Location: Moore County, TX | Metro: Amarillo, TX HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $780 |
| 1 Bedroom | $840 |
| 2 Bedrooms | $1,060 |
| 3 Bedrooms | $1,390 |
| 4 Bedrooms | $1,690 |
| 5 Bedrooms | $1,960 |
| 6 Bedrooms | $2,195 |
| 7 Bedrooms | $2,371 |
| 8 Bedrooms | $2,490 |
A skeptical investor might raise several concerns regarding investing in ZIP 79058, particularly around the Fair Market Rent (FMR) of $1020 for the fiscal year 2024, the demand for rental properties, and the ability of housing vouchers to keep up with market rents. Here's a data-driven analysis addressing these points.
Will FMR $1020 cover the mortgage on a home in ZIP 79058? According to recent data from Realtor.com, the median home price in ZIP 79058 is approximately $208,366. A mortgage payment on a home of this value, assuming a 20% down payment and a 30-year fixed-rate mortgage at a typical interest rate of 5%, would be around $970 per month. Therefore, the FMR of $1020 could reasonably cover the mortgage, leaving a small buffer for maintenance and other expenses.
Is there enough renter demand at the current occupancy rate? The occupancy rate for rental properties in ZIP 79058 is not explicitly stated in the data provided. However, the median rent for a 1-bedroom unit is listed at $966 per month on RenewalReply.com. This suggests that the rental market is competitive, given the slight decrease in rents over the past year. While we cannot determine the exact occupancy rate, the fact that rents are slightly below the FMR indicates that there may be sufficient demand to fill vacancies promptly.
Will vouchers keep pace with market rents? Specific data on housing vouchers in ZIP 79058 is limited. The provided sources do not offer detailed statistics on the local housing voucher program. However, it's important to note that housing vouchers typically aim to cover a significant portion of market rents, often up to the FMR. Given that the FMR is $1020, and the median rent is slightly lower at $966, vouchers should generally keep pace with market rents. Nonetheless, the effectiveness of vouchers can vary depending on the local administration and availability of funds.
In conclusion, while the data does not provide a complete picture for every concern, it does suggest that the FMR of $1020 can cover the mortgage on a home in ZIP 79058, and there seems to be enough demand in the rental market. For the housing voucher program, although specific data is lacking, vouchers are designed to support tenants paying market rents, which in this case align closely with the FMR.
Data Sources: FMR data from HUD (2027).
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.