that the demand for rental properties is minimal, which could affect the overall rental market dynamics.
The takeaway for landlords is clear: focusing on voucher-receiving households could be a strategic move given the fixed payment standard. Since the majority of the population owns their homes, the competition for tenants is likely to be low, making the guaranteed income from vouchers an attractive option. Landlords should consider the stability that comes with voucher payments, especially in a market where the number of potential cash-paying tenants is uncertain due to limited data and low rental percentages.
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.