Location: Lamb County, TX | Metro: Bailey County, TX
| Unit Size | Monthly FMR |
|---|---|
| Studio | $770 |
| 1 Bedroom | $810 |
| 2 Bedrooms | $1,010 |
| 3 Bedrooms | $1,390 |
| 4 Bedrooms | $1,470 |
| 5 Bedrooms | $1,705 |
| 6 Bedrooms | $1,910 |
| 7 Bedrooms | $2,063 |
| 8 Bedrooms | $2,166 |
U.S. Census Bureau data (2024)
The analysis of ZIP code 79031 in Lamb County, Texas, reveals key insights for potential landlords and small-portfolio investors.
The rent math does not favorably align. The Fair Market Rent (FMR) for the metro area, set at $970 for fiscal year 2026, exceeds the current market rent of $766 as reported by the Census ACS. This discrepancy suggests that landlords aiming to charge closer to the FMR might struggle to find tenants willing to pay the higher rate.
Acquisition appears affordable due to the low median home value of $93,689. However, the lack of data on days on market (DOM) and the percentage of homes that require price cuts to sell indicates a less transparent housing market. This could mean either stability or unpredictability in the local real estate pricing.
Tenant demand is relatively weak. With a population of 1,156 and only 22.6% of residents being renters, landlords would have a limited pool of potential tenants. This low renter share implies that competition among rental properties could be fierce, further pressuring rental rates downward.
Verdict: While the low median home value makes property acquisition financially accessible, the mismatch between the FMR and actual market rent, coupled with a modest tenant demand, paints a challenging picture for landlords and small-portfolio investors in ZIP 79031. They must carefully consider setting competitive rental rates to attract tenants, given the limited number of renters in the area. Additionally, the opaque nature of the local real estate market regarding DOM and price-cut shares introduces an element of risk that should be evaluated against potential returns.
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.