Location: Amarillo, TX | Metro: Amarillo, TX HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $990 |
| 1 Bedroom | $1,120 |
| 2 Bedrooms | $1,370 |
| 3 Bedrooms | $1,870 |
| 4 Bedrooms | $2,080 |
| 5 Bedrooms | $2,413 |
| 6 Bedrooms | $2,703 |
| 7 Bedrooms | $2,919 |
| 8 Bedrooms | $3,065 |
U.S. Census Bureau data (2024)
Randall County's ZIP code 79118, located in Amarillo, TX, stands out with a population of 28,107 residents, where 23.7% rent their homes. The median income in this area is $87,810, reflecting a middle-class community, while the median home value is significantly higher at $258,090, indicating a stable housing market.
The economic landscape for landlords and small-portfolio investors in ZIP 79118 is influenced by the Federal Market Rent (FMR) and the Zillow Rent Index (ZORI). For fiscal year 2024, the FMR for Section 8 vouchers is set at $1,270. This is notably lower than the market rate, which stands at $1,854 according to the ZORI. This discrepancy means that landlords accepting Section 8 vouchers in this ZIP code will receive less rent compared to market rates, but it also ensures a steady stream of rental income.
The data signature for ZIP 79118 suggests a relatively stable environment. With a substantial median home value and a reasonable percentage of renters, there is a solid foundation for rental properties. However, the gap between the FMR and the market rate highlights a transitional element, particularly in terms of rental economics. Landlords should carefully consider these factors when deciding whether to accept Section 8 vouchers in their properties.
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.