Location: Amarillo, TX | Metro: Amarillo, TX HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $740 |
| 1 Bedroom | $840 |
| 2 Bedrooms | $1,030 |
| 3 Bedrooms | $1,410 |
| 4 Bedrooms | $1,570 |
| 5 Bedrooms | $1,821 |
| 6 Bedrooms | $2,040 |
| 7 Bedrooms | $2,203 |
| 8 Bedrooms | $2,313 |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 79016 in fiscal year 2024 is set at $1040. This figure represents the payment standard used by the U.S. Department of Housing and Urban Development (HUD) for the Section 8 housing choice voucher program. It does not directly reflect the rent you can charge your tenants but rather the maximum amount HUD will pay on behalf of eligible renters.
To understand the implications of this FMR for your rental property, consider it as a benchmark for what the government deems a reasonable rent level in this area. If your rental unit's market value is below or equal to $1040, you can expect to receive the full rent amount from the voucher program. However, if your rent exceeds this amount, the tenant must make up the difference out of pocket, which could affect the pool of potential tenants.
Regarding local rent comparisons, the data indicates that there is currently no specific local rent average provided for ZIP 79016. This makes the FMR an even more critical reference point for setting your rent. The lack of detailed local rent data suggests that the FMR is closely aligned with what tenants in this area can afford, thus ensuring a steady stream of income from the voucher program.
The percentage of renters in the area who might be interested in Section 8 is also marked as N/A, which typically means there isn't enough data to provide a precise figure. However, given the economic conditions and the availability of affordable housing options, it's safe to assume that there is a significant demand for Section 8 rentals. Landlords should be aware that the demand for affordable housing is often high, especially in areas where many residents rely on government assistance.
In terms of acquisition cost, the data shows that it is N/A. This means there is no specific information available regarding the typical costs for purchasing a rental property in ZIP 79016. Despite this, understanding the FMR helps you assess whether the investment in a property is likely to be profitable when factoring in the guaranteed rental income from the voucher program.
Before deciding to participate in the Section 8 program with your first rental in ZIP 79016, verify that your property meets all the necessary quality and safety standards required by HUD. This ensures that you avoid any disqualifications and can start receiving payments promptly once the tenant moves in.
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.