Location: Washington County, TX | Metro: Fayette County, TX
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,050 |
| 1 Bedroom | $1,140 |
| 2 Bedrooms | $1,380 |
| 3 Bedrooms | $1,850 |
| 4 Bedrooms | $1,980 |
| 5 Bedrooms | $2,297 |
| 6 Bedrooms | $2,573 |
| 7 Bedrooms | $2,779 |
| 8 Bedrooms | $2,918 |
U.S. Census Bureau data (2024)
The ZIP code 78946 presents a unique challenge for both renters and landlords alike. With a median income of $65,221, households in this area face significant difficulty in affording the market rate rent, which is currently listed as N/A. This lack of specific market rate data suggests either an underdeveloped rental market or limited available information, making it harder to gauge the exact affordability gap.
However, when comparing the median income to the Fair Market Rent (FMR) standard of $1,340 set for metro areas in fiscal year 2026, it becomes evident that the average household would struggle to pay this amount without assistance. Assuming a typical household dedicates around 30% of their income towards housing, the maximum affordable rent for a household earning the median income would be approximately $1,630. This means that even at the FMR level, there is a slight affordability gap, but it's manageable compared to the unknown market rate.
The ZIP code has a relatively low percentage of renters at 4.1%, indicating a smaller pool of potential tenants. Coupled with a total population of 1,117, this suggests a highly competitive market for landlords looking to attract tenants. The scarcity of renters means that those who can afford the FMR are likely to have multiple options, putting pressure on landlords to offer competitive terms or accept voucher payments.
Landlords in ZIP 78946 should consider the benefits of accepting Section 8 vouchers. While the voucher payment standard is lower than what some might charge at market rates, it ensures a steady stream of reliable income. Moreover, the competition for tenants willing to pay the FMR is fierce, so accepting vouchers could be a strategic move to secure a tenant base. For those considering cash-paying tenants, they must ensure their rents are within the range that the local median income can support, or risk having empty units.
In summary, landlords in ZIP 78946 must weigh the advantages of accepting vouchers against the potential for higher rents from cash-paying tenants. Given the tight competition and the slight affordability gap, being flexible with payment methods could prove beneficial in maintaining occupancy and ensuring financial stability.
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.