Location: Lamb County, TX | Metro: Castro County, TX
| Unit Size | Monthly FMR |
|---|---|
| Studio | $930 |
| 1 Bedroom | $970 |
| 2 Bedrooms | $1,220 |
| 3 Bedrooms | $1,450 |
| 4 Bedrooms | $1,760 |
| 5 Bedrooms | $2,042 |
| 6 Bedrooms | $2,287 |
| 7 Bedrooms | $2,470 |
| 8 Bedrooms | $2,594 |
U.S. Census Bureau data (2024)
The market in ZIP code 79027 is dynamic, with key indicators pointing towards a scenario where demand may be challenging to meet with current supply. The Fair Market Rent (FMR) set at $1,050 for fiscal year 2026 reflects the federal government's assessment of rental affordability in the area. Meanwhile, the actual market rent stands at $878, according to recent Census data. This suggests that while rents are currently below the FMR, there could be upward pressure as the market adjusts to meet the guidelines.
The median home value of $127,084 indicates a relatively affordable housing market, which can attract both buyers and renters. However, the lack of data on price-cut shares and days on market (DOM) makes it difficult to assess the immediate supply-demand balance. If we consider the renter share at 42.1%, this points to a significant portion of the population preferring or needing to rent rather than buy. High renter shares often correlate with long-term housing pressures, as fewer homes are available for purchase, potentially leading to increased competition among renters and higher rental rates over time.
In summary, ZIP 79027 appears to be a market with potential for rising rents due to federal guidelines and a substantial renter base indicating ongoing housing pressure. Landlords and small-portfolio investors should monitor local economic conditions and housing trends closely to make informed decisions.
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.