Location: Lipscomb County, TX | Metro: Hemphill County, TX
| Unit Size | Monthly FMR |
|---|---|
| Studio | $780 |
| 1 Bedroom | $860 |
| 2 Bedrooms | $1,010 |
| 3 Bedrooms | $1,390 |
| 4 Bedrooms | $1,460 |
| 5 Bedrooms | $1,694 |
| 6 Bedrooms | $1,897 |
| 7 Bedrooms | $2,049 |
| 8 Bedrooms | $2,151 |
U.S. Census Bureau data (2024)
The ZIP code 79046 presents a challenging landscape for renters given the median income stands at $57,386. Without specific market rate data, it's difficult to provide an exact comparison, but the federal payment standard for housing vouchers in the metro area for fiscal year 2026 is set at $970. This figure serves as a benchmark for what low-income households might be able to afford through the Section 8 program.
With only 12.3% of the 514-person population being renters, the competition among landlords for tenants is relatively low. However, the affordability gap between the median income and the voucher payment standard highlights the financial constraints many potential renters face. It suggests that a significant portion of the rental market will likely rely on government assistance to cover their housing costs.
The takeaway for landlords considering their strategy in ZIP 79046 is clear. Given the limited number of renters and the reliance on housing vouchers, focusing on voucher acceptance could be a competitive advantage. While cash-paying tenants might offer higher rents, the reality is that many in this area cannot afford market rates without assistance. Landlords who accept vouchers ensure a steady stream of tenants, even if it means slightly lower rental income compared to market rates. This approach aligns with the economic realities faced by most residents and positions landlords to serve a larger portion of the local rental market effectively.
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.